Concerns About Krungthai Bank

[SeaMike01]

My employer uses Krungthai bank for payroll deposits. I primarily use SCB but I did some banking at Krunthai branches and used their ATMs fairly frequently. In the past year I noticed that some Krungthai ATMs started using 500 baht notes instead of 1000 baht notes. Two branches in our area closed, and most recently all of the Krungthai ATMs in our area have been removed. On my last trip to the branch, their ATM again gave me 15k in 500 baht notes, which I had to change at the teller. Does anyone know what's going on with this bank? Is it still solvent? I'm starting to become concerned about not being able to access my payroll check someday.

[tonray]

8 minutes ago, SeaMike01 said:

their ATM again gave me 15k in 500 baht notes, which I had to change at the teller. Does anyone know what's going on with this bank? Is it still solvent?

I realize this is a stretch..but don't two 500 baht notes still equal one 1000 baht note ?

[CharlieH]

Machines will revert to 500 when the 1000 has been depleted.

[mark5335]

35 minutes ago, SeaMike01 said:

Does anyone know what's going on with this bank? Is it still solvent?

There is no solvency problem with Krungthai Bank. It's state owned and has maintained an investment grade international risk rating. Additionally, it is one of the 5 "systemically important banks" in Thailand, and therefore would receive both Bank of Thailand and Gov't Treasury support if additional liquidity was required.

[lopburi3]

Suspect it has more to do with few having change for 1k notes in the current economy.  I would much prefer 500 baht notes for local payments.  As for fewer ATM's perhaps something to do with them being a target for theft these days.   Are you upcountry?  Believe 500 baht used to be the standard upcountry and lowers the amount of loss in the event of ATM theft.

[allane]

Within about a 1 km range of my place, I can think of 4 ATM's that have been removed within the last year or so, and one addition.  Two of those closed were Krungthai.  Within the same radius, There have been two branch closures.  One of those was Krungthai, though they did have two branches only about one km apart.

Maybe the increase in online shopping and the use of QR codes has something to do with the changes.

[BritManToo]

20 minutes ago, allane said:

Maybe the increase in online shopping and the use of QR codes has something to do with the changes.

I would say QR codes has removed much of the need for cash.

Last year I would see neighbours paying cash for deliveries, this year they all use their phones.

[chuang]

Some prefer dogs others cats...anyway 500x2 = 1000.

[dddave]

A friend with a KrungThai account was unable to perform  payment transactions several times on Wednesday.  Kept getting "Network unavailable. Please try again later"

The next day seemed to be up and running.

[Mutt Daeng]

6 minutes ago, dddave said:

A friend with a KrungThai account was unable to perform  payment transactions several times on Wednesday.  Kept getting "Network unavailable. Please try again later"

The next day seemed to be up and running.

I don't think that's anything to really worry about. I've had the same error when using Kasikorn & SCB phone banking.

[userabcd]

Would say you have no need to worry. If you want 1000 baht notes then use another atm or withdraw notes in a branch.

 

It is a fine upstanding bank with a long history in ethical; and sustainable banking.

[SeaMike01]

Yes, I'm aware that if an ATM runs out of 1000 baht notes it might dish out 500s, but... four times at four different ATMs? Anyway, that's not really the point. The branch closures, ATM pull-outs, plus the general disorganization, mayhem and inefficiency during recent branch visits made me wonder about the health of the entire organization. Interesting point, however, about it being one of the five "systemically important banks" in Thailand which would receive Bank of Thailand and Gov't Treasury support in an emergency. I won't close my account! ????

[tonray]

4 hours ago, CharlieH said:

Machines will revert to 500 when the 1000 has been depleted.

Much like my GF....

[EricTh]

1 hour ago, SeaMike01 said:

Yes, I'm aware that if an ATM runs out of 1000 baht notes it might dish out 500s, but... four times at four different ATMs? Anyway, that's not really the point. The branch closures, ATM pull-outs, plus the general disorganization, mayhem and inefficiency during recent branch visits made me wonder about the health of the entire organization. Interesting point, however, about it being one of the five "systemically important banks" in Thailand which would receive Bank of Thailand and Gov't Treasury support in an emergency. I won't close my account! ????

