BOT Raises Free Transfer Limit for Online Banking
The Bank of Thailand (BOT) has resolved to increase the limit on free money transfers for users of internet banking to 700,000 THB per transaction.
Although a number of people have opted for online banking to make money transfers, the BOT has indicated that banks still maintain their limit on the amount of money transferred for free at only 50,000 THB per transaction. In an attempt to avoid transfer fees, many customers have to go through the hassle of making several transfers of small amounts not exceeding the limit. To increase the convenience of internet banking, the central bank has agreed with the Thai Bankers’ Association to push up the free transfer limit from 50,000 to 700,000 THB per transaction.
The change was scheduled to take effect from this October 1st. The higher transaction amount for both internet and mobile banking platforms will help lower the number of transactions and, in turn, smooth out money transfers, said Siritida Panomwon Na Ayudhya, the central bank’s deputy governor. Each bank will later set its own maximum amount for money transfers over PromptPay-based online channels, she said, adding that consumers can also set their own maximum money transfer amount to meet their own needs. In addition, the BOT is collaborating with the Thai Bankers’ Association and National ITMX Company Limited on a project to boost the processing capacity of the mobile banking system by at least twofold in order to tackle transaction bottlenecks around the end and the beginning of each month.
Bangkok Post/ NNT