BoT clarifies conditions regarding new chip card

BANGKOK, 23 May 2016 (NNT) - The Bank of Thailand (BoT) has announced that since May 16, ATM and debit cards issued by all banks to new customers use chip verification, which is considered safer than existing magnetic strip cards.

Magnetic strip cards will still be valid until December 31, 2019, but banks will gradually phase them out as they expire. Customers can also request that a bank replace their magnetic strip card with a chip card before its expiration.

The new cards will work at ATMs of the issuing bank. However, temporary issues may exist when trying to use a chip card at another bank’s ATM.

Fees will be imposed for replacing the card and using it other ATMs. However, certain banks may announce promotions to give out the new cards free-of-charge.

Terms, conditions and fees may be different for each bank. Customers are urged to study these terms and conditions and compare fees on the BoT website, www.bot.or.th.

-- NNT 2016-05-23

"However, certain banks may announce promotions to give out the new cards free-of-charge."

Right. If you want to withdraw YOUR money from an ATM, you need a card. So why wouldn't Thai banks automatically charge the 100 baht fee for the new card since they have you by the ...?. The free services we take for granted in the west need to be bought in Thailand. Since every bank charges for the same services (Known as "collusion" in the west) it makes no sense not to rake in a few million for what they have to do anyway.

Fees will be imposed for replacing the card and using it other ATMs. However, certain banks may announce promotions to give out the new cards free-of-charge.

Terms, conditions and fees may be different for each bank. Customers are urged to study these terms and conditions and compare fees on the BoT website, www.bot.or.th.

How do those last 2 sentences even come close to clarifying anything.

"However, certain banks may announce promotions to give out the new cards free-of-charge."

Right. If you want to withdraw YOUR money from an ATM, you need a card. So why wouldn't Thai banks automatically charge the 100 baht fee for the new card since they have you by the ...?. The free services we take for granted in the west need to be bought in Thailand. Since every bank charges for the same services (Known as "collusion" in the west) it makes no sense not to rake in a few million for what they have to do anyway.

Absolutely spot on mate.

I have long told my wife here that Thai banks could not compete on the world stage as they currently behave towards their customers, Most westerner simply wont put up with it. also online banking needs to be seriously looked at and the levels of security by banks here is a joke.

The fees and charges are simply a rip off IMO, again something most westerners will not put up with.

Unfortunately there is a serious lack of choice therefor limited and it could be claimed purposely intended lack of competition....

You know even mobile phones have a fingerprint device for access------ you can use it along with a PIN , seems a more easier solution for the ATMs.

What about using the card overseas?

You know even mobile phones have a fingerprint device for access------ you can use it along with a PIN , seems a more easier solution for the ATMs.

To date Retinal Scan systems have proven to be the most secure. Fingerprint scans just compare a sample and has a significant deviation that will still be accepted.

"However, certain banks may announce promotions to give out the new cards free-of-charge."

Right. If you want to withdraw YOUR money from an ATM, you need a card. So why wouldn't Thai banks automatically charge the 100 baht fee for the new card since they have you by the ...?. The free services we take for granted in the west need to be bought in Thailand. Since every bank charges for the same services (Known as "collusion" in the west) it makes no sense not to rake in a few million for what they have to do anyway.

Absolutely spot on mate.

I have long told my wife here that Thai banks could not compete on the world stage as they currently behave towards their customers, Most westerner simply wont put up with it. also online banking needs to be seriously looked at and the levels of security by banks here is a joke.

The fees and charges are simply a rip off IMO, again something most westerners will not put up with.

Unfortunately there is a serious lack of choice therefor limited and it could be claimed purposely intended lack of competition....

There is also a serious lack of government interference. In the Western world, the finance laws make the banks absolutely responsible for whatever may happen to your money held by them. In other words, if they give your money to the wrong person, they must pay. It is because of this rigorous control that Western banks have such a high level of security. This security is paid for by the banks because it is cheaper than giving back monies to aggrieved customers. If the government of Thailand were to impose similar controls through a financial services authority (FSA) on the retail banking sector of Thailand there would be a huge realignment within the banking sector to make sure that account theft via ATM is a thing of the past.

You know even mobile phones have a fingerprint device for access------ you can use it along with a PIN , seems a more easier solution for the ATMs.

To date Retinal Scan systems have proven to be the most secure. Fingerprint scans just compare a sample and has a significant deviation that will still be accepted.

Cutting off someone's finger to get their fingerprint is sure to be a painful experience, but cutting out an eye for a retinal scan? OUCH............

What about using the card overseas?

No problem using my BKK chip and pin card overseas, however using it at another Thai bank is a bit hit and miss.

"However, certain banks may announce promotions to give out the new cards free-of-charge."

Right. If you want to withdraw YOUR money from an ATM, you need a card. So why wouldn't Thai banks automatically charge the 100 baht fee for the new card since they have you by the ...?. The free services we take for granted in the west need to be bought in Thailand. Since every bank charges for the same services (Known as "collusion" in the west) it makes no sense not to rake in a few million for what they have to do anyway.

What free service in the west? There is a reason for the many complaints about western banks.

"However, certain banks may announce promotions to give out the new cards free-of-charge."

Right. If you want to withdraw YOUR money from an ATM, you need a card. So why wouldn't Thai banks automatically charge the 100 baht fee for the new card since they have you by the ...?. The free services we take for granted in the west need to be bought in Thailand. Since every bank charges for the same services (Known as "collusion" in the west) it makes no sense not to rake in a few million for what they have to do anyway.

Absolutely spot on mate.

I have long told my wife here that Thai banks could not compete on the world stage as they currently behave towards their customers, Most westerner simply wont put up with it. also online banking needs to be seriously looked at and the levels of security by banks here is a joke.

The fees and charges are simply a rip off IMO, again something most westerners will not put up with.

Unfortunately there is a serious lack of choice therefor limited and it could be claimed purposely intended lack of competition....

The banks all have a consession for which they paid a lot of money., The concession guarantees them limited competition for a certain regular 'generosities'.

Most sectors of big business in Thailand have similar 'arrangements'. Corrupt from bottom to top and the Thai people pick up the tab.

Winnie

Edited May 23, 201610 yr by Winniedapu

You know even mobile phones have a fingerprint device for access------ you can use it along with a PIN , seems a more easier solution for the ATMs.

pity the phone didn't spit out the loot..maybe in the future it will generate a token or code.