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

[ObelixDk]

9 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.

was this with thai ATM or foreign ?

[mogandave]

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.

How is that different from other countries?

[mogandave]

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

What is the security limit for money kept under the mattress?

[Skallywag]

9 minutes ago, SunsetT said:

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.

This happens in the USA also - credit card debt at all time high, assets repossessed, etc.... it is the nature of banks going back 100 years.  Interesting idea from 1986  movie "Wisdom" robbing banks, but only to procure and destroy the loan papers banks have on the American farmer, so the banks cannot repossess their farms.  https://www.imdb.com/title/tt00000000092225/

[trainman34014]

5 hours ago, OmarZaid said:

thieves .... biggest mob in the country

Just part of the huge Mafia running the whole country !

[ozmeldo]

Can I get some clarification here?

 

So, SCB and Krung Thai let's say want to now charge me a fee for taking money out of my account from my own bank?

 

The banks (used to) allow free transaction/s per month. Obviously this is gone with this news. What of the above?

 

I'm already fone with the ATM fee on foreign transactions. I'll only leave 800 + 200 in two accounts if this is what it's truly come to.

 

I used to think US banks were absolute pirates but Thailand its just legalized and monopolized thievery.

[mogandave]

This happens in the USA also - credit card debt at all time high, assets repossessed, etc.... it is the nature of banks going back 100 years.  Interesting idea from 1986  movie "Wisdom" robbing banks, but only to procure and destroy the loan papers banks have on the American farmer, so the banks cannot repossess their farms.  https://www.imdb.com/title/tt00000000092225/

They only repossess when people default on their loans.

Banks are in the business of collecting interest, not repossessing property.

[ravip]

7 hours ago, HooHaa said:

It's better than that. Have you ever made a deposit out of your bank branch's province? 

 

Bangkok bank charges a fee for that

Yes, about 30 Bahts if I can remember right.

[mogandave]

This happens in the USA also - credit card debt at all time high, assets repossessed, etc.... it is the nature of banks going back 100 years.  Interesting idea from 1986  movie "Wisdom" robbing banks, but only to procure and destroy the loan papers banks have on the American farmer, so the banks cannot repossess their farms.  https://www.imdb.com/title/tt00000000092225/

They only repossess when people default on their loans.

Banks are in the business of collecting interest, not repossessing property.

[ozmeldo]

8 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 ?

Yes but you have to bank at Kaisakorn. That's no win

[ravip]

7 hours ago, HooHaa said:

It's better than that. Have you ever made a deposit out of your bank branch's province? 

 

Bangkok bank charges a fee for that

Yes, about 30 Bahts if I can remember right.

[scorecard]

8 hours ago, marko kok prong said:

They do this already if you go out of your province,Krung Thai anyway,20 baht from their own atms.

 

And 'out of province / out of district' charges are a crock, based on the old concept of commissions because 'they have to send cash to the other province, which costs money', which may have had some truth 100 years ago.

 

Today bank accounts are not really locked to a branch, it's an account, in a national database with a specific bank, when you withdraw by ATM there is an internal IT notional processing charge (amortization and operational costs of running their internal computer systems) and of course there is a cost. But it's the same notional cost, per transaction, regardless of the locations involved.

 

In other words it's a tricky (somewhat dishonest) unfair ripoff. 

[scorecard]

14 minutes ago, ravip said:

Yes, about 30 Bahts if I can remember right.

Which is a total ripoff, they don't parcel up the cash and send it via the post office etc., to the other branch, that's just bullshxx. 

[sambum]

4 minutes ago, scorecard said:

 

And 'out of province / out of district' charges are a crock, based on the old concept of commissions because 'they have to send cash to the other province, which costs money', which may have had some truth 100 years ago.

 

Today bank accounts are not really locked to a branch, it's an account, in a national database with a specific bank, when you withdraw by ATM there is an internal IT notional processing charge (amortization and operational costs of running their internal computer systems) and of course there is a cost. But it's the same notional cost, per transaction, regardless of the locations involved.

 

In other words it's a tricky unfair ripoff. 

