KBank partners with KBZ Bank in offering Kyat funds transfer service via K PLUS

In the drive to connect financial transactions within the region via K PLUS, KASIKORNBANK (KBank) has launched a Kyat funds transfer service via K PLUS to meet the needs of Myanmar nationals in Thailand – now topping 2 million.

Customers can conduct transactions with no fees from today until October 31, 2023. This initiative is under the collaboration between KBank and KBZ Bank, the largest privately owned bank in Myanmar.

KBank expects that more than THB20 billion in international funds transfer transactions will be conducted via K PLUS by the end of 2023, and K PLUS will be able to facilitate the transfer of an expanded range of currencies to any destination worldwide within 2024.

Pipatpong Poshyanonda, KBank President, said, "Presently, there are approximately 2 million Myanmar nationals working and residing in Thailand. They normally transfer funds to Myanmar averaging 100,000-200,000 Kyat/person/month [equivalent to THB1,250-2,500/person/month]. With that in mind, KBank has collaborated with KBZ Bank, Myanmar's top private commercial bank, with the largest branch and ATM network, in offering funds transfer service in Kyat via K PLUS to KBZPay Wallet, the most popular e-wallet platform in Myanmar, with more than 10 million users."

Pipatpong added, "The funds transfer service in Kyat via K PLUS is available in the Burmese language. The service does not require any documents and has outstanding features that help address problems for those wishing to transfer funds to Myanmar, including:

1) Low fees: There is a special promotion with no fees for all transactions from today until October 31, 2023; 2) Customers can transfer funds by themselves through K PLUS without the need to contact agents or visit a bank branch; 3) The service provides transparent and standardized currency exchange rates; 4) Customers can easily verify transaction details, including the recipient's name, and receive notifications when the money is credited into the recipient's account, minimizing the risk of loss.

Additionally, recipients in Myanmar can conveniently withdraw cash at more than 40,000 locations throughout Myanmar, including KBZ Bank branches, ATMs and KBZPay service points."

In 2022, the value of international funds transfer transactions via K PLUS was more than THB14 billion, increasing by 140 % compared to the previous year.

Presently, customers can make outward funds transfers via K PLUS in 15 currencies to 62 countries worldwide. Currencies that Thai people commonly transfer include the US Dollar, Pound Sterling, Euro, Singapore Dollar, Australian Dollar, Hong Kong Dollar, Yuan, Yen, and Won.

KBank expects that by the end of 2023, the value of international funds transfer transactions via K PLUS will reach more than THB20 billion, and the Bank aims to offer the transfer of an expanded range of currencies to any destination worldwide by 2024.

U Zaw Lin Aung, CEO of KBZ Bank, said, "It has been a pleasure working with KBank on this groundbreaking partnership to support financial inclusion for Myanmar people, whether they are in the country or abroad. In just a few clicks, customers in Thailand can send money to their loved ones in Myanmar instantly, with funds deposited to their KBZPay e-wallets in real time.

With this super convenient mobile banking service, customers can avoid waiting in line at the bank in person or having to fill out lengthy paperwork."

Easy steps for Kyat funds transfer via K PLUS

1.        Launch the K PLUS application and select "Transfer".

2.        Select "International Transfer".

3.        If you are making a transaction for the first time, the system will prompt you to enter your contact address in English.

4.        Select "Myanmar" as the destination country.

5.        Enter the recipient's details, such as KBZPay phone number, transfer amount, and purpose of the transfer.

6.        Verify details before confirming the transaction, then receive an e-Slip as evidence.

Interested Myanmar nationals can easily open a KBank account and apply for K PLUS. Simply bring your passport or government-issued ID, and work permit, and visit any KBank branch nationwide.