Thai Central Bank defends new controls on cash deposits via CDMs

[webfact]

 

The Bank of Thailand has defended new rules for cash deposits through automated cash deposit machines (CDMs), introduced by the Anti-Money Laundering Office (AMLO).

 

Bank of Thailand’s Payment Systems Policy Office’s senior director, Budsakorn Teerapunyachai, said today (Tuesday) that the new measure is in line with the AMLO law against money laundering and financial support for terrorism.

 

She also said that the central bank will urge all commercial banks to modify their systems to accommodate the new requirement and other card-less identification services.

 

Full story: https://www.thaipbsworld.com/thai-central-bank-defends-new-controls-on-cash-deposits-via-cdms/

 

-- © Copyright Thai PBS 2022-10-19

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more!

[pjmorton]

I sympathize with bank customers who want to avoid fees for ATM services involving debit cards. The underlying problem may be the recent increases in fees for card-based services. At least one major bank has now started charging its own customers for using its own cards in its own machines if they are not not located near the customer's home branch. Prohibiting abusive charges like this might make customers more comfortable about using their ATM cards. 

[worgeordie]

To combat money laundering , I suppose all this Black money generated

through drugs , corruption ,scams , etc., will still be moving about fairly

freely ,still be able to reach overseas accounts, these laws affect the

ordinary person more ,  

 

regards worgeordie

[LukKrueng]

17 minutes ago, pjmorton said:

I sympathize with bank customers who want to avoid fees for ATM services involving debit cards. The underlying problem may be the recent increases in fees for card-based services. At least one major bank has now started charging its own customers for using its own cards in its own machines if they are not not located near the customer's home branch. Prohibiting abusive charges like this might make customers more comfortable about using their ATM cards. 

Banks have always charged for deposits\withdrawals in branches not in the same or neighbouring provinces

[jacko45k]

19 minutes ago, pjmorton said:

I sympathize with bank customers who want to avoid fees for ATM services involving debit cards. The underlying problem may be the recent increases in fees for card-based services. At least one major bank has now started charging its own customers for using its own cards in its own machines if they are not not located near the customer's home branch. Prohibiting abusive charges like this might make customers more comfortable about using their ATM cards. 

Which bank is this......?

My recollection was I have always had to pay for using out of province ATM machines. Some years back the banks allowed a limited number of withdrawals from other bank's machines in the same region (don't think it was Province wide), prior to that there was a charge. 

[JimHuaHin]

Why all ADM deposits?

 

The aim is to stop money laundering, right?

 

So why not set a limit on deposits before the new procedures are required? 

 

For example - depositing Baht under Baht 10,000 - use the existing system.

 

Once you want to deposit Baht 10,000+ you use the new system.

 

[KhunBENQ]

I am a bit tired to repeat the discussion in the initial thread about this topic.

And again all kind of things mixed in like the out of province fee for withdrawals (can be avoided with cardless withdrawal). Not new in any way. A nuisance as long as I can remember.

 

The topic is about >deposit< of cash at the machines.

For me nothing changes.

Always "identified" with my bank card.

I bet only few foreigners are affected by the change.

[Cake Monster]

8 hours ago, webfact said:

Bank of Thailand’s Payment Systems Policy Office’s senior director, Budsakorn Teerapunyachai, said today (Tuesday) that the new measure is in line with the AMLO law against money laundering and financial support for terrorism.

....and especially to keep what little Cash Money is circulating, doing just that.

[rbkk]

How to deposit cash to your account? My wife has a concession store in Lotus's. Our staff at the end of the day go upstairs to True (Wallet) and scan using a QR code (free) and my wifes' phone number and deposit the daily takings. My wife then can transfer free to her bank a/c. Been doing this for years. 

[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?)

[Ben Zioner]

37 minutes ago, landosmiles said:

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

Why on earth would you need to do that?

[StayinThailand2much]

54 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.

 

It's a headache. Till earlier this year, type in number, put money into CDM. Keeping four bank accounts, but only a debit card for one, I now have to go with my bankbook and passport to the branch during opening hours, waiting 30-120min. just to deposit a few thousand baht, as banks don't issue ATM cards anymore. (I don't need four debit cards, but only one for the account I use regularly.)

