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Competition intensifies among Thai commercial banks
By English News



BANGKOK, July 23 – Tough competition in the money market has compelled Thai commercial banks to maintain their interest rates despite the central bank’s decision to reduce the policy interest rate by 0.25 per cent, from 2.75 per cent to 2.50 per cent, according to the July report of the Bank of Thailand (BoT).

In its report on commercial banks’ liquidity and interest rate adjustment, the BoT said commercial banks must keep their market shares on savings despite having to bear the higher cost.

This is because most commercial banks want to expand their loan operations in the future.

Commercial banks must maintain their customers’ savings bases to prepare for tighter liquidity in future given the government’s mega projects on water management and infrastructure development, the BoT report adds.

It is necessary for the government to mobilise capital through state commercial institutions for the mega projects, which contributes to tougher competition, the central bank predicts.

Different business strategies, especially among small and medium-size commercial banks, such as loans for hire-purchase cars and first-car purchases with tax incentives from the government have intensified competition in the money market, the report adds. (MCOT online news)


-- TNA 2013-07-23

[dave111223]

Yeah I bet a whole bunch of people would have closed their accounts if their savings interest went from 0.75% to 0.5%

Let the good times roll

[lee b]

MAFIA

[waza]

Maybe they should drop the ATM charge for foreign cards

[54321]

or the charge to use your own domestic banks ATM in a different region, or the charge to replace a broken (scratched or cracked) debit charge,

[yoshiwara]

Selling 'mega-project' loans to the banks proportional to their commercial deposit base?

[yoshiwara]

There is mention of the government to mobilise capital, but no mention of the banks raising capital. Are we to assume that the banks are to bankroll government long-term mega-projects with short-term deposits but that the TCB will be instructed to bail out the banks in the event of a squeeze? So the short-term objective of keeping the financing of mega-projects off the government books (fingers crossed through the next election) subject to a run on the baht in the event of a credit crunch. Memories of an older movie.

Edited July 24, 2013 by yoshiwara

[belg]

so is this good news or bad news for the little saver in us to but our bahts in a bank... will we get even lower % of interest in the future?

[gander]

Wanted to transfer funds from fixed to current account with SCB in Chon Buri while my acct is in BKK.

They wanted 620 Baht for that as it is outside the area.

That was in plain daylight!

On another occasion I used my BBL credit card to withdraw 20K. There were sufficient funds to cover that.

Still I was charged 600 Baht over the weekend.

Some sharks made it to land!

[drdoom6996]

or the charge to use your own domestic banks ATM in a different region, or the charge to replace a broken (scratched or cracked) debit charge,

I have lost several atm cards in the last few years. NEVER have I paid a fee, in person or through my account.

[DGIE]

I am not after the interest rate anyway. I just think that I am keeping my money in the bank.

Anyway, it is not big amount.

[bangkokstick]

Anyway they still get 10% on international market like any bank...

[Naam]

Anyway they still get 10% on international market like any bank...

what are you talking about?

[whiteman]

Anyway they still get 10% on international market like any bank...

what are you talking about?

Bangkokstick hasn't a clue

[yeeowww]

or the charge to use your own domestic banks ATM in a different region, or the charge to replace a broken (scratched or cracked) debit charge,

I have lost several atm cards in the last few years. NEVER have I paid a fee, in person or through my account.

Really?! What bank is that? All 4 of the banks I've ever held accounts with here have made me pay for ATM cards every time.

[Naam]

Anyway they still get 10% on international market like any bank...

what are you talking about?

Bangkokstick hasn't a clue

indeed!

[chiang mai]

In fact Bangkokstick places his funds on deposit with me and indeed I pay him 10% simple interest per year. In return for my excellent service BS, ahem, pays me a service charge equal to a compounded 1% a month, we both feel this is a mutually satisfactory arangement thus we are both happy.

[stoli]

Maybe they should drop the ATM charge for foreign cards

This is pure profit for every bank in the world. It will go away about the same time we stop using toilet paper.

[chiang mai]

Maybe they should drop the ATM charge for foreign cards

This is pure profit for every bank in the world. It will go away about the same time we stop using toilet paper.

Pure profit, like ATM technology and global networks are free!

[bushman1666]

Maybe they should drop the ATM charge for foreign cards

AEON Bank don't charge the B150 for foreign cards and give a good exchange rate.

[Pib]

or the charge to use your own domestic banks ATM in a different region, or the charge to replace a broken (scratched or cracked) debit charge,

I have lost several atm cards in the last few years. NEVER have I paid a fee, in person or through my account.

Really?! What bank is that? All 4 of the banks I've ever held accounts with here have made me pay for ATM cards every time.

For someone who loses ATM cards so frequently, I'm not surprised he didn't notice the replacement fee.

[isawasnake]

For me, the most ridiculous fee is the annual 300 baht fee for simply having an ATM card.

