Banks in Thailand cut opening hours

[webfact]

File photo for reference only

 

Thailand’s Banker’s Association has announced new closing times for branches across the country.

 

As of  16 April, until further notice:

 

Bank branches in department stores will close by 5pm

All other branches will close by 3.30pm

 

Meanwhile, banks have been given permission to close branches in high risk areas or accordance with provincial restrictions. Details of closed branches will be listed on the bank’s website.

 

In the event of an employee or a customer at branch testing positive for COVID-19 the bank will be closed and sterilized. 

 

Employees who have close contact with the patient will immediately be tested for infection and  will self quarantine at home while awaiting test results.

 

-- © Copyright Thai Visa News 2021-04-15

 

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[Excel]

Must be expecting massive withdrawals when the baht bombs

[RichardColeman]

Seems to me extending the hours would be a better idea, rather than trying to force the same numbers into smaller hours and causing congestion. 

[Excel]

Just now, RichardColeman said:

Seems to me extending the hours would be a better idea, rather than trying to force the same numbers into smaller hours and causing congestion. 

That's logical but this could well be a cover excuse for the real reason that I suggested in my earlier post and that they are expecting massive withdrawals when the baht bombs so hence need to limit times available. Now let's see  what , or any restrictions are placed on ATM's if they really are concerned about covid spread given all that finger contact.

[robblok]

2 hours ago, Excel said:

Must be expecting massive withdrawals when the baht bombs

Wishful thinking.. how many years have foreigners been moaning and predicting this. I guess maybe if you predict it long enough you will right once. But I don't see it happening in the near future. You seem to think it will break soon after Songkran.

 

I wonder if you will admit your wrong assumption in a few weeks or merrily start predicting it again next time forgetting all the times it has been predicted before.

 

I for one am sure the bath wont explode in within 4 weeks. (also love to know what your definition of bombing is a 1 bath per dollar drop or more) lets make this prediction a bit more solid so i can pin you down and remind you next time.

 

Been here 15+ years seen the good years and after that they all started to predict the bath dropping.. so far it did not happen.

 

Though the rate has gotten better recently.

[Excel]

1 minute ago, robblok said:

Wishful thinking.. how many years have foreigners been moaning and predicting this. I guess maybe if you predict it long enough you will right once. But I don't see it happening in the near future. You seem to think it will break soon after Songkran.

 

I wonder if you will admit your wrong assumption in a few weeks or merrily start predicting it again next time forgetting all the times it has been predicted before.

 

I for one am sure the bath wont explode in within 4 weeks. (also love to know what your definition of bombing is a 1 bath per dollar drop or more) lets make this prediction a bit more solid so i can pin you down and remind you next time.

 

Been here 15+ years seen the good years and after that they all started to predict the bath dropping.. so far it did not happen.

 

Though the rate has gotten better recently.

15 years is hardly long. and exactly what good years are you talking about ? For yourself or the nation ? 38 years and counting for me. Come back in another 20 and tell me more when you have some experience.. The good years are subjective The Thais where I live suggest the good years for them was the late 70's 80's , maybe before you were born when the Thai economy was know as the Tiger economy. In 82 when I arrived it was a different world metaphorically. 15 years later the Asian crisis plunged them into the unknown. Yes the Generals were attempting to run the country then but at least the people benefited. Today they are wondering why the current crop of generals appear to be, in a loose  translation as blowing smoke. They have concerns that there will be a repeat of that, or something similar. For me the outlook is grim as they will increasingly become reliant on energy imports as the gulf matures and stagnates. Foreign companies are already pulling out of Thailand due to the lack of confidence, corruption levels are at an all time high and now covid running rampant is destroying the normal peoples livelihoods.  So international confidence in the Thai economy I suggest is falling.

[robblok]

6 minutes ago, Excel said:

15 years is hardly long. and exactly what good years are you talking about ? For yourself or the nation ? 38 years and counting for me. Come back in another 20 and tell me more when you have some experience.. The good years are subjective The Thais where I live suggest the good years for them was the late 70's 80's , maybe before you were born when the Thai economy was know as the Tiger economy. In 82 when I arrived it was a different world metaphorically. 15 years later the Asian crisis plunged them into the unknown. Yes the Generals were attempting to run the country then but at least the people benefited. Today they are wondering why the current crop of generals appear to be, in a loose  translation as blowing smoke. They have concerns that there will be a repeat of that, or something similar. For me the outlook is grim as they will increasingly become reliant on energy imports as the gulf matures and stagnates. Foreign companies are already pulling out of Thailand due to the lack of confidence, corruption levels are at an all time high and now covid running rampant is destroying the normal peoples livelihoods.  So international confidence in the Thai economy I suggest is falling.

Again a load of text but no commitment or explanation when you expect the bank run. In short you don't even back your story up or set time limits and stuff. Basically your saying i wanted to say something bad but now that you caught me i don't like to be pinned down on it.

