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

[Banana7]

6 minutes ago, Burma Bill said:

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.

Well the proposal by your bank and all other Thai banks is for BOT to allow them to start charging you for each and every cash transaction. No more freebies for you or anyone else.

 

It is not about current fees!

[wealthychef]

I use my credit card most places whenever I can.  I hate all banks.  Capitalism destroys society.  

[Burma Bill]

1 minute ago, Banana7 said:

Well the proposal by your bank and all other Thai banks is for BOT to allow them to start charging you each and every cash transaction. No more freebies for you or anyone else.

Well, lets wait and see - in Thailand it is WHO you know and not what you need to know!

[anon537687643]

Singapore and Malaysia do it for free for farangs....thailand needs 220 baht, the thieves.

Screw Thai banks when they charge for ATMs ! But if they actually charged for going in a branch and withdrawing your own money! They can shove their accounts where the sun doesn’t shine ! Thai banks already charge an annual fee (300 baht-) for a atm debit card Now that’s not enough !

All of this on top of soon to be enforced rules of 400-800 k baht in a Thai bank account for retirement extension !

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[Krataiboy]

It's all part of the ongoing strategy to turn you against having real money in your pocket and embrace the cashless society - which means the banks own all our money.

 

Either fight it or suck on it. There's no other way.

[morocco]

5 hours ago, Wallander4 said:

Not to mention that Thai banks has a ridiculous interest rate for savings account compared to other Asian countries - Vietnam 8%, Cambodia 10% and so on, thai banks offer 1.25%. Better keep your money at home - not in thai banks cause lets not forget that some people also mysteriously loose their savings ...

What bank in Cambodia gives 10% interest rate????

[sjaak327]

1 hour ago, melvinmelvin said:

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

 

 

Utter <deleted> of course. Banks need to handle cash, it's their core business. Pray tell why all of a sudden handling of cash is very expensive, whilst for centuries banks have been doing just this exactly. Charging people for using an ATM is simply not done. In fact in the Euro zone, this utter ridiculous practice has been prohibited by the EU and rightly so. These are electronic transactions, that should not cost all that much.

 

It is really very simple. I pay the bank to safekeep my money. I pay a quarterly fee for this service, and now the banks want to charge an additional fee so I can actually access MY MONEY, Unacceptable.

 

If banks cannot handle their core business, they should go out of business. It is simply a very lame excuse to squeeze people out of their money, nothing more and nothing less.

[PerkinsCuthbert]

You'd think Khun Gobsuck would have the nous to realise quite how pornographic his name sounds in English, and perhaps change the spelling to something more innocuous - like Grzzxsotvc.

[recom273]

5 hours ago, scorecard said:

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

 

Lol .. What is that about? 

 

There’s a kasikorn in Hat Yai central festival, the place looks really run down, like the place has never had a good clean but and there’s the maid pressing the buttons on the ticket machine .. 

 

I have also seen security guards sitting at a desk counting coins, having a chinwag with the teller.

[Huayrat]

I send 100k baht to Thailand everymonth.. I then visit the branch and take it all out in 1 go.  Don't trust them and never will

[VBF]

6 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.

I always thought that quote applied to Insurance Companies. Then again...similar mindsets. ????

[overherebc]

4 minutes ago, VBF said:

I always thought that quote applied to Insurance Companies. Then again...similar mindsets. ????

Now you mention it, it fits both.

[ttrd]

6 hours ago, Langsuan Man said:

ATM were introduced to be cost and labor saving devices for the banks

 

Once they succeeded in lowering costs the Thai banks now want profits as well as cost savings

 

A retailing concept that will never work in Thailand is the concept of a loss leader:  a price or service that is priced low to get you into a business, not to keep you there 

Agree, but this applies everywhere - nothing genuin for Thailand....

[Bastos60]

7 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.

What you fail to report is if you take it out your foreign account or Thai account.

 

Why take out only 500b if you know the charges are so high?

 

[randy723]

If they do this then I will just put all my money into my Charles Schwab and take money out of I need it FREE then the banks here can lose all the money they are making off my accounts now

[dougiemac57]

7 hours ago, Misterwhisper said:

Gobsuck... that name says it all. A greedy, greedy bunch.

The reason they are not making money on internet banking is because there are too many restrictions ie must get permission to set up an international transfer. What a pile of c**p

[Stoker58]

“Gobsuck Duangdee”. This must be a wind up.

.

I have always regarded a visit to any Thai bank as a kind of comedy show, where the answer to every question is “cannot”, and their main purpose in life seems to be in generating photocopies.

[JRUSA]

6 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 ?

I went to Bangkok bank when they got the new debit cards with mastercard logo.. have me a new one no charge..

[mogandave]

At Krunsri you do not need an ATM card. You just use the app to withdraw cash from their ATMs.

 

no fees

[bbi1]

6 hours ago, Wallander4 said:

Not to mention that Thai banks has a ridiculous interest rate for savings account compared to other Asian countries - Vietnam 8%, Cambodia 10% and so on, thai banks offer 1.25%. Better keep your money at home - not in thai banks cause lets not forget that some people also mysteriously loose their savings ...

Vietnam 8% interest and Cambodia 10% interest? Really? Wow back home in Western world you'd be lucky to get more than 1-1.5% if that!

[Redline]

 Can you say-floor safe?

[Redline]

 Can you say-floor safe?

[DJ54]

I get charged every time I us my US ATM card 220 baht..... 

 

 

US bank a few months ago stopped charging for getting cash

from ATM anywhere. Prior I’d get hit by Thailand an US fees.

 

i was pleasantly shocked when US made the change. In the past

if in the US and used other than that brand bank they’d charge you. 

[kekalot]

[kwilco]

How do other countries work this?

[mogandave]

Only chumps end up paying bank fees.

Apparently there are a lot of chumps posting here.

[jgarbo]

What are the facts? I use an ATM often in Bangkok to get cash. Today, as usual, went to Siam Comm., used BBL card. No charge for cash. Are you talking about a different situation?

All fees were dropped awhile back so banks could compete with smartphones. Has this policy changed?

[Pattaya46]

15 minutes ago, bbi1 said:

Vietnam 8% interest and Cambodia 10% interest? Really? 

51 minutes ago, morocco said:

What bank in Cambodia gives 10% interest rate????

 

I think we may wait a long time before @Wallander4 replies to that...

 

[kwilco]

ATMs in places like Oz and E are things of the past...hardly anybody uses them.........it seems that rather worrying about an ever dwindlung service, the Thai banks should be looking at bringing their services up to date with internet based banking.

 

PS ... I notice Tops have started using automatic cashier-free check outs.

 

 

[moe666]

I do not understand the trying to charge, they already charge you for atm, same as in the US. There are nofreeholies