Banking fees to reflect cost of service in move to reduce the use of cash

[gandalf12]

Why do they charge at all for an ATM card? These are normally free to encourage you to use a particular bank. No where in the world that I have been to and opened an account do you pay for them.

Reading the OP it looks like a receipt for disaster with the line ""The central system will be a superhighway. It will be the single gateway for all banks and state agencies," he said."

A single highway for all banks and state agencies, what dumb person thought that one up. His IQ must be less tan his shoe size to go for that. The one gateway for the internet is a different issue. People who make these decisions really need help.

[tropo]

Well the Thai s have already begun robbing foriegners with a 200 baht ATM fee. That is outrageous amount. More than a western country

It was 150 and rocketed to 200. Is there any end with these people

"rocketed" is a bit extreme....

The 150 fee was introduced in April 2009. It went up to 180 at most banks in May 2013, 2.5 years ago.

The total inflation rate from 2009 to present is about 14%... so in real terms, the fee has increased from 171 baht (2009 fee adjusted for inflation) to 200 baht in 6.5 years. It's just a bit higher than the price increase for milk over the same time period (71 baht to 91.75).

TMB is still at 180 baht, so they've just kept up with inflation since 2009.

I don't hear anyway saying anything about how much money they saved prior to 2009 when there was no fee at all. My first 5 years in Thailand were fee free. I managed to keep it fee free using AEON ATM's until they introduced the fee not so long ago.

[tropo]

Well the Thai s have already begun robbing foriegners with a 200 baht ATM fee. That is outrageous amount. More than a western country

It was 150 and rocketed to 200. Is there any end with these people

We understand that banks are not charities, but how can they move from 150-180-200 in 18 months??? Thats 33% during a near deflationary period. If anything, fees should be falling.

If you're going to make calculation, it would be useful to get the facts straight. It first went to 180 baht in May, 2013, 2.5 years ago.

Seriously, who didn't think the fee was going to rise from 180 to 200?

[Ace of Pop]

When you have Debit Card ,that has say 200 K deposited I'm told you pay interest if not paid by the date on the statement even if you only spent a bit of your 200K. Am I misinformed.?.

[THAIJAMES]

Its a trick by banks to increase fees and lower costs.

The whole purpose of an ATM is to lower the costs to banks by avoiding human tellers. We are doing them a favor by using an ATM as it would cost them much more if a human teller was involved in the transaction.

[Skeptic7]

Well the Thai s have already begun robbing foriegners with a 200 baht ATM fee. That is outrageous amount. More than a western country

It was 150 and rocketed to 200. Is there any end with these people

You are absolutely correct, but also remember...it was FREE and then rocketed to B150 per pull a few years back. Now B180 or B200 with no end in sight. I've never made an ATM withdrawal since day one of the B150 rip off and never will. RIP OFF!

[Pib]

Well the Thai s have already begun robbing foriegners with a 200 baht ATM fee. That is outrageous amount. More than a western country

It was 150 and rocketed to 200. Is there any end with these people

We understand that banks are not charities, but how can they move from 150-180-200 in 18 months??? Thats 33% during a near deflationary period. If anything, fees should be falling.

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And how do they ALL rise in tandem? Isnt that price fixing? An illegal practice in most countries.

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Krungsi will give you 30k in one pull. Best way to reduce the fees.

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A buddy thought he was "beating the fees" by transferring 15k from his home bank to his Thai bank, only to see the Baht get whacked by 8% in 2 months. Saved him $200 in fees and cost him $1200 in exchange rate FAIL.

The baht get "whacked"? Do you mean a lower baht exchange rate when saying got whacked ? If so, and if talking recent times (like 2 years) its mainly "some" foreign currencies that have got whacked/loss value against the baht like the AUD, NZD, EUR, RUB, etc. If talking these currencies you should be saying those foreign currencies got whacked; not the baht.

[PaPiPuPePo]

All bull**** from banks. They charge for atm cards making a profit. But more significantly they make more from all the funds that they have in accounts giving customers no interest or 0.5%. Screw Thai Banks ATM fees. It will be withdrawl from using non automatic tellers if this happens

Yes, to anyone who believes a single word this BoT bankster says, I have a bridge in NYC for sale, just PM me.

For example: "...but banks carry a huge cost for cash management at ATMs, he said"

Pulease, ATMs save banks a huge amount of money (i.e. paying tellers) or they wouldn't be ubiquitous. And as has been pointed out, the fees are now a usurious 200Bt per.

