Thai Domestic ATM Fees To Be Reduced

[webfact]

ATM usage fee reduction enforced on grand scale this month

BANGKOK, 22 March 2011 (NNT) – All commercial banks will be able to adjust their ATM related service fees down by the end of this month as they have agreed in their meeting late last year, according to the Bank of Thailand (BoT).

BoT Deputy Governor for Financial Institutions Stability Krirk Vanikkul stated that the state-owned Krung Thai Bank has taken the lead in reducing the fees, and other commercial banks are expected to follow suit by the end of March 2011.

Under the recently agreed conditions, customers making same-bank, cross-city money transfer for the first time in each month can do so free of charge. For other transfers in the same month, ATM cardholders will be charged a flat rate of 15 baht for each transfer. Customers making same-bank, cross-city cash withdrawals will be charged a flat rate of 20 baht for each transaction.

Customers will be given free service for cross-bank, same-city cash withdrawals and balance enquiries for the first four times of each month. A 10-baht fee will be charged on the fifth time, both in Bangkok and other provinces.

Mr Krirk admitted that commercial banks might lose at least 100 million baht in income because of the fee adjustment; however, he believed they will be able to find other sources of income to compensate the loss.

-- NNT 2011-03-22

[ginjag]

They are not LOSING 100 mill bht, only losing what they got for free in the first place.

You pay for opening an account, virtually get no interest, pay for an atm card, pay to close an account, pay yearly fees for having your account.

What do you get in return--NOWT. All they get is what I mentioned, plus OUR MONEY they keep and use to lend others at a rate of borrowing 10% + They have a nerve.

How long have they been charging at a.t.m.? they should have quite a bit of revenue from it. Now they say they are going to lose money.. A JOKE April 1st early

[dunkin2012]

i am happy with the deal.

but "Able to find other sources of income to compensate the loss" is what?

Increase the loan interest

Heavy change on their Credit cards, collection fee + interest

Poor exchange rate

other administration fees for pepper works

Edited March 22, 2011 by dunkin2012

[lannarebirth]

This looks like a fee increase to me. I have never been charged a same bank ATM fee for cash withdrawls, if within the same province. Now a fee will be charged after you've used the ATM four times in one month?

edit: nevermind, I think I read it wrong. Looks like same bank, same province withdrawls are still free?

Edited March 22, 2011 by lannarebirth

[nong38]

They are not LOSING 100 mill bht, only losing what they got for free in the first place.

You pay for opening an account, virtually get no interest, pay for an atm card, pay to close an account, pay yearly fees for having your account.

What do you get in return--NOWT. All they get is what I mentioned, plus OUR MONEY they keep and use to lend others at a rate of borrowing 10% + They have a nerve.

How long have they been charging at a.t.m.? they should have quite a bit of revenue from it. Now they say they are going to lose money.. A JOKE April 1st early

Well they are losing more compared to what they were charging,so, expect a new idea to recoup the alleged loss. Dont mention the 150bts for non thai, that is not a profit it just covers the adminstration and ATM mechanic! Only just though.

Edited March 22, 2011 by nong38

[harsh4]

They are not LOSING 100 mill bht, only losing what they got for free in the first place.

You pay for opening an account, virtually get no interest, pay for an atm card, pay to close an account, pay yearly fees for having your account.

What do you get in return--NOWT. All they get is what I mentioned, plus OUR MONEY they keep and use to lend others at a rate of borrowing 10% + They have a nerve.

How long have they been charging at a.t.m.? they should have quite a bit of revenue from it. Now they say they are going to lose money.. A JOKE April 1st early

Yes,it is a insult to the intelligence of customers...almost like they're doing us a favour by allowing us to give them our money...:-)

[dantilley]

Wonder if they'll reduce the 150 Baht foreign card usage fees also...

[dunkin2012]

This looks like a fee increase to me. I have never been charged a same bank ATM fee for cash withdrawls, if within the same province. Now a fee will be charged after you've used the ATM four times in one month?

I C....

I just missed this.....

