Bank of Thailand relaxes regulations on foreign exchange

[webfact]

Bank of Thailand relaxes regulations on foreign exchange

 

 

BANGKOK, 7 June 2017 (NNT) - Reforms by the Bank of Thailand (BOT) on foreign exchange regulations are now beginning to take effect, after the policy began in December last year. 

BOT Governor Veerathai Santiprabhob revealed that the BOT has collaborated with the Thai Chamber of Commerce, commercial banks, foreign exchange businesses, and related agencies to review 80 pieces of legislation on foreign exchange, in a bid to increase the ease of doing business for Thai companies and reduce transaction costs.

Policies that are now in effect include expanding the kinds of documents that can be submitted online and allowing commercial banks to give out loans in Thai baht to businesses in neighboring countries that are investing in infrastructure or other industries that are beneficial for Thailand. In addition, people will be able to pay for goods and services through international money transfer businesses, instead of only banks. 

Other policies in the pipeline include waiving the need to submit financial statements before investing money in foreign currencies or the need to include extensive information in forms. In addition, foreign exchange traders will soon be able to trade foreign currencies electronically.

 

-- nnt 2017-06-07

[darksidedog]

Will it also reduce the extortionate fee charged every time we use an ATM with a foreign card?

[Goanna]

25 minutes ago, darksidedog said:

Will it also reduce the extortionate fee charged every time we use an ATM with a foreign card?

And I wonder what charges are on Thai cards in other countries ATM. 

[YetAnother]

34 minutes ago, darksidedog said:

Will it also reduce the extortionate fee charged every time we use an ATM with a foreign card?

what is that rate/fee now ?

[Briggsy]

This thread is not about ATM charges for foreign cards used in Thailand.

 

However every post so far barring the original story has been about that.

 

I don't suppose there is any chance that this thread could keep on topic. No? I didn't think so.

 

Please continue your off-topic complaints against the foreign card ATM charge.

[hobobo]

24 minutes ago, Briggsy said:

This thread is not about ATM charges for foreign cards used in Thailand.

 

However every post so far barring the original story has been about that.

 

I don't suppose there is any chance that this thread could keep on topic. No? I didn't think so.

 

Please continue your off-topic complaints against the foreign card ATM charge.

We are not having a bad morning, are we?

[alant]

23 minutes ago, Briggsy said:

This thread is not about ATM charges for foreign cards used in Thailand.

 

However every post so far barring the original story has been about that.

 

I don't suppose there is any chance that this thread could keep on topic. No? I didn't think so.

 

Please continue your off-topic complaints against the foreign card ATM charge.

Don't agree with your point, the o post talks about the ease of doing business in Thailand and transaction costs. This would include overseas workers living expenses in my mind so ATM charges are a valid point. You don't clarify the point you think should be made to help posters respond you simply add what appears to be a sarcastic "No? I didn't think so." 

[ExpatOilWorker]

2 minutes ago, hobobo said:

We are not having a bad morning, are we?

This thread is not about mornings or any other specific time of the day!

[kamahele]

This article is about corporations and for them, great. It is long overdue. I would hope that with this legislation, they would also make it easier and less expensive to transfer money into personal accounts

[Kabula]

1 hour ago, darksidedog said:

Will it also reduce the extortionate fee charged every time we use an ATM with a foreign card?

That fee is needed to offset the foreign manipulated currencies that are crushing trade and causing foreign currency wars worldwide.

 

Be happy to pay the fee and be able to get paper!

 

My US Internet bank refunds all my ATM fees.

[Ulic]

1 hour ago, darksidedog said:

Will it also reduce the extortionate fee charged every time we use an ATM with a foreign card?

A rhetorical question I am sure.

[NCC1701A]

49 minutes ago, Kabula said:

That fee is needed to offset the foreign manipulated currencies that are crushing trade and causing foreign currency wars worldwide.

 

Be happy to pay the fee and be able to get paper!

 

My US Internet bank refunds all my ATM fees.

may I ask which bank that is?

[maewang99]

not only that.... I never get this:
 

the retail banks all prominently display it in every branch office.... today it's 55 satang versus 73 satang... Philippine Peso spread on "bank notes only'. no cash use the dollah.

 

is it because they will do exchange for any walk in... even if they don't "know the customer"? 

is that why? and it won't change. none of it.

ever.

so always keep overseas accounts. only.

not many places are as high growth as the Philippines... even with Marawi etc... so how can they say at all they have eased Thai retail investors? not for the AEC they haven't.



 

Edited June 7, 2017 by maewang99

[gwynt]

2 hours ago, Goanna said:

And I wonder what charges are on Thai cards in other countries ATM. 

