webfact Posted March 28, 2018 Share Posted March 28, 2018 Two Major Banks Drop Internet Transfer Fees By Asaree Thaitrakulpanich, Staff Reporter Photo: Prachachat BANGKOK — Is your bank green or purple? If so, you won’t have to pay a pesky 30 baht when transfering money to banks of other colors. Starting Wednesday, Kasikornbank and Siam Commercial Bank, or SCB, will waive fees for bill payments and internet transfers between different regions and banks. Full story: http://www.khaosodenglish.com/news/business/2018/03/28/two-major-banks-drop-internet-transfer-fees/ -- © Copyright Khaosod English 2018-03-28 2 Link to comment Share on other sites More sharing options...
anon789561 Posted March 28, 2018 Share Posted March 28, 2018 sweet, every little helps and all that 2 Link to comment Share on other sites More sharing options...
Popular Post shady86 Posted March 28, 2018 Popular Post Share Posted March 28, 2018 How about waiving annual 200B Atm fees? 2 1 Link to comment Share on other sites More sharing options...
KhunBENQ Posted March 28, 2018 Share Posted March 28, 2018 Good news! I regularly do 3rd party transfers from Bangkok Bank and SCB. Will drop Bangkok Bank and use SCB for the future. 30 Baht? I paid 25 for "Express" (instant) transfer. Link to comment Share on other sites More sharing options...
KhunBENQ Posted March 28, 2018 Share Posted March 28, 2018 (edited) And it works Just did a test from SCB (Khon Kaen) to Kasikorn (Pattaya). SCB calls it "Real time". Possible to: Bangkok Bank Kasikorn Bank ("K-Bank") Krungthai Bank ("KTB") Bank of Ayudhaya ("Krungsri") Thanachart Bank TMB Bank United Overseas Bank ("UOB") Standard Chartered Bank (Thai) CIMB THAI LH Bank Government Saving Bank ("GSB") Kiatnakin Bank Tisco Bank Bank for Agricultural and Agricultural Co-operatives ("BAAC") Edited March 28, 2018 by KhunBENQ Link to comment Share on other sites More sharing options...
KhunBENQ Posted March 28, 2018 Share Posted March 28, 2018 30 minutes ago, shady86 said: How about waiving annual 200B Atm fees? 220. Dream on 1 1 Link to comment Share on other sites More sharing options...
jacko45k Posted March 29, 2018 Share Posted March 29, 2018 16 hours ago, KhunBENQ said: And it works Just did a test from SCB (Khon Kaen) to Kasikorn (Pattaya). SCB calls it "Real time". Possible to: Bangkok Bank Kasikorn Bank ("K-Bank") Krungthai Bank ("KTB") Bank of Ayudhaya ("Krungsri") Thanachart Bank TMB Bank United Overseas Bank ("UOB") Standard Chartered Bank (Thai) CIMB THAI LH Bank Government Saving Bank ("GSB") Kiatnakin Bank Tisco Bank Bank for Agricultural and Agricultural Co-operatives ("BAAC") Let us hope they all 'reciprocate'.... 1 1 Link to comment Share on other sites More sharing options...
klauskunkel Posted March 29, 2018 Share Posted March 29, 2018 the other banks will have to follow fast, or they will lose customers 1 Link to comment Share on other sites More sharing options...
Popular Post Silurian Posted March 29, 2018 Popular Post Share Posted March 29, 2018 (edited) 18 hours ago, webfact said: BANGKOK — Is your bank green or purple? If so, you won’t have to pay a pesky 30 baht when transfering money to banks of other colors. About time, hopefully all the other major Thai banks will follow suit. I never understood why banks charged a fee for digital/internet monetary bank transfer. It seems they would rather have you go into the bank, take time from a teller, get your money, go to the other bank, take another teller's time and deposit the money. Also not to mention the physical counting of money at the end of the day along with physical movement of the bills. Seems like the physical money transfer cost would far exceed the cost of a simple monetary transfer over digital lines. Makes zero sense to me to punish (charge a fee) for something (network transfer) that seems to benefit the bank in the long run. Edited March 29, 2018 by Silurian 3 Link to comment Share on other sites More sharing options...
hansnl Posted March 29, 2018 Share Posted March 29, 2018 (edited) 18 hours ago, shady86 said: How about waiving annual 200B Atm fees? How about the 220 baht "fee" for using your farang atm-card? Silly question, I know, farang are there to get money from. Edited March 29, 2018 by hansnl 1 1 Link to comment Share on other sites More sharing options...
