BoT seeks to scrap cross-province fees

Move part of new fee standardisation push

- SOMRUEDI BANCHONGDUANG

Current banking fees on cross-province money transactions should be scrapped once the Bank of Thailand completes its fee standardisation of the banking system, as the operating costs of the banking industry have been declining, said governor Vitai Ratanakorn.

Speaking at the annual meeting of the Economic Reporters Association, Mr Vitai said the central bank hopes there will be no fees imposed on crossprovince financial transactions, which include money deposits, withdrawals and transfers covering both cash and cheques.

In the initial stage of the “new fee standardisation framework in the banking system’, the central bank expects standardised fees to cover 10-15 fee items, primarily focusing on transactional fees and those related to small and medium-sized enterprise (SME) loans.