Covid-19: Major Thai bank stops exchanging foreign money

 

 

One of Thailand's largest banks has announced they have shut all their in branch and foreign exchange booths immediately. 

 

The surprise move from Kasikorn or K-Bank came in a directive issued from 5 pm yesterday and is because of the Covid-19 outbreak. 

 

The bank said it was their "civic duty" to act on this "very important" issue. 

 

There was no time limit put on the closure. 

 

In addition all staff who had been working in their FX booths nationwide have been put on a 14 day stay-at-home quarantine. 

 

In a letter they said that entities such as the health ministry, bank of Thailand, airports authority and duty free giant King Power had been informed of the decision. 

 

Last week Kasikorn closed their branch in Laem Chabang, Chonburi for 14 days after an infected Italian went into the bank, notes Thaivisa.

 

Source: 77kaoded

 

 

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Do they know something the government doesn't know, or isn't telling us? Seems a little heavy handed given the allegedly very low numbers confirmed in Thailand.

That's it, slam the final nail in Thailand's tourism coffin why don't you.

There wont be a single tourist left at this rate.

 

Imagine coming here for the first time. Taxi driver shouts you over for a lift.., hang on a minute mate, just need to change some money.. 

Everyone will fall at the first hurdle!!????

 

1 minute ago, darksidedog said:

Do they know something the government doesn't know, or isn't telling us? Seems a little heavy handed given the allegedly very low numbers confirmed in Thailand.

Low testing rates. Low numbers. No mystery. 

Handling thai baht has got to be worse

8 minutes ago, darksidedog said:

Do they know something the government doesn't know, or isn't telling us? Seems a little heavy handed given the allegedly very low numbers confirmed in Thailand.

As Prayuth said "everything is under control",most people took this to mean something different than "the government will control everything".

11 minutes ago, Liverpoolfan said:

Imagine coming here for the first time. Taxi driver shouts you over for a lift.., hang on a minute mate, just need to change some money.. 

Everyone will fall at the first hurdle!!????

 

They can use an ATM or another bank.

10 minutes ago, scubascuba3 said:

Handling thai baht has got to be worse

In a few days, the euro rose from 33, ..baht to 36.05 this morning;
and the climb will continue to accelerate.

I have not looked at the rate of the US dollar but I suppose that it follows the same upward slope .

If Khun Prayuth has not yet bought his used submarines, it may cost him a lot of US dollars in a few weeks.

3 minutes ago, Aachen said:

They can use an ATM or another bank.

many gold sellers change the large foreign banknotes without any concern and this, often at a price higher than the banks. ( as in Vietnam )

16 minutes ago, darksidedog said:

Do they know something the government doesn't know, or isn't telling us? Seems a little heavy handed given the allegedly very low numbers confirmed in Thailand.

No they don't know something that the government or we don't know already. Since most savvy exchangers of paper money already use the independent money exchanges, it's an opportunity for a bank to shutter a low-profit facet of their business in light of declining numbers and the higher risk of Covid-19 being spread on used bank notes, especially hard, shiny plastic ones.

 

Those who are already fixated with what they can only see as Thailand's woeful unpreparedness for the contagion will see it as more of the same.

I can't help but wonder how many cases have NOT been reported, or are part of the "official figures", in order to "save face" and "protect the image of Thailand". 

 

 

The Meaning

The water element leads to the wood element, and the wood element leads to the fire element, which is the balanced and harmonious combination of the elements leading to prosperity and growth.

 

Now I understand.

Well, actually, not !

I picked up 31.83 baht per USD on February 28th on a transfer to my K-bank account, today the rate is down to 31.49, does not make any sense at all

Surely there must be pressure on other banks (and independent money changers) to follow suit?

39 minutes ago, Aachen said:

They can use an ATM or another bank.

But in their panic Captain Mainwearing, won't the banks close the ATMs too, to stop cross-contamination by touching the keypad.

They must also stop using Thai Baht too. I bet loads of those ferang Euros have breathed on the completely innocent virgin Thai bank notes while in a cashier's draw.

