Thai banks to charge for transactions abroad

From May 1st, Thai commercial banks will charge their customers a 1% Dynamic Currency Conversion fee for making cash withdrawals abroad.

A similar fee will also be levied on the use of Visa or Master credit cards for transactions made abroad for goods or services or through online stores which are registered outside Thailand.For instance, paying a Netflix membership fee, buying products through TikTok, Alibaba or Amazon or making hotel bookings via Agoda will also be subject to the 1% DCC fee.

The banks claim that the DCC charge is in line with credit card practices for transactions abroad adding, however, that customers have an option to use “travel cards” without any extra fees.