BOT raises free transfer limit for online banking users

[webfact]

BOT raises free transfer limit for online banking users

 

 

BANGKOK, 27 September 2018 (NNT) – The Bank of Thailand (BOT) has resolved to increase the limit on free money transfers for users of internet banking to 700,000 baht per transaction. 

Although a number of people have opted for online banking to make money transfers, the BOT has indicated that banks still maintain their limit on the amount of money transferred for free at only 50,000 baht per transaction. In an attempt to avoid transfer fees, many customers have to go through the hassle of making several transfers of small amounts not exceeding the limit. 

Therefore, to increase the convenience of internet banking, the central bank has agreed with the Thai Bankers’ Association to push up the free transfer limit from 50,000 baht to 700,000 baht per transaction. The change is scheduled to take effect from this October 1st. 

In addition, the BOT is collaborating with the Thai Bankers’ Association and National ITMX Company Limited on a project to boost the processing capacity of the mobile banking system by at least twofold in order to tackle transaction bottlenecks around the end and the beginning of each month.

 

-- nnt 2018-09-27

[OJAS]

2 hours ago, webfact said:

In an attempt to avoid transfer fees, many customers have to go through the hassle of making several transfers of small amounts not exceeding the limit. 

 

Me being one of them in 3 cases each year!

 

The $64,000 question, of course, is how soon after 1st October will each individual bank (Bangkok Bank in my case) implement this change in practice.

Edited September 27, 2018 by OJAS