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

[webfact]

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

 

Picture: Thai Rath

 

Thai banks are pushing ahead with efforts to take money off their customers for giving them their cash. 

 

They are determined to charge you for using their own ATMs and get money over the counter. 

 

The reason is that they are not making any money from online banking, reported Thai Rath in a feature.

 

They quoted the secretary of the Thai Bankers' Association - Gobsuck Duangdee -  as saying that giving you your money is costing his members a fortune. 

 

It was alright in the past when the banks could make lots of money in branches, but the digital age has seen an end to that gravy train.

 

So now the banks are having to claw back what they can get from the customer. 

 

Gobsuck and his members are appealing to the Bank of Thailand to let them charge customers for using their ATMs for cash withdrawals and over the counter. 

 

The Bank of Thailand is yet to decide on the proposals saying they need to look at all angles. 

 

Source: Thai Rath

 

-- © Copyright Thai Visa News 2018-12-05

[Misterwhisper]

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

[Somtamnication]

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.

[LomSak27]

Here we go. ???? Time to get bent over and pounded

[Langsuan Man]

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 

[fruitman]

15 minutes 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.

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

[darksidedog]

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.

[overherebc]

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.

[tifino]

14 minutes ago, fruitman said:

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

you would pay that much again, if you select the 'Currency Conversion Now' option

 

plus, back home, there's a further AU$3.50 (80baht) taken

[baboon]

20 minutes 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 

A lovely woman employee handing out leaflets outside my bank was trying to get me interested in online banking. I asked her in turn why she was so desperate to drive herself and her colleagues out of a job. Oh. She hadn't thought of that...

[smedly]

encourage people to keep their money in a bank (expats have no choice for extensions) then charge them to take it out, I can see were this is going, Thais might decide to keep their money since there would be no particular benefit (in fact a loss) using a bank, the banks need to be very careful were they are going with this

[scorecard]

29 minutes 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.

 

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.

 

 

 

[fruitman]

5 minutes ago, smedly said:

encourage people to keep their money in a bank (expats have no choice for extensions) then charge them to take it out, I can see were this is going, Thais might decide to keep their money since there would be no particular benefit (in fact a loss) using a bank, the banks need to be very careful were they are going with this

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

[Pattaya46]

1 minute 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.

Change bank !

Still 200 for the card at Kasikornbank and use of their ATM is free.

Same for most Thai banks.... except yours ?

[Pattaya46]

7 minutes ago, smedly said:

encourage people to keep their money in a bank (expats have no choice for extensions) then charge them to take it out, //

Expats have choice. "Money in the bank" is only one of options.

And Thai banks don't charge you to take money from your Thai bank account !

[otherstuff1957]

Almost every country in the world is pushing their people toward a 'cashless society'.  They will talk about convenience and safety, but the reality is that banks are looking forward to the time when every transaction has a fee and customers will be shopping around for the bank with the lowest negative interest rate. 

 

????

 

I may sound pessimistic, but I believe that this will happen within the next 10 - 20 years.  You may doubt it now, but we all all like frogs in a slowly heated pot, each additional degree of heat is uncomfortable, but bearable, until one day we realize that the water is boiling.

[scorecard]

 

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

 

Picture: Thai Rath

 

Thai banks are pushing ahead with efforts to take money off their customers for giving them their cash. 

 

They are determined to charge you for using their own ATMs and get money over the counter. 

[Wallander4]

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 ...

[Nyezhov]

Krungsri charged me 500 (i think) for my first ATM card, but when I switched the type of account, they refunded me a percentage on the new ATM card. I get 4 free withdrawels from any ATM, and alwys free at the Yellow Krungsri ones, which arent hard to find ANYWHERE.

 

I have three banks in the US. One charges me $6 a month, but I get free Out of Network ATM use AND even better, they refund my ATM fees here. So two ATMs here covers that. Guess what account Im using the most.

 

When all banks charge, one will charge less to get the business.

[grego49]

52 minutes ago, tifino said:

you would pay that much again, if you select the 'Currency Conversion Now' option

 

plus, back home, there's a further AU$3.50 (80baht) taken

Australian citibank do not charge you to draw money out here,you only get hit with the 220 baht,also my bank here gives me the option of use their conversion or proceding without conversion,sat they offered me 23.43 proceded without out coversion and got 23.92 from citibank that included the 220 baht.cheers

[smedly]

24 minutes ago, Pattaya46 said:

Expats have choice. "Money in the bank" is only one of options.

see how that looks in 6 months

24 minutes ago, Pattaya46 said:

And Thai banks don't charge you to take money from your Thai bank account

did you read the OP ? 

[Pattaya46]

5 minutes ago, smedly said:

see how that looks in 6 months

Nothing will be different for the big majority of expats. 

 

5 minutes ago, smedly said:

did you read the OP ? 

I did, but I was replying to your message :

39 minutes ago, smedly said:

encourage people to keep their money in a bank () then charge them to take it out, //

 

[nong38]

The Banks are your friend now how may I help you? (You meaning me).

[marko kok prong]

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

[HooHaa]

1 hour ago, smedly said:

encourage people to keep their money in a bank (expats have no choice for extensions) then charge them to take it out, I can see were this is going, Thais might decide to keep their money since there would be no particular benefit (in fact a loss) using a bank, the banks need to be very careful were they are going with this

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

[John P Ryke]

45 minutes 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 ...

ok let's check our keep our money at home plan, less than 1% in australia of a normal savings account...great idea keep it at home......let's work on the next great idea......don't forget some people mysteriously losing their savings.....wouldn't mind a bit more details about this urban myth.....bugger it,, why mess up a good story with some facts

 

[Peterw42]

57 minutes ago, Pattaya46 said:

Expats have choice. "Money in the bank" is only one of options.

And Thai banks don't charge you to take money from your Thai bank account !

The thread is about Thai banks wanting to charge for Thai account ATM withdrawals. 

[shady86]

Might as well keep our money under our pillow. What's the benefit of keeping at these leeches with low interest and charges for various services.

[George Bowman]

2 hours ago, webfact said:

The Bank of Thailand is yet to decide on the proposals saying they need to look at all angles. 

Recently, while waiting for the wife to use the ATM, I had a chance to look at the various angles. Then it hit me. The angles may change but they still cost money...

 

[cmsally]

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.