Bangkok Bank - Free & Low rate for inter-regional transfers; start 1 July 2013

[ianguygil]

Hope the Mods don't mind me posting this. I know it will come up as a question so here we go.

The fees have dropped for inter region transfers performed on Mobile or iBanking. Please see the following URL for the details.

Mods, please IM me if this is not appropriate. I was not clear if this would be an issue. I am not advertising, just providing information on a subject which often generates questions.

http://www.bangkokbank.com/OnlineBanking/PersonalBanking/iBanking/BualuangiBanking/Services/Pages/FreeLowRate.aspx

[MYKTHEMIN]

Excellent news, many thanks Ian.

[Sophon]

Agree, welcome news.

I always found it illogical that I could make a transfer from my Bangkok Bank account in Bangkok to e.g. a SCB account in Lamphun cheaper than the cost of transferring to my own Bangkok Bank account in Lamphun. But with this change no longer an issue.

Sophon

[Tywais]

Thanks for the info ian. Just in time for an upcoming bill payment.

[Pib]

This is good news...supposedly the Bank of Thailand has been pushing all Thai banks since early this year to drop inter regional fees.

[Pib]

From comparing the Link provided in Post #1 for transfers done by "ibanking" in comparison to this Link for Funds Transfers done via "ATM," a person can do 5 free inter region transfers per month via ibanking but only one per month via ATM. I'm guessing that most Thai's use ATMs vs ibanking for transfers. Wonder why Bangkok Bank don't give the same number of free transfers regardless of the electronic method used to do the transfer? Maybe other Thai banks do the same. Or maybe I'm misreading the info in the two Bangkok Bank links/webpages. It definitely good X-amount of transfers are free, but just wondering why the number of allowed free transfers is different between the ibanking and ATM methods.

[4evermaat]

Great news ian. i do wonder, are there transaction size limits among the 5 free transfers?

Is this only for your own accounts, or is this for ANY BkB to BkB transfer? edit: the answer is on the main fee page.

From comparing the Link provided in Post #1 for transfers done by "ibanking" in comparison to this Link for Funds Transfers done via "ATM," a person can do 5 free inter region transfers per month via ibanking but only one per month via ATM. I'm guessing that most Thai's use ATMs vs ibanking for transfers. Wonder why Bangkok Bank don't give the same number of free transfers regardless of the electronic method used to do the transfer? Maybe other Thai banks do the same. Or maybe I'm misreading the info in the two Bangkok Bank links/webpages. It definitely good X-amount of transfers are free, but just wondering why the number of allowed free transfers is different between the ibanking and ATM methods.

I'm guessing they are encouraging people to go online? Or there is a higher cost associated with servicing the ATMs

----

One more somewhat related question. What about withdraws from ATM card outside the region? Is there any special provisions for this? I think at one point you got one free ATM withdraw outside the region for free, and then the rest were 15 baht minimum per transaction or something like that.

edit: the answer is not on the main fee page. If there is a different page with the answer, you can link to it.

Edited July 8, 2013 by 4evermaat

[Pib]

From opening that second Link in my above post down in the "ATM Services" area about half way done the page it still shows inter-region ATM withdrawal fees of Bt15 or Bt20...not to be confused with the fees relating to ibanking "transfers" which the opening post was about.

Good ibanking transfer fees are being reduced for whatever reason(s); be even better if the ATM inter-region withdrawal fees were reduced or eliminated but I expect that is a big cash cow for all Thai banks. Heck, ATMs are cash cows for banks worldwide!

It would be interesting to know as to what a typical bank ATM machine (regardless of bank) generates each month in terms of usage fees. While I know every ATM at every location may not generate a profit per year, I expect the great majority do based on the googling I've done where many links come up talking about ATMs profits, stores/companies placing ATMs in their stores via lease and sharing the ATM usage profits with the banks, etc. Maybe that is one reason you see ATMs almost everywhere now days in that it's not that the bank placing that ATM in a store purely for customer convenience but because the store is leasing the ATM from the bank and shares in the profits. Or maybe the store not leasing the ATM but just providing free space for the ATM and then the bank pays the store a flat fee or a share of the ATM usage fees/profits. Heck, I don't know, stores may be beating down bank doors in trying to get an ATM placed in or close to their store.

I read one topic I googled where it talked of the benefits of a store having an ATM on premises as it generates foot traffic to their store, the stores shares in the ATM fees/profits, the customer may use the ATM to withdraw cash to pay for an item versus using their credit card which the merchant would incur a card fee on, etc.

While ATMs are indeed a convenience/good thing for bank customers, ATMs also generate very nice profits for banks (and stores) through the associated usage fees.