A 10-baht fee will be charged on the fifth time, both in Bangkok and other provinces.

Do they mean with the same bank + province after 4? The limit transactions at 4 ain't enough..... Still Financial Institutions Stability ain't do a good job then.

[RAM8]

Wonder if they'll reduce the 150 Baht foreign card usage fees also...

Not bloody likely.

[harsh4]

This looks like a fee increase to me. I have never been charged a same bank ATM fee for cash withdrawls, if within the same province. Now a fee will be charged after you've used the ATM four times in one month?

edit: nevermind, I think I read it wrong. Looks like same bank, same province withdrawls are still free?

Hmm...you're absolutely right...basically, 'don't withdraw money too many times'...essentially 'don't withdraw too much money...just keep depositing so we get to keep it and do what we like with it"...:-) What's the real reason behind this apparent "reduction/drop" in ATM fees ? :-)

[Heribertg]

I don't want to protect the banks because after all they as well the insurance companies are the modern highway robbers but comparing the fees in Thailand to the fees in Germany for example is definitely harmless. In Germany they started without any fees many years back but now you pay for every transaction doesn't matter from where to where. Even talking money from the ATM cost you money. That's why they can build all those office palaces, pay their executives big bonuses and loose our money in questionable investments which again are bailed out by the tax payers.

[Suradit]

This looks like a fee increase to me. I have never been charged a same bank ATM fee for cash withdrawls, if within the same province. Now a fee will be charged after you've used the ATM four times in one month?

edit: nevermind, I think I read it wrong. Looks like same bank, same province withdrawls are still free?

Customers will be given free service for cross-bank, same-city cash withdrawals and balance enquiries for the first four times of each month.

Yes, it appears to mean you can use another bank's ATM in the same city for four free withdrawals per month. Presumably if you use your own bank it would remain "free."

[BlueSkyCowboy]

Folks, Chase Bank in the US pays me 0.01% interest for the money in the checking account. That's why we are called "Sheepole"

Cheers

[prakhonchai nick]

This looks like a fee increase to me. I have never been charged a same bank ATM fee for cash withdrawls, if within the same province. Now a fee will be charged after you've used the ATM four times in one month?

edit: nevermind, I think I read it wrong. Looks like same bank, same province withdrawls are still free?

Hmm...you're absolutely right...basically, 'don't withdraw money too many times'...essentially 'don't withdraw too much money...just keep depositing so we get to keep it and do what we like with it"...:-) What's the real reason behind this apparent "reduction/drop" in ATM fees ? :-)

Totally correct. If you make more than 4 withdrawals a month within province you will pay. Currently there is no charge.

I wonder whether Internet bank rates will increase also.

Better start using the mattress again!

[MAJIC]

They are not LOSING 100 mill bht, only losing what they got for free in the first place.

You pay for opening an account, virtually get no interest, pay for an atm card, pay to close an account, pay yearly fees for having your account.

What do you get in return--NOWT. All they get is what I mentioned, plus OUR MONEY they keep and use to lend others at a rate of borrowing 10% + They have a nerve.

How long have they been charging at a.t.m.? they should have quite a bit of revenue from it. Now they say they are going to lose money.. A JOKE April 1st early

Their past ATM fee charges:

Are known in the Western World as Taking the P*SS

Edited March 22, 2011 by MAJIC

[dunkin2012]

This looks like a fee increase to me. I have never been charged a same bank ATM fee for cash withdrawls, if within the same province. Now a fee will be charged after you've used the ATM four times in one month?

edit: nevermind, I think I read it wrong. Looks like same bank, same province withdrawls are still free?

Customers will be given free service for cross-bank, same-city cash withdrawals and balance enquiries for the first four times of each month.

Yes, it appears to mean you can use another bank's ATM in the same city for four free withdrawals per month. Presumably if you use your own bank it would remain "free."

thought cross-bank and same-bank ..... Same city

Edited March 22, 2011 by dunkin2012

[ginjag]

They are not LOSING 100 mill bht, only losing what they got for free in the first place.