 

Your going totally OT not backing your claims up or making more solid predictions because you know you will look like a fool. 

[Jai Dee]

OK enough of the personal comments and petty bickering.

 

Back on topic please.

 

/Edit: More baiting and bickering off-topic posts have been removed.

 

Continue, and holidays will be awarded.

Edited April 15, 2021 by Jai Dee

[Caldera]

Fewer hours, more crowded while open, no?

 

That being said, with all that can be done online and at various machines nowadays, most people should be able to cut down on branch visits.

 

[Excel]

Just now, Caldera said:

Fewer hours, more crowded while open, no?

 

That being said, with all that can be done online and at various machines nowadays, most people should be able to cut down on branch visits.

 

Perhaps you do not live in the countryside but you do realise do you that millions of people still do not have a smartphone ?  Hence online banking is not an option for them.

[KhunBENQ]

Another brainless unjustified decision.

Only good to create more panic/fear.

Nothing worse than rumors of "bank closing" which could be misunderstood.

[TigerandDog]

Nothing new with those times. Branches in shopping malls/centres here, where I live, have been closing at 5.00 p.m. and branches outside malls at 3.30 p.m. for the past 4 years.

[Brierley]

40 minutes ago, Excel said:

 Foreign companies are already pulling out of Thailand due to the lack of confidence, corruption levels are at an all time high and now covid running rampant is destroying the normal peoples livelihoods.  So international confidence in the Thai economy I suggest is falling.

I think it is possibly correct to say there are fewer foreign companies operating in Thailand but a large part of the reason for that is because Thai owned companies are becoming more dominant and more savvy. CP Groups takeover Tesco saw Tesco depart, Carrefour retail was sold to Big C, HSBC retail left because it couldn't compete and Makro was bought out my CP Group also. Thai companies also started to expand overseas, mostly a function I think of the strong Baht. I don't think that means foreign companies lack confidence in Thailand, it just means they find it harder to compete locally. Where foreign confidence is seen is in the amount of inbound Foreign Direct Investment in Thailand which grew to something like USD 250 bill. in total in 2019 and only fell the following year when Tesco was sold. 

[Cake Monster]

1 hour ago, robblok said:

Wishful thinking.. how many years have foreigners been moaning and predicting this. I guess maybe if you predict it long enough you will right once. But I don't see it happening in the near future. You seem to think it will break soon after Songkran.

 

I wonder if you will admit your wrong assumption in a few weeks or merrily start predicting it again next time forgetting all the times it has been predicted before.

 

I for one am sure the bath wont explode in within 4 weeks. (also love to know what your definition of bombing is a 1 bath per dollar drop or more) lets make this prediction a bit more solid so i can pin you down and remind you next time.

 

Been here 15+ years seen the good years and after that they all started to predict the bath dropping.. so far it did not happen.

 

Though the rate has gotten better recently.

the currency is the BAHT not Bath

[Excel]

16 minutes ago, Brierley said:

I think it is possibly correct to say there are fewer foreign companies operating in Thailand but a large part of the reason for that is because Thai owned companies are becoming more dominant and more savvy. CP Groups takeover Tesco saw Tesco depart, Carrefour retail was sold to Big C, HSBC retail left because it couldn't compete and Makro was bought out my CP Group also. Thai companies also started to expand overseas, mostly a function I think of the strong Baht. I don't think that means foreign companies lack confidence in Thailand, it just means they find it harder to compete locally. Where foreign confidence is seen is in the amount of inbound Foreign Direct Investment in Thailand which grew to something like USD 250 bill. in total in 2019 and only fell the following year when Tesco was sold. 

Tesco sold out to CP because it was a board decision to sell. It was not a takeover rather a competitive bid sale. Nothing to do with competition at all as they sold there biggest profit making entities to inject capital back to their base. Carrefour's French owners sold their shareholding to Big C years ago as did Makro's French owners sell out to CP. The latter two years ago and not part of the last 4 years pull-out by foreign companies. 

Edited April 15, 2021 by Excel

[Road Warrior]

makes sense !!!!   less opening time more busy !!!  yes !!!

[Brierley]

3 minutes ago, Excel said:

Tesco sold out to CP because it was a board decision to sell. It was not a takeover rather a competitive bid sale. Nothing to do with competition at all as they sold there biggest profit making entities to inject capital back to their base. Carrefour's French owners sold their shareholding to Big C years ago as did Makro's French owners sell out to CP. The latter two years ago and not part of the last 4 years pull-out by foreign companies. 

Yes you're right, I didn't intend to say takeover. But I don't think that changes the picture that Thai companies are acquiring foreign based assets in Thailand, did you have companies in mind when you refer to the pullout by foreign companies?

[Excel]

5 minutes ago, Brierley said:

Yes you're right, I didn't intend to say takeover. But I don't think that changes the picture that Thai companies are acquiring foreign based assets in Thailand, did you have companies in mind when you refer to the pullout by foreign companies?

