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

[cmsally]

Online vendors may soon have to pay taxes.

[John P Ryke]

10 minutes ago, Peterw42 said:

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

so if my reply is off topic why isn't the thread i was replying to off topic

[Enoon]

34 minutes ago, missoura said:

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...

 

 

Somebody once said to me (concerning aircraft ownership):

 

"If you want to float, f*** or fly, it's better to rent than to buy"

 

 

[Peterw42]

34 minutes ago, John P Ryke said:

so if my reply is off topic why isn't the thread i was replying to off topic

No idea what you are talking about, I didnt say anything about your reply or any other reply being off topic.

 

I was responding to pattaya46 who said there are no Thai account ATM fees, he appeared to be unaware that the thread is about the introduction of Thai account ATM fees.

 

 

Edited December 5, 2018 by Peterw42

[smedly]

1 hour ago, Peterw42 said:

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

and counter cash withdrawals

[Nowisee]

2 hours 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 ...

 

immigration, thai banks, and... they are simply making it difficult to want to stay here.  

[holy cow cm]

I get torqued when you use the atm and get charged at your actual branch. Now that is below the belt. 

[holy cow cm]

2 hours 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 !

You are sooooo wrong there. 15baht but not ever bank

[Ron19]

They are doing this because they can.

In Australia where I am at the moment, most of the major banks and some insurance companies presently have to front a royal commission and some have already been issued with massive penalties. The sad part about this is who do you think will have to open their wallets to pay for that.

[AloisAmrein]

3 hours ago, fruitman said:

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

Indonesia also free.

[islandguy]

2 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.

My wife has an account that allows for free withdrawals from any ATM any province after paying a low annual fee. SCB. We use that card when traveling.

[dotpoom]

A really nice pic. of the 6 Farangs at the top!

[Boon Mee]

Well, as of this date, Bangkok Bank isn't charging ATM withdrawals made from machines within the Provence your bank is located. 

Moi just withdrew a fast 5K baht today to buy some groceries and wasn't charged a fee. 

[kamalabob2]

As of today Bangkok Bank and Kasikorn Bank are not charging a fee to withdraw funds from a savings account in the same province, even from a different bank's ATM.  When are the fees starting?

[kannot]

4 hours ago, LomSak27 said:

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

Surely "bahttered" not  "pounded"

[manta]

And yet they wonder why tourism is failing???

[BEngBKK]

It amazes me gain and again to see that Thailand is always 30 years behind in evolution...

 

[klauskunkel]

4 hours ago, webfact said:

The reason is that they are not making any money from online banking

If there was no online banking, the banks would have to staff many more employees to stay competitive with each other and also use larger branches.

With online banking they save money in salaries, training and renting smaller facilities. 

 

[connda]

They take your money, pay you next to no interest, loan your money out to others at usurious rates, then claim poverty and the need to charge you for cash transactions.  Then watch the bonuses handed out to the executives. 

Banks have been a scourge on societies since their inception.  They still are.

[phitsanulokjohn]

What a liberty.

First they charge you for an atm card,now they propose to impose a charge for withdrawing your own cash,that they are lending people at a greater interest than the interest they pay you.Atm card and atm withdrawals free in Uk.For the pittance of interest they pay,before long people will start stashing it under the mattress,a years old practice.Their greed knows no bounds,but soon they'll start losing customers.That'll please the shareholder.Another ill thought out idea.

[lamyai3]

4 hours ago, webfact said:

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. 

His brother Gobshite was unavailable for comment. 

[Peterw42]

2 minutes ago, phitsanulokjohn said:

What a liberty.

First they charge you for an atm card,now they propose to impose a charge for withdrawing your own cash,that they are lending people at a greater interest than the interest they pay you.Atm card and atm withdrawals free in Uk.For the pittance of interest they pay,before long people will start stashing it under the mattress,a years old practice.Their greed knows no bounds,but soon they'll start losing customers.That'll please the shareholder.Another ill thought out idea.

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

 

[Banana7]

I sincerely hope the Bank of Thailand does not allow any fees to be charged for over the counter in branch deposits or withdrawals.

There must always be a way for a bank customer to withdraw, cost free, all their money in cash.

 

I don't know of one Thai bank that guarantees their customers their systems are completely 100% safe, and will reimburse a customer for all unauthorized transactions, when using their online banking system. This is the biggest reason for not doing online or electronic banking with Thai banks.

Edited December 5, 2018 by Banana7

[dick dasterdly]

2 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.

Sounds fair enough to me?

 

Anyone (?) making more than 400 transactions a year, costing over 2m bht - must surely be an online merchant?

[OmarZaid]

thieves .... biggest mob in the country

[ehs818]

Based on the original posting, the man wanted to take his money out of a bank that was not his. Seems fair to me for the other bank to want to charge a fee for that. But 220 baht is too much. About 20 is ok to me. ALSO, do note that I don't get an ATM charge when taking money out of the ATM for Kasikorn, where my account is. However, if you go to a different province, you will get a fee of 20 baht. Just use your own banks ATM and you should have no problems.

 

[sjaak327]

Unacceptable of course. a bank owns me money and now wants to charge me for accessing it ? If a bank cannot make a profit from their normal activities, it is time to go out of business. 

[hansnl]

4 hours ago, Misterwhisper said:

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

It is rather simple.

In a cash driven society, money is created by the state, as it should be.

In a cashless society the banks create money, or at least virtual money.

Hence the drive to make obtaining cash expensive.

 

Edited December 5, 2018 by hansnl

[ebean001]

Buy their stock and call it even

[Tradewind777]

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.