You pay for opening an account, virtually get no interest, pay for an atm card, pay to close an account, pay yearly fees for having your account.

What do you get in return--NOWT. All they get is what I mentioned, plus OUR MONEY they keep and use to lend others at a rate of borrowing 10% + They have a nerve.

How long have they been charging at a.t.m.? they should have quite a bit of revenue from it. Now they say they are going to lose money.. A JOKE April 1st early

Well they are losing more compared to what they were charging,so, expect a new idea to recoup the alleged loss. Dont mention the 150bts for non thai, that is not a profit it just covers the adminstration and ATM mechanic! Only just though.

If they are losing so much -why not just put chickens in the building. or pack it up to the ceiling with PALM oil

[dantilley]

Totally correct. If you make more than 4 withdrawals a month within province you will pay. Currently there is no charge.

This is 4 withdrawals from a bank which is not your own. Currently this is never free, what they're saying is they're dropping the current charges for the first 4 withdrawals.

Withdrawals from your own bank are, and will remain, free.

[hardy1943]

Wonder if they'll reduce the 150 Baht foreign card usage fees also...

Keep on dreaming. Banks here are the second biggest rip off right after the Thai police.

[MAJIC]

They are not LOSING 100 mill bht, only losing what they got for free in the first place.

You pay for opening an account, virtually get no interest, pay for an atm card, pay to close an account, pay yearly fees for having your account.

What do you get in return--NOWT. All they get is what I mentioned, plus OUR MONEY they keep and use to lend others at a rate of borrowing 10% + They have a nerve.

How long have they been charging at a.t.m.? they should have quite a bit of revenue from it. Now they say they are going to lose money.. A JOKE April 1st early

Well they are losing more compared to what they were charging,so, expect a new idea to recoup the alleged loss. Dont mention the 150bts for non thai, that is not a profit it just covers the adminstration and ATM mechanic! Only just though.

That covers the Racialist element then! so everything is fine eh ?

[batblaster]

They are not LOSING 100 mill bht, only losing what they got for free in the first place.

You pay for opening an account, virtually get no interest, pay for an atm card, pay to close an account, pay yearly fees for having your account.

What do you get in return--NOWT. All they get is what I mentioned, plus OUR MONEY they keep and use to lend others at a rate of borrowing 10% + They have a nerve.

How long have they been charging at a.t.m.? they should have quite a bit of revenue from it. Now they say they are going to lose money.. A JOKE April 1st early

Where you come from ? you sure in your country the banks are free of charge ? in Italy and in all other countries from my experience banks are a pain. So before speak like many other how shit is this or that in Thailand check your home country and much more if you don't like what they do here why you are here ? why you not go back home and make this place free of people like you ? Too many users here only like to speak bad about Thailand but still always here, live here and spend money here so why speak ? Shut up is better or if you are a man go back home and live in your country.

This comment is for everyone who usually speak bad about this and that but still live here. Is really annoying to read every time always the same shit from people who live here but usually speak bad about this place. There isn't a perfect country where to live so if you are here respect where you are and their rules or go back home.

[Peterphuket]

i am happy with the deal.

but "Able to find other sources of income to compensate the loss" is what?

Increase the loan interest

Heavy change on their Credit cards, collection fee + interest

Poor exchange rate

other administration fees for pepper works

Let me guess, to find other sources of income to compensate the loss, the will rising the fee of 150 baht to maybe 200 for foreign card usage at the ATM.

[asiawatcher]

I don't want to protect the banks because after all they as well the insurance companies are the modern highway robbers but comparing the fees in Thailand to the fees in Germany for example is definitely harmless. In Germany they started without any fees many years back but now you pay for every transaction doesn't matter from where to where. Even talking money from the ATM cost you money. That's why they can build all those office palaces, pay their executives big bonuses and loose our money in questionable investments which again are bailed out by the tax payers.

