New Year spending expected to rise as banks stock up ATMs, waive fees
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Kasikorn Research Centre expects Bangkokians' local and overseas spending this New Year holiday period to surpass Bt11.12 billion - a year-on-year increase of 8.1 per cent - as a result of the Tourism and Sports Ministry's stimulus package.
Most local banks have increased their cash reserves in automated teller machines nationwide to serve customers during the holiday, with the ATM cash-withdrawal fee to be waived.
This year marks the first time banks will waive those fees, and it follows a collaboration with the ministry that aims to help drive tourism.
In general, an ATM cardholder pays a fee of up to Bt25 per withdrawal nationwide.
Bangkok Bank has prepared cash reserves of more than Bt60 billion for 9,000 ATMs nationwide for the holiday period between December 31 and January 4. Last New Year, it prepared cash reserves of Bt50 billion.
The bank’s 300 micro-branches in shopping malls will be open every day during the holiday. It will resume normal operations on January 5.
Siam Commercial Bank has prepared Bt53.50 billion in cash reserves, up from Bt52 billion for the previous New Year holiday.
TMB Bank has increased its cash reserves from Bt8 billion to Bt10.5 billion while Kasikornbank has maintained it at Bt46.5 billion.
For KBank, Bt8.5 billion of the total is for nationwide branches and Bt38 billion is for its 9,791 ATMS – of which Bt17.5 billion is for Bangkok and Bt20.5 billion for the provinces.
Bank of Ayudhya has prepared Bt13.55 billion in cash reserves for its ATMs, up 5.8 per cent.
CIMB Thai Bank has increased its cash reserves for ATMs from Bt2.4 billion to Bt2.5 billion.
Krungthai Bank, however, has lowered its reserves, to Bt63.5 billion from Bt71 billion last New Year’s.
It said the reduction was because most of its customers were civil servants and state-enterprise officers who would get paid before December 29.
