Why Thai banks are trying to charge you for cash at ATMs and branches

[Tradewind777]

I’m Gobsmacked that these con artists can get way with this highway robbery. BoT telll Gobsuck and his Cocksucker mates to shove their ATMs up their kybers.

[melvinmelvin]

I think most comments so far in this thread shows quite clearly that posters knoclose to zilch re bank business.

 

what kind of services do bank offers?

atm

option deposit cash

withdraw cash

forex

transfer of money nationally and internationally

debit cards

credit cards

various accounts

foreign currency accounts

cheque accounts

real estate brokerage

various insurance stuff

pension plans

safe deposit

and I a sure a handful of other services

 

what really stands out as VERY expensive for the banks is any kind of cash handling

 

no wonder they come up with charges re cash handling

 

cash handling is a MAJOR cost factor for any bank

 

in more and more countries you see bank offices popping up,

offering all bank services except anything to do with cash

 

 

[Pattaya46]

26 minutes ago, sjaak327 said:

Unacceptable of course. a bank owns me money and now wants to charge me for accessing it ? 

No. They want charge you if you want it in cash,

but it's free if you buy using your Card or if you do a transfer.

 

Cash is something Western countries want see disappear ASAP.

Restrictions already in many countries on max amounts you can pay in cash,

and this amounts regularly is reduced. (Now 1'000€ in France)

[sjaak327]

No. They want charge you if you want it in cash,
but it's free if you take it using an ATM or if you do a transfer.
 
Cash is something Western countries want see disappear ASAP.
Restrictions already in many countries on max amounts you can pay in cash,
and this amounts regularly is reduced. (Now 1'000€ in France)

Read the Op again. Thai banks now want to charge their own customers when they use atm's to access their money.

Disappearance of cash is a pipe dream, certainly. Here in Thailand...

Sent from my SM-J730F using Tapatalk

[ZAKY]

If keeping money is becoming a burden for the bank, people  should start thinking about keeping at home under their mattress like in the past! 

[eeworldwide]

Anyone with a name like Gobsuck can’t be trusted.

[fondue zoo]

4 hours ago, scorecard said:

Plus the maid standing outside trying to help customers to use the automatic deposit machine.

 

I found that odd when I first arrived here, security guards operating the ticket machine, handing out forms, and the cleaning ladies doing bank paperwork.

 

[NextStationBangkok]

ATMs always showed Fee. 0.00 at machine.

But they keep robbing Baht.10 per transaction.

That too they take Baht.10 before dispensed the money. ????

Seems Banking Somchai's have no other income.

[smedly]

57 minutes ago, connda said:

They take your money, pay you next to no interest, loan your money out to others at usurious rates, then claim poverty and the need to charge you for cash transactions.  Then watch the bonuses handed out to the executives. 

Banks have been a scourge on societies since their inception.  They still are.

actually it all changed when people were forced to have their Salaries paid direct to a bank account every month

 

The next big change they are pushing for is a totally cashless system - then they really will have you by the nuts, you will then have absolutely no choice or alternative to using their systems and you will pay through the nose for the pleasure - you heard it here first

[bristolgeoff]

Bangkok bank charge for a atm card and up to 20 baht for cash outside the area of your bank.so Bangkok no charge outside bkk a charge.they all for the same you can not win either way.don,t forget Bangkok bank do not  use Visa now they use the Chinese one.who has got shares in it Bangkok bank so they are making u use they system of online payment instead of Visa.anyone find a better way and save charges please tell me or everyone

[Lupatria]

Hey Gobsuck, do you have any idea whose money it is in my bank account? If you think it is rightfully yours, I wouldn't even hire you to collect scrap metal!

[Banana7]

1 hour ago, ehs818 said:

Based on the original posting, the man wanted to take his money out of a bank that was not his. Seems fair to me for the other bank to want to charge a fee for that. But 220 baht is too much. About 20 is ok to me. ALSO, do note that I don't get an ATM charge when taking money out of the ATM for Kasikorn, where my account is. However, if you go to a different province, you will get a fee of 20 baht. Just use your own banks ATM and you should have no problems.

 

But with the proposed changes, you will be charged for all withdrawals in cash, from your bank's ATM at all locations even within your province, and also at your home branch. Also all cash deposits will also have fee, regardless of where you make the deposit.

 

 

[Rawairat]

SCB ATM just chewed up my card, 2 hours later I have a new free ATM card, except for paying B200 commission?? The new Thai bank “free fee”

same deal staff everywhere as glorified ushers

[cmsally]

This push towards a cashless society has deep fundamental problems when it comes to right of ownership. It is going to be impossible to establish your ownership when there is no way to take it out of the banking system and physically have it in your possession. 

There are fundamental flaws when you look at the history of fiscal currency.

 

[themerg]

BKK Bank has been doing this to me since 2014.

Now it's just getting publicized.

Do first THEN ask for official permission to do later.

Things are done differently here in The LOS.

[HHTel]

6 hours ago, webfact said:

The reason is that they are not making any money from online banking, reported Thai Rath in a feature.

Quote

Thai banks weather digital fee waiver after profits climb 21% to $963m in Q2

Krung Thai Bank’s net profit more than doubled to $230.08m.

Thai banks were able to successfully weather through the widely expected earnings downturnbrought about by their decision to waive digital transaction fees after profits of the country’s four largest lenders rose 21% YoY to $963m (THB32.2b) in Q2.