Cheops Posted March 29, 2018 Share Posted March 29, 2018 19 hours ago, shady86 said: How about waiving annual 200B Atm fees? How much does banking in your home country cost? 200 baht per year is quite low imo! 1 1 Link to comment Share on other sites More sharing options...
new2here Posted March 29, 2018 Share Posted March 29, 2018 How about the 220 baht "fee" for using your farang atm-card? Silly question, I know, farang are there to get money from.Dropping the interbank transfer fee makes sense as that could be a "value" play to the banks current customer base. Because they're your customer already, the bank could look at other ways to increase profitability be that from wholly new services, bundling or packaging a range of current services or the like.By contrast, a fee on foreign non-bank customers, is to me, logical in that as a non-customer (outside the shared ATM pool platform as well) you need sine way to recoup the fees associated with providing this service as well as to allow for return on investment. It's never going to be a popular fee, but given that it is a fairly capital-intensive service provided by a for-profit company, to someone who isn't a current customer, it makes sense to price it at a level which not only covers costs, but also provides for ROI. Link to comment Share on other sites More sharing options...
shady86 Posted March 29, 2018 Share Posted March 29, 2018 How much does banking in your home country cost? 200 baht per year is quite low imo!Free. I never need to pay any fees for Atm card in Singapore. In fact I don't even need a passport, bank book or go to branch. Everything can be done from internet banking and Atm including overseas remittance. 1 Link to comment Share on other sites More sharing options...
shady86 Posted March 29, 2018 Share Posted March 29, 2018 How about the 220 baht "fee" for using your farang atm-card? Silly question, I know, farang are there to get money from.Farangs can always bring in cash and change at money changers which offer good rates. Atm fee for withdrawal with overseas credit or debit card is quite common not only in Thailand but everywhere in the world. Link to comment Share on other sites More sharing options...
Popular Post janclaes47 Posted March 29, 2018 Popular Post Share Posted March 29, 2018 18 hours ago, KhunBENQ said: And it works Just did a test from SCB (Khon Kaen) to Kasikorn (Pattaya). I don't believe it works. Can you do one more test, to see if it also works with bigger amounts, i will send you my account number 1 4 Link to comment Share on other sites More sharing options...
heybuz Posted March 29, 2018 Share Posted March 29, 2018 23 minutes ago, Cheops said: How much does banking in your home country cost? 200 baht per year is quite low imo! Nothing Link to comment Share on other sites More sharing options...
Expatthailover Posted March 29, 2018 Share Posted March 29, 2018 Thai banks learn all these practices from experts like british and americam banks. Right now there is a royal commission in Oz looking at fee gouging and other rip offs perpetrated by large financial institutions. Lets praise these thai banks for being proactive rather tham engage in another bashing fremzy 1 Link to comment Share on other sites More sharing options...
utalkin2me Posted March 29, 2018 Share Posted March 29, 2018 (edited) 43 minutes ago, Cheops said: How much does banking in your home country cost? 200 baht per year is quite low imo! Mine are absolutely, 100% free. In fact, they actually pay me. When I go to another bank’s atm, anywhere in the world, they reimburse the atm fee, no matter how ridiculously high it is. Checks are free, setting up an account is free. Banks make money by lending out your money ten times over and charging points. The model is there for these fees to disappear, I know that’s not Thai style but just a point I’m making. I personally don’t keep any money in Thai banks, not sure why I would. And the Thai banks are the loser because they would make a hell of a lot more from me by loaning my money, but they insist on charging these stupid little fees. Edited March 29, 2018 by utalkin2me Link to comment Share on other sites More sharing options...
KhunBENQ Posted March 29, 2018 Share Posted March 29, 2018 (edited) 2 hours ago, klauskunkel said: the other banks will have to follow fast, or they will lose customers From more news it seems that more banks will join sooner or later (KTB, Bangkok Bank). Wait and see. Edited March 29, 2018 by KhunBENQ Link to comment Share on other sites More sharing options...
Lemonltr Posted March 29, 2018 Share Posted March 29, 2018 I have long felt sorry for Thais who must work away from home and must pay 30 baht to send money home. It hits the poorest. Surely there is one national computer for these transactions and it costs exactly the same to transfer money wherever the location. I have on occasions pointed this out to banks only to get a reply "It's not same changwat". End of thought process. Link to comment Share on other sites More sharing options...
Popular Post Ceruhe Posted March 29, 2018 Popular Post Share Posted March 29, 2018 I kinda would appreciate them dropping fees for transferring to your own goddamn account from the same goddamn bank but different province...that riles me up way more. 3 Link to comment Share on other sites More sharing options...
