Banking Fees In Thailand Outrageous!

[pepi2005]

As it came, I had to transfer money from my Kasikorn account book (which I had opened in Pattaya a few years ago) to another branch of the same bank in Bangkok.

I was informed that transferring this amount of money (about 1 million Baht) would cost me

1020 Baht in fees because it would be transferred 'between different provinces' .... :annoyed:

Now some of the generous souls here on this board might argue that if I have 1 million Baht, complaining about a fee of 1000 Baht is 'stingy', but sorry, I have lived in Europe, and since a few years we don't even have to pay any fees when transferring money between European COUNTRIES anymore (regardless of the bank, not to speak of stupid 'provinces')!!

It is really hard to understand that in computer age where it can hardly take a bank employee longer than 1 minute to transfer whatever amount of money to wherever in the world, particularly another office of the SAME BANK a fee of 1,020 Baht can be justified. Or are they still using horses to bring the money to the big city, which might also justify the delay of 2-3 working days for every transfer?! Or hire a taxi driver to bring my cash to Bangkok - then I could understand at least a fee of 300 Baht, since it would be hard to believe they wouldn't do other transfers with the same taxi...

For now I decided to take the cash physically and brought it to the particular 'Bangkok branch' in person by taking the bus (not without making another scene in the other branch) - well, it cost me almost 5 hours for the ride, but saved me 800 Baht. During the ride, however, I couldn't avoid to ask myself: what the hell do I need a bank for if they charge me 5 times the money it costs me to transport the cash physically by myself?

Does anyone know a way to avoid such cost or a bank that charges fairer fees than Kasikorn and that doesn't apply this 'province scam'?

I am still upset about this ripoff.

thanks,

p.

Edited December 13, 2010 by pepi2005

[Khun Jean]

I understand know fully when Thai say 'Farang khi nok'.

[Chunky1]

Hilarious.

[pepi2005]

Even though it is one of the stupiest things to do - it makes more sense to throw a bucket of pingpong balls at Issaan girls (who would send the money home to their poor families) than to pay 1000 baht 'fee' to one of the richest banks just to electronically wire money (while it took the lady almost 10 minutes to get my money ready after taking it out of my account, does that make sense?). It is a ripoff and not justified.

Throwing insults just demonstrates that you don't have a rational explanation for it either - not to speak of knowing a more economical way to transfer money.

[PattayaParent]

I'm afraid they all do it, if you'd have asked for a cahiers cheque it would have cost 500 Baht, but you'd still have had to get it to Bangkok.

Did you try transferring by ATM? I don't know what the charges are for that.

[MJo]

Look HERE

Based on what they state in their web pages it seems that 10 baht charge per 10,000 baht transfer is common at least if you transfer to your own accounts or other K-bank account in different "clearing district". Who knows, maybe they send in batches of 10K...

However if you do normal 3 days transfer to other bank it seems to be only 120 baht per transaction up to 2 million baht...

[supaprik]

may I ask why would you need to transfer cash from the same bank just to another branch of the same bank?

[Derifo]

You can easily use a CDM ( Cash Deposit Machine ) to pay the money into your other account. It will cost you less I presume.

[Derifo]

If you collect coins, try to take the coins to the bank to exchange into banknotes, and you'll be shocked to find out that you have to pay a fee for every 1,000 baht or something.

[ESB7]

In the UK, they may not charge but it would take 3-4 business days so if done at the end of the week would take almost 6 days, and of course you would loose the interest for that period of time....here it is an instant transfer and not exactly outrougeous either.

[cardholder]

And I doubt that you would complain about paying 70 Baht for a small Singha

[Benjie]

Imagine if you had been mugged on the Bus, 1,000 Baht would have seemed cheap then.

Personally I'd have thought that you would have more than a 1 in 1,000 chance of something happening on that journey anyway. Seems a silly risk to me.

[ozzieovaseas]

may I ask why would you need to transfer cash from the same bank just to another branch of the same bank?

I was also thinking this..

Why transfer between two accounts when you can access your money from all your acounts at any ATM in the country anyway??

I guess the reason is pretty obvious..maybe the second account isnt actually in his name and the funds are going to pay for something..(or err,someone) else??

Come to think of it, I have noticed a few new sin-sod threads on here lately

[richard_smith237]

What are the OLB charges ?

There may be charges for transfers of 200,000 and beyond.. And ATM limitations (Depending on your account limits) of a maximum transfer of 200,000 Baht transfer per day.

It might be possible to make an online banking trx of 1MB or 5 x 200 k baht transfers and not have to pay the sneaky B1000 charge.

For those who want to know why care about B1000 if he has 1 MB - Being sensible with money might be the reason he has the 1MB in the first place.

I'm sure many transfer to a same Bank that is not with the same branch or province - Asking why someone may need to do that is hardly a taxing question.

