KBank allows Myanmar ATM transfers
published : 8 May 2013 at 14:50
writer: Online Reporters
Kasikorn Bank (KBank) has signed a deal with Myanmar's Co-operative Bank (CB Bank) to allow Myanmar nationals in Thailand to transfer funds to their homeland via KBank ATMs, starting May 28.
Predee Daochai, director and president of KBank, said on Wednesday that more than three million Myanmar nationals are working in Thailand, with about 1.8 million more are expected by the end of 2013.
Mr Predee said KBank anticipated increasing demand from people wanting to transfer money to Myanmar, and had collaborated with CB Bank, one of the major private banks in Myanmar, to expand their financial transfer services through their ATM network.
KBank has more than 880 ATMs that support the English language and they are located in areas populated by Myanmar nationals across the country, he said.
A worker carries out final checks on ATM machine booths at Don Mueang Airport. (Photo by Pornchai Kittiwongsakul)
The maximum amount people can transfer out of Thailand to Myanmar will be 100,000 baht a day. Recipients will receive transferred funds within 24 hours if transfers are made before 2pm. The funds can be received at affliated banks of CB Bank, which has more than 260 branches throughout the country.
Mr Predee said KBank has a policy to build a network of comprehensive financial services in preparation for the Asean Economic Community (AEC) launch in late 2015.
KBank has also set up a representative office in Yangon to provide services to Thai investors there. The bank offers a one-stop service solution for its clients, including in-depth marketing, information on investment and regulations, business network and global business matching, he added.
Last week, Siam Commercial Bank (SCB) struck a deal with Myanmar's Kanbawza Bank to accept transfers through their ATM network.
Each transfer to Myanmar will incur a 200 baht fee with funds expected to clear within one working day.
The new service will allow Myanmar migrants to bypass underground money brokers to send money home.
SCB expects the service to increase the number of accounts held by Myanmar nationals to more than 100,000, from 40,000 currently.
SCB will waive the 200 baht transfer fee until May 31, 2013.