First card for fund transfers to Myanmar by KBank and KBZ Bank
May 18, 2017 19:04 By The Nation 2,343 Viewed
Kasikornbank has entered an agreement with KBZ Bank, Myanmar’s largest, to issue the first Thai-Myanmar fund-transfer card to provide convenient, swift and safe transfer service for the 4 million Myanmar nationals working in Thailand.
KBank executive vice president Silawat Santivisat said it was collaborating with Kanbawza Bank (KBZ), which has the largest branch network and customer base in Myanmar, to issue the Myanmar Remit Card.
With barcode scanning of the cards at 9,000 K-ATMs nationwide, Myanmar workers in Thailand can transfer up to Bt100,000 per day per recipient account.
The recipients can receive funds in kyats within one day at any of the 400 KBZ branches, or withdraw cash from 800 KBZ Bank automated teller machines.
Senders will not have to pay transfer fees, without limitation on the number of transactions, from now until November 15. Afterwards, the fee will be Bt200 per transaction.
Interested customers can apply for the Myanmar Remit Card at any KBank branch, 25 of which are in areas where there are many Myanmar workers.
Once applications are processed, the cards can be picked up immediately at Bang Bon, Thanon Rama II, Yan Nawa, Central Rama II and The Mall Bang Kapi branches, plus those located in Samut Prakan, Samut Sakhon, Nakhon Pathom, Phetchaburi, Tak, Songkhla, Chiang Rai and Chon Buri.
Silawat said the Myanmar Remit Card was the first of its kind in Thailand, given its special features allowing cardholders to process direct money transfers to Myanmar via ATMs by scanning only the barcode on their cards.
Currently, there are more than 4 million Myanmar workers in Thailand. They typically transfer money back home via non-financial-institution channels, often using a third person to deliver money directly to their relatives.
Although Myanmar workers here are most familiar with these channels and find them easy to reach, there is a risk that the recipients may not get the full amount of money or nothing at all.