News Forum - Thailand introduces new rule for cash deposit machines

[Thaiger]

Commencing November 15, people depositing cash into their bank account via cash deposit machines (CDMs) in Thailand will have to insert their credit or debit card and PIN number to verify their identity. The Anti-Money Laundering Office (AMLO) said the new identification requirement is a safety measure to prevent money laundering earned from drug trafficking, gambling, and other criminal activity. Bank account holders who do not have a debit or credit card can deposit money inside a branch of their said bank, according to AMLO. Currently, you don’t need to verify your identity to deposit money in Thailand. If you […]

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[Ramanathan.P]

With the ATM machines are now centralized for all the banks. especially at the PTT stations where normally travelers rest, If I am not mistaken there is a minimal charge for the withdrawal at the ATM

[Loong]

1 hour ago, Ramanathan.P said:

With the ATM machines are now centralized for all the banks. especially at the PTT stations where normally travelers rest, If I am not mistaken there is a minimal charge for the withdrawal at the ATM

How does that relate to this article which is about deposits, not withdrawals?

[Loong]

I pay my rent by depositing in a CDM. The landlord's bank is not the same as my bank.
It is not clear from the article, so will my debit card and pin be acceptable even though it is from a different bank?

[Soidog]

Im a little confused by this article. It’s a few years since I’ve used a CDM in Thailand, but I recall having to insert my debit card in to the machine. That’s how it got the details of the account I wished to deposit the money to? 

[Ramanathan.P]

1 hour ago, Loong said:

How does that relate to this article which is about deposits, not withdrawals?

Please go to the link on how successful to open a bank account. Check towards the last part of that article. It states about the ATM withdrawal on the bank's own ATM which is free and other ATM where a fee is charged for the withdrawals. 

[Faz]

18 minutes ago, Ramanathan.P said:

Please go to the link on how successful to open a bank account. Check towards the last part of that article. It states about the ATM withdrawal on the bank's own ATM which is free and other ATM where a fee is charged for the withdrawals. 

That's a link to a different article and not related to this topic of changes to rules for cash deposits (not withdrawals) at an ATM.

[Faz]

50 minutes ago, Soidog said:

Im a little confused by this article. It’s a few years since I’ve used a CDM in Thailand, but I recall having to insert my debit card in to the machine. That’s how it got the details of the account I wished to deposit the money to? 

You could always enter the name of the bank and number of the account you wish to deposit funds without your debit card and receive a receipt. Same way you'd pay a bill through 7/11.

[longwood50]

1 hour ago, Loong said:

I pay my rent by depositing in a CDM. The landlord's bank is not the same as my bank.
It is not clear from the article, so will my debit card and pin be acceptable even though it is from a different bank?

I am assuming you are accessing your bank account and then doing a transfer to your landlords account.  You would not be able to access his bank account without inserting a card with his account number.  One way or another, why would you not just use your computer or phone to transfer electronically to his account.  That way you would have an electronic receipt of the transfer. 

 

[Faz]

43 minutes ago, longwood50 said:

I am assuming you are accessing your bank account and then doing a transfer to your landlords account.  You would not be able to access his bank account without inserting a card with his account number.  One way or another, why would you not just use your computer or phone to transfer electronically to his account.  That way you would have an electronic receipt of the transfer. 

No he's paying cash through a CDM to pay his landlord. He isn't accessing his own account.
He enters the landlord bank and account number details.

[longwood50]

28 minutes ago, Faz said:

No he's paying cash through a CDM to pay his landlord. He isn't accessing his own account.

Seems like an unusual way to transact business.  The CDM can accept but not dispense cash so you would have to have exactly the amount being transferred to pay the landlord.  If you had more, I would think you would have a credit balance that would have to be transferred to your own bank account to clear the cash deposit.  One way or another if the person is a foreigner they would have to have a bank account to function.  Certainly if a retiree they would need that to prove the income.  Just seems like a lot of uneccessary steps to get cash, then deposit it into a machine, and then make sure you kept your receipts.  

[Faz]

30 minutes ago, longwood50 said:

Seems like an unusual way to transact business.  The CDM can accept but not dispense cash so you would have to have exactly the amount being transferred to pay the landlord. 

