Thai banks to cut some transfer fees

[buksida]

Commercial banks have agreed to cut transaction fees for customers using internet banking and ATM services to transfer funds.

Thai Bankers Association chairman Chartsiri Sophonpanich, president of Bangkok Bank, said all commercial banks will cut fees to reduce costs to customers.

Fees will be waived for customers transferring money to accounts at the same bank in a different province using the internet or smartphone applications for the first five transactions each month. Subsequent transactions will incur a charge of 10 baht per transaction.

Banks currently charge a 10 baht minimum up to 10,000 baht, increasing incrementally thereafter to a maximum fee of 1,000 baht.

Fees for transfers via ATM to a customer's own account, or another person's account, in a different province will also change. The first transaction each month will be free. Subsequent transactions will be charged at 10 baht each, instead of 15 baht, Mr Chartsiri said.

The announcement following an approach to commercial banks by the Bank of Thailand. The central bank pointed out that technology has helped cut operating costs.

Pakorn Partnanapat, executive vice president of Kasikornbank, said the fee adjustment will cost the bank approximately 100 million baht a year.

Source: Bangkok Post

[wpcoe]

At an ATM can you transfer funds to an account at another bank, or just to accounts in the same bank? e.g. Can I use an SCB ATM to transfer from my SCB account to an account at Bangkok Bank?

[buksida]

You can but there is a fee for it, 30 baht or something.

[Bristolian]

Every month I need to transfer funds from Bangkok Bank to the Bank of Ayudhya, via ATM. The fee is 35 Baht per transfer

[wpcoe]

Good to know. I don't remember seeing that option the last time I did a SCB-to-SCB ATM transfer. I'll probably be doing a couple transfers soon and can eliminate visiting other banks.