Jump to content

Thailand's top banks to waive off digital transaction fees


webfact

Recommended Posts

Thailand's top banks to waive off digital transaction fees

Reuters Staff

 

1461219283_1-org-500x273.jpg

FILE photo

 

BANGKOK, March 30 (Reuters) - Thailand’s four largest banks have decided to waive off digital transaction fees to retain retail customers as new channels for online payments and electronic wallets are being launched in the country.

 

Bangkok Bank Pcl, Kasikorn Bank Pcl, Siam Commercial Bank Pcl (SCB) and Krungthai Bank Pcl said earlier this week that they would drop charges by April for digital transactions with other banks, money transfers across banking zones, bill payments and cash withdrawals.

 

Thai banks are feeling the pressure from non-banking competitors as customers are switching to alternative methods of money transfer. Customers prefer government-backed money transfer service, PromptPay, startup Omise and digital wallets such as TrueMoney, offered by telecommunication firm True Corporation Pcl.

 

Waiving off online transaction fees could hurt the market value of these banks and their profit could decline up to 5 percent, analysts warned.

The Thai banking sector index slipped 0.67 percent, while the broader market declined up to 0.53 percent on Thursday.

 

The decision to waive off digital transaction fees will support the government’s plan to make Thailand a ‘cashless society’, Bangkok Bank Executive Vice-President Prassanee Ouiyamaphan said, adding that the lender would waive off these fees from April 1.

 

“We aim to respond to our customers’ needs,” Siam Commercial Bank’s First Senior Vice-President, digital banking division, Tana Pothikamjorn, said in a statement.

 

In 2017, 15.9 percent of SCB’s 30.3 billion baht ($970.22 million) of net fee income included bank transfer and remittances.

$1 = 31.2300 baht Reporting by Chayut Setboonsarng, Editing by Sherry Jacob-Phillips

 
reuters_logo.jpg
-- © Copyright Reuters 2018-03-30
Link to comment
Share on other sites

  • Replies 111
  • Created
  • Last Reply

Thai banks  charge customers for the most ridiculous things...and that's why it's always very busy in their branches, also they don't even have automatic monthly payments...in the West we have that since many decades and for free.

 

Also superrich moneychangers grows like mushrooms in BKK, guess their customers don't like to go to banks.

Link to comment
Share on other sites

27 minutes ago, Thanyaburi Mac said:

Thian

 

SCB does have auto monthly payments.  I've arranged this up at the Wang Muang branch for payment of electricity and TOT internet access.  Just got a form from the bank, dropped it off at the vendor, back to the bank.  Bills paid automatically.

 

Mac

That's a Direct Debit NOT an automatic payment.... Years ago Kasikorn did have an automatic payment system maximum term 12 months. However, it was not computerised, it required a clerk to fill out a debit and credit slip within the bank and then process through a teller!!! Seems to me the Bank's computer systems are not up to par with banks in other countries, particularly in regard to customer services

Link to comment
Share on other sites

28 minutes ago, Thian said:

I bet they won't stop with that since it's pure Thainess..

Not only do they charge you 220,  if you have Debit cards that don't automatically revert you to the International rate, you get message from their ATM that show you THEIR rate which is much lower than the current International rate.  Whatever you do don't push the botton YES!  push no and it goes to the International rate.

Link to comment
Share on other sites

The power of technology and competition driving benefits for the public.

These banks have been milking it for decades, charging excessive fees for transfers (especially between provinces), where all that really happens is a transaction in one central database which costs them nothing. 

Link to comment
Share on other sites

8 minutes ago, thailand49 said:

Not only do they charge you 220,  if you have Debit cards that don't automatically revert you to the International rate, you get message from their ATM that show you THEIR rate which is much lower than the current International rate.  Whatever you do don't push the botton YES!  push no and it goes to the International rate.

Great advice, thank you for the tip.

If people can continue to pass on these ways to work around the system, 

that is really out to take advantage of our lack of knowledge, 

they we the people can take back control of the same system, 

that has been benefiting off the backs of the working people...

 

Link to comment
Share on other sites

 

42 minutes ago, Thanyaburi Mac said:

SCB does have auto monthly payments. 

 

I have automatic monthly transfers set up using both my SCB account and my Bangkok Bank account to transfer funds between them.  This is in addition to "direct debits" that I have set up for utilities

 

My only complaint is that Bangkok Bank automatically charges me the higher transfer rate ( 25 THB vs.12 THB) if I schedule my monthly transfers in advance.  Maybe this new initiative will eliminate that 

Link to comment
Share on other sites

1 hour ago, dotpoom said:

"adding that the lender would waive off these fees from April 1."