This is all about one thing: propaganda to demonise cash and as the headline indicates move to a cashless society so the elites and über-wealthy can continue living off the labor of the working classes, hiding their own ill-gotten wealth but keeping track of every baht the hard-working labouring classes make in order to squeeze them maximally for taxes which they spend on supporting their luxurious lifestyles and making war on the rest of us.

And, by the way, destroying the planet, it's just been revealed that the top 1% are responsible for most of the world's environmental destruction.

PS to TV: you need to add the word "bankster" to the spell-check app :-)! It also keeps mis-correcting the spelling of words like labor, honor, center, etc. ;-)

[BSJ]

I got no sympathy for bankers. They are parasites only slightly above politician's and used car salesman.

[tropo]

Well the Thai s have already begun robbing foriegners with a 200 baht ATM fee. That is outrageous amount. More than a western country

It was 150 and rocketed to 200. Is there any end with these people

Not true on many levels, the fee went from 150 to 180 and then to 200 hardly a definition of rocketed and a search will come up with the facts, not a supposition of more than a western country

If I am not mistaken both the US and UK are "Western" countries:

UK debit card overseas charges

http://www.moneysavingexpert.com/travel/overseas-card-charges

You're paying record ATM fees

ATM.PNG

http://money.cnn.com/2015/10/05/pf/atm-overdraft-fees/

Those fees are not comparative. Those are fees for using US bank ATM cards within the US that are not on the same network. In Thailand I'm not charged when withdrawing money from my Thai account by any ATM.

What would the ATM fees in the US be on foreign cards?

[Don Mega]

If all foreigners bring cash to Thailand and change it at the banks they will stop the 180 baht surcharge. It costs them too much time and also the bankemployee's can't speak english so they hate it to help farangs.

Well the Thai s have already begun robbing foriegners with a 200 baht ATM fee. That is outrageous amount. More than a western country

It was 150 and rocketed to 200. Is there any end with these people

So open a Thai bank account and deposit some money - then you could stop this incessant moaning about ATM fees

Yes all tourists coming to Thailand should open a bankaccount to not get extorted by Thai banks........

Been a while since I stuck my foreign card into an ATM machine but I was sure it told me of the fee's before I continued with the transaction.

How is this extortion ?

[stevenl]

All bull**** from banks. They charge for atm cards making a profit. But more significantly they make more from all the funds that they have in accounts giving customers no interest or 0.5%. Screw Thai Banks ATM fees. It will be withdrawl from using non automatic tellers if this happens

Yes, to anyone who believes a single word this BoT bankster says, I have a bridge in NYC for sale, just PM me.

For example: "...but banks carry a huge cost for cash management at ATMs, he said"

Pulease, ATMs save banks a huge amount of money (i.e. paying tellers) or they wouldn't be ubiquitous. And as has been pointed out, the fees are now a usurious 200Bt per.

This is all about one thing: propaganda to demonise cash and as the headline indicates move to a cashless society so the elites and über-wealthy can continue living off the labor of the working classes, hiding their own ill-gotten wealth but keeping track of every baht the hard-working labouring classes make in order to squeeze them maximally for taxes which they spend on supporting their luxurious lifestyles and making war on the rest of us.

And, by the way, destroying the planet, it's just been revealed that the top 1% are responsible for most of the world's environmental destruction.

PS to TV: you need to add the word "bankster" to the spell-check app :-)! It also keeps mis-correcting the spelling of words like labor, honor, center, etc. ;-)

Change the language of your browser, or your browsers.

No spell check on TV.

[manarak]

Been a while since I stuck my foreign card into an ATM machine but I was sure it told me of the fee's before I continued with the transaction.

How is this extortion ?

It is certainly extortion now as all banks charge this fee and there is no option left for customers to avoid it.

And think about it... 200 baht fee... with three of such fees the salary of one bank employee is paid !

I wouldn't be surprised if the ATM fees aren't enough to cover the full payroll of staff level employees.

Then consider how much the banks are saving on staff, because many of their Thai customers use ATMs for doing their transfers and deposits...

This 200 baht fee is simply extortion.

More outrageous is the fact that there are other fees added on top, such as a fee on currency conversion (half the spread or median interbank rate + %).

So they are already doing money from this.

[Don Mega]

Been a while since I stuck my foreign card into an ATM machine but I was sure it told me of the fee's before I continued with the transaction.

How is this extortion ?

It is certainly extortion now as all banks charge this fee and there is no option left for customers to avoid it.

There is an option but most are tooo lazy, its called an over the counter withdrawal.

Edited December 11, 2015 by Don Mega

[CantSpell]

In Thailand I'm not charged when withdrawing money from my Thai account by any ATM.

What would the ATM fees in the US be on foreign cards?

You must not travel a lot and stay in your province then...

