Banks Considering New Fee Structure to Align With Operating Costs

[Liverpool Lou]

12 hours ago, steven100 said:

BB charges 300 baht annual fee for ATM card + transaction costs.

What ATM transaction charges do BBL impose?   Are you referring to B10 out of province withdrawal fees?

[Skeptic7]

Land of Scheming Money Grabs. From top on down. 

[nigelforbes]

46 minutes ago, Liverpool Lou said:

The rationale when ATMs were introduced in the UK in the 70s was not to get rid of bank charges altogether and that was 50 years ago.  Today we have increased services and products from the banks and anyone who expect charges to reduce over 50 years or expects free services that cost the banks' money is not being reasonable.

Yes, '70's not 80's, my how time flies!

 

I rolled out an ATM network for the bank I worked for around 1979 as I recall, the business case for us at the time was reduced staffing and branch costs. Those savings were never realised of course. In the UK today, branches are closing at a rapid rate, fifty years on the savings are being realised but the cost of digital outweighs those savings, alledgedly.

 

Most people expect products and services to increase but the cost of them should  be borne by the people that use or buy them, not by the people who want a safe repository for their savings. I keep low to mid  5 figures in my UK account, I don't get interest, I don't use any services other than to check my balance from time to time and to ensure funds have been recieved. If my bank can't make a decent turn on the funds they are holding on my behalf and also want me to pay a fee for them to do so, well, what can be said!

[steven100]

48 minutes ago, Liverpool Lou said:

What ATM transaction charges do BBL impose?   Are you referring to B10 out of province withdrawal fees?

not 10 Baht ....   sometimes 30 baht for 1000 withdrawal out of province .... sometimes 20 baht ...   it varies.

[Dan O]

22 hours ago, bg53 said:

This is a lie.

Yes big lie but say it enough times and thai people here may believe it. Also no journalistic creditibility on researching or fact checking.

 

I never pay a fee for digital payments nor do I pay a fee for electronic transfers from one bank to another inside the USA. 

[puck2]

1 hour ago, Liverpool Lou said:

The rationale when ATMs were introduced in the UK in the 70s was not to get rid of bank charges altogether and that was 50 years ago.  Today we have increased services and products from the banks and anyone who expect charges to reduce over 50 years or expects free services that cost the banks' money is not being reasonable.

Imagine, nobody would have a bank account.

Now guess from what the bnank would live from?

 

Imagine, people or a friend would ask you to lend them moneý. And for this reason they demand a special fee from  you  ....  that's the same as the Thai banks  want to do with YOUR money.

[BenStark]

19 minutes ago, puck2 said:

Imagine, nobody would have a bank account.

Imagine nobody would get any interests on their money,. I agree thy have been low for the past years, but are now slowly increasing again. But you imagine 0%?

[Pouatchee]

23 hours ago, bg53 said:

This is a lie.

then rate the topic and give it a confused emoji

give urself a voice man...  ; )

[ikke1959]

3 hours ago, Liverpool Lou said:

Complete nonsense, why would you post such a lie? The main Thai banks combined (that foreigners normally deal with) have, literally, thousands of branches.

a lie?? you have no clue what you are talking about... In no shopping centre are banks anymore in my place and lot other places here are all gone max of 2 offices of BKK an Kasikorn and Krung Thai... Besides in my home country it is the same.. people complain because you can't get anybody anymore to speak with, all call centre or app... So please get informed before you post something  

[Banana7]

In Canada, ATM cards are free, no cash withdrawal or deposit fees. Free counter service for deposits and withdrawals. No fees to pay bills by automatic withdrawal, like for electricity, gas, water, condo fees. No fee to pay a bill like a credit card bill through online banking.

 

So the part that says "Thailand is the only country in the world that does not charge a fee for digital payments." is complete BS - typical Thai Banker talk.

[daveAustin]

21 hours ago, steven100 said:

Thai banks are a rip off .....  BB charges 300 baht annual fee for ATM card + transaction costs.

Banks in Australia are free now,  they don't charge annual fees or transaction charges ....

Indeed. Banks here have always been real greedy. Horrible fat institutions. I wouldn’t use them if a visa didn’t depend on it, but what can you do? They’ve kinda got you by the taters. 

[jacko45k]

11 hours ago, Liverpool Lou said:

What ATM transaction charges do BBL impose?   Are you referring to B10 out of province withdrawal fees?

Those are the ones I come across, and that is extremely rarely. Also 500 baht charge on a foreign currency deposit. Oh, they still hit me with the 15 baht charges for SMS alerts. They have become somewhat superfluous as the phone App sends me notifications too. .. not worth messing to cancel them, and probably beneficial. 

[Liverpool Lou]

12 hours ago, Pouatchee said:

then rate the topic and give it a confused emoji

give urself a voice man...  ; )

Why do I need to take your instructions?

[Liverpool Lou]

13 hours ago, nigelforbes said:

I rolled out an ATM network for the bank I worked for around 1979

Lloyds, Cashpoint?

[Liverpool Lou]

13 hours ago, steven100 said:

  sometimes 30 baht

Ooooo.....that much!?

