Kasikorn Bank Closes all Currency Exchange .

[travelerjim1]

Kasikorn Bank stops all foreign money exchanging nationwide in Thailand due to Covid19 fears

https://thepattayanews.com/2020/03/09/k ... d19-fears/

[Dodger]

Kasikorn Bank stops all foreign money exchanging nationwide in Thailand due to Covid19 fears

Thanks Jim.

Funny...that my boyfriend Jay was telling me that he read somewhere where K-Bank had planned to close their foreign exchange booths some time ago because they were not earning a profit.

In any event, with the major downturn in tourism, there won't be a need for so many of these exchanges anyway.

What some shining hotel entrepreneur should do is find a way to increase in-room entertainment for all the quarantined tourists. Possibly enlisting Grab to start delivering short time guests...wearing face masks of course.

[Gaybutton]

I too thank Travelerjim for informing us about this. Assuming this information is genuine it will be interesting to see if other banks and privately owned exchange houses do the same. I'm wondering if this would also apply to trying to deposit foreign paper checks and/or cashing traveler's checks.

Of course, those of you traveling to Thailand from other countries - Kasikorn Bank's ATMs still work and your foreign debit and credit cards will work in Thai ATMs.

If anyone reading this is in Thailand and you are carrying foreign cash and do not hold a Thai bank account, my advice would be to get to another bank or get to an exchange house and exchange the cash you'll need before any other banks do this. This comes as such a surprise, at least to me, that there is no way to reliably predict if other banks are going to do this.

I spotted an announcement here too: https://thethaiger.com/coronavirus/cv19 ... reign-cash

There is an announcement, apparently published by Kasikorn Bank, although completely in Thai, here: https://www.77kaoded.com/content/1385784

However, at the time of this post, other than those sites, all of which got their news on the 77kaoded site, a site I've never heard of until now, I cannot find anything about this on any major news outlets or on Kasikorn Bank's web site - at least not yet. Other than me, does that strike anyone as strange?

I hope sites such as Pattaya News and Thaiger would not have published this without having had sense enough to have contacted Kasikorn Bank to verify the veracity of this news.

There is something about this story causing me to raise my eyebrows and wonder if it is possible we are receiving a fake news hoax here. I can't make sense out of this move. How would refusing to exchange foreign money do anything to help stem the spread of the virus when the same people who would enter the bank to exchange money could easily do just that - enter the bank . . . ? Nothing I know of restricts anyone from entering the bank any time they wish or do other transactions. Is there some problem about putting hands on foreign cash? Maybe someone reading this can make sense out of this because I can't. For the time being this move, if genuine, is on my "I Don't Get It" list.

If anyone visits a Kasikorn Bank (K-Bank) branch and asks about this or calls Kasikorn bank's telephone number to ask - 02 888 8888 - please post and let us know if this information is indeed genuine.

[Jun]

I imagine the dedicated currency businesses will remain open as long as there are customers. They need the business more than the diversified banks.

Possibly with staff wearing gloves or using hand gel every few minutes.

[Gaybutton]

Assuming this story is genuine, you know who I feel sorry for? The pickpockets and purse snatchers. Just about every week, often several times a week, stories appear in the news about foreigners falling victim to such crimes and losing large amounts of cash in their own currency. Now the pickpockets and purse snatchers won't be able to exchange their ill gotten loot.

It's not fair! How are these crooks supposed to make a living . . . ?

[Jun]

The story is about one bank stopping it's forex, due to COVID. So presumably temporary, due to low demand or cash handling risk. I guess low demand.

The crooks can just go to other forex booths. And when there are none left, they could just set up their own crooked forex booths, just like the ones we read about in Bali.

That is one of the pleasures of exchanging money in Thailand. It's possible to exchange a wad of notes and there is no short changing.

[pong]

From TV-news, just read: this decision was taken on MON 9/3 around 17.00, so when their desks were stil open. Staff working there asked to do some 2-weeks self-quarantine. Iĺl pass by some of them anyway later on so will check.
All 7 or 8 major Thai banks have plnety of those small exchange-only boothes around here, they only take foreign money and also cannot sell it, if you wanted. For that have to go to proper banks. In this area bag-sniping etc is probably not unheard of but not a major issue. Also every week or so there is some story that a cabdriver returned a bag with a few ´hmoon=10.000 of $/GBP/Big money to some hapless foreigner. Those robbing katoeys seem to be a particular Pattaya feature. Plus that this 220 bt surcharge in taking out money at a Thai ATM also leads people to take out as much as poss in 1 go. I suspect robbers will be even more pleased with cash THB. BTW: ALL exchanges since a few yrs want to see your passpt and many make small copies.
There has indeed been a marked shift for those private exchange offices, mostly SuperRich (of which there are 3: orange, green/white and blue, the usual competing Chinese families). Their main clientele comes from Asia, notably the Chinese, due to the backward situation in those banks re foreign transmittances and sky-high prices for that. They since shortly also will take obscure money like VND, LAK and even MMK (Viet, lao, Burma), but never ever KHR=Cambodia. But rates for that are not that good.
For a tipical visitor who wants to exchange his estimated spend for 2 weeks here, say 2000bt/day average (Not those who off guys ev. night) that makes 30 k THB, or about 1000 US$/EUR, the profit vs not using ATM is a gain of around 1500 THB (2x220ATM + roughly 1 bt more in rate).

