Thai banks considering cash transaction fee 'to cover their costs'
The members of the Thai Bankers' Association are considering adjusting banks' fee structures, including levying a cash transaction fee, the association president, Payong Srivanich, said.
The association will have to seek approval for the move from the Bank of Thailand (BOT).
Payong, who is also the executive director and member of Krungthai Bank’s risk oversight committee, said the adjustment of the fee structure was aimed at striking a balance between the banks’ costs and services, and not to increase profits.
The date for levying the cash transaction fee had not been decided yet, he said, adding that he wanted to make sure that customers understood the reason behind the fee.
He added that the cash transaction fee is being discussed in order to move Thailand towards a cashless society while having the least impact on customers.
Payong said that the fee could also sustain the efficiency of the banking system, as banks would invest in common utilities and technical infrastructure to foster connectivity and interoperability amongst them as well as improve cybersecurity.
Meanwhile, BOT Governor Sethaput Suthiwartnarueput said the central bank was planning to speak to the association regarding a suitable fee so as to make it workable in society.
He said the BOT would also discuss the issue of a cashless society with the association, emphasising that the government needed to assist everyone in becoming digitally ready.