Rentals I've witnessed are always in round figures, 4K, 5K,10K etc, so paying through a CDM wouldn't be an issue.

[Guest1]

3 hours ago, Soidog said:

Im a little confused by this article. It’s a few years since I’ve used a CDM in Thailand, but I recall having to insert my debit card in to the machine. That’s how it got the details of the account I wished to deposit the money to? 

Without card is the main way for transferring cash money to other people(s account), lets say salary that is not official, manila money without envelopes, WITHOUT that the source is known. 

If people put money on the own account, I would assume that most of them use the card anyway, cause it is easier. 

Also it (did?) cost 30 baht (if I remember that right), to CDM money without a card. Or was that just if CDM was from a different bank?

I can see the reasons behind this, money laundering, or tax/social avoidance needs to become cash in hand again, in the future.

[longwood50]

22 minutes ago, Faz said:

Rentals I've witnessed are always in round figures, 4K, 5K,10K etc, so paying through a CDM wouldn't be an issue.

I understand that however first the person would have to obtain the baht.  That means the person makes a trip to an ATM or a bank. They would then deposit the cash into a CDM when they could have just transferred from their bank account that they took the cash from to begin with. 

Even if they were sitting on a pile of cash.  It would still require making a trip to a CDM rather than just transferring the payment online.  I can not envision the use of a CDM unless for some reason I was unable to open a bank account.  Certainly paying from ones bank account provides a bank verified record of the payment.  If you use a CDM I would think you would have to retain the printed receipts as proof.  

[Guest1]

7 minutes ago, longwood50 said:

I understand that however first the person would have to obtain the baht.  That means the person makes a trip to an ATM or a bank. They would then deposit the cash into a CDM when they could have just transferred from their bank account that they took the cash from to begin with. 

Even if they were sitting on a pile of cash.  It would still require making a trip to a CDM rather than just transferring the payment online.  I can not envision the use of a CDM unless for some reason I was unable to open a bank account.  Certainly paying from ones bank account provides a bank verified record of the payment.  If you use a CDM I would think you would have to retain the printed receipts as proof.  

But what you not seem to see, that is that a lot of businesses are still cash payed. I have seen Thai people climbing out of a Beamer, walking to a CDM and paying to a Din A 4 list of peoples account numbers medium to big amounts, out of a big bag with lots of bills inside. 

"It would still require making a trip to a CDM rather than just transferring the payment online."

And you did not read this?

" the new identification requirement is a safety measure to prevent money laundering "

Every online payment is a "registration" , a way between 2 known parties.  24/7

 

 

[longwood50]

2 minutes ago, Guest1 said:

But what you not seem to see, that is that a lot of businesses are still cash payed. I have seen Thai people climbing out of a Beamer, walking to a CDM and paying to a Din A 4 list of peoples account numbers medium to big amounts, out of a big bag with lots of bills inside. 

No I understand.  I was replying to the person who stated he was paying his rent via a CDM.  I stated I could not understand the logic of doing so.  It seemed like it was more work to do that than paying via a transfer.  Also in terms of money laundering, I worked most of my life for banks.  The banks can monitor both accounts that have unusual patterns to them.  That would include accounts that make frequent large cash deposits and those that make frequent large cash withdrawals.  

If the person was renting one or more properties and getting rents paid via a CDM the other transactions would point to it being money laundering or not.  If this was a real estate company, there would TYPICALLY be other transactions such as insurance, electricity, water, etc.  

The only thing that requiring ID at a CDM would document is who was providing the cash deposit.  You already would know the party receiving it. One way or another if an account holder was receiving large and multiple transactions routinely bank systems should flag that account for a review.  

Not any different than when your credit card flags a transaction from a foreign country, or an unusally large purchase.  

 

[Faz]

@longwood50 You're not taking into consideration those with disabilities, dementia, mental health issues, can't use, don't have a PC and think the Internet is a rail network. Those who may only be able to access an ATM at evenings, weekends, or other times when the banks are closed.

Not everyone signs up for online banking, or feels secure using it, especially in Thailand.
Horses for courses, each to their own.

[Chatogaster]

4 hours ago, Faz said:

That's a link to a different article and not related to this topic of changes to rules for cash deposits (not withdrawals) at an ATM.

