What different between Banks in Thailand and Australia
Risa Hemtasilpa 03-09-17
Yesterday I went to open a bank account in Australia and I noticed several differences in the two countries
First, there are not many customers in Australian bank branches and after opening the account, staffs will activate the mobile application and said: "Next time you don’t need to come to the branch you can do it online, it’s very convenience". The branch role seems to change from transaction base to Advisory focus. While in Thailand, you can see people line up in bank branches especially during lunch time and in the evening. Thai people trust more on bank staff in doing the financial transaction for them and they also need evidence of transaction from the bank; even though banks in Thailand are trying to migrate some transactions to digital.
Second No fee for the debit card, in Thailand fee is applied for the debit card; while in Australia, we can get debit card for free of change and also we can choose colour in some banks.
Third, some banks in Australia have a condition to having at least $2,000 go in the bank every month otherwise you will be charged $5 per month for saving fee. In contrast, Thailand has a condition that you need to have at least 2000 Bath in each bank account to avoid saving fee.
Fourth, In Australia people can avoid paying withdrawal fee by cash out from a cashier in stores, while in Thailand the only way to withdraw money from a debit card is ATMs.
Fifth, Internet saving account is offered from most banks in Australia with saving interest benefit while normal saving account with a debit card does not have an interest rate. In Thailand, only a few banks offer Internet saving account. The most well-known Internet account is TMB ME with talk of the town campaign “4 times saving interest rate”. In addition, even though saving account has the very low-interest rate, but there is some.
Sixth, Letter that comes to the house is plain letter without Bank logo. By doing this, it can prevent some identity thief issue who will randomly open your post box to find some new cards or pin arrival. In Thailand, Brand Logo is printed on envelope to help customers identify information in the letter.
Finally, card activation, in Australia customers can activate their cards via online banking or scanning card in mobile application; while in Thailand there are 2 ways of card activation, first is by call centre and the second is by SMS
It seems like developed countries’ banking innovation is way forward from Thailand; however, all innovations need time to adopt. People in different country have different environment, concern, personality, adoption sensitiveness and level of education. As a consequence, one which is suitable for one country may not work or too fast to implement in another country.
