Money makes the world go around was an old saying years ago. Well I guess its true, others say it is the root of all evil, also true I guess, and today there is a love of it which I have never seen before….. I would agree we all need money to live, but to what extent is it the be all of everything?
I’ve been made aware of 2 quite concerning situations over the past week. I would say I am not at all surprised, but how do you voice concern, or try to make people aware of a situation or problem without getting in to hot water? saying something that’s causes someone or an organization to lose face, even when they are acting in a illegal or bad way is a big risk, it gives opportunity for the bad to continue, and prevents solutions to problems.
Outside of Thailand it would be a simple solution, you have a problem…. you go to the source of the problem and try and work a solution, but here in Thailand its not quite so easy, when the source of the problem does not see it as a problem and not just changes the rules, but acts outside written guidelines.
I give you the very touchy subject of Banks…. Quite a rude word to some, very offensively to others, but we are stuck with them until someone finds an alternative. If you look a little deeper into their business you find its not quite as simple as you think. The rules they are supposed to follow, the guidelines that they are supposed to honor and the service they promise to provide is in truth very grey… or not clear. All of them are supposed to sign up to a code of conduct or ethics.
The world credit crunch of 2007/8 was cause totally by the banks, they had promised not just us but governments that everything was fine… they lied! Well lets say its not the first time or will it be the last. In almost every country in the world they are not regulated. In regulated I mean controlled by governments to set a clear standard of practice and behavior…… in the UK it was common to say they give you an umbrella when its fine, but take it away when it rains.
Thus I put to you 2 problems faced by 2 people in dealing with their banks here in Thailand. Both are Thai people, trying to improve their lives, they are not earning much but they are really trying to improve their lives.
The first buys and sell items over the Internet, the product is sourced from overseas and does not come into Thailand, it goes from an overseas supplier to an overseas customer, our clever Thai person makes a difference on the price. However the bank is now getting involved with the payments coming in, the client buying sends the money by transfer, the Thai bank receives it, but does not tell the account holder, it takes the account holder to get a copy of the transfer documents for the bank to admit it has the funds ( this takes time and after several denials the funds are magically found)…. A little naughty don’t you think?
It gets better…. the bank is now asking the customer to confirm the transfer twice, that is making the original payment, then after received confirming a second time the payment is correct!!!…. This even after the Thai person has provided a copy of the transfer to the bank.
Several times the bank denies payments received, and then advises they have a payment in the system buy won’t tell the Thai account holder who its from. The Thai person then has again prove who sent the money….. Look call me a bit suspicious, but this is not the way banks are supposed to act under international law of foreign transfers. For clarity I contacted Barclay’s in London, HSBC in Hong Kong, and JP Morgan in New York for comment…. I get a general view that said organizations are acting outside their remit, and should be taken to task, but how do you do that in Thailand?
This is not a farang problem, this is a Thai problem which is affecting Thai people, but they can’t resolve it, because in certain peoples eyes there is no problem, and everything is fine, rules don’t have to be followed and procedures don’t have to be honored. If someone at the bank loses face, then nothing gets done, its ignored or as also see they then abuse and accuse the Thai account holder of wrong doing
Thailand needs foreign currency 69% of its GDP requires foreign currency, so if the banks don’t allow that foreign currency to arrive for what ever reason, then they are a major part of the problem and why the economy is failing. The other aspect which is a social issue…. Thai people are being badly treated and given a raw deal by people who should in truth make their lives better.
Volts: Alien, falang, foreigner, overseas guest in the seach of the lighter side of the Thai lifestyle… might not agree with what you say but will accept your right to say it. Age: Old enough to know better.
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Volts: Alien, falang, foreigner, overseas guest in the seach of the lighter side of the Thai lifestyle… might not agree with what you say but will accept your right to say it. Age: Old enough to know better
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