A few years ago I brought about 5k British Pounds in travellers cheques, went into a main branch of the Bank of Ayudhya in Bangkok and asked them to pay it into my account (which was with the same bank in Koh Samui) They told me it would be 30 baht per cheque (which I knew already, so the cheques were "high denomination") Only after I had countersigned the cheques was I was told that there was an "Administration charge" and it was quite high - a few hundred baht. Apparently this was to cover the cost of transferring the money from Bangkok to the branch in Koh Samui! I'd already signed the cheques. or I would have waited until I got to Samui to pay them in, but yes, another rip off to beware of!

[hotchilli]

Every bank charges you for an ATM card, then for it's renewal every year, that adds up to millions of baht for the banks... now they want to charge you for making a withdrawl as well as making interest on your account while it sits in the bank... pure greed....

Just for information Siam commercial bank charged me 300 baht for an ATM card

Krungthai wanted 699 baht minimum.. guess where I bank now ?

[phetphet]

4 hours ago, smedly said:

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

Correct. I think it happened around the early eighties. In the UK it involved repealing what was known as the "Truck Laws" or "Truck Acts." As I recall, these basically said that workers had to be paid only in cash, not in any other form of goods.

For companies, it got rid of wage departments, the risk of robbery, and of course the banks were well up for it.

I remember being told that I had to open a bank account so that my wages could be paid in each month.

[mogandave]

Every bank charges you for an ATM card, then for it's renewal every year, that adds up to millions of baht for the banks... now they want to charge you for making a withdrawl as well as making interest on your account while it sits in the bank... pure greed....
Just for information Siam commercial bank charged me 300 baht for an ATM card
Krungthai wanted 699 baht minimum.. guess where I bank now ?

They only charge you for an ATM card if you want an ATM card. If you don’t want one you don’t have to buy one.

[balo]

I only pay a yearly fee of 200 baht for my ATM card with Kasikorn . All withdrawals are free as long as you stay in the same province.  

 

It's been like this for years and I do not think Kasikorn will change that , the locals will be very upset if they try to charge a standard fee on withdrawals. 

 

[Bastos60]

3 hours ago, morocco said:

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

None, I think he misinterpreted information he found on the internet.

[mogandave]

Transferwise..
Transfer money into your wifes, your own or shared bank account and take it out at the bank.
 
Best way to avoid insane creditcard / atm fee nonsense with bad exchange rates.

US credit cards have great exchange rates, but are now good for getting cash.

If you’re careful, you never have to pay ATM fees either.

[rott]

9 hours ago, fruitman said:

Now wait untill thailand gets a financial crisis like the West had in 2009.....guess who'll loose their savings first...

Do you mean lose.?

[Tweedle dee]

A tad off topic but the days when we were paid by wage packets got high jacked ... we were all blinded by ... 'This is the way forwards" ... was the day we were truly robbed.

[mogandave]

I was happy to see pay envelopes go.

I think direct deposit is great.

What good reason is there to not have direct deposit unless you’re involved in some kind of criminal activity?

[purcho]

6 hours ago, Tradewind777 said:

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.

Post of the day to you Sir 

 

[0815]

But aren't all of you happy to find an ATM at every corner ?
ATMs need to be serviced and refilled. Does this service cost the banks nothing ?

[mogandave]

But aren't all of you happy to find an ATM at every corner ?
ATMs need to be serviced and refilled. Does this service cost the banks nothing ?

But it should be freeeeeeeeeeee!!!!

I think ATM withdraws should be 2 Baht for Thais and 20 Baht for foreigners...

[tandor]

11 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 

..isn't that a soft fraud, particularly when they lend money knowing full-well it will fail?

[crazykopite]

If you send money to a bank outside of your province there is a charge even . Last week I sent money to Bangkok the charge was in the region of 30 baht . I can remember a few years back when I would make a withdrawal from my SCB account it would cost 25baht the only time it was free was if I actually used the cash machine outside the branch where my account was held . I hope that those days are not returning .

[cyril sneer]

16 minutes ago, mogandave said:

 

But it should be freeeeeeeeeeee!!!!

I think ATM withdraws should be 2 Baht for Thais and 20 Baht for foreigners...

 

if technology on ATM's was in place to recognise a thai from a foreigner, this would 100% be in place, though I think the charges would be both far lower and higher

[mogandave]

if technology on ATM's was in place to recognise a thai from a foreigner, this would 100% be in place, though I think the charges would be both far lower and higher

Doesn’t the ATM not know what account it’s accessing?

Doesn’t the account know the nationality of the account holder?

No additional technology is required.