[bignok]

On 5/12/2023 at 9:24 PM, nigelforbes said:

The rationale for adopting ATM's in the 1980's was to reduce branch costs. Today we have ATM fees and increased branch costs. Now we're going digital and there's going to be a digitial charge because of the increased costs. Everyone bend over and take your punishment for using a bank account.

Open a farang account with 5% interest and no fees.

[steven100]

Just now, Liverpool Lou said:

Ooooo.....that much!?

yeah '    I remember some time back when I withdrew from an ATM ...  and because it's not BKK ,  another town up north, the fee was either 20 or 30 baht.  it's a rip off imo.

[Liverpool Lou]

11 hours ago, ikke1959 said:

14 hours ago, Liverpool Lou said:

Complete nonsense, why would you post such a lie? The main Thai banks combined (that foreigners normally deal with) have, literally, thousands of branches.

Expand  

a lie?? you have no clue what you are talking about...

Yes, a lie.   You posted that there are "almost no bank offices (branches, presumably) anymore", that is false, there are thousands.  Just because you select an area where they aren't well represented doesn't mean that there are almost no branches anywhere.

[ikke1959]

29 minutes ago, Liverpool Lou said:

Yes, a lie.   You posted that there are "almost no bank offices (branches, presumably) anymore", that is false, there are thousands.  Just because you select an area where they aren't well represented doesn't mean that there are almost no branches anywhere.

Happy for you

[connda]

On 5/12/2023 at 6:20 PM, John Drake said:

Blatant attempt to hornswoggle customers out of their money.

Thai banks continue to lend at usurious rates, pay their depositors nothing, and then levy more charges.  

[Pouatchee]

12 hours ago, Banana7 said:

In Canada, ATM cards are free, no cash withdrawal or deposit fees. Free counter service for deposits and withdrawals. No fees to pay bills by automatic withdrawal, like for electricity, gas, water, condo fees. No fee to pay a bill like a credit card bill through online banking.

In Quebec, Canada, I have to pay 6 dollars a month for something like 12 transactions. Be careful not to overgeneralise.

[Pouatchee]

1 hour ago, Liverpool Lou said:

Why do I need to take your instructions?

Why do I need to read your gibberish? Who are you in the scheme of things?

Free world, if my suggestion seems like an order to you then you are the perfect automaton.

[Emdog]

Thai banks (or at least mine) charges me if I make a deposit at a branch other than my "home" branch. If fees are in line with costs, seems fee should be zero. It all goes into the same computer, no reason whatsoever for charging these fees

[Maestro]

Removed a troll post.

[phetphet]

I've been saying for ages that the banks will start charging fees on digital banking once they get everyone hooked. Regardless of how much money they have saved in rents, cost of security and staff wages by closing branches.

They used to charge for digital transfers before Covid, but dropped the charge to encourage people to use mobile banking based on fears of dirty banknotes. They all operate like a cartel, and will likely all introduce fees around the same time once they start.

 

And as far as "all parties will ensure that clients pay them at a reasonable price and that banks can balance the fees throughout all channels." Well we can see how that worked with the ATM charges for foreign card withdrawals. Then they increase them every few years.

 

Thailand is not the only country that doesn't charge for digital services at the moment, but they also don't provide the same protection for their clients that suffer losses as western banks.

 

Don't forget they also charge a fee if one does banking "out of province."

 

 

 

[Puccini]

2 hours ago, phetphet said:

...They all operate like a cartel, and will likely all introduce fees around the same time once they start...

That's what surpises me, that the Thai Bankers' Association (TBA) is allowed to function as a cartel, to agree jointly on fees for services.  This should be forbidden by law and and market forces should be allowed to play, the way it already is happening with foreign exchange rates.

[croftrobin]

On 5/12/2023 at 12:33 PM, MrMuddle said:

I've never been charged for digital payments in the UK, in the decades they have been available. Nor have I ever been charged for the issue of debit / credit cards which is the norm here.
Don't the Banks make enough from their customers, with the extremely low interest rates, and high loan / mortgage repayments? 
Beware the cashless society, designed to remove control of their own money, from ordinary people. 

The retailers are charged when you make a transaction.

 

Thats the fee that they are talking about.

 

Currently the is no charge to the retailer when you make your QR Code payment.

[Banana7]

10 hours ago, Pouatchee said:

In Quebec, Canada, I have to pay 6 dollars a month for something like 12 transactions. Be careful not to overgeneralise.

Quebec can have their own rules and fees. Sure you can pay fees but if don't want to pay, then there are options to not pay.

 

I don't even pay fees on my US$ checking account with a Canadian bank. I am in Ontario .

[MrJ2U]

On 5/13/2023 at 7:15 PM, Liverpool Lou said:

Complete nonsense, why would you post such a lie? The main Thai banks combined (that foreigners normally deal with) have, literally, thousands of branches.

Banks are closing branches.  Most notably in malls.

 

"During the first quarter of this year alone, Bangkok Bank closed 45 branches, followed by SCB (15), ttb (14), Krung Thai Bank (8) and BAY (7)."

 

https://www.nationthailand.com/business/40014873