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Sunday, June 23, 2024

Thai Banks consider new fee structure to align with operating costs for physical and digital banking services

The Thai Bankers’ Association (TBA) is currently discussing a new fee structure that would more accurately reflect the operating expenses for both physical and digital banking services. TBA President, Payong Srivanich, disclosed that the new fee structure would take into account the actual costs incurred by banks for the different channels of services provided.

While emphasizing the higher costs of branch services, Srivanich pointed out that Thai banks do not currently charge fees for this channel. On the other hand, the TBA President cited greater security and technology investment costs associated with digital banking services and highlighted that Thailand is currently the only country in the world that does not charge fees for digital payments.

The TBA will discuss with the Bank of Thailand and consider all relevant factors before finalizing the new fee structure. Srivanich acknowledged that the new structure would result in increased fees for customers, but all parties would ensure that clients would pay at a reasonable price, and that banks could balance the fees throughout all channels.

The proposed new fee structure aims to facilitate an easier transition from a cash-intensive to a cashless society in the future. While cashless payments have been on the rise in Thailand, the majority of transactions are still conducted in cash. The TBA is committed to facilitating a smooth transition and ensuring that banking services remain accessible and affordable to all.

Ansh Dey
Author: Ansh Dey

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