KBank brings security, precision to cross-border money transfers

Customers can choose to transfer money to any of more than 30 participating banks, while being able to determine the exact receipt date and know the exact amount of transfer fee, executive vice president Silawat Santivisat said on Monday.
He said the calculation of transfer fee allows customers to ensure that recipients get the full amount of transferred funds. 
KBank expects the amount of money wired through these apps to more than triple next year, and is also speeding development of cross-border transfer service via the K Plus app, which will be the first of its kind from Thai banks to address the rapidly growing demand for international transactions in the digital era.
Fintech companies TransferTo, InstaReM and Currenxie provide cross-border payment applications that allow customers to transfer funds from Singapore, Malaysia, Hong Kong and Australia via KBank to the recipients’ accounts in any of more than 30 banks in Thailand. 
Senders can know the exact receipt date and time and exact transfer fees. The maximum transfer amount is Bt500,000 per transaction.
Currently, inward funds transfer for retail customers totals around 3.8 million transactions, or Bt1.5 trillion per year, in Thailand. 
Of this, 620,000 transactions are made via KBank, accounting for 16 per cent, or Bt250 billion a year. 
KBank expects to see around 20,000 transactions conducted via this channel by the end of this year, and more than triple that amount within 2018.