ATM transaction fees in March

BANGKOK, 31 January 2011 (NNT) – The Bank of Thailand (BoT) has confirmed that a measure to reduce ATM transfer and withdrawal fees will be implemented this March in order to help lower people’s cost of living.

Mr Chim Tantiyaswasdikul, the BoT’s Assistant Governor for Information Techonology, disclosed that the central bank had convened with the Thai Bankers’ Association to discuss the policy to curtail commercial banks’ ATM transaction fees within the first quarter of this year.

The adjustment will be applicable to charges incurred by transfers and withdrawals within the same bank but at different branches. The current rate of transfer and withdrawal fees of at least 20 THB per transaction, or 10 THB per processing of 10,000 THB plus another 10 THB in service fee, will be cut down to a total of 15 THB per transaction at a minimum. For money transfers, the first transaction will be free of charge.

The BoT has reportedly promised that the measure will come into effect within March this year and will be overseen by BoT Governor Prasarn Trairatworakul himself. However, Mr Chim pointed out that a certain amount of time would have to be allowed for the commercial banks to adjust their operations to accommodate the fee reduction, which is expected to help bank customers save up to 2.5-3 billion THB annually.