[Bof]

Krungsri tells me it may take up to 2 months to have direct debit of my Platinum CC charges on my Krungsri bank account. A world record in inefficiency , right ?

Did the same in 1 day with my AMEX card ...

[chiang mai]

Krungsri tells me it may take up to 2 months to have direct debit of my Platinum CC charges on my Krungsri bank account. A world record in inefficiency , right ?

Did the same in 1 day with my AMEX card ...

Is you Platinum CC from a Thai bank?

[Langsuan Man]

SCB has just stopped charging me for transfers to another SCB account in another province. Used to be 20 THB but now free

[monty]

SCB has just stopped charging me for transfers to another SCB account in another province. Used to be 20 THB but now free

This is probably one of the positive effects of mentioned competition. Bangkok Bank did away with this charge a few months ago, and now other banks will have to follow suit.

I'd rather see some more competition on the safety factor. Another thing Bangkok bank is leading with, is equipping their ATM cards with an EMV chip. Makes it virtually impossible to skim them, something seemingly happening a lot here.

Unfortunately none of the other Thai banks are following suit, as a result your Bkk Bank smart Be1st card works at pretty much any ATM from any bank all over Europe, but in Thailand it will only work at Bkk Bank ATM's, as those are the only ones accepting EMV equipped cards.

[waza]

SCB has just stopped charging me for transfers to another SCB account in another province. Used to be 20 THB but now free

This is probably one of the positive effects of mentioned competition. Bangkok Bank did away with this charge a few months ago, and now other banks will have to follow suit.

I'd rather see some more competition on the safety factor. Another thing Bangkok bank is leading with, is equipping their ATM cards with an EMV chip. Makes it virtually impossible to skim them, something seemingly happening a lot here.

Unfortunately none of the other Thai banks are following suit, as a result your Bkk Bank smart Be1st card works at pretty much any ATM from any bank all over Europe, but in Thailand it will only work at Bkk Bank ATM's, as those are the only ones accepting EMV equipped cards.

If I read this correctly my ATM card from my Aussie bank which has an EMV chip will only be accepted in a BB ATM?

[monty]

SCB has just stopped charging me for transfers to another SCB account in another province. Used to be 20 THB but now free

This is probably one of the positive effects of mentioned competition. Bangkok Bank did away with this charge a few months ago, and now other banks will have to follow suit.

I'd rather see some more competition on the safety factor. Another thing Bangkok bank is leading with, is equipping their ATM cards with an EMV chip. Makes it virtually impossible to skim them, something seemingly happening a lot here.

Unfortunately none of the other Thai banks are following suit, as a result your Bkk Bank smart Be1st card works at pretty much any ATM from any bank all over Europe, but in Thailand it will only work at Bkk Bank ATM's, as those are the only ones accepting EMV equipped cards.

If I read this correctly my ATM card from my Aussie bank which has an EMV chip will only be accepted in a BB ATM?

Depends on your bank, if authorized to use the card use abroad, it will likely work on all ATM's here.

What banks/card issuers do, is on the magnetic strip they can write how the card can be used/authenticated (magnetic, EMV), and the preference.

Since most if not all ATM's in Australia are EMV capable, they will have set the first preference at EMV, and if authorized for use abroad, next allowed authentication will be magnetic stripe..

Practically it means when you insert the card in an EMV ATM machine, it will only work reading the EMV chip, being the first preference. Insert it in a magnetic stripe reader only ATM (like when in Thailand), then it will authenticate using the magnetic stripe.

In Australia they feel it's a good trade-of between security and convenience, if thieves skim your card, they could not use your copied card in Australia, as the EMV machines would be looking for the chip, which is not present on the skimmed copy card. Security is increased as it now is much more complicated/expensive for smaller thieves to get money out of skimmed cards, while still allowing users to use their cards abroad.

That's why you often read about the crime organizations sending stooges to countries like Thailand where most ATM's are magnetic stripe only, to go and withdraw cash on skimmed Aussie (and other countries) cards!

Bangkok bank here has chosen to simply not allow magnetic stripe authentication, which is why the cards won't work on regular magnetic stripe only machines! Allowing magnetic authentication would offer no extra security whatsoever here in Thailand with most machines still magnetic only.

Only way to know for sure is to contact your bank and or card issuer!

Once. if we are lucky, other banks in Thailand will start upgrading their systems to EMV, resulting basically in a few positive things:

1) Skimmed cards cannot be used any more in Thailand, so the Mafia will have to go elsewhere to go and withdraw cash on skimmed international cards.

2) The local cards will become much safer to use, as skimmed cards become harder to use (have to find a country which has magnetic stripe only ATM's), or alternatively do as Bkk bank, only allow the use of the EMV chip. The majority of Thais don't travel abroad, so no hassle for them as long as they can use the cards in Thailand.