BANGKOK: The Bank of Thailand (BOT) has issued urgent clarification that proposed 50,000 baht daily transfer limits will not apply to all customers, following widespread public concern over initial reports suggesting universal restrictions.
The central bank was forced to release a statement via its Facebook page on Wednesday (Aug 20) after reports emerged that the BOT planned to implement blanket daily transfer limits of 50,000 baht by 2025 to reduce fraud risks and protect consumers from scams.
The announcement triggered unexpected panic amongst the public, prompting the central bank to issue immediate clarification through its official social media channels.
"There is no need to worry. Not everyone will be subject to the 50,000 baht transfer limit," the BOT statement emphasised.
The central bank confirmed that most customers will receive transfer limits appropriate to their usual transaction patterns.
For instance, customers who regularly transfer amounts exceeding 50,000 baht will be allocated higher limits accordingly.
However, to ensure the effectiveness of the anti-fraud measures, certain customer groups will be subject to the 50,000 baht daily limit:
High-risk categories include:
1) Customers identified as potential fraud risks
2) Customers with limited banking history with their financial institution
3) Customers whose regular transfers typically do not exceed 50,000 baht
Customers in the second and third categories who require emergency transfers or wish to increase their limits may contact their financial institutions through designated channels, including mobile banking applications, call centres, or branch visits.
The BOT noted that elderly customers who may be at particular risk will receive special attention from financial institutions, with transfer limits adjusted to match their typical transaction patterns.
However, these customers retain the right to request their original transfer limits be maintained.
The measures form part of the central bank's broader initiative to combat financial fraud and protect consumers from increasingly sophisticated scam operations targeting online banking customers. - The Nation/ANN
