Thursday, April 02, 2020

Remittance scheme for Myanmar migrant workers introduced

Apr 01. 2019
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By The Nation

Krungthai Bank, Everex and Shwe Bank have signed an agreement on a Thai-Myanmar cross-border remittance service.

Rawin Boonyanusasna, Senior Executive Vice President - Head of Global Markets Group of Krungthai Bank, Alex Lane, CEO of EVX Holdings, and Thein Zaw, Executive Vice Chairman of Shwe Rural & Urban Development Bank signed a Letter of Intent for the provision of Thailand-Myanmar cross-border money transfer services for Myanmar workers. 

The service is called “Krungthai Bank and Shwe Bank Remittance powered by Everex”.

This joint service allows customers to transfer money conveniently anywhere, anytime, via a mobile application with competitive exchange rates. For the recipients’ convenience, the funds can be delivered through three channels: 1.Home delivery 2. Cash pick up at Shwe Bank branches and 3. Direct deposit to Shwe Bank accounts. For home delivery, the delivery fee is Bt50 per transaction to non-conflict areas of Myanmar, Rawin said.

The bank strongly believes that this new service will meet Myanmar workers’ needs for convenient cross-border remittance services. It will make it easier for them to gain access to official financial services provided by banks. They only need to download and register the wallet application and top up money to E-Wallet at “Krungthai on the Move”, the bank’s mobile branch units, which will reach out to the Myanmar community or their workplaces with staff who can provide assistance in the Myanmar language. The service will be officially piloted this June. On top of this remittance service, Krungthai Bank also offers other payments and money transfer products. Among them is Krungthai bank’s Travel Card which covers 11 major currencies and cross-border payments via NETs in Singapore, he said.

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