Edited December 13, 2010 by richard_smith237

[Dellboy218]

My wife takes cash in and fills a paying in slip to whoever is receiving it (same bank different province), I think there is a 30b handling fee. And for the record, HSBC charge me 40 quid for a standard monthly payment to my Bangkok Bank in CNX. I could avoid it by using the HSBC branch in BKK but unfortunately, for internet banking they require not only your ATM card No. but your PIN number in the same email. I don't think so!

[kuffki]

I am not sure on the fees involved but what one can also do is go to any branch, withdraw the full amount and then deposit it to the account you like.

If money is in Kbank but account opened in Pattaya, i do not think there would be a problem taking out cash from any Kbank branch Thailand wide.

Edited December 13, 2010 by kuffki

[Pib]

If a bank can charge a fee, make good profit, catch little customer negative feedback over the fee, the bank will charge the fee. It probably don't cost the bank one stang to transfer the funds between provinces, but it's a fee that has been in place for a long while, the great majority of customers don't question the fee or just assume "that's just the way it is." TIT.

[Pib]

I am not sure on the fees involved but what one can also do is go to any branch, withdraw the full amount and then deposit it to the account you like.

If money is in Kbank but account opened in Pattaya, i do not think there would be a problem taking out cash from any Kbank branch Thailand wide.

Like all banks, there is no shortage of fees at KBank. Take a look at http://www.kasikornbank.com/EN/RatesAndFees/Charges/Pages/Charges.aspx

I think across provinces is referred to as across clearing districts in their fee documents.

[TimeBandit2]

Why not just use an ATM machine? I think it would be pretty cheap - it's 30 baht to a different bank in a different province.

[kuffki]

I am not sure on the fees involved but what one can also do is go to any branch, withdraw the full amount and then deposit it to the account you like.

If money is in Kbank but account opened in Pattaya, i do not think there would be a problem taking out cash from any Kbank branch Thailand wide.

Like all banks, there is no shortage of fees at KBank. Take a look at http://www.kasikornb...es/Charges.aspx

I think across provinces is referred to as across clearing districts in their fee documents.

I do not think its always the case.

I have an account with Krungrsi in BKK, i have no fees when i withdraw money in Pattaya

[Pib]

I am not sure on the fees involved but what one can also do is go to any branch, withdraw the full amount and then deposit it to the account you like.

If money is in Kbank but account opened in Pattaya, i do not think there would be a problem taking out cash from any Kbank branch Thailand wide.

Like all banks, there is no shortage of fees at KBank. Take a look at http://www.kasikornb...es/Charges.aspx

I think across provinces is referred to as across clearing districts in their fee documents.

I do not think its always the case.

I have an account with Krungrsi in BKK, i have no fees when i withdraw money in Pattaya

I wouldn't argue that, but if you went to the Krungrisi Bank in BKK to "transfer" funds to one of their Pattaya branches (or vice versa) versus just a "withdrawal" at a Pattaya Branch on your BKK account you may be charged a transfer fee if Bangkok and Pattaya are considered different "banking districts/areas" within the Krungrisi banking system. Strange how banks classify transfers and withdrawals differently and they also have different banking districts (a banking district can cover more than one province). All the banks are a little different but they all got plenty of fees, whether the certain fees routinely impact a particular individual or not based on the individual's banking habits/transactions.

[kuffki]

I am not sure on the fees involved but what one can also do is go to any branch, withdraw the full amount and then deposit it to the account you like.

If money is in Kbank but account opened in Pattaya, i do not think there would be a problem taking out cash from any Kbank branch Thailand wide.

Like all banks, there is no shortage of fees at KBank. Take a look at http://www.kasikornb...es/Charges.aspx

I think across provinces is referred to as across clearing districts in their fee documents.

I do not think its always the case.

I have an account with Krungrsi in BKK, i have no fees when i withdraw money in Pattaya

I wouldn't argue that, but if you went to the Krungrisi Bank in BKK to "transfer" funds to one of their Pattaya branches (or vice versa) versus just a "withdrawal" at a Pattaya Branch on your BKK account you may be charged a transfer fee if Bangkok and Pattaya are considered different "banking districts/areas" within the Krungrisi banking system. Strange how banks classify transfers and withdrawals differently and they also have different banking districts (a banking district can cover more than one province). All the banks are a little different but they all got plenty of fees, whether the certain fees routinely impact a particular individual or not based on the individual's banking habits/transactions.

I am with you, this is what i meant

To save on fees, rather then having to travel, one can just go to any branch, withdraw the full amount and then make a deposit.

Tp bank (funny enough it does not make any difference)

To customer, saves on fees and a trip to the branch where account is holding the money

[pepi2005]

.. but if I am living where my account holding the money is and have to transfer it to a companie's account in the SAME bank but in another 'province', I am f@kked.

As I said, the fee would have been justified 50 years ago when they'd have to send a horse, but not in the days of computers.

thanks for your responses,

p.

[ESB7]

.. but if I am living where my account holding the money is and have to transfer it to a companie's account in the SAME bank but in another 'province', I am f@kked.

As I said, the fee would have been justified 50 years ago when they'd have to send a horse, but not in the days of computers.

thanks for your responses,

p.