   I have only ever taken out my own money from an ATM.....never "borrowed" it.

Ahhhh.

The banksters might have the idea you borrow the money from the ATM, and repay from your account.

 

Link to comment
Share on other sites

6 minutes ago, drbrit said:

The power of technology and competition driving benefits for the public.

These banks have been milking it for decades, charging excessive fees for transfers (especially between provinces), where all that really happens is a transaction in one central database which costs them nothing. 

And that causes very much traffic in BKK (read pollution, wasted time, traffic jam) since the Thai would rather drive to the bank to do payments.

Banks with a big parkinglot are always very busy. It's time Thailand starts using digital technology.

Link to comment
Share on other sites

"the government’s plan to make Thailand a ‘cashless society’ " -- that will be a bit unpopular with the police!

 

What stupidity to even consider never mind publish this aim! Last year it was published that over 75% of Thailand's public debt was in the working-class and student sectors. Imagine the average Thai with a credit card?

Link to comment
Share on other sites

Well I just checked my Bangkok Bank account and the automatic payments I've had set up for years seem to still be functioning normally as my Internet, Cable TV, Phone and Electricity bills were all paid earlier this month (with the annotation "AUTO").

My Cable bill used to be done by "EDC" (Electronic Debit Card) as I'd gone to a satellite TRUE shop that couldn't figure out how to do automatic bank payments (and I didn't know there were other, better outlets I could have gone to instead). It worked the same (more or less) anyways as the payment was automatically deducted from my account. I did end up going to a main outlet and having it changed to automatic when I changed to a different package. Now that payment shows as "AUTO" as well instead of "EDC".

 

As well, Bangkok Bank has never charged me any additional fees for automatic payments. I have seen additional fees when making a transfer to someone else's account (via ATM or iBank) and of course when using a different bank's ATM machine, but never for an automatic payment.

My Canadian bank rips me off for far more than my Thai bank does. Frik, I get nailed with a $15 monthly fee on an account that sees 1 automatic transaction and maybe 1 electronic transaction per month (and 2 cheques per year which is the main reason I have that account - got to change that soon). So they charge me $180 (about 4,800 baht) per year for the "privilege" of writing 2 cheques per year. 
 

Link to comment
Share on other sites

2 hours ago, Thian said:

Thai banks  charge customers for the most ridiculous things...and that's why it's always very busy in their branches, also they don't even have automatic monthly payments...in the West we have that since many decades and for free.

 

Also superrich moneychangers grows like mushrooms in BKK, guess their customers don't like to go to banks.

Banks all over the world do that!

Link to comment
Share on other sites

Gosh, this sure means Thai vampire banksters will raise the foreign card ATM Bt220....raising it to Bt250 sounds nice....to offset the fee the loss from waiving other digital transaction fees.  Farangs can afford it...they are all rich....they are ripe for blood sucking.

Link to comment
Share on other sites

37 minutes ago, klauskunkel said:

"We aim to stay in business" may be a more accurate statement

There is a lot of new technology such as Omise Go as they have mentioned in there article. This technology in particular hasn't even took off yet. When it does, the banks are going to feel it. They are worried............. and rightly so. Bring on the new dawn in the financial sector!!

Link to comment
Share on other sites

withdrawal from foreign bank accounts via debit card, visa, master card in the us are also subject for transfer fee. Also if you take out money on your debit card on other banks ATM you will have a fee from that bank and also from your bank this is in the US.

in thailand if you take money from your thai Debit card on other banks ATM you have no fee in Thailand. If u transfer money from your thai account to account inother thai bank it’s a ฿25 fee for that transaction so the fees here in Thailand is less then in the US.

Link to comment
Share on other sites

24 minutes ago, smotherb said:

Don't any of you have banks which reimburse ATM fees?

I haven't heard of any Aussie banks that do that, apart from ING (operating in Oz). To qualify for them you have to do 5 transactions a month and maintain a certain balance.

Link to comment
Share on other sites

... will support the government’s plan to make Thailand a ‘cashless society’

 

Well if they keep on with their current human development policy policy they just might attain that goal sooner than they think.

Link to comment
Share on other sites

3 hours ago, Thian said:

Thai banks  charge customers for the most ridiculous things...and that's why it's always very busy in their branches, also they don't even have automatic monthly payments...in the West we have that since many decades and for free.

 

Also superrich moneychangers grows like mushrooms in BKK, guess their customers don't like to go to banks.

Not true.  Krungsri Bank offer free automatic monthly payments, have done for all the years I have been with them!

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.





×
×
  • Create New...