Thai banks face tough competition in digital world

[webfact]

Thai banks face tough competition in digital world

 

 

Although the Thai commercial banks achieved higher net profits in the first quarter of 2019, they expect a tough year ahead amid aggressive competition in the digital era.

 

The Thai government’s plan to turn Thailand into a cashless society has prompted local banks to remodel their business plans to cater to changing consumer lifestyle.

 

Customers will no longer have to visit bank branches to expedite their financial transactions because they can now execute their transactions on their mobile phones.

 

Full story: https://www.thaipbsworld.com/thai-banks-face-tough-competition-in-digital-world/

 

-- © Copyright Thai PBS 2019-04-29

[MRToMRT]

Not as long as they have a protected market from foreign banks in the retail sector. 

[daboyz1]

Not sure if all Thai banks have this rule, but Bamgkok Bank requires you to have a work permit to transfer money to a foreign bank. Silly.

[Yeahbutwhytho]

21 minutes ago, daboyz1 said:

Not sure if all Thai banks have this rule, but Bamgkok Bank requires you to have a work permit to transfer money to a foreign bank. Silly.

I wonder how many people know that their retirement/marriage visa funds are held up in this country indefinitely 

[PingRoundTheWorld]

Cashless society. Right. lol.

[Orton Rd]

44 minutes ago, daboyz1 said:

Not sure if all Thai banks have this rule, but Bamgkok Bank requires you to have a work permit to transfer money to a foreign bank. Silly.

Dee money have no such rule, suk soi 8

[Tilacme]

1 hour ago, daboyz1 said:

Not sure if all Thai banks have this rule, but Bamgkok Bank requires you to have a work permit to transfer money to a foreign bank. Silly.

Not so, I have transferred funds from Bangkok Bank to a foreign account many times. It has to be money not earnt in Thailand.

[geoffbezoz]

1 hour ago, PingRoundTheWorld said:

Cashless society. Right. lol.

Its already mostly cashless for the corrupt many. Kick backs transferred to their offshore accounts digitally already. The Junta and their masters would not have it any other way I suspect.

[malagateddy]

Not sure if all Thai banks have this rule, but Bamgkok Bank requires you to have a work permit to transfer money to a foreign bank. Silly.

Are you sure..I move dosh back/forward with BBK Bank to my UK Bank easily.
I'm on extension of retirement.

Sent from my SM-G7102 using Thailand Forum - Thaivisa mobile app

[daboyz1]

I haven't

Are you sure..I move dosh back/forward with BBK Bank to my UK Bank easily.
I'm on extension of retirement.

Sent from my SM-G7102 using Thailand Forum - Thaivisa mobile app

I haven't tried in a few years, but that was the policy a few years back. If I needed to send money back to the US I'd just transfer it to my wife and let her do it. She's dual citizen Thai and American. But at the the time Bangkok Bank told me in no uncertain terms that I could not transfer money to the US without a work permit.

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app

[ChipButty]

Better to say nothing here about suitcases full of cash being moved around

[wgdanson]

18 minutes ago, malagateddy said:

Are you sure..I move dosh back/forward with BBK Bank to my UK Bank easily.
I'm on extension of retirement.

Sent from my SM-G7102 using Thailand Forum - Thaivisa mobile app
 

Why move it back & forth, surely with proper planning, it only needs to go one way.

[malagateddy]

Why move it back & forth, surely with proper planning, it only needs to go one way.

Maybe I like the cut n thrust??
I sm notba silly boy
Have a wonderful evening
Cheers

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[attrayant]

4 hours ago, webfact said:

The Thai government’s plan to turn Thailand into a cashless society has prompted local banks to remodel their business plans to cater to changing consumer lifestyle.

 

Customers will no longer have to visit bank branches to expedite their financial transactions because they can now execute their transactions on their mobile phones.

 

Aaaand just like that Thailand leaps into the 90s.

[wgdanson]

18 minutes ago, malagateddy said:

Maybe I like the cut n thrust??
I sm notba silly boy
Have a wonderful evening
Cheers

Sent from my SM-G7102 using Thailand Forum - Thaivisa mobile app
 

But do you like the bank charges/exchange rate changes possible?

And I am not a silly boy either.

And I shall have another wonderful evening thank you.

[Cadbury]

Third world country = third world banks and the insecurity, fraudulence and incompetence that comes with them. 

[ZeVonderBearz]

Poor banks ???? never have I experienced banks like in Thailand who charge for everything. Want an ATM card? Charge. Want to use your card outside your home province? Charge. Want to use the ATM of another bank? Charge. Want to use online banking? Charge. Want a printed statement? Charge. 

 

In a cashless society they'll find ways to make money from people I'm sure.

[topt]

15 minutes ago, ZeVonderBearz said:

Want to use the ATM of another bank? Charge. Want to use online banking? Charge.

Most of them stopped doing this early last year or even before that.

 

Perhaps you don't remember, but certainly in the UK all be it a long time ago, banks used to charge for ATM withdrawals.

[Time Traveller]

19 hours ago, daboyz1 said:

Not sure if all Thai banks have this rule, but Bamgkok Bank requires you to have a work permit to transfer money to a foreign bank. Silly.

No they don't. They only require proof of source of funds.

[watcharacters]

15 hours ago, ChipButty said:

Better to say nothing here about suitcases full of cash being moved around

 

 

You are the first one in the thread to suggest anything improper.   

 

I'm still curious about the contention deposits could languish in a Bangkok Bank account unless the depositor has a work permit.     First I've  ever heard of that.

 

 

[DPKANKAN]

18 hours ago, PingRoundTheWorld said:

Cashless society. Right. lol.

It is ludicrous!! Can you imagine all the countryside stalls and street vendors having WiFi card readers!! A lot of older people don't even have bank accounts here!! ????????????????????

[DPKANKAN]

50 minutes ago, ZeVonderBearz said:

Poor banks ???? never have I experienced banks like in Thailand who charge for everything. Want an ATM card? Charge. Want to use your card outside your home province? Charge. Want to use the ATM of another bank? Charge. Want to use online banking? Charge. Want a printed statement? Charge. 

 

In a cashless society they'll find ways to make money from people I'm sure.

My Kasikorn account does not charge me for using ATM's from other banks in the area. Only outside of the province and 10 baht a time. Big deal!!

[Redline]

20 hours ago, daboyz1 said:

Not sure if all Thai banks have this rule, but Bamgkok Bank requires you to have a work permit to transfer money to a foreign bank. Silly.

I’ve never had a problem 

[malagateddy]

Obviously Thailand is moving with the times re banking..however..senior citizens going on line to view their bank balance?? Strong stable internet in certain areas of Thailand??
Perhaps in another 15 years or so it could be possible??

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[Benmart]

23 hours ago, wgdanson said:

Why move it back & forth, surely with proper planning, it only needs to go one way.

It is called choice. I rarely ask "why", unless it is my money that is involved. Surely.

[chama]

On 4/29/2019 at 3:58 AM, MRToMRT said:

Not as long as they have a protected market from foreign banks in the retail sector. 

Yep, this is where the spoiled kid that says it has to be their way or no way finds out they can't have it both ways. If Thailand wants to play in the world arena they have to accept the rules the rest of the world plays by.

[justin case]

what?  I see home loans at   4-5-6-7 percent and they give 1.25 percent of intrest

 

this is a win win specially the whole money lending options out of NOTHING with your house / car that will be theirs if you cannot repay the last payments...

[crees]

I write checks to my Bangkok Bank account from my American Bank account every month and it shows up in my Bangkok Bank account just like clockwork … two months + later. I'm really at a loss why!