[landosmiles]

23 minutes ago, Ben Zioner said:

Why on earth would you need to do that?

Is your question why would someone want to deposit money at an ATM/CDM into their own account? Or why they would not want to pay to do so?

[impulse]

1 hour ago, StayinThailand2much said:

 

It's a headache. Till earlier this year, type in number, put money into CDM. Keeping four bank accounts, but only a debit card for one, I now have to go with my bankbook and passport to the branch during opening hours, waiting 30-120min. just to deposit a few thousand baht, as banks don't issue ATM cards anymore. (I don't need four debit cards, but only one for the account I use regularly.)

 

Just spitballing here, because maybe I don't understand the issue...  Would it be possible to do a cash deposit at a CDM using the one debit card, then move those funds from that account to your other accounts using your debit card at an ATM? 

 

Before I left Thailand, I loaned some baht to a workmate and she paid me back over a period of about 2 years while I was a Covid refugee back home.  Obviously, she didn't need my debit card to deposit money to my account.    Just my account number.  (And there was no question who was sending me the money, it came from her account)  I also recall making some purchases where I was able to use my debit card at a Thai ATM to pay 3rd parties for the goodies, with just their acct #..  I don't recall incurring any fees for either of those.

 

Or has something changed above and beyond requiring CDM deposits to identify who's putting in the cash?

 

[StayinThailand2much]

24 minutes ago, impulse said:

Just spitballing here, because maybe I don't understand the issue...  Would it be possible to do a cash deposit at a CDM using the one debit card, then move those funds from that account to your other accounts using your debit card at an ATM? 

 

Yes, it's possible. Deposit my 2,000 baht, but pay 50 baht for the deposit with another bank. (That's what I paid last time when I deposited cash at bank A's CDM for my account with bank B, both in Bangkok.)

[Liverpool Lou]

1 hour ago, StayinThailand2much said:

...banks don't issue ATM cards anymore.

Which Thai banks no longer issue ATM cards?

[impulse]

2 minutes ago, StayinThailand2much said:

 

Yes, it's possible. Deposit 2,000 baht, but pay 55 baht for the deposit with another bank.

Good info.  I didn't realize there was a fee.   

 

Still, between a 55 baht fee and slogging down to the branch and waiting an hour in the queue, I'd pay the 55.  Wouldn't be happy about it, but I'd pay it.

[StayinThailand2much]

6 minutes ago, impulse said:

Good info.  I didn't realize there was a fee.   

 

Still, between a 55 baht fee and slogging down to the branch and waiting an hour in the queue, I'd pay the 55.  Wouldn't be happy about it, but I'd pay it.

 

Yes, paying the fee beats sitting there for hours, waiting for one's number to be called.

[KhunBENQ]

Much ado about nothing.

If you are not willing to pay 100 to 200 Baht per year for a debit card you better place your money under the pillow.

Money transfer between Thai banks via online banking is free and instant.

I visit bank branch max 2 times a year if book is full or need letter for immigration.

And the queues at the teller don't look like an hour (while new book/letter might take a while).

 

[Ben Zioner]

2 hours ago, landosmiles said:

Is your question why would someone want to deposit money at an ATM/CDM into their own account? Or why they would not want to pay to do so?

Well I haven't made any cash deposit into any of my accounts for 50 years...

 

The only reason for doing this, that I could imagine, would be some illegal activity, such as prostitution, drugs etc.

[KhunBENQ]

6 minutes ago, Ben Zioner said:

Well I haven't made any cash deposit into any of my accounts for 50 years...

I did in the past. Withdrawing with foreign card in the good old AEON times (max single withdraw was 98k! Baht). Then deposit at Bangkok Bank CDM.

At this time (AEON no fee, home bank no fee) that was a cheap way to transfer money.

All a thing of the past. WISE does the job now.

[jacko45k]

11 hours ago, StayinThailand2much said:

 

Yes, paying the fee beats sitting there for hours, waiting for one's number to be called.

Agreed, the annual 300 baht charge recently popped up on my account and after reading a few posts here I am no longer so aggrieved. What a lot of aggravation folks go through to avoid such a small cost.