Thai Central Bank To Address Unfair Transaction Fees

[webfact]

Central Bank to Address Unfair Transaction Fees

BANGKOK: -- The Bank of Thailand will coordinate with commercial banks to adjust any unfair transaction fees to benefit customers.

Bank of Thailand executives have met with a working group studying transaction rates of commercial banks to come up with fair fees that adequately reflect banks' costs under the Payment Systems Roadmap 2010.

The central bank has worked closely with commercial banks on this endeavor and gone back to the working group with input from banks on the issue.

Some of the unfair transaction fees raised include those for checking services, ATM money transfers as well as interprovincial deposits and withdrawals.

For the interprovincial services, the central bank felt it is unfair for customers to be charged as all commercial banks have adopted an online service.

It highlighted the ten-baht transaction fee for check depositing and the 12-baht transaction fee for each 10,000 baht transferred across provinces as being unfair.

-- Tan Network 2010-07-21

[gkinbkk]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

[spiderleghead]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

[Rucharee]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

[tigerbalm]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

I think you will find it has nothing to do with being beyond the bank of Thailands jurisdiction it was a fee imposed by the Thai banks and can equally be removed by them.

Saying that westerners have the chance to get free ATM fees if they happen to be located near and use a AON bank ATM i believe.

[ajarnchompoo]

<BR>

<BR>

<BR>I wonder if they will identify the 150b international transaction ATM  fee as being unfair?!...somehow I think not!<BR>

<BR><BR>or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.<BR>

<BR><BR>International fee is beyond Bank of Thailand jurisdiction.<BR>Anyway, you people can afford it.<BR>

<BR><BR>I resent the remark made by you ' anyway you people can afford it'!! How dare you be so patronising! <BR>The rate of 150baht charge is a high fee to withdraw money, and seems to be aimed at foreigners who need to regularly use the ATM to access their overseas accounts. <BR>

[Arjay]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

150 Baht foreign transaction fee is ridiculous! The money is being spent in Thailand supporting Thai business's. In case you didn't know there are a lack of tourists lately

[Capealava]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Who is 'You People" HAHAH. The 150 baht is not international fee-It is charged by Thai banks. The international fee is charged by the bank of your credit card

[Capealava]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

150 Baht foreign transaction fee is ridiculous! The money is being spent in Thailand supporting Thai business's. In case you didn't know there are a lack of tourists lately

Well--at 1000 withdrawals per day--(is that high) ? It is $16,200,000 US dollars a year. Split between the banks it is not a lot. But I am sure it buys a few BMW's for year end bonuses.

Still the charge is one of the highest in the world and shows contempt for foreign tourist's and expat's.

My girlfriend today has to accompany her bosses assistant to Silom BMW to listen to sales pitch. They want to sell a block of BMW's to several company high ups (Bangkok Bank and Kasikorn) included (that is like 20 -30 cars or more). Discount's of course.

Nickel and diming has always been Banks attitude. It all adds up. Cheap fellows really. But they sure like the perks!!!!

[scorecard]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Here you go again K. Rucharee, you assume that all farang are rich and therefore should pay more, regardless of fairness.

So let me ask you a question, do you believe rich Thai people should pay higher bank fees? Look forward to your answer.

[slapout]

Bless her heart, she is listening to the village rumors again. The 150 baht atm fee is a Thai bank fee which is another, in the long list of Thai scams. The tourist who are being solicited to come to Thailand, are being ripped off by the banks as the currency exchange has taken a drop (less tourist). Just another example of corrupted capitalistic thinking. When Thailand next needs money from the International banking system, this practice will be seen for what it is, and hopefully corrected.

[djayz]

<BR>

<BR>

<BR>I wonder if they will identify the 150b international transaction ATM  fee as being unfair?!...somehow I think not!<BR>

<BR><BR>or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.<BR>

<BR><BR>International fee is beyond Bank of Thailand jurisdiction.<BR>Anyway, you people can afford it.<BR>

<BR><BR>It would have sufficed if you had simply written "International fee is beyond Bank of Thailand jurisdiction" - the rest was just provocative.<BR>Just imagine if one of us wrote something like this: Yeah, we can afford it BECAUSE we work / worked HARD for our money and we used our brains to save it / invest it. Anyway, YOU people really need every Baht 150 you can get from us - 'cos you sure as h*ll cannot send money back home or buy pick-ups without our money. <BR>

[glegolo]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

I must inform you that the charges you are talking about is used by all countries almost throughout thr world. And as somebody said, here in tThailand, we can afford it, I think.

Glegolo

[Just1Voice]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

The first statement about International fees merely shows your lack of education, or is a prime example of Thai "rote learning" education.

The second statement shows your total ignorance, but it also highlights the Typical Thai Attitude towards foreigners.

As was pointed out by another, yeah, we have more money because we worked all our lives for it, and earned it, and didn't sit around on our butts expecting handouts, or from trying to rip off other people.

You might want to try engaging your brain before running your mouth.

[Thai at Heart]

Still haven't quite worked out how they can justify charging people for moving money between accounts via the banks internet banking system.

In a way, I don't mind the charges. If it means they make their money from that instead of creating things like securitised mortgages or dodgy lending deals as in 1997, I am actually quite happy with it. I like my high street banks to be staid and boring.