Well you may recall the reasoning behind ATM's was to reduce labour costs and allow customers ease of doing business without standing in queues and have it as a free service however, it went off the rails and now it is all about fees and nothing else but fees. But I pay 25 Baht for transfers so if it has gone to 15 Baht - do I really care? Cost of doing business in Thailand is far lower than elsewhere in the world.

[chooka]

I guess the 150 baht for farangs stays.....

[seancbk]

Wonder if they'll reduce the 150 Baht foreign card usage fees also...

I noticed the other day that Siam Commercial don't charge me anything to withdraw from my Hong Kong based Hang Seng bank account.

I've tried 2 Siam Commercial ATMs and both times there was no fee.

I bank here with Kasikorn and out of habit always used their ATMs, even when using my HK ATM card and always got charged the 150 baht, so was pleasantly surprised that Siam Commercial don't charge.

[dunkin2012]

i am happy with the deal.

but "Able to find other sources of income to compensate the loss" is what?

Increase the loan interest

Heavy change on their Credit cards, collection fee + interest

Poor exchange rate

other administration fees for pepper works

Let me guess, to find other sources of income to compensate the loss, the will rising the fee of 150 baht to maybe 200 for foreign card usage at the ATM.

I doubt..... To compensate for the loss they announced 100 million baht income. Annually or Monthly? Don't know...that

[rayw]

Whatever we might complain about with Bank charges here just be happy that we are NOT ripped off here like in the disgusting western financial markets where the Banks IMHO are criminally guilty of what is immorally legal theft from their customers. Time that western Governments got a lot stricter with these fat arsed immoral rip off banks and their disgusting bonus payments to already overpaid greedy staff. Western bank exchange rates, and charges are total and utter rip off as we should all know so we should all avoid using them as much as possible. I love Thai Banking as it is far more honest than in the west; the exchange rates are a lot lot better, with little or usually no commission charges either, unlike the money grabbing greedy western banks. Okay I totally disagree with the recently introduced ATM charges here and feel cheated paying 150 Baht for a cash withdrawal and then outrageously another 3% charged in the UK and on top of that a totally unacceptable whopping 28% pa interest charged on the withdrawal from day 1 until I pay the statement off at the end of the month. It is though still the cheapest and most convenient way for me as I need only to transfer little cash here so not worth the also rip off flat transfer charge on a small amount of money sent by TT. So I just use my credit card to buy everything here (food, petrol, mobile phone bills, internet service bills, clothes, household goods, cameras, computer bits, etc etc) wherever credit cards are accepted and pay that off each month in the UK from my income there. Also if a friend or relative is about to buy something for a few thousand Baht then I pay it for him/her on my credit card and he/she gives me the cash, so free of any rip off bank charges and no interest at all if cleared at the end of the month. That is by my reckoning the much cheaper way to live here and no interest or commission charged usually on retail VISA transactions (except in some Thai retail outlets where I insist on no credit card usage charges as a discount or I just walk out and shop elsewhere).

Edited March 22, 2011 by rayw

[venturalaw]

Wonder if they'll reduce the 150 Baht foreign card usage fees also...

You're joking, right?

[phuketrichard]

All I can say is Thank God for thaivsia otherwise where would u all have to complain.

You guys are amzing. complaining abou less than a $1 to withdraw money.

[iks77]

They are not LOSING 100 mill bht, only losing what they got for free in the first place.

You pay for opening an account, virtually get no interest, pay for an atm card, pay to close an account, pay yearly fees for having your account.

What do you get in return--NOWT. All they get is what I mentioned, plus OUR MONEY they keep and use to lend others at a rate of borrowing 10% + They have a nerve.

How long have they been charging at a.t.m.? they should have quite a bit of revenue from it. Now they say they are going to lose money.. A JOKE April 1st early

Where you come from ? you sure in your country the banks are free of charge ? in Italy and in all other countries from my experience banks are a pain.

Hm. in germany i have a free bank account with free ATM card, free VISA card and get 1.65% interest. And the best thing: they gurantee free money withdrawal worldwide - and always refund the 150 THB fee when used in Thailand so far :-)

if anyone is interested: www.dkb.de