Bangkok, BoT prepares to call banks for clarification. In the case of preparing to charge a 1% card swiping fee to pay for foreign registration services That will come into effect on 1 May 2024. From the case of financial institutions Prepare to charge a foreign currency conversion fee to baht (DCC Fee) at the rate of 1% of the spending amount. Post spending transactions via Visa/MasterCard credit cards. Pay for products or services in baht currency with stores, online stores registered abroad And withdrawing cash in selected baht currency through ATMs abroad from 1 May 2024 onwards. Mr. Somchai Lertlapawasin, Assistant Governor Financial Institutions Policy Group The Bank of Thailand (BoT) has revealed that it is preparing to call financial institutions to explain in detail. In the case of collecting such fees: There is an increase in costs for providing services. What is collected? How much is collected? In principle, whoever benefits should bear the cost in this part. By considering comparing the sources of costs. and even if the costs actually increase The person charging the service must announce it. Let the public know what the costs are. People must choose to use something else. It is not compulsory to pay. It's basically the principle. As for the case of charging 1%, is it too high or not? Still can't decide. It must listen from all three parties: the service user who is the one being charged, the financial institution that is the one who is collecting the money, and the intermediary, namely Visa/MasterCard. In the past, the BoT has listened to service users. There are still two sides remaining, but it is believed that the discussion will be completed before 1 May 2024. Reporters reported that Service providers registered abroad that users must pay a fee such as Netflix, FACEBOOK, GOOGLE, AIRBNB, EBAY, SPOTIFY, ALIBABA ,VIU, Agoda, APPLE, TikTok, PAYPAL, etc. Source: Thai News Agency