Falcon Posted March 29, 2018 Share Posted March 29, 2018 They still need to stop charging people for depositing money in to their own or 3rd party accounts from or within a different area than the account is held. This is just a rediculous charge and makes no sense whatsoever. Link to comment Share on other sites More sharing options...
shady86 Posted March 29, 2018 Share Posted March 29, 2018 56 minutes ago, janclaes47 said: I don't believe it works. Can you do one more test, to see if it also works with bigger amounts, i will send you my account number I just transferred 1k baht from KBank to SCB this morning. O fee. normally should be 20 or 25, so its free. Link to comment Share on other sites More sharing options...
blackcab Posted March 29, 2018 Share Posted March 29, 2018 SCB has to do something. They have about 1,200 branches and they are closing about 700 of them in the next couple of years. For them it's all going digital. Link to comment Share on other sites More sharing options...
captpkapoor Posted March 29, 2018 Share Posted March 29, 2018 When I first moved here, I was astonished at the various fees the banks charged here for almost everything that's free in my country. I can withdraw from any ATM in any city, deposit anything anywhere, transfer on the net, get statements (up to previous 5 years), all for free. Not to mention the fees BBL charges me each time for an inward remittance from abroad, even though the remitter has already paid the remitting and payee bank charges. And you can do almost nothing without going to your "home branch" where you opened your account. India is far, far ahead technologically in its banking systems. Link to comment Share on other sites More sharing options...
djayz Posted March 29, 2018 Share Posted March 29, 2018 Finally! I've never understood the inter-provincial fees anyways. Link to comment Share on other sites More sharing options...
EricTh Posted March 29, 2018 Share Posted March 29, 2018 (edited) 3 hours ago, Silurian said: About time, hopefully all the other major Thai banks will follow suit. I never understood why banks charged a fee for digital/internet monetary bank transfer. It seems they would rather have you go into the bank, take time from a teller, get your money, go to the other bank, take another teller's time and deposit the money. Also not to mention the physical counting of money at the end of the day along with physical movement of the bills. Seems like the physical money transfer cost would far exceed the cost of a simple monetary transfer over digital lines. Makes zero sense to me to punish (charge a fee) for something (network transfer) that seems to benefit the bank in the long run. The reason is reported in the article, the banks get 10% of their total revenue from all these fees. They wager that most people would rather use internet banking rather than waste petrol and time to go to the banks. That's why they charge a fee. Most customers don't want to take the hassle to go the bank if they can do it at home. You pay for the convenience and the banks get more revenue. It's the same logic as why 7-11 charge you for paying your bills. It's easier to go to the neighbourhood store than go all the way to the government offices to pay bills for free. Edited March 29, 2018 by EricTh Link to comment Share on other sites More sharing options...
new2here Posted March 29, 2018 Share Posted March 29, 2018 I'm just spitballing here, but I wonder if the genesis to the fee for inter-bank transfers is rooted in the fact that (as I recall it) interbank clearance (which would include any movement if funds), is done centrally via the BoTs BahtNet system, which is a subscriber and fee based platform. For US folks, it's effectively the same way that "checks" or EFTs clear across different banks. It's not done on a bank-by-Bank basis, but rather as a collective via the Fed system. Sent from my iPhone using Thaivisa Connect Link to comment Share on other sites More sharing options...
Cheops Posted March 29, 2018 Share Posted March 29, 2018 3 hours ago, utalkin2me said: Mine are absolutely, 100% free. In fact, they actually pay me. When I go to another bank’s atm, anywhere in the world, they reimburse the atm fee, no matter how ridiculously high it is. Checks are free, setting up an account is free. Banks make money by lending out your money ten times over and charging points. The model is there for these fees to disappear, I know that’s not Thai style but just a point I’m making. I personally don’t keep any money in Thai banks, not sure why I would. And the Thai banks are the loser because they would make a hell of a lot more from me by loaning my money, but they insist on charging these stupid little fees. In the Netherlands I just have the basic banking, but is already a couple euros per month. I read that in varies countries it's free. Link to comment Share on other sites More sharing options...
TallGuyJohninBKK Posted March 29, 2018 Share Posted March 29, 2018 (edited) 23 hours ago, KhunBENQ said: 220. Dream on I think we're talking two different things here. 1. there is the current 220 baht PER WITHDRAWAL fee that Thai banks charge for foreign card withdrawals. and 2. there is the current 200 or 300 baht ANNUAL fee that Thai banks charge all their cardholders just to have and continue use of their ATM cards. Where I come from, the fee on out of network ATM withdrawals is about HALF the amount the Thai banks charge against foreign cards. And, where I come from once you have a bank's ATM card, there typically are NO annual fees for its use. Bottom line: they're gouging! Edited March 29, 2018 by TallGuyJohninBKK 2 Link to comment Share on other sites More sharing options...
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