[Gaybutton]

Now the Pattaya Mail is saying this is genuine, although I'm still failing to be able to make any sense out of it.

Still no word as to whether this also applies to paper checks and travelers checks.
_____________________________________________________________________________________________

Thailand’s leading bank announces suspension of currency exchange service at branches and forex booths

March 10, 2020

KASIKORN BANK has deemed that strict compliance with public health measures during the spread of the dangerous communicable disease, for concerted prevention, surveillance and control of the infection, is an essential civic duty. Therefore, KBank has halted the currency exchange service at all branches and Forex Booths nationwide, indefinitely, starting from 5:00 p.m. Sunday, March 8, 2020. The suspension of the service will continue until the situation of the coronavirus outbreak improves significantly, as determined by the Ministry of Public Health.

Employees working at all Forex Booths that have been closed are ordered to self-quarantine at home for 14 days in accordance with the practical guidelines of the Department of Disease Control, Ministry of Public Health. As of now, no KBank employees have been found to be infected with COVID-19.

KBank has announced its decision to all parties concerned, including:

​​1. The Ministry of Public Health via the Department of Disease Control

The Bank of Thailand
Airports of Thailand PLC.

​4. King Power International Group (which is authorized to manage commercial activities within passenger terminals at Suvarnabhumi Airport, Don Mueang International Airport and Phuket International Airport)

Issued on March 8, 2020

KASIKORN BANK PCL

Note: Customers can use currency exchange service via KBank’s electronic channels as usual.​

https://www.pattayamail.com/business/th ... ths-290652

[gerefan]

With their poor exchange rates K Bank exchange booths won’t be missed.

[Gaybutton]

To me, the fact that now this story appears in a mainstream media newspaper, The Nation, confirms the story is indeed genuine, although I'm still trying to understand how it makes any sense. Does anyone know of any cases of someone contracting the virus because of handling foreign cash? I don't. And if Thai bank employees are fearful of handling foreign cash, have they thought about wearing surgical gloves?

This is definitely heading for my "I Don't Get It" list. Nevertheless, there it is.

Krungthai Bank has now also suspended foreign currency exchange, along with Kasikorn Bank. I won't be surprised if other banks decide to do the same - and soon.

Again, nothing about whether the banks will accept foreign checks or travelers checks, but if I were you I would not carry non-Thai currency or travelers checks while this is going on. You may be forced to use ATMs to withdraw Thai money while in Thailand. Expensive, yes, but for years I have been recommending those contemplating retirement in Thailand or travel to Thailand frequently open a Thai bank account.

Someone else will have to tell me which is less expensive - exchanging foreign money for Thai money before going to Thailand or using ATMs within Thailand, but the handwriting is on the wall that it may not be long before that's a choice you'll have to make if you're going to Thailand.

If other banks join in on this move and exchange houses do the same, it will make travel to Thailand more difficult, especially for those who do carry cash and expect to exchange it in Thailand, but had no idea this is going on and have no other means of obtaining cash while in Thailand.
____________________________________________

Krungthai Bank halts FX service at all branches

Mar 11, 2020

Krungthai Bank has stepped up its Covid-19 measures, including suspending currency exchange service at all branches and closing its 53 FX booths nationwide from 2 pm today (March 11) until further notice.

Staff involved in FX service have been told to self-quarantine at home for 14 days. As of now, none has been tested positive for the virus infection.

Earlier Kasikornbank announced a similar statement that it had halted currency exchange service at all branches and forex booths nationwide indefinitely, starting from 5 pm Sunday( March 8).

Suspension of the service will continue until the coronavirus outbreak eases off.

Employees working at forex booths that have been closed are instructed to self-quarantine at home for 14 days in accordance with the guidelines of the Department of Disease Control, Ministry of Public Health. As of now, no KBank employee has been found to be infected with the virus.

https://www.nationthailand.com/news/30383861