Author Topic: British tourists routinely ripped-off in currency conversion scam  (Read 820 times)

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Offline thaiga

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Experts: British tourists routinely ripped-off in currency conversion scam

Brits traveling abroad are being routinely ripped-off when using their bank card to pay for meals and hotels by choosing to be charged in sterling rather than the local currency.

Debit and credit card transactions are amassing an additional £300 million every year in Dynamic Currency Conversion (DCC) rates which benefit both the bank and the seller.

However, the customer ends up being ripped off - with as much as four per cent being added to a bill when the person paying accepts the option of being charged in pounds.

The issue arises whenever chip-and-pin terminals or ATMs gives users the choice to have their transaction processed in either the local currency or pound sterling.

Pressing the Yes button means customers give the bank the green light to apply Dynamic Currency Conversion to the sale - their own inflated exchange rate.

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Offline Johnnie F.

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Re: British tourists routinely ripped-off in currency conversion scam
« Reply #1 on: August 24, 2015, 04:57:32 PM »
First time my wife fell prey to that scam at an SCB ATM in Korat, she told me proudly that the machine had even shown her the conversion rate, which proved far less than the conversion by my bank in Germany. I could find out from the bank statements what scam had been played. Some ATMs in Korat do not play that scam. But others sometimes don't give you clear choices. Often they don't give you the option "yes" or "no"; it's only "no" or 'proceed". Most people understand that pressing "no" would cancel the transaction, so they press "proceed", which turns out as having agreed to get ripped off. "No" means to proceed without the conversion by the Thai bank at the bad rate...

Most, but not all, ATMs of Bangkok Bank are not programmed yet for that scam, and don't give the headache of deciding what to press to avoid stepping into their trap.
No matter how tall the mountain is, it cannot block the sun. - Chinese Proverb