Yes, it´s only those pesky foreign money transaction that are dangerous. The Thai baht is super safe, and nobody will get infected by changing all of their money to Thai baht before they travel. Eeeeh!??? Wait a minute. Isn´t that exactly same risk then?

8 minutes ago, TaaSaparot said:

Surely there must be pressure on other banks (and independent money changers) to follow suit?

I think that really means pressure on other banks to panic too. We're doomed.

 

Why don't they wear masks and protective gloves while handling their number one god?

That's crazy. 

Warmest

3 minutes ago, Matzzon said:

Yes, it´s only those pesky foreign money transaction that are dangerous. 

Yep, that is the way I read it also.

 

But its pretty par for the course when it comes to Thai Farmers Bank.

 

Always been the worst bank out there.

 

Hope plenty of people take note of this.

1 hour ago, darksidedog said:

Do they know something the government doesn't know, or isn't telling us? Seems a little heavy handed given the allegedly very low numbers confirmed in Thailand.

Could it be because foreign bank notes tend to come from outside Thailand, and have gone through an unlimited number of hands, many of those that might be infected?

7 minutes ago, TaaSaparot said:

Yep, that is the way I read it also.

 

But its pretty par for the course when it comes to Thai Farmers Bank.

 

Always been the worst bank out there.

 

Hope plenty of people take note of this.

'Hope plenty of people take note of this.' - well, not until they've been sanitised.

1 hour ago, Liverpoolfan said:

That's it, slam the final nail in Thailand's tourism coffin why don't you.

Just like when the airport was taken over.

 

And when there was war on the streets.

 

And the mourning period.

 

and the influx of 6,000 baht per day Indians.

The solution is simple........Every one needs to give all your dirty nasty disease ridden cash to me.......I will take all the money off your hands to help protect you from the Coronavirus......I don't want to see anyone get sick so I am willing to make a big sacrifice to help you guys.... 

36 minutes ago, bluesofa said:

47 minutes ago, TaaSaparot said:

Surely there must be pressure on other banks (and independent money changers) to follow suit?

I think that really means pressure on other banks to panic too. We're doomed.

 

Why don't they wear masks and protective gloves while handling their number one god?

Have you all got your tinfoil hats on before you contribute your gems of speculative, rumor-mongering wisdom?

2 minutes ago, NanLaew said:

Have you all got your tinfoil hats on before you contribute your gems of speculative, rumor-mongering wisdom?

Got mine at the ready. They showed us how to make one on Blue Peter.

Isn't this a problem that a bit of good old fashioned Thai money laundering would solve???  

I'm thinking as I am going to be in town today, I am going to make a large withdrawal from the ATM then sanitize my hands, you see me thinks that this could spread to the Thai baht, some form of control, paranoia, I mean, just have a look what's happening in Australia, the supermarket stores similar to Tesco and Big C have run out of toilet paper, now that has got to give some people the <deleted>s, oi

Just now, TallGuyJohninBKK said:

Isn't this a problem that a bit of good old fashioned Thai money laundering would solve???  

Apart from the 100 Baht notes. The ink washes out of those if they're in the washing machine.

1 hour ago, Just1Voice said:

I can't help but wonder how many cases have NOT been reported, or are part of the "official figures", in order to "save face" and "protect the image of Thailand". 

Well to get tested costs 10.000 baht, and if you're tested positiv they'll send you home for 2 weeks...so how many thai will get a test or just stay home for 2 weeks themselves? In case they get really sick they can always go to the hospital.

KTB, like other banks, offer horrible exchange rates anyway. Anyone with a bit of sense changes money only at independent money changers such as Super Rich.

 

The most laughably ridiculous thing is the KTB money changer located at Suvarnabhumi on the lower ground floor as you're heading to the ARL. It's opposite Super Rich. No one would ever exchange money there because their rates were much lower than Super Rich. Good riddance if they go out of business - unless they adapt to the competition they're bound to die.