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.
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.
source: Bangkok Post
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