BoT wants cross-province money transfer fee cancelled
Rungkarn Rujiwarangkul

BANGKOK, 7 September 2010 (NNT) – The Bank of Thailand (BoT) will hold a meeting with commercial banks on Wednesday to discuss the restructuring of money transfer fees in the whole banking system.

BoT Deputy Governor Chim Tantiyaswasdikul said the talk with commercial bank executives would focus on the entire fee calculation system particularly the cross-province cash withdrawals and transfers.

Mr Chim stated that, if possible, the BoT would like the banks to totally waive the fee charged on such transactions. The waiver includes the fee collected on transfers of salary to each employee’s account. The fee collection could be revoked completely by the fourth quarter of next year if all commercial banks agreed to the BoT’s initiative.