Thai banks reserve billions for cash withdrawal

[webfact]

Banks reserve billions for cash withdrawal
The Nation

BANGKOK: -- Thai banks have announced their cash management plan in preparation for withdrawals during the New Year holiday period which will run from December 31 through January 3.

Leading the way is Bangkok Bank which is stocking up Bt60 billion in cash. The bank operates 10,000 ATMs nationwide. Meanwhile, its 300 micro branches in shopping malls will be open for business every day during the period.

Kasikornbank announced that it would reserve cash worth totally Bt32 billion, Bt14.5 billion lower than last year.

Of total, all 9,300 ATMs would be filled up with cash worth Bt19 billion. Of total, Bt7 billion would be for ATMs located in the Greater Bangkok.

Source: http://www.nationmultimedia.com/breakingnews/Banks-reserve-billions-for-cash-withdrawal-30274972.html


-- The Nation 2015-12-15

[ldiablo]

With the rise in crime currently in Thailand it's pretty ridiculous to inform people that banks and ATM's will be stockpiling large amounts of cash.

Edited December 15, 2015 by ldiablo

[swissie]

Smart move. The Chinese package-tour tourists will appreciate that.

Cheers.

[Bluespunk]

Could not care less.

[Pib]

Is this free money (maybe a new govt program) to bring happiness to all during the holidays or do you actually need money in your bank account? If the later, it's not bringing any holiday happiness to me.

[TheCruncher]

Kasikornbank announced that it would reserve cash worth totally Bt32 billion, Bt14.5 billion lower than last year.

Now just wait until super general announces that during the new year Thais will be spending more than ever, because the economy is so thriving.

[rubl]

Debts? What Debts?

Mind you, this is a yearly event, the stockpiling that is. Clearly shows Thailand is still a mainly cash society.

Just to indicate how things are moving in parts of the Western World

- on Saturday 5th of December (Dutch Sinterklaas day) there were 13.6 million online transactions with debit or credit card (normal for a Saturday around 10m.

2015-11-15

"Can you imagine a 'Cashless society'? Sweden is nearly there"

http://phys.org/news/2015-11-cashless-society-sweden.html

[elgordo38]

Debts? What Debts?

Mind you, this is a yearly event, the stockpiling that is. Clearly shows Thailand is still a mainly cash society.

Just to indicate how things are moving in parts of the Western World

- on Saturday 5th of December (Dutch Sinterklaas day) there were 13.6 million online transactions with debit or credit card (normal for a Saturday around 10m.

2015-11-15

"Can you imagine a 'Cashless society'? Sweden is nearly there"

http://phys.org/news/2015-11-cashless-society-sweden.html

Sweden is just a test case. The eyes of the world are watching. My passing into the great beyond and a cashless society are running neck and neck. I hope I win.

[webfact]

NY RESERVE
Banks set NY reserve
Sucheera Pinijparakarn
The Nation

BANGKOK: -- Five commercial banks announced yesterday that they would reserve a total of Bt226.77 billion in cash for ATMs and branch services for the upcoming New Year holidays, down from Bt233.70 billion they reserved for the same period last year.

The reduction in cash reserve is due mainly to Kasikornbank. The bank is the only one among five to reduced its cash reserve for the holiday period - down to Bt32 billion from Bt46.50 billion last year. This is to deal with the increase in payments via the digital channel, a KBank staffer said.

Bangkok Bank will reserve Bt60 billion in cash for its 10,000 ATMs nationwide for the New Year holidays (December 31 to January 3, 2016). The cash reserve is unchanged from the last New Year holiday.

Customers can use the bank's services at more than 300 micro-branches in shopping malls and communities nationwide, which will be open for business as usual during New Year. The bank will resume normal operations from January 4.

Krungthai Bank will increase cash reserve by 7 per cent to Bt67 billion for the holiday period.

Siam Commercial Bank will reserve Bt55 billion cash for its ATMs and branches nationwide, a slight increase from Bt53.50 billion last year. Meanwhile, Krungsri has increased cash reserve by 19.3 per cent to Bt12.77 billion at its 5,485 ATMs and 665 branches.

Woraporn Tangsaghasaksri, assistant governor of the Bank of Thailand's Banknote Management Group, said the central bank expected that commercial banks would withdraw Bt185 billion banknotes from the central bank one week before the New Year holidays. The expected cash withdrawal will be a 2.5-per-cent increase from the same period last year. People are expected to make higher demands for banknotes during the holidays compared to normal, hence the central bank has prepared enough banknotes to deal with the demand, he said.

Source: http://www.nationmultimedia.com/business/Banks-set-NY-reserve-30274994.html


-- The Nation 2015-12-16

[ksamuiguy]

Launder that! What will they do with all the cash from corruption, traficing, drugs?

