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 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.
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