 

True, but it's funny how the link is presented in a seamless part of the article (it's just another non-descriptive paragraph: same font, same alignment, no headers like "For something unrelated, see also …" or "Please keep clicking", etc.). 

That almost invites spill-over engagement and I reckon that's on purpose. The post was just as off-topic as (part) of the original article, so on balance the post could be considered on-topic ;-)

 

[longwood50]

2 hours ago, Faz said:

Not everyone signs up for online banking, or feels secure using it, especially in Thailand.

Well it seems to me that if the person is cognizant enough to go to a CDM, deposit baht, enter in an account number to credit it to that by comparison online banking would be easy.  In terms of feeling secure, I would certainly feel a lot less secure depositing cash and transferring it to someone's account that once transferred there is zero recourse and without a receipt no way of proving I paid it.  Perhaps you are correct but I see very few people today without a cell phone.  The delivery drivers, pizza delivery drivers, even the small food vendors at the night market accept payments via QR code.   So I continue to wonder why this person would want to use cash instead of his phone to transfer.  But I suppose we will never know. 

[Faz]

36 minutes ago, longwood50 said:

Well it seems to me that if the person is cognizant enough to go to a CDM, deposit baht, enter in an account number to credit it to that by comparison online banking would be easy.

It's usually done by the Thai wife, or Thai carer in my experience in these situations.
They tend to take care of all the bill payments.

 

40 minutes ago, longwood50 said:

The delivery drivers, pizza delivery drivers, even the small food vendors at the night market accept payments via QR code. 

They can't use a PC or smartphone. You're fortunate if you retain all your faculties in old age.
A serious stroke can change life as you knew it.

[Faz]

2 hours ago, Chatogaster said:

True, but it's funny how the link is presented in a seamless part of the article (it's just another non-descriptive paragraph: same font, same alignment, no headers like "For something unrelated, see also …" or "Please keep clicking", etc.). 

That almost invites spill-over engagement and I reckon that's on purpose. The post was just as off-topic as (part) of the original article, so on balance the post could be considered on-topic ;-)

The Thaiger News team post their topics in the Thaiger Talk New section.
We (moderators) have no control of the topics they choose to post. The Thaiger is part of the DBV group and as such has many different affiliations. It's not usual for them to place a link to 'other' services.

Complain to the TN if you have an issue.

[longwood50]

On 10/18/2022 at 8:55 PM, Faz said:

They can't use a PC or smartphone. You're fortunate if you retain all your faculties in old age.

Faz you are fabricating nonsense.  If the person is cognizant enough to be able to get themselves transported to a CDM, deposit cash, enter an account number and make a payment, they can handle an online transfer on their phone and there is no difference between doing an ATM transfer and a CDM transfer except it is easier.  

[Faz]

1 hour ago, longwood50 said:

Faz you are fabricating nonsense. 

Fabricating nothing, and I resent your innuendo.
I assist a number of folk with some kind of disability with extension applications, banking, transferring funds, transport etc. They're not capable of completing forms, using a smartphone or PC, let alone remember passwords or account numbers. 

Fortunately, there are some good Samaritans that are in a position to help those less fortunate than themselves, but you're obviously not one of them, or you'd know better and be wiser.

Now we're veering off-topic, so if you'd like more details, send me a PM.

[Marc26]

On 10/18/2022 at 7:34 AM, Chatogaster said:

True, but it's funny how the link is presented in a seamless part of the article (it's just another non-descriptive paragraph: same font, same alignment, no headers like "For something unrelated, see also …" or "Please keep clicking", etc.). 

That almost invites spill-over engagement and I reckon that's on purpose. The post was just as off-topic as (part) of the original article, so on balance the post could be considered on-topic ;-)

You should cancel payment on your subscription  to Thaiger  :)

 

 

[Marc26]

4 hours ago, longwood50 said:

Faz you are fabricating nonsense.  If the person is cognizant enough to be able to get themselves transported to a CDM, deposit cash, enter an account number and make a payment, they can handle an online transfer on their phone and there is no difference between doing an ATM transfer and a CDM transfer except it is easier.  

Half the morons on this forum couldn't fill out a simple application when there were covid requirements.............