KBank offers fund transfer service to Myanmar

 AGD Bank is one of the 19 commercial banks in Myanmar, and is also one of the four banks approved by Myanmar’s central bank to conduct funds transfer service with Thailand, Singapore and Malaysia.
 This is highlighted as the bank's effort to support capital movement and labour relocation under the Asean Economic Community (AEC), said Somkiat Sirichatchai, senior executive vice president.
 In the initial stage, the transfer service is available through all KBank's channels, first in 11 pilot provinces - Bangkok, Samut Prakan, Samut Sakhon, Nonthaburi, Pathum Thani, Chiang Mai, Chon Buri, Rayong, Surat Thani, Songkhla and Phuket. Maximum transfer is Bt90,000 or US$3,000 per day. Recipients in Myanmar can receive money within one day.
 Somkiat said that KBank is applying for a representative office license in Myanmar, expected to open officially within October. It will provide consultancy service in business and transactions around Thai-Myanmar border areas, including international trade transactions, as well as business matching service.
 Bangkok Bank has opened an office there for about 20 years, while Siam Commercial Bank was recently awarded the license.
 According to KBank, as of January 2012, more than 3 million Myanmarese citizens are working in Thailand, of which 1.6 million are legalised. Remittance constraints are reported, as most have to give cash to relatives. The bank expects at least 500,000 Myanmarese workers to use the new service, or approximately 30 per cent of all legal workers in Thailand.