GM for one more recently but on the news media we can not quote there was a list last year  of Thai investors now investing elsewhere together with companies  that had ceased or going to cease operations here. The article was basically about the falling business confidence in Thailand and the investment risk aversion taking place

[poohy]

Normal banks and banking hours is 3.30..whats new

[bkk6060]

Banking hours back home are 10 am to 3 pm.

Who actually needs to go inside a bank anyway?

Expats,, etc. should be able to do all your business at the ATM or online, except once a year for the extension.

Edited April 15, 2021 by bkk6060

[Brierley]

29 minutes ago, Excel said:

GM for one more recently but on the news media we can not quote there was a list last year  of Thai investors now investing elsewhere together with companies  that had ceased or going to cease operations here. The article was basically about the falling business confidence in Thailand and the investment risk aversion taking place

GM's decision to pull out of Thailand extended to Australia and  New Zealand also, I think that was more about not trying to compete in markets where they were not profitable rather than anything that was Thailand specific. But I'll have a dig around and see if I can't find the article you're pointing towards.

[Excel]

2 minutes ago, Brierley said:

GM's decision to pull out of Thailand extended to Australia and  New Zealand also, I think that was more about not trying to compete in markets where they were not profitable rather than anything that was Thailand specific. But I'll have a dig around and see if I can't find the article you're pointing towards.

Hardly large but  Isetan another I recall, been here donkeys years

[madmitch]

A lot more people are now moving to online banking and the Mrs told me last week that at least one bank is about to stop automatically giving a bank book with every account. In the West, many branches are closing as there's less and less need for them. Could Thailand's banks slowly be moving into the 21st century?

[Yorkshire Tea]

2 minutes ago, madmitch said:

 Could Thailand's banks slowly be moving into the 21st century?

 

And could Immigration follow them?

[Excel]

3 minutes ago, Yorkshire Tea said:

 

And could Immigration follow them?

Well as the 21st century is destined to become a cashless society then I doubt Immigration will want to follow them 

[Brierley]

13 minutes ago, Excel said:

Hardly large but  Isetan another I recall, been here donkeys years

One of the recurring themes is how difficult it is for foreign companies to compete in the Thai market, especially banking and retail where family owned business and large conglomerates such as CP Group and Central dominate. I don't think that lack of ability to compete is a negative for the Thai economy, more it is a sign of a closed business market and the strengths of the local players. Again, if you look at the money flows or FDI, Thailand remains an attractive investment proposition but not at the high street level.

[madmitch]

6 minutes ago, Yorkshire Tea said:

 

And could Immigration follow them?

They might have to rethink the bank book requirements if banks start to do away with them! Though they'd more likely insist on the book and relevant photocopies thereof and if you happen to bank with a bookless bank then your visa extensions will be declined!

[Burma Bill]

1 hour ago, TigerandDog said:

Nothing new with those times. Branches in shopping malls/centres here, where I live, have been closing at 5.00 p.m. and branches outside malls at 3.30 p.m. for the past 4 years.

 

Yes indeed. During my 20 years of living in Thailand, the main branches of Bangkok Bank I used in Lanna and then in Isaan, were open Monday to Friday 8:30am to 3:30pm. Sub branches in Tesco Lotus were 10:00am to 5:00pm every day (except public holidays).

[oobar]

3 hours ago, robblok said:

Been here 15+ years seen the good years and after that they all started to predict the bath dropping.. so far it did not happen.

Been here 35 years.  One day back in '97, I wired $67,000 from the US to Thailand.  The baht was at 25 to the dollar.  Two weeks later, the baht had plummeted to 55 to the dollar, and I had essentially lost more than half of what had been (relatively) secure US currency.  One never knows.  If we did, we'd all be rich.  You take your chances -- and your lumps.

[robblok]

4 hours ago, oobar said:

Been here 35 years.  One day back in '97, I wired $67,000 from the US to Thailand.  The baht was at 25 to the dollar.  Two weeks later, the baht had plummeted to 55 to the dollar, and I had essentially lost more than half of what had been (relatively) secure US currency.  One never knows.  If we did, we'd all be rich.  You take your chances -- and your lumps.

Sure things can change but someone saying that the bank hours are limited because they fear a bank run while its all about covid is clearly not thinking straight. There is no indication its the case.

 

Besides the guy did not want to get  pinned down on any predictions because that would mean i could prove him wrong. Its easier to sprout nonsense and make no commitment because then you can never be held accountable in a debate.

 

People been talking about the baht dropping but is has not done so. Anyway an other doom prophet having his hour of glory. 

 

I mean if you make  a statement like, no the opening hours shift is not because of covid but for fear of a bank rush. Because that is what he was saying. You should at least make a short term prediction because they are not going to change banking hours for an event in the far future. 

 

Just my two cents.