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BoT clarifies conditions regarding new chip card

The Bank of Thailand (BoT) has announced that since May 16, ATM and debit cards issued by all banks to new customers use chip verification, which is considered safer than existing magnetic strip cards.

chip credit cardMagnetic strip cards will still be valid until December 31, 2019, but banks will gradually phase them out as they expire. Customers can also request that a bank replace their magnetic strip card with a chip card before its expiration.

The new cards will work at ATMs of the issuing bank. However, temporary issues may exist when trying to use a chip card at another bank’s ATM.

Fees will be imposed for replacing the card and using it other ATMs. However, certain banks may announce promotions to give out the new cards free-of-charge.

Terms, conditions and fees may be different for each bank. Customers are urged to study these terms and conditions and compare fees on the BoT website, www.bot.or.th.

NNT

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