Standardised Thai bank fees expected by July

Bank of Thailand aims to enforce fee reforms to help individuals and small businesses

(Photo: Nutthawat Wichieanbut)

The Bank of Thailand is scheduled to introduce standardised banking fees in July this year, seeking to reduce financial costs for individuals and small and medium-sized enterprises (SMEs).Central bank governor Vitai Ratanakorn said a month-long public consultation period on the standardisation of banking fees is scheduled to end on May 10, to be followed by an official announcement.

“The rollout could begin as early as July, or be implemented gradually on a case-by-case basis, which would help ease the burden on retail customers and SMEs,” Mr Vitai said on Friday.

The move to standardise and reduce 10 to 15 key retail and SME banking fees reflects lower operating costs in the digital era, the central bank has said.