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

[jlwilliamsjr18]

This is revealing to the people Thailand one very important thing...the Thai economy is suffering. Excessive spending has drained it reserves.  There's a heavy dependence on Chinese tourism that just might not be enough, then what?  Note, the GDP of Thailand is primarily debt. 

[natway09]

Tiffino, sorry but that is incorrect.

Malaysia & Singapore banks are more greedy than Thai banks

[Redline]

 Can you say-floor safe?

[anon537687643]

This is revealing to the people Thailand one very important thing...the Thai economy is suffering. Excessive spending has drained it reserves.  There's a heavy dependence on Chinese tourism that just might not be enough, then what?  Note, the GDP of Thailand is primarily debt. 

A black hole that won’t survive a collapse in the markets


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[Banana7]

12 minutes ago, jgarbo said:

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?

Yes it is about to change if BOT gives permission. All cash transactions, over the counter or with an ATM will incur a fee. No more free cash transactions!

 

[moontang]

I can use any Thai bank ATM for free and 6500 CIMB machines in ASEAN..Card was free for first year and 100 per year, afterwards.  Vote with your wallet.

[mogandave]

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.
 
 

I can’t speak to all Thai banks, but Kasokorn and Krungsri both have great online banking apps and services.

Do you have an example?

[meechai]

3 hours ago, Peterw42 said:

Bangkok bank actually charge you a fee for putting your own money into your own account, if its a branch in another province.

 

Yup wife got hit for that yesterday 50 baht (BKB)

Also 30 baht now to withdraw from BKB ATM out of province

 

[meechai]

Is this Thai Banking 101 on how to start a run on banks?

Dumb...They must realize especially Thai's .....they are not shy about being unbanked &

stashing all their money in gold or a hiding spot

 

Remember 2014? GSB's little problem? Customers pulled 30 Billion Baht in one day

 

[observer90210]

So in other words, even if you draw money from the branch where you opened your account, the Thai Scam Machine (TSM) will charge extra costs ?

[watcharacters]

5 hours ago, cmsally said:

On top of this I heard that they now want to crack down on online merchants. I am trying to find an article in English but they have just passed a law saying that if you make over 400 transactions a year and it is over a total of 2m Baht, unless you can prove otherwise you will be considered an online merchant and be taxed as such.

 

Does anyone actually  pay taxes in Thailand?

 

[Banana7]

1 minute ago, observer90210 said:

So in other words, even if you draw money from the branch where you opened your account, the Thai Scam Machine (TSM) will charge extra costs ?

Yes! All cash transactions, deposit or withdrawals, will have a fee, if BOT approves. It doesn't matter if you go into your bank account branch or to a local ATM, you will pay a fee.

[mogandave]

Yup wife got hit for that yesterday 50 baht (BKB)
Also 30 baht now to withdraw from BKB ATM out of province
 

Nothing new about charges for out-of-province ATM withdrawals.

Nothing new about charges for transferring funds from one province to another.

[ttrd]

1 hour ago, Bastos60 said:

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?

 

Correct, if you use a thai card the fee is just a fraction of the fee comparing to the use of a Foreign card - 15thb if the same bank, but in another city (in the same city it's free of charge) and 30thb fee if used in another bank.

[flexomike]

7 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.

 

Thai banks are just greedy thieves. 

 

Then I tell the service counter girl I don't want an ATM card on new account, she says 'it's now compulsory', check with BOT, not true.

 

Then when I go to the big branch at big local shopping centre, there are 6 staff standing inside the door (a row of 3 on the left side as I enter and 3 on the right side), all yelling sawasdee kar, chern kar at every customer, customers putting their fingers in their ears.

 

Plus 2 more bank staff standing at the queue machine achieving nothing whatever in fact they chat while the customer presses the buttons to get a queue number.

 

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

 

 

 

Just opened a new account at Krungsri for my extension money,  told them no ATM. OK no problem 

[meechai]

2 minutes ago, mogandave said:

 

Nothing new about charges for out-of-province ATM withdrawals.

Nothing new about charges for transferring funds from one province to another.

I agree about withdrawals saw it before when we were out of normal province

but I never knew they charged for deposits...

I was just agreeing with Peterw42 as yesterday was the first time I saw it.

 

 

[Eagleizer]

2 hours 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 and possess a Bangkok Bank Visa debit card.

Deja vu... 

[happy chappie]

Well I'm doing my yearly retirement tomorrow and then going to stick the money in the safe.im not paying one baht to them.most branches I use have more than enough staff that just sit around doing sweet f a.

[mogandave]

I agree about withdrawals saw it before when we were out of normal province
but I never knew they charged for deposits...
I was just agreeing with Peterw42 as yesterday was the first time I saw it.
 
 

Technically, they are not charging for the deposit, they are charging for transferring from one province to another.

Incidentally, online transfers from one province to another are free. (At least with Krungsri & Kasikorn)

[Sumarianson]

British banks and building society's have been free for ever and they make billions. The Thai banks just stopped taking 10 to 20 Baht for transactions now they want to find another way to screw us and the Thai people. The low wage earners wont put up with that. They will withdraw all their wages in one transaction and no interest for the banks on their money. Pure greed. 

[4MyEgo]

Banks usually 300 baht per annum for a passbook account, they gave you a debit visa card which I use and pay no fees using the branches ATM's when I go into town, or for online deposits from Transferwise.

 

When the banks start charging me for using their ATM machines in town, I will simply hand them back the card and make withdrawals over the counter, if they charge me for withdrawals over the counter, or charge me for deposits from Transferwise, I will close that account and look elsewhere to do business.

 

Simple, if it doesn't fit for me, I will look elsewhere till it fits, it also helps if you have large sums in the bank, take that out and they cannot make a profit lending it to others, they have to do the math.

[sambum]

8 hours ago, Misterwhisper said:

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

First thing I spotted! We have a word where I come from that is similar that describes someone who spouts "verbal diarrhoea" as a "Gobs***e"!

[mogandave]

Once banks start charging for ATM withdrawals, they’ll all start charging and no amount of shopping around will help.

Don’t know about the UK, but I don’t remember everything being free in US banks unless you maintain a healthy balance.

[SunsetT]

8 hours ago, darksidedog said:

The banks here are simply doing what banks everywhere have done for ages. Gouge as much cash out of you as possible, while making money lending to others based on your deposits. They already make huge profits, it is just greed that makes them think they can screw all their customers for some more.

Yes, we are very fortunate in the UK where competition from Building Societies has prevented this.

[Jane Dough]

9 hours ago, Misterwhisper said:

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

I would normally transliterate this name as Kobsak. However this story called for greater realism. 

 

Rooster

[Skallywag]

Most banks open until 9pm - just go inside to withdraw is my preference, yet I am retired and not in a hurry and plan ahead with my cash expenses.  Never had a charge of more than 20 baht with an ATM machine from another bank.   Have an account with Kasikorn 

[SunsetT]

What about the interest they are making on the loans made to the Thai people who have absolutely no idea how to calculate interest and what it will cost them in the long run to pay it back. And many default and have their purchases repossessed by banks and finance companies to be sold again.

[SunsetT]

????

[brain1]

It is short sighted of the banks, as come August 2019 the security on monies held in Thai banks drop to 1 million Baht. People will look at both situations and come to the conclusion the only safe place for money in the Kingdom is under the mattress

[melvinmelvin]

2 hours ago, sjaak327 said:

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.

imbecil comment

cash is no core business of banks, cash is business banks want to get rid of - its just too costly

 

you obviously know close to zilch about bank business