New rule for cash deposit machines from November 15th

[Lemsta69]

10 hours ago, mikebell said:

Don't they charge you for taking it out if you're outside the banks' area? My Bangkok Bank's account is based in Pattaya & I am sure I got dinged for a withdrawal in Bangkok.

yes they do, 15 baht. outrageous! 

 

you can avoid this fee by using the ATM's  cardless cash function and the Bualuang mBanking app.

[herfiehandbag]

10 hours ago, hotandsticky said:

 

 

None - but I am pretty sure that you knew that already.

 

 

Whenever I have paid in cash over the counter at Kasikorn they have asked for ID  -  obviously this refers to depositing via the cash machine.

Mind you, Kasikorn are obsessed with passports. I opened an account there a few weeks ago. They wanted to see my passport - which was fair enough. I showed them the ID page, the current visa and the current extension stamp. They solemnly photocopied every single page, including the front and back covers, and then had me sign every page: entry and exit stamps and cancelled visas for Thailand, Laos and Myanmar going back for seven years!

[BonMot]

11 hours ago, Gknrd said:

The banks in Thailand are the biggest rip off's in the world.  

Didn't/doesn't EU have negative interest rates?

[BonMot]

32 minutes ago, herfiehandbag said:

Mind you, Kasikorn are obsessed with passports. I opened an account there a few weeks ago. They wanted to see my passport - which was fair enough. I showed them the ID page, the current visa and the current extension stamp. They solemnly photocopied every single page, including the front and back covers, and then had me sign every page: entry and exit stamps and cancelled visas for Thailand, Laos and Myanmar going back for seven years!

I've always found K bank to have longest lines, slowest service, least trained staff and grungiest banks. No idea why anyone not living in the sticks would bank there. Even when I closed my account they wanted to keep the bank book (which I need for FBAR reporting, tax records)

[Lacessit]

It's going to make it somewhat inconvenient for people updating their 800K pass book with a cash deposit on the day of their extension.

I can update on a CDM at 6 am, with the new rule I have to wait until the bank opens.

Why not put a limit - e.g. maximum deposit 1000 baht per day - on the CDM's so it is only larger deposits that require ID? Given I don't even have a debit card for that account.

Another example of the Law of Unintended Consequences.

[kotsak]

Well, elections are coming, they don't want people to be throwing cash around. 

[trainman34014]

14 hours ago, phetphet said:

So now the banks will charge you to give them money? Amazing!

Been happening here for years; they charge for just about everything, even poor little Somchai who saves his 10 Baht's in a China Pig gets charged to put coins into his Account.

You wouldn't mind so much if they gave First Class Service but they are a World away from that.

[jacko45k]

20 hours ago, lujanit said:

Does the Thai government guarantee deposits up to a certain amount like lots of other countries?

Yes, I mil per person....have to spread it around a few banks to reduce risk. 

[Henryford]

22 hours ago, userabcd said:

How Bank Deposits Work

The deposit itself is a liability owed by the bank to the depositor. Bank deposits refer to this liability rather than to the actual funds that have been deposited. When someone opens a bank account and makes a cash deposit, he surrenders the legal title to the cash, and it becomes an asset of the bank. In turn, the account is a liability to the bank.

 

Wonder what this annual ongoing fee is for a bank card when a fee was paid to issue the card.

An unsecured liability to the bank. In the event of bank failure you are last in the queue to get any money back.

[hotchilli]

On 10/18/2022 at 6:51 AM, phetphet said:

So now the banks will charge you to give them money? Amazing!

Only for those who do not have a credit or debit card PIN or password for their bank accounts to deposit their money and show their ID cards to bank tellers in the branch, which will incur service charges.

The charge is to cover the "handling" of the deposit... nothing is free when you invoke personal services of a bank.

[hotandsticky]

12 hours ago, herfiehandbag said:

Mind you, Kasikorn are obsessed with passports. I opened an account there a few weeks ago. They wanted to see my passport - which was fair enough. I showed them the ID page, the current visa and the current extension stamp. They solemnly photocopied every single page, including the front and back covers, and then had me sign every page: entry and exit stamps and cancelled visas for Thailand, Laos and Myanmar going back for seven years!

I suspect that might be individual branch/staff practice. When I opened a new account in Jomtien they just copied the ID and extension pages.

[Gknrd]

1 hour ago, jacko45k said:

Yes, I mil per person....have to spread it around a few banks to reduce risk. 

Although Thailand is in pretty good shape I think, if it ever comes to a run on the banks!  Your money will be the first to be seized.   Also the folks with the 800K deposits will be the absolute first to loose all their guarantee moneys. 

You rich farang need to suck it up and make sure Thailand stays afloat.