 

It's easy to solve the problem, just transfer online from Krungthai to SCB and then withdraw 1000 bank notes from SCB ATM.

 

Or you can go to withdraw at Krungthai counter.

 

[KhunBENQ]

5 hours ago, SeaMike01 said:

Does anyone know what's going on with this bank?

Don't be concerned.

Very similar trends e.g. at Kasikorn bank.

Closing many ATM locations.

Closing branches.

Firing staff.

One Thai neighbor lost his job at SCB long ago and now managing a mom&pop shop.

It's all about cost cutting, overinflated staff and bureaucracy.

Have you ever experienced how long it takes for simple affairs like changing some data for your account?

Adopting to rest of world where traditional bank services are going down since long.

I bet there will soon be new pricing policy.

Fees for using transfer slips (paper) as an example.

Pushing customers to self-service/internet/paper less/forcing cash less.

[KhunBENQ]

The 500 Baht note thing happens from time to time.

Not being able to withdraw 25k e.g. offered 12.5k in 500 notes.

Usually I cancel.

Many people withdraw multiples of 1000 and the ATM SW never seems to care for a mix of notes.

Would they balance the amount the notes I might not happen that often.

 

I think you know that four times a month you can withdraw at another banks ("cash pool") ATM without an extra fee? That's what I do if "my" ATM plays foul.

[KhunBENQ]

42 minutes ago, EricTh said:

It's easy to solve the problem, just transfer online from Krungthai to SCB and then withdraw 1000 bank notes from SCB ATM.

Seen after posting.

No need to transfer, just use the SCB/Bangkok Bank/Kasikorn/.... ATM.

Four times a month without fee. After that probably 15 Baht.

 

[KhunBENQ]

To be sure I double checked on the KTB site:

Quote

10. Withdrawal via Non KTB ATM           

....
    
10.3 Withdrawal/Transfer over 4 Transactions / Month     

THB 5 per transaction
(Charge from the 5th transaction of the month)

So from the 5th withdrawal at another banks ATM within a (calendar) month it's a 5(!) Baht fee (within the "clearing zone").

[EricTh]

55 minutes ago, KhunBENQ said:

Don't be concerned.

Very similar trends e.g. at Kasikorn bank.

Closing many ATM locations.

Closing branches.

Firing staff.

One Thai neighbor lost his job at SCB long ago and now managing a mom&pop shop.

It's all about cost cutting, overinflated staff and bureaucracy.

Have you ever experienced how long it takes for simple affairs like changing some data for your account?

Adopting to rest of world where traditional bank services are going down since long.

I bet there will soon be new pricing policy.

Fees for using transfer slips (paper) as an example.

Pushing customers to self-service/internet/paper less/forcing cash less.

Yes, I've seen the SCB branch at Tesco Lotus in Ruamchok closed.  

 

It's cost-cutting and persuading people to do transaction online.

 

[KhunBENQ]

2 hours ago, SeaMike01 said:

The branch closures, ATM pull-outs, plus the general disorganization, mayhem and inefficiency during recent branch visits made me wonder about the health of the entire organization.

For me KTB always stands for mayhem.
Most crowded usually.

But what you expect if all public servants/government officers etc. get their payment through KTB.

They are also the "teller" for the revenue department (all tax reimbursements etc. go through KTB). Certain traffic tickets (highway police) always through KTB.

They are burdened with official/government/tax related tasks.

[EricTh]

1 hour ago, KhunBENQ said:

For me KTB always stands for mayhem.
Most crowded usually.

But what you expect if all public servants/government officers etc. get their payment through KTB.

They are also the "teller" for the revenue department (all tax reimbursements etc. go through KTB). Certain traffic tickets (highway police) always through KTB.

They are burdened with official/government/tax related tasks.

I agree Krungthai is always crowded but I notice SCB is also very crowded. 

 

What are the majority customer profile for each bank?

 

Krungthai Bank - government

Bangkok Bank  - foreigners

SCB - ?

Krungsri - ?

 

 

 

[hotchilli]

17 hours ago, KhunBENQ said:

Seen after posting.