[Neonben]

It's O.K. this person Rucharee has no idea, look at responses to other post, like the missing 5mil baht jewellry story.

Edited July 21, 2010 by Neonben

[IMBabaBobo]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Not a very intelligent thing to say. On any level. I suppose if I rob someone who has more money than me, it's OK. No? But it's OK if a bank does it. Plus, the Bt150 fee in Thailand is not an international fee.

[gleeglee]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

What a pathetic and typical Thai answer.

[thaikahuna]

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

The 150 baht fee is an arbitrary fee. If I use my BKK bank card at SCB, I get charged 20 baht. There is no reason for me to pay additional B120 because my ATM is from outside Thailand.

FWIW, the AEON ATMs DO NOT CHARGE THAT B150 FEE....

[Kered]

It is good to see that the completely unjustified inter province fees are being investigated. It is totally wrong for a customer to be charged for moving funds between accounts with the same bank in the same country.<div>It has taken a long time for someone to understand that the cost is virtually the same regardless of location and hopefully these totally unjustified fees will be eliminated.</div>

[davelec]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

It's not an international fee and how do you know all can afford it? Makes a dent if you are living on 27k a month. 150 baht when taken as a percentage of the national wage is like charging a Thai about $70 to take their cash out of a USA ATM, hey if you are a Thai in the USA you can afford to be ripped off, no?

[PhetchStu]

<BR>

<BR>

<BR>I wonder if they will identify the 150b international transaction ATM  fee as being unfair?!...somehow I think not!<BR>

<BR><BR>or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.<BR>

<BR><BR>International fee is beyond Bank of Thailand jurisdiction.<BR>Anyway, you people can afford it.<BR>

<BR><BR>I resent the remark made by you ' anyway you people can afford it'!! How dare you be so patronising! <BR>The rate of 150baht charge is a high fee to withdraw money, and seems to be aimed at foreigners who need to regularly use the ATM to access their overseas accounts. <BR>

Well Put.......! How anyone can be that ignorant to assume that it's fair for Travellers and Ex-pats to pay out

150 Baht because "We can afford It" needs to remove their head from where the Sun Doesn't Shine...........

[sprq]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

I must inform you that the charges you are talking about is used by all countries almost throughout thr world. And as somebody said, here in tThailand, we can afford it, I think.

Glegolo

More absolute rubbish! This kind of charge -- an additional LOCAL charge on top of the charge made by one's own foreign bank -- is NOT applied throughout the world. I travel frequently and do not often encounter such charges. Recent examples are Malaysia, France, Italy, Austria and Germany, where NO LOCAL CHARGES were made for ATM withdrawals.

In the Thai case, it is an egregious rip-off invented by the Thai banks, and one that severely penalises those travellers who expressly use ATMs to withdraw small amounts of cash so that they are not carrying loads of cash around or keeping loads of cash in their hotels.

[snaggletooth]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

No it's not beyond its jurisdiction. It's not foreign banks imposing this. It's local banks charging foreigners using their banks. It is pure and simple gouging by local banks and a domestic bank issue.

[hansnl]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Who is 'You People" HAHAH. The 150 baht is not international fee-It is charged by Thai banks. The international fee is charged by the bank of your credit card

Indeed so.

However, I did find out that Philippine banks also charge 150 peso.

Seems to be a virus-like milking of allegedly rich people.

Besides, it is not a question of being able to afford this unfair charge, but charging an unfair fee for something that incurs a cost for the bank already covered by the exchange rate.

It is called moneygrabbing, or sometimes stealing.

But banks are very good in stealing.

[Genericnic]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

I must inform you that the charges you are talking about is used by all countries almost throughout thr world. And as somebody said, here in tThailand, we can afford it, I think.

Glegolo

Glegolo is correct. The ATM fees have become almost universal. Wells Fargo Bank in the US charges $3.00 US (approx. 97b) for an ATM withdrawal that is not from one of their accounts. I have found a solution though. I do all my banking through Charles Schwab Bank. It is an online bank in the US. At the end of the month, they credit my account with the amount I have been charged for ATM transactions fees. Doesn't matter if it is in Austin, Texas, Tokyo, or Chiang Mai. Now if I can only talk them into covering the currency conversion fees.

David

[alstaxi]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

the fee is not beyond the thai bank juridiction, it was imposed by them, and who are you people? and you know you people can afford it how? are you for real ?

[tfbpa]

Indeed it is good that they are thinking about removing those unnecessary costs, but for those people who are complaining about the fees for foreign transactions, that I truly don't understand.

I am assuming that you live here, as if you were a tourist there would be no reason to complain so loud, and if you live here, why don't you get a Thai bank account?

Please enlighten me as to the reason why...

[Jimi007]

The 12-baht transaction fee for each 10,000 baht transferred across provinces as being unfair.

I think this is an unfair charge as well especially if it's between accounts with the same bank. I can see some small charge when transferring between banks. But if they think that's unfair, then why don't they think the 150 Baht charge to use an ATM with a foreign ATM is unfair. As pointed out it wasn't anything to do with the BOT. It was just collusion between Thai banks against foreigners. It used to be a service that was free of charge for many years. But at least you get the TT exchange rate rather than the note exchange rate, but you did before they tacked on the 150 Baht charge as well. Ah the old saying "Thailand is for Thais" comes to mind yet again!

[markinoc]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

I know that!