 

Edited October 19, 2022 by Gknrd

[mikebell]

18 hours ago, Liverpool Lou said:

They make the charge for providing the service that allows customers' banking facilities, hardly unreasonable, or do you expect all banking services to be free of charge?

They use deposits to generate income through interest.  If Thailand is a supposed superpower in IT it doesn't cost any more to withdraw cash in your home town as it does in a far-off city.

[herfiehandbag]

2 hours ago, hotandsticky said:

I suspect that might be individual branch/staff practice. When I opened a new account in Jomtien they just copied the ID and extension pages.

I questioned it, and they phoned their HQ and I spoke to someone who confirmed it was their bank policy. Mind you they couldn't understand why I don't have a work permit ( because I am retired), and because I mentioned that I had a dependent daughter they insisted on seeing her birth certificate, tabian ban page and a copy of her ID card!

 

Frankly I suspect that they were making it up as they went along!

[sandyf]

On 10/18/2022 at 3:32 PM, CharlieH said:

Probably as it was (is?) the Military Bank and servicemen moving around didnt get charged out of province fees etc.

That was the only reason I opened it awhile back as I travelled around a fair bit and it made sense. ????

I still have the old dull coloured book from over 20 years ago, address in it is Room 235 Apex Hotel.

I opened it there because it was the nearest bank to Palmers Bar.

I have not made a cash deposit for over 15 years so never seen one of these machines, just remember in the old days you couldn't go to the counter without your passport.

[scorecard]

On 10/18/2022 at 8:21 AM, hotandsticky said:

 

You are not 'giving them money'.

 

You are asking them to provide the service of putting money into an account, That costs money from the use of either labour and/or equipment.

 

 

 

 

Reminds me of an offshore international bank (one office/branch in Thailand) who announced there would be a charge to enter the bank premises.

 

For several months there was an employee at the door collecting the 40Baht entrance fee from every person who entered, customers and not customers.

 

The Bank of Thailand found out and ordered the bank to stop it immediately and they also imposed a heavy fine on the bank.

 

Same bank is well known world wide for practices bordering on unethical. 

[metisdead]

Posts with inflammatory insulting comments to other members have been removed. 

[24Catty]

On 10/18/2022 at 8:24 AM, KhunBENQ said:

Nothing new/change for me. Always used banks debit card to deposit money. No fee of course.

Didn't even know that it can be done anonymously.

 

Much ado about nothing.

I didn't know I can deposit money into another person's account at a CDM using a (my?) card.

How do I do this?

I insert my  card and still have the choice to deposit money into another person's account?

I would have thought if I use my card I can only deposit money into my account.

[landosmiles]

At least as a foreigner, until Q4-2023 I was able to deposit into my own accounts at Krungsri and SCB CDMs by typing in my account numbers. However, both banks' CDMs now require a Thai ID (passport didn't work) or Thai ATM card apparently. Krungsri said they made that change on November 11, 2023. I haven't yet tried Bangkok Bank.

 

Anyone know of a workaround to do free cash deposits into one of my own Thai accounts? Do any Thai banks offer free ATM cards? (Do any Thai banks still allow CDM deposits without a Thai ID/ATM card?)

Edited December 31, 2023 by landosmiles

[JensenZ]

On 10/18/2022 at 7:27 AM, phetphet said:

It does seem lax.

But there is a limit on how many notes one can deposit at any one time, and the process is very slow. Unless there were many people all paying into the same account at different ATM's, many times a day, I don't see how they could launder large amounts. But launder they could I suppose.

 

But if one doesn't need a card to deposit. How does the bank know which account to put the money in?

 

 

I've been using these cash deposit machines for several years... you've always required your card to deposit. I started using them when the banks started requiring your original passport to deposit cash into your account. They are very convenient and it is not a very slow process at all except maybe your first time when you're not familiar with the process. It's a lot a lot faster than going into a bank, that's for sure, and I don't carry my passport around if it's not necessary.

 

I use the K-Bank machines, and there is no charge.

Edited December 31, 2023 by JensenZ

[freeworld]

26 minutes ago, landosmiles said:

At least as a foreigner, until Q4-2023 I was able to deposit into my own accounts at Krungsri and SCB CDMs by typing in my account numbers. However, both banks' CDMs now require a Thai ID (passport didn't work) or Thai ATM card apparently. Krungsri said they made that change on November 11, 2023. I haven't yet tried Bangkok Bank.

 

Anyone know of a workaround to do free cash deposits into one of my own Thai accounts? Do any Thai banks offer free ATM cards? (Do any Thai banks still allow CDM deposits without a Thai ID/ATM card?)

No free debiit cards afaik.

 

Krungsri - cheapest 200 baht annually for a basic debit card.