I have used my Thai card in many countries without any charges.

So charges here are rip off.

[topt]

2 hours ago, alant said:

This would include overseas workers living expenses in my mind

Normally would you not expect them to be paid in local currency?

If not transfer in enough to your Thai bank account to last and avoid foreign card ATM charges...................

[Kabula]

2 hours ago, NCC1701A said:

may I ask which bank that is?

 I don't wish to post it on this forum. 

 

Send me your email address to xxxxxxxxxxx and I will answer your question.

 

Edited by @KhunBENQ

Also don't post email addresses publicly.

Use the message function of the forum to get in contact.

[Thechook]

5 hours ago, Goanna said:

And I wonder what charges are on Thai cards in other countries ATM. 

$2.00 or 50 baht in Aust

[timendres]

4 hours ago, Kabula said:

That fee is needed to offset the foreign manipulated currencies that are crushing trade and causing foreign currency wars worldwide.

Currency exposure is easily covered by the exchange rate, which is percentage based and a better hedge.

The fee is required for the overhead of the ATM and the transaction, but 200+ baht is totally unreasonable.

They have the foreigner by the short hairs, and they know it.

[Goanna]

1 hour ago, Thechook said:

$2.00 or 50 baht in Aust

Same as local when not your bank. Cheers.

[fatdrunkandstupid]

Yep.  Simplified like a motherf***er.

 

Just took me three weeks to open an FCD account.

 

And then other week to get my FET bai rap rong.

[Kabula]

2 hours ago, timendres said:

Currency exposure is easily covered by the exchange rate, which is percentage based and a better hedge.

The fee is required for the overhead of the ATM and the transaction, but 200+ baht is totally unreasonable.

They have the foreigner by the short hairs, and they know it.

It is clear to see you were never a banker nor an economist...

 

When the public and businesses take their money elsewhere because of extended low interest rates, combined with massive job losses; and massive currency and trade wars worldwide, combined with increased taxes, and expenses;  deficits have to be made up in fees.

 

[Redline]

On 6/7/2017 at 8:05 AM, Briggsy said:

This thread is not about ATM charges for foreign cards used in Thailand.

 

However every post so far barring the original story has been about that.

 

I don't suppose there is any chance that this thread could keep on topic. No? I didn't think so.

 

Please continue your off-topic complaints against the foreign card ATM charge.

Right, and why don't people get cards that reimburse the fees?  My bank pays me back every month

[Briggsy]

25 minutes ago, Redline said:

Right, and why don't people get cards that reimburse the fees?  My bank pays me back every month

You liked my post and then quoted me making a point about ATM fees for foreign cards. Is that not contradictory behaviour? Something like congratulating somebody for successfully giving up cigarettes and then offering them a cigarette. I look forward to your explanation, genuinely.

[Redline]

4 minutes ago, Briggsy said:

You liked my post and then quoted me making a point about ATM fees for foreign cards. Is that not contradictory behaviour? Something like congratulating somebody for successfully giving up cigarettes and then offering them a cigarette. I look forward to your explanation, genuinely.

Ooops, my bad.  I was looking at the post you were responding to.  But, that was a great response~actually enlightening

[Xaos]

So whats they made easier? Really want to know.

Sent from my SM-G955F using Tapatalk

[Naam]

double posting

Edited June 9, 2017 by Naam

[IMA_FARANG]

I do not use a foreign ATM card in Thailand, I have a Bangkok Bank  local Be1st card and there is NO fee on that except if you lose the card and need to replace it.

And I have also used this same Bangkok Bank card in Vietnam, Malaysia, and Hong Kong.

The exchange  fees  there  are not determined by Thai banks, they are determined by the local country banks in that country.

Edited June 9, 2017 by IMA_FARANG
added a comment

[timendres]

On 6/7/2017 at 5:43 AM, Kabula said:

It is clear to see you were never a banker nor an economist...

Neither of which commands much respect...

 

When the public and businesses take their money elsewhere because of extended low interest rates, combined with massive job losses; and massive currency and trade wars worldwide, combined with increased taxes, and expenses;  deficits have to be made up in fees.

Which refutes my statement that "the fees are totally unreasonable" how?

[TallGuyJohninBKK]

On 6/7/2017 at 8:59 AM, kamahele said:

This article is about corporations and for them, great. It is long overdue. I would hope that with this legislation, they would also make it easier and less expensive to transfer money into personal accounts

 

Also not easy for expat retirees here (those not earning any Thai salary with a work permit) to send their own funds out of the country...and nothing much in the article addressing that.