Banks are a business, not a charity.....they have staff and overheads to pay.......

[Kered]

.. but if I am living where my account holding the money is and have to transfer it to a companie's account in the SAME bank but in another 'province', I am f@kked.

As I said, the fee would have been justified 50 years ago when they'd have to send a horse, but not in the days of computers.

thanks for your responses,

p.

You are correct the fee is completely outdated and was justified when each province operated as if it was a separate Bank. Payments had to be sent manually between their provincial clearing centres.

With the computer systems of today there is absolutely no justification for this charge. The time and cost to transfer funds within any account within the Bank is exactly the same. All accounts are kept within the same computer and it is merely an instantaneous account to account transfer entered on a terminal regardless of the Branch location.

However the Banks do not want to lose this lucrative source of income and will come up with many excuses to try and justify it.

I understand that the Bank of Thailand has been looking at some of the unjustified charges charged by the Thai Banks, But?

[kuffki]

.. but if I am living where my account holding the money is and have to transfer it to a companie's account in the SAME bank but in another 'province', I am f@kked.

As I said, the fee would have been justified 50 years ago when they'd have to send a horse, but not in the days of computers.

thanks for your responses,

p.

Banks are a business, not a charity.....they have staff and overheads to pay.......

YEAH

Banks also get your money and get to triple if not 100 times it and all you get is a fixed % if that

[OxfordWill]

Yesterday I went to my usual branch of kbank where I had opened my fcd account. I needed to transfer a sum outside of Thailand. Despite being more than happy to open my account here in the first place, the same people including the manager had no idea how to achieve the simple task of me sending my money abroad. I filled out a form and then I asked about the fees, remembering that when I opened the account I had checked this detail in particular and not been against the structure in general. After much fumbling I was told the fee would be $4 450 to send the sum abroad. Surely you mean Baht? I asked. No, dollars. I advised them that no bank in the world charges almost 50% of the total sum being administered. I was advised instead to change my USD into THB, and then the THB back into USD, and then send the USD as cash. This way, the fee would be much less.

After some time I convinced them to call HQ again. It then turned out I couldnt send money from a branch, even though I can open and maintain an FCD account there. Down I went to suk 33 branch and second floor- international trade department. The lady did it in 3 seconds for a total of 1500 baht. Still steep. Much better than $4450 however.

p.s. they tried to say no the whole process due to lack of work permit yet let me open the account without one in the first place. Additionally, since I speak Thai, this was all conducted in that language. Not a language issue or excuse on their part.

Edited December 14, 2010 by OxfordWill

[ESB7]

.. but if I am living where my account holding the money is and have to transfer it to a companie's account in the SAME bank but in another 'province', I am f@kked.

As I said, the fee would have been justified 50 years ago when they'd have to send a horse, but not in the days of computers.

thanks for your responses,

p.

You are correct the fee is completely outdated and was justified when each province operated as if it was a separate Bank. Payments had to be sent manually between their provincial clearing centres.

With the computer systems of today there is absolutely no justification for this charge. The time and cost to transfer funds within any account within the Bank is exactly the same. All accounts are kept within the same computer and it is merely an instantaneous account to account transfer entered on a terminal regardless of the Branch location.

However the Banks do not want to lose this lucrative source of income and will come up with many excuses to try and justify it.

I understand that the Bank of Thailand has been looking at some of the unjustified charges charged by the Thai Banks, But?

Maybe the staff could work for free and instead of aircon have a punka walla operating a fan...and lets hope they send us all 'happy new year' cards as well as we of course are friends not customers.......come on....banking is a service/business, why does everybody think banks are there for free.......how can you expect to run a business without inflowing revenue...the computer systems that do the transfer need to be bought and updated, where is that money supposed to come from?.......ok stop charges but then interest rates on savings will need to fall and on loans increase, so you are no better off anyway...what % is 1000 baht of 1,000,000....??? hardly outrougeous.

[Gumballl]

may I ask why would you need to transfer cash from the same bank just to another branch of the same bank?

On my last visit to Thailand, I lost my Bank of Bangkok ATM card at a highway rest stop/plaza about 1.5 hours south of Korat. The only way to get a replacement card was to re-visit the same branch in BKK where I had my account.

Since I had no intention of traveling from Korat to BKK merely to obtain a new ATM card, I opened a new account in Korat. My other account was closed out, and the balance was transfered to my new account... of course, for a fee. I believe it was 1000 baht or so, and another 300 baht for the new ATM card.

I did not whine about the fees; after all, it was my fault for losing my ATM card.

Edited December 14, 2010 by Gumballl

[richieudon]

Slightly off topic I just withdrew 10,000 baht from my UK bank.

It cost me £225.13.

The charges for this service was more than £10.

Todays rate is 47.01. I got 44.41

Banks are thieves worldwide but what can we do? We need them unfortunately.

I have a KB account in BKK and Udon.

If I withdraw money in Udon from my BKK account and vice versa I will be charged 20baht per withdrawal