The strong performance was largely attributed to lower allowances for potential defaults.

 

The net profit of Krung Thai Bank more than doubled to $230.08m (THB7.7b) whilst Kasikornbank also enjoyed a strong Q2 performance with net profit rising 1.5% amidst smaller loan loss impairments.

Bangkok Bank’s profit also posted double-digit earnings growth after rising 14.3% in Q2. Non-interest income also jumped 19.1% due to a rise in fee income from bancassurance and mutual funds.

Source: https://asianbankingandfinance.net/retail-banking/news/thai-banks-weather-digital-fee-waiver-after-profits-climb-21-963m-in-q2

[Jonmarleesco]

Perhaps they need to look at banks in other countries. They manage to make money without such fees. Obviously the Thai banks suffer from capability issues. 

[Moonlover]

5 hours ago, Pattaya46 said:

 per year3 hours ago, scorecard said:

Another example, 350Baht fee to get an ATM card plus same for renewal, about 80% of a days wages for folks on official minimum wages - immoral.

Then on top a charge (15 - 50Baht approx.) every time I use the ATM card.

 

5 hours ago, Pattaya46 said:

Change bank !

Still 200 for the card at Kasikornbank and use of their ATM is free.

Same for most Thai banks.... except yours ?

Same with Krungsri. An ATM card is free, but you pay 20BHT per use. A Visa debit card is 300THB per year, but all transactions are free. You pays your money, you takes your choice. I chose the Visa card. Much more convenient and cost effective.

[mikosan]

5 hours ago, overherebc said:

Best description of a bank I ever read.

When the sun is shining they will give you an umbrella.

As soon as it starts to rain they take it back.

Thai women would be very happy with that, it helps to keep their preferably lily white skin out of the sun.

[Eagleizer]

Seems to me that banking is not so special anymore, so time to cut the salary 

of the bosses and move in to cheaper buildings... "Robbing" customers is hardly

a profession that calls for high education and high salaries...

[Banana7]

25 minutes ago, cmsally said:

This push towards a cashless society has deep fundamental problems when it comes to right of ownership. It is going to be impossible to establish your ownership when there is no way to take it out of the banking system and physically have it in your possession. 

There are fundamental flaws when you look at the history of fiscal currency.

 

You are right! Also, the government gets control of your cash and then they or the courts can decide to freeze your money or take some or all of your money. 

 

A doomsday scenario is the court freezes or confiscates your account and you have no money to hire a lawyer to help retrieve the money.

 

 

[Shiver]

Banks need to evolve for sure.  I can't see much I want from a bank that a telephone and a decent crypto can't do.  Maybe a couple of years away yet, but the business model will change for the average person on the street who just wants a bit of security rather than keeping it under the mattress. 

[tomisaan]

USAA my bank in the states refunds ATM charges I uncur

[thaikahuna]

Check around. I know many institutions are enacting policies to refund any and all charges for ATM use wherever in the world it may be. I use a credit union in the US that refunds my ATM fees and there's no foreign transaction fees either.

[Burma Bill]

No problems for me. Because of a long queue at my local Bangkok Bank ATM in Tesco, I crossed to an adjacent Krungsri Bank ATM and withdrew 4,000 baht. When I looked at the screen it clearly showed "0 Fee". I returned to Bangkok Bank's passbook update machine which confirmed that no fee had been deducted. I have been a customer for 18 years.

[Banana7]

1 minute ago, thaikahuna said:

Check around. I know many institutions are enacting policies to refund any and all charges for ATM use wherever in the world it may be. I use a credit union in the US that refunds my ATM fees and there's no foreign transaction fees either.

And how is the exchange rate for the transfer? Is it as good as at:

http://siamexchange.co.th/

 

 

[bronzedude]

"They are determined to charge you for using their own ATMs and get money over the counter." Does this mean they are trying to get people to go to a bank branch and get money from a teller with no fee? Or does it mean that for any withdrawal you will get charged a fee? If the latter is the case, people will rush to the banks and withdraw almost all of their account in cash. I know I will. 

[wvavin]

All the Thai banks are employing relatives & friends of the top management, who did nothing except collecting fat pay check. How could they not thinking of making more money to feed these useless fat cats?

[Burma Bill]

No problems for me. Because of a long queue at my local Bangkok Bank ATM in Tesco, I crossed to an adjacent Krungsri Bank ATM and withdrew 4,000 baht. When I looked at the screen it clearly showed "0 Fee". I returned to Bangkok Bank's passbook update machine which confirmed that no fee had been deducted. I have been a customer for 18 years and possess a Bangkok Bank Visa debit card.

[Jonathan Swift]

6 hours ago, Somtamnication said:

Did a border run to Mae Sai (CR). Stopped by a Bangkok Bank atm (I use Siam), 220b charge to take out 500b. Went to another bank, Kasikorn, 220 baht charge. Walked my lazy butt across the street to the Siam atm, free.

 

Go figure.

I've used a variety of banks' ATMs in Bangkok over the past few weeks Nov - Dec 2018 and used my Bangkok Bank ATM card for my Bangkok Bank account here. The only time I was charged was 200 baht for an international withdrawal from my US bank using my US debit card. . Still cheaper than any other kind of transfer because Western union, Paypal, all of them cheat you by using an artificially low exchange rate, gouging me for $60 - $70 on a $1000 transfer. So this problem seems random and inconsistent. TIT again.