[NongKhaiKid]

Years back I nearly got caught out over the holiday season as ATMs were closed all over the place, I finally managed a withdrawal from the 5th machine which then promptly closed too.

I don't know what happens these days but after that particular holiday period I was in a bank when it re-opened and asked one of the customer relations girls if the ATMs were not re-filled over extended holiday periods and the answer was no as it would mean staff having to work on official holidays.

If the system hasn't changed it doesn't help the spending spree the Tourism Minister and TAT love to boast about. I know some special arrangements are often in place for some malls etc but malls aren't exactly available in every area where people may be spending.

Edited December 15, 2015 by NongKhaiKid

[Pinot]

Debts? What Debts?

Mind you, this is a yearly event, the stockpiling that is. Clearly shows Thailand is still a mainly cash society.

Just to indicate how things are moving in parts of the Western World

- on Saturday 5th of December (Dutch Sinterklaas day) there were 13.6 million online transactions with debit or credit card (normal for a Saturday around 10m.

2015-11-15

"Can you imagine a 'Cashless society'? Sweden is nearly there"

http://phys.org/news/2015-11-cashless-society-sweden.html

Sweden is just a test case. The eyes of the world are watching. My passing into the great beyond and a cashless society are running neck and neck. I hope I win.

I hope I die before a cashless society? What's the big deal? An ATM card phobia?.

I use to have the same small amount of cash in my wallet for weeks back in the US.

Now I commonly have 20000 baht around because Thailand is what it is. I'll take the cashless society.

[jeffreysearch]

The problem with a `Cashless society is .. Your Government can track every transaction you make ... as well as controlling other situations as to the Currency of the country in a Banking crisis ... becoming a Central planned World ... by Stealth !

Debts? What Debts?

Mind you, this is a yearly event, the stockpiling that is. Clearly shows Thailand is still a mainly cash society.

Just to indicate how things are moving in parts of the Western World

- on Saturday 5th of December (Dutch Sinterklaas day) there were 13.6 million online transactions with debit or credit card (normal for a Saturday around 10m.

2015-11-15

"Can you imagine a 'Cashless society'? Sweden is nearly there"

http://phys.org/news/2015-11-cashless-society-sweden.html

Sweden is just a test case. The eyes of the world are watching. My passing into the great beyond and a cashless society are running neck and neck. I hope I win.

[Suradit69]

With the rise in crime currently in Thailand it's pretty ridiculous to inform people that banks and ATM's will be stockpiling large amounts of cash.

Do you really think bank robbers will suddenly perk up? If someone was going to rob a bank he would assume "that's where the money is," regardless of seasonal fluctuations. I doubt anyone would think he was going to be any more lucky because of seasonal adjustments to bank reserves. And the amount of money in any individual ATM would hardly fluctuate by that much at any given time. Most likely the frequency of replenishment.

Farang banks often announce their liquidity and solvency to reassure investors and customers.

And the assumption that the rise in crime in Thailand is factual or relevant to ATM or bank robberies is a specious presumption. Banks worldwide prepare for major holidays by ensuring cash on hand will meet historical requirements.

"Ridiculous" is the right word, but not for the prudent annual provisions by banks in Thailand or anywhere else in anticipation of a holiday period.

More bubble thinking by farang "experts" with xenophobic worldviews.

[Jonmarleesco]

'Kasikornbank announced that it would reserve cash worth totally Bt32 billion, Bt14.5 billion lower than last year.' Expecting lower withdrawals, are they? Given the oft encountered problems with KKB ATMs, I should have thought better safe ...

[NCC1701A]

Debts? What Debts?

Mind you, this is a yearly event, the stockpiling that is. Clearly shows Thailand is still a mainly cash society.

Just to indicate how things are moving in parts of the Western World

- on Saturday 5th of December (Dutch Sinterklaas day) there were 13.6 million online transactions with debit or credit card (normal for a Saturday around 10m.

2015-11-15

"Can you imagine a 'Cashless society'? Sweden is nearly there"

http://phys.org/news/2015-11-cashless-society-sweden.html

Sweden is just a test case. The eyes of the world are watching. My passing into the great beyond and a cashless society are running neck and neck. I hope I win.

I hope I die before a cashless society? What's the big deal? An ATM card phobia?.

I use to have the same small amount of cash in my wallet for weeks back in the US.

Now I commonly have 20000 baht around because Thailand is what it is. I'll take the cashless society.

same for me in the US, but here there are too many small businesses to use a debt/atm card. no power, no internet, no terminal. i would say Thailand will be one of the last to go cashless. and then of course you now have a paper trail for taxes, which would never fly here because so many small businesses pay zero income tax.

and thailand is a huge mafia run state, so no way cashless. Tony Soprano accepting ATM cards? more like printing fake cards.

Edited December 16, 2015 by NCC1701A