 

https://www.krungsri.com/en/personal/card/krungsri-debit-card/fees

 

 

Edited December 31, 2023 by freeworld

[Walker88]

It's all Thai banks as of 11 Nov 2023. You need a Thai ID to deposit cash in an ATM. Foreigners---even business owners---must go to the bank teller, show their passport, and then deposit at the teller window.

 

You might have noticed all the ATMs with a deposit drawer that were outside, in BTS stations, even in bank lobbies, have been replaced with machines that now ask for a Thai ID.

 

My staff can deposit cash in my various company or personal accounts, but I must go to the teller at a bank branch.

[JensenZ]

10 minutes ago, Walker88 said:

It's all Thai banks as of 11 Nov 2023. You need a Thai ID to deposit cash in an ATM. Foreigners---even business owners---must go to the bank teller, show their passport, and then deposit at the teller window.

 

You might have noticed all the ATMs with a deposit drawer that were outside, in BTS stations, even in bank lobbies, have been replaced with machines that now ask for a Thai ID.

 

My staff can deposit cash in my various company or personal accounts, but I must go to the teller at a bank branch.

I've used the K-Bank deposit machines 3 times this month. I use machines inside shopping malls. The machines have not been replaced. 

[Walker88]

10 minutes ago, JensenZ said:

I've used the K-Bank deposit machines 3 times this month. I use machines inside shopping malls. The machines have not been replaced. 

I suspect those machines have merely been overlooked, or K-bank is waiting for delivery of new ones.

 

I first noticed it in BTS stations, but it was the same at my banks (K-Bank, SCB & Bangkok Bank) in shopping malls such as Siam Paragon and EmQuartier.

 

The tellers at K-bank told me that it is now the law, ostensibly aimed at money laundering. Ask any Thai person, and they will tell you they now must enter their Thai ID #. Before 11 Nov '23, all anyone needed was the bank account number into which they wanted to deposit funds.

 

Enjoy it while you can. Soon enough you'll be in a bank, taking a number, and then sitting and waiting for the next available teller to call you.

Edited December 31, 2023 by Walker88

[DudleySquat]

You are all assumed to be criminals. Isn't that nice?

 

I read the article from PBS.

 

Quote

According to AMLO, the alternative for those who do not have a credit or debit card PIN or password for their bank accounts is to deposit their money and show their ID cards to bank tellers in the branch, which will incur service charges.

 

Many bank customers have expressed disagreement, via social media, with AMLO’s new measure, claiming that it unnecessarily increases the financial burden and inconvenience because they will have to apply for debit cards.

Quote

The state-owned Krung Thai Bank is the first commercial bank to confirm the role-out of this new measure and a channel through which the public can seek more information.

 

A "role-out."  It's a roll out alright. It's rolling all over all of you, and you can thank the USA and their know your customers crap. 

 

 

 

Quaint. 

 

 

 

[Liverpool Lou]

1 hour ago, landosmiles said:

Anyone know of a workaround to do free cash deposits into one of my own Thai accounts? 

Get an ATM card from your bank!

[Liverpool Lou]

1 hour ago, Walker88 said:

It's all Thai banks as of 11 Nov 2023. You need a Thai ID to deposit cash in an ATM. Foreigners---even business owners---must go to the bank teller, show their passport, and then deposit at the teller window.

That is incorrect, foreigners can use CDMs with their ATM card.  No requirement to make a counter deposit.

[Liverpool Lou]

1 hour ago, Walker88 said:

You might have noticed all the ATMs with a deposit drawer that were outside, in BTS stations, even in bank lobbies, have been replaced with machines that now ask for a Thai ID.

 

My staff can deposit cash in my various company or personal accounts, but I must go to the teller at a bank branch.

How come I (a foreigner) can deposit cash into my account using a CDM and my ATM, then?   Did it again last week using an on-street Krungsri CDM.   A Thai ID is not required.  

[Walker88]

3 minutes ago, Liverpool Lou said:

That is incorrect, foreigners can use CDMs with their ATM card.  No requirement to make a counter deposit.

Apparently you are in a different Thailand than I am, or you are not in Thailand at all.

 

Maybe you can go inform the folks at SCB, K-Bank, Bangkok Bank, et al that you, as a foreigner, can still deposit using the ATM machines.

 

The first screen that comes up when one enters "Cash Deposit" is "Enter your Thai ID". Oddly, this is done whether one uses Thai or English.

[Liverpool Lou]

53 minutes ago, Walker88 said:

The tellers at K-bank told me that it is now the law, ostensibly aimed at money laundering. Ask any Thai person, and they will tell you they now must enter their Thai ID #.

"...they now must enter their Thai ID #".

But foreigners just have to enter their PIN and use their ATM card. It is the law and it is for anti-money laundering purposes.