Thailand

Bangkok Bank customers can now withdraw cash from 7/11 stores

Published

Tuesday, March 16, 2021 13:11

Bangkok Bank is now offering its customers the option to withdraw money at 7/11 convenience stores after teaming up with the retail giant. The move to allow customers greater access to transactional services is to help those in rural areas get cash quickly without needing to go to the actual bank.

So far, 12,500 7/11 stores nationwide are offering the service in which customers can login through the banking app named Bualuang m-Banking, and withdraw money to be picked up at the stores.

The newest service is in addition to last year’s decision to allow customers to make cash deposits into their Bangkok Bank accounts using 7/11. That service in itself saw deposits grow by 60% per month.

The bank has been developing different channels in order to offer a wider selection of services, taking into consideration its customers’ wishes. Recently, the bank added Lotus as another banking agent. A representative for Bangkok Bank says despite the digital banking trend, some customers still need to do cash transactions outside of business hours or away from ATM’s or bank branches.

Customers can make cash deposits at 7/11 counters in the amounts of 100 to 30,000 baht per transaction with a 100,000 baht per day deposit limit per account, following the Bank of Thailand’s requirements.

Cash withdrawals are permitted in the amounts of 100 to 5,000 baht per transaction with a maximum amount of 20,000 baht per day in line with ATM regulations. A 15 baht fee is added for each withdrawal. Customers must have a legal ID to make the transactions. Smartcards can also be used in leiu of an ID.

According to the central bank’s data, 30 local and foreign commercial banks in Thailand, had a total of 6,847 physical branches in 2020. But this year, that number has dropped to 6,714. Bangkok Bank had 1,168 branches last year but 20 branches have closed over the past year dropping the number to 1,148.

SOURCE: Chiang Rai Times

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9 Comments

Craig

Tuesday, March 16, 2021 at 2:29 pm

Wow. Next, the bank pays me to go to 7. 555

Reply
Fred glue

Tuesday, March 16, 2021 at 2:30 pm

Good, now get the lottery on line at 7/11 shops…

Reply
Ian

Tuesday, March 16, 2021 at 4:34 pm

It would be nice if they had cash to withdraw

Reply
toby andrews

Tuesday, March 16, 2021 at 4:36 pm

The banks will not like this.
The last time I withdrew from an ATM in Thailand it cost, I think, B300.
Here in Cambodia it is B123.
Another example of the greed of the Thais.

Reply
Colin G

Tuesday, March 16, 2021 at 5:24 pm

I bank with Bangkok Bank. Last year, if took money from other bank’s ATMs there would often (but not always be a charge of THB 10. This year, that charge seems to have disappeared. Only if I am using my UK debit cards do I ever see a charge of THB 200 and that is reasonable for a foreign currency transaction, IMHO.

Reply
David Mann

Tuesday, March 16, 2021 at 6:25 pm

20 baht to use an ATM last time is used it to withdraw money from my Thai Bank account. And that was only because I was out of the province where my account is registered (a cheek to charge that but only 20 baht). I assume the 300 Baht you are referring to Toby is using a foreign ATM card?

Reply
Gosport

Tuesday, March 16, 2021 at 6:27 pm

Still using cash ?

Reply
Issan John

Tuesday, March 16, 2021 at 10:40 pm

Agree with David M. Free to withdraw from ATMs in your own province, including from other banks (although some banks charge), but a 20 baht “cross province” charge.

TBH I can’t see much point in this as most 7-11’s have ATM’s, but at 15 baht a time I suppose it’ll all add up for 7-11.

Reply
Ian

Wednesday, March 17, 2021 at 3:19 am

Gosport cash is king in thailand, and yes its 200 to 300 baht for foriegners using atms with thier country’s credit cards and some banks also charge you back in UK as well so both scamming us lol

Reply

Ann Carter

Ann Carter is an award-winning journalist from the United States with over 12 years experience in print and broadcast news. Her work has been featured in America, China and Thailand as she has worked internationally at major news stations as a writer and producer. Carter graduated from the Walter Williams Missouri School of Journalism in the USA.

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