The Thai Banking Cartel

[Obb]

Collusion on fees between Thai banks makes this a banking cartel.

Add, extra fees whilst accessing your accounts when traveling within Thailand.

Add, cannot move a Thai bank account from its home province (must open a new one, with all associated new account fees).

The cartel begins to take on characteristics of a racket.

You can write to the Bank of Thailand's Financial Consumer Protection Center:

http://www.bot.or.th/ENGLISH/FINANCIALLITERACY/Pages/index.aspx

The email address is here:

[email protected]

The only good it is likely to do is make you feel like you did something. And, just possibly, somebody in power will begin to smell the odor of the the Thai banking cartel.

[yoshiwara]

So open a bank account outside Thailand.

[Baerboxer]

So you know some fair and ethical banks then? You know, not the ones been fixing libor etc.

International banking is one big cartel - and they ain't gonna change. Thai banks are no where near as bad as some of the big boys.

[Trembly]

Government Savings Bank (Thanakan Omsin) ATMs are fee-free nationwide. They also have a fee-free ATM alliance with BAAC and the Islamic Bank of Thailand.

There is a small fee for counter service outside of your home province but if you move to another province you can move your account for free and it takes 1-3 working days.

The only major downside is that GSB are still developing their internet banking (view balance only at the moment).

[Pib]

No one ever said banks in each country have to have the same banking rules and fees.

[chiang mai]

And why is Thailand not allowed to have a regional banking system may I ask, that in itself doesn't excatly qualify as cartel or mafia status!

[samran]

You have obviously never had an australian bank account.

[marcusd]

You have obviously never had an australian bank account.

Or used Mastercard or VISA CARD? FEES are not competitive. tge same! and tge IMF whoever they are dictate what countries do. no cartel in thailand. its a WORLDWIDE CARTEL

Sent from my GT-N7000B using Thaivisa Connect Thailand mobile app

[yoshiwara]

and tge IMF whoever they are dictate what countries do. no cartel in thailand. its a WORLDWIDE CARTEL

University of Backpackers degree in economics

[Langsuan Man]

Actually here in Thailand it is known as The Thai Bankers' Association

http://www.tba.or.th/

[Heng]

Why do people like to use cartel with some kind of negative implication? Every business student, entrepreneur or tao kae aspires to be part of one.

:-)

[yoshiwara]

Why do people like to use cartel with some kind of negative implication? Every business student, entrepreneur or tao kae aspires to be part of one.

:-)

.

They think it sounds smarter when complaining

[isawasnake]

After a little experience, I have found it pretty easy to get out of paying almost all of the bank fees here. I do have one debit card that is 300 baht a year, but that is pretty much it. If you don't like fees, don't get atm cards with new accounts. I find it harder and harder to complain given the returns.... right now I have most of my funds in a 2.65% interest paid every month and I can access the money anytime I want, and it has no fees. In my home country, the interest rates are terrible. It isn't that hard to come out way ahead here.

Edited May 25, 2013 by isawasnake

[Obb]

Reading these replies we see fawning, junior capitalists and their love of anticompetitive practice. Provided, of course, it's done by their heroes.

[Briggsy]

I can see where the OP is going with this. There is a case to answer for lack of competition. However, all it takes is a bit of careful planning and research and bank fees can be reduced to a minimum.

OP needs to plan ahead, if travelling out of province/region, hit up the ATM before you go for free or make one large withdrawal in Udon. ( I think OP has Udon wife and visits there ). The fee of 20 Baht will not bankrupt you.

"Associated fees" of opening a new bank a/c are 200 Baht per year. Compare this to Germany or France and you will find this very cheap. Again, for the services rendered, this is neither profiteering nor financially painful.

So, plan ahead and look at the big picture (not just UK a/c's which are nominally 'free') and you'll see things are nowhere near as bad as the OP makes out.

[Obb]

Thank you for further confirming that the average bank customer is not worth defending.

I can see where the OP is going with this. There is a case to answer for lack of competition. However, all it takes is a bit of careful planning and research and bank fees can be reduced to a minimum.

 

OP needs to plan ahead, if travelling out of province/region, hit up the ATM before you go for free or make one large withdrawal in Udon. ( I think OP has Udon wife and visits there ). The fee of 20 Baht will not bankrupt you.

 

"Associated fees" of opening a new bank a/c are 200 Baht per year. Compare this to Germany or France and you will find this very cheap. Again, for the services rendered, this is neither profiteering nor financially painful.

 

So, plan ahead and look at the big picture (not just UK a/c's which are nominally 'free') and you'll see things are nowhere near as bad as the OP makes out.

[Briggsy]

Obb, I think you have a chip on your shoulder, clearly with me, with the banks but possibly with the world in general.

If you re-read my post again carefully, you will see it addresses every one of your points and aims to demonstrate that while some bank fees seem to be surprising to someone from the UK, where banking is nominally free, with a small bit of planning you can reduce fees to a very small amount.

Instead of raging, perhaps you could suggest an alternative fee structure. Or, failing that, put your money under the mattress. There will be no bank fees then.

[yoshiwara]

Reading these replies we see fawning, junior capitalists and their love of anticompetitive practice. Provided, of course, it's done by their heroes.

Whining is neither a strategy nor a solution. It is always about what one is looking for and options.

One or two per cent here and there are hardly big items on a bank balance of £10k or less.

As has been said above, there is always the solution of keeping all one's money in a safe deposit box in one's room.

[Obb]

Keep it coming. You are all geniuses.

Meanwhile, Thailand has a banking cartel and you can make your voice heard. See OP.

Or, write to them to compliment them on their perfection. Am sure you could send roses. Or, better, show them what a good bloke you are and send them a tip! You know the Thais think farangs are such clever and generous people!