I have 2 ATM Thai cards and 2 accounts opened in different provinces over the years..

I get charged 30 THB fee every time I withdraw some cash even when withdrawing from ATM from my bank... Just because it's a different province-bank = 30 THB...

[bim]

In a cashless society, it is easier to implement capital controls.

The whole idea of eliminating cash is very Orwellian.

I agree with you 100%. Thailand is a very cash based society and I dont think they will want to give this up. Not in my lifetime. The west are already leaning towards a cashless system and it is very worrying in my opinion. Its about control and nothing else.

[bim]

If Thailand goes cashless,the thugs will have a field day.Abduct a person hold them somewhere take their atm card keep them till they empty their account.It would probably be easy to get password from some one in a hostage position. Donot need to hack anything online just use force.

This is supposed to be in the small print of your western card. Would be interesting to know if it applies in Thailand.

ATM PIN Number Reversal

If you should ever be forced by a robber to withdraw money from an ATM machine, you can notify the police by entering your PIN # in reverse. For example, if your pin number is 1234, then you would put in 4321. The ATM system recognizes that your PIN number is backwards from the ATM card you placed in the machine. The machine will still give you the money you requested, but unknown to the robber, the police will be immediately dispatched to the location.

All ATM's carry this emergency sequencer by law

I didnt know that. What happens if your pin is 4554?

[Toknarok]

A cashless society would make the passing of 'brown envelopes' obsolete. The bribers and extortionists would have to find another way to fill their pockets.

[luk AJ]

A few years ago I sold my condo in Pataya for 7mill. I got a cashier cheque from Bangkok Bank Chon Buri. I deposited this cheque on my Bangkok Bank account in Nonthaburi. I had to pay 7000 THB for this transaction!

[Don Mega]

If Thailand goes cashless,the thugs will have a field day.Abduct a person hold them somewhere take their atm card keep them till they empty their account.It would probably be easy to get password from some one in a hostage position. Donot need to hack anything online just use force.

This is supposed to be in the small print of your western card. Would be interesting to know if it applies in Thailand.

ATM PIN Number Reversal

If you should ever be forced by a robber to withdraw money from an ATM machine, you can notify the police by entering your PIN # in reverse. For example, if your pin number is 1234, then you would put in 4321. The ATM system recognizes that your PIN number is backwards from the ATM card you placed in the machine. The machine will still give you the money you requested, but unknown to the robber, the police will be immediately dispatched to the location.

All ATM's carry this emergency sequencer by law

I didnt know that. What happens if your pin is 4554?

Dont worry Bim, it is a load crapola.

https://www.google.com/search?q=ATM+PIN+Number+Reversal&ie=utf-8&oe=utf-8&client=ubuntu&channel=fs&gws_rd=ssl

[manarak]

Been a while since I stuck my foreign card into an ATM machine but I was sure it told me of the fee's before I continued with the transaction.

How is this extortion ?

It is certainly extortion now as all banks charge this fee and there is no option left for customers to avoid it.

There is an option but most are tooo lazy, its called an over the counter withdrawal.

did you try this with a foreign card?

[tropo]

Been a while since I stuck my foreign card into an ATM machine but I was sure it told me of the fee's before I continued with the transaction.

How is this extortion ?

It is certainly extortion now as all banks charge this fee and there is no option left for customers to avoid it.

There is an option but most are tooo lazy, its called an over the counter withdrawal.

This is not an option for all cards. For example, I use a Cirrus ATM card to get most of my cash from a foreign bank. Also, my non-chipped MasterCard debit card is not accepted over the counter anywhere I've tried and I've tried quite a few.

Sure, chipped credit cards - no problems over the counter, but don't assume that is the way most people get cash.

[Don Mega]

Ahh ok fair enough. I have used chipped and non chipped over the counter in the past, albeit a few years ago now.

[dominique355]

If the Thai banks would make it possible for a receiver of a transaction to identify the sender and the payment reference, e-banking and banking in general would make a huge step forward.

It is ridiculous that in the 21st century I still have to send a fax to the receiver for him to be able to identify my payment.

[Langsuan Man]

If the Thai banks would make it possible for a receiver of a transaction to identify the sender and the payment reference, e-banking and banking in general would make a huge step forward.

It is ridiculous that in the 21st century I still have to send a fax to the receiver for him to be able to identify my payment.

I think that it is ridiculous that your receiver can't get that information from an email. Why they continue to require faxed information in the 21st century would be my question

Whenever I make a payment using my SCB online banking I am given the option to notify the receiver either by email or SMS. I have their account number to pay them then they should have my account number to know that they have been paid and by whom