webfact Posted March 29, 2018 Share Posted March 29, 2018 Thailand's top banks to waive off digital transaction fees Reuters Staff 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 -- © Copyright Reuters 2018-03-30 Link to comment Share on other sites More sharing options...
dotpoom Posted March 30, 2018 Share Posted March 30, 2018 "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. Link to comment Share on other sites More sharing options...
Thian Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
Colabamumbai Posted March 30, 2018 Share Posted March 30, 2018 220 Baht charge using your international ATM. Link to comment Share on other sites More sharing options...
Thian Posted March 30, 2018 Share Posted March 30, 2018 2 minutes ago, Colabamumbai said: 220 Baht charge using your international ATM. I bet they won't stop with that since it's pure Thainess.. Link to comment Share on other sites More sharing options...
Thanyaburi Mac Posted March 30, 2018 Share Posted March 30, 2018 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 Link to comment Share on other sites More sharing options...
marginline Posted March 30, 2018 Share Posted March 30, 2018 So; that's a nice look at 'the swings'. I wonder though what's on the 'roundabout'? Link to comment Share on other sites More sharing options...
grumbleweed Posted March 30, 2018 Share Posted March 30, 2018 2 hours ago, webfact said: their profit could decline up to 5 percent Get ready! They're not gonna take this lying down Link to comment Share on other sites More sharing options...
wirat69 Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
thailand49 Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
drbrit Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
ajarnmarc Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
Langsuan Man Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
hansnl Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
Thian Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
Chiang Mai Bill Posted March 30, 2018 Share Posted March 30, 2018 "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 More sharing options...
DinoSabanovic Posted March 30, 2018 Share Posted March 30, 2018 Well, sometimes it's cheaper (and dangerous by being mugged) to take the money from the one bank, drive to another bank and deposit there than just do transfer. Link to comment Share on other sites More sharing options...
Kerryd Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
Expatthailover Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
Pib Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
klauskunkel Posted March 30, 2018 Share Posted March 30, 2018 4 hours ago, webfact said: “We aim to respond to our customers’ needs,” "We aim to stay in business" may be a more accurate statement Link to comment Share on other sites More sharing options...
Sprigger Posted March 30, 2018 Share Posted March 30, 2018 Cash is king been here over 15yrs, never given these parasites a baht. Link to comment Share on other sites More sharing options...
smotherb Posted March 30, 2018 Share Posted March 30, 2018 Don't any of you have banks which reimburse ATM fees? Link to comment Share on other sites More sharing options...
Steps Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
Michael8511 Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
PerkinsCuthbert Posted March 30, 2018 Share Posted March 30, 2018 Even after Hell has frozen over, Thai banks will still be looking to stab it to the foreigner with their outrageous ATM charges. Link to comment Share on other sites More sharing options...
Cats4ever Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
chilli42 Posted March 30, 2018 Share Posted March 30, 2018 ... 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 More sharing options...
Cheops Posted March 30, 2018 Share Posted March 30, 2018 3 hours ago, Thian said: I bet they won't stop with that since it's pure Thainess.. I bet the ridiculous 220 baht atm fee will go up to make up the loss of the fees from Thai customers. Link to comment Share on other sites More sharing options...
Wallich Posted March 30, 2018 Share Posted March 30, 2018 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 More sharing options...
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