Bank increase ATM withdrawal fees… by 70 %

Inflation is everywhere… even where you don’t expect it.

Banks are about to increase ATM fees, as they claim costs have increased. Some of the changes will become effective tomorrow.

Bangkok Bank increased its ATM fees at the beginning of the year, and recently, Siam Commercial Bank and Kasikorn Bank announced they too will adjust the fees for fifth-time service from 3 baht to 5 baht. The increases will become effective tomorrow for Siam Commercial Bank and from May 17th for Kasikorn Bank (TOC).

That’s a freaking 70 % increase !

The Thai Bank Networking Administration Director, Somkiat Srisuwan, said he is considering an increase as the bank is burdened with higher costs for transporting money, as a result of the elevated oil prices. Moreover, the electricity charge for ATMs is to increase by 100 percent.

There is another reason : the number of ATMs. We can’t about development anymore… it’s an epidemic. Soon, we will have a private ATM in our bathroom or living-room… 😉 It’s insane.

That’s of course a cost. A huge cost for the banks.

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