TrueMoney Transfer launched

TrueMoney Transfer enables real-time fund transfers from Thailand to Myanmar, allowing migrant workers to significantly reduce the expense and risks associated with sending money to family back in Myanmar, TrueMoney said in a press statement.

It said it plans to have 250 transfer spots in Thailand by end-2016 and 681 transfer spots in Myanmar and the service is safe with a passcode to receive the money that only the sender knows.

The service is also affordable with transaction fees starting at Bt50, TrueMoney added.

To celebrate the launch of the TrueMoney Transfer service, TrueMoney is waiving the transfer fees for all transactions until October 31, 2016. 

Saranrat Srichiraratana, Managing Director - Thailand of TrueMoney, said statistics from the United Nationsshow that Thailand currently has 3.91 million registered migrant workers and almost 2 million of them came from Myanmar. 

He said the volume of the money they send home annually is as high as Bt77 billion, averaging at Bt30,000  per person per year. Each transaction averages at around Bt6,650 Baht. 

“However, a large number of Myanmar workers remained unbanked.  There are a variety of reasons for this, such as, but not limited to legal status, language barrier, and access to banking services. The result is that Myanmar migrant workers rely on informal networks to move funds across borders. This may include personal connections to send money back home, which is complicated, time-consuming and unsafe,” Saranrat said.

He said it could take four to five days for Myanmar workers to send money home via informal and traditional process means.

“TrueMoney has launched TrueMoney Transfer to turn cross-border remittances into a fast, easy, safe, and affordable service to empower Myanmar workers and their families and improve their standard of living,” Saranrat added.

Aroon Sudweha, Senior Manager for Business Development of TrueMoney, said TrueMoney Transfer is Thailand’s first e-money provider to receive a license from the Ministry of Finance and the Bank of Thailand to offer cross-border money transfer service. 

“In its launch phase, TrueMoney will focus on Myanmar workers and Myanmar residents in Thailand. The next phase of the company’s development will include expansion to Cambodian, Indonesian, and Filipino residents in Thailand,” Aroon said.

By end-2016, TrueMoney Transfer will have 250 TrueMoney Transfer spots in Thailand and they will be concentrated in areas with a large population of Myanmar migrant workers such as Bangkok, Samut Sakhon, Samut Prakarn, Tak, Ranong, Kanchanaburi, and Phuket. 

In Myanmar, TrueMoney Transfer has partnered with Asia Green Development (AGD) Bank, a large private financial institution. The 681 TrueMoney Transfer spots in Myanmar cover 91 percent of migrant workers’ hometowns such as Mon, Tarintharyi, Kayin, Shan, Yangon, and Bago, according to the press statement.

The statement said TrueMoney Transfer use the same platform both Thailand and Myanmar, allowing real-time transactions and immediate pick-up of money at the destination.

Thetransaction fees start from Bt50 for transactions from Bt100-5,000 . Transactions are capped at Bt30,000 per time and each individual can transfer as much as Bt200,000 per day. Details and conditions are as stipulated by the company.

Wenet Suansilpong, Product Manager of TrueMoney, said Myanmar workers can simply register a user account at one of TrueMoney’s official agent shops. They they can show their ID, and instantly transfer funds to Myanmar. 

“After informing the agent of the receiver’s name and mobile number and the amount to be transferred, the sender will be told the exact amount the receiver will receive. The sender will also receive an 8-digit code via SMS. The receiver can immediately use the given code, in addition to their identification and mobile phone number, to receive cash at any of the TrueMoney Transfer spots in Myanmar,” Wenet said.