No need to transfer, just use the SCB/Bangkok Bank/Kasikorn/.... ATM.

Four times a month without fee. After that probably 15 Baht.

 

I used to use Krungtai bank... a few years ago.

On renewal of my ATM card the cheapest option was an annual renewal fee of 699 baht for a

[10 year card] that adds up to a huge profit for the bank.

SCB 200 baht per year for the same service.

 

[Troy Tempest]

15 hours ago, EricTh said:

I agree Krungthai is always crowded but I notice SCB is also very crowded. 

 

What are the majority customer profile for each bank?

 

Krungthai Bank - government

Bangkok Bank  - foreigners

SCB - ?

Krungsri - ?

 

 

 

I have had Krungthai account for 10 years plus and yes branches are always crowded!

 

I recently opened a Bangkok Bank account simply because of the WISE transfer issues (KTB is not on the approved list of WISE for transfers over 50k Thb in one transaction).

 

Wow!...What a difference!.....Took me less than 10 minutes to open the account and set up my Mobile App and cards....Credit, Debit and ATM!

 

The mobile app is much simpler to use than KTB.

 

Also the staff all spoke good English......

 

And no queue!

[Caldera]

People with social welfare ATM cards have to use Krungthai's ATMs. Due to the small-ish amounts they can withdraw, stocking their ATMs with more small denomination notes makes sense. Nothing to do with the bank's solvency.

[EricTh]

49 minutes ago, hotchilli said:

I used to use Krungtai bank... a few years ago.

On renewal of my ATM card the cheapest option was an annual renewal fee of 699 baht for a

[10 year card] that adds up to a huge profit for the bank.

SCB 200 baht per year for the same service.

 

699 = 70 baht per year versus 200 baht per year.

 

So Krungthai is actually cheaper, why is it a huge profit?

 

 

 

 

[bbko]

23 hours ago, SeaMike01 said:

On my last trip to the branch, their ATM again gave me 15k in 500 baht notes, which I had to change at the teller. Does anyone know what's going on with this bank?

Why not ask the teller when you change your money?

[skatewash]

17 hours ago, KhunBENQ said:

For me KTB always stands for mayhem.
Most crowded usually.

But what you expect if all public servants/government officers etc. get their payment through KTB.

They are also the "teller" for the revenue department (all tax reimbursements etc. go through KTB). Certain traffic tickets (highway police) always through KTB.

They are burdened with official/government/tax related tasks.

I was relieved to receive my refund check from the Revenue Department and see that it was an actual check rather than "report to Krung Thai bank" for an e-Money card.  All my interactions with Krung Thai Bank take well over an hour due to crowding and the branch is far from where I live.

I did learn not to deposit the check at SCB bank however, because they charged me a 10 baht counter service fee.  I think I could have deposited it without fee at either Bangkok Bank or Krungsri Bank.  I have the EZ Saving account at SCB if that makes a difference.  I know they try to discourage in person use of the bank when having that particular account.

[Andycoops]

Krung Thai is the worst bank where I live for overcrowding and only having 1/2 tellers serving customers out of 6 positions.

 

KKB and SCB are the most efficient and I therefore use them.

[skatewash]

23 hours ago, mark5335 said:

There is no solvency problem with Krungthai Bank. It's state owned and has maintained an investment grade international risk rating. Additionally, it is one of the 5 "systemically important banks" in Thailand, and therefore would receive both Bank of Thailand and Gov't Treasury support if additional liquidity was required.

For the curious:

As a result, this year TTB is identified as one of domestic systemically important banks (D-SIBs) in addition to the existing 5 D-SIBs, namely Bangkok Bank, Krung Thai Bank, Bank of Ayudhya [aka Krungsri Bank], Kasikornbank, and the Siam Commercial Bank.Aug 23, 2021

[Neeranam]

I've had many issues with this bank over the lady 20 years. I had to keep the account due to my work. 

For years, they didn't give me or my colleagues interest. 

Found out, a member of staff was stealing it. 

They wouldn't give me a credit card. 

They had some strange rules, which I thought were xenophobic, until I became Thai. 

They accused me of having a fake ID