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Thai-Myanmar cross-border remittance service launched

Apr 01. 2019
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By The Nation

Krungthai Bank, Everex and Shwe Bank on March 28 announced the launch of  “Krungthai Bank and Shwe Bank Remittance powered by Everex.”

In the event, Krungthai Bank was represented by Rawin Boonyanusasna, senior executive vice president - head of Global Markets Group, Alex Lane, EVX Holdings' CEO and Thein Zaw, executive vice chairman of Shwe Rural & Urban Development Bank.

They signed a Letter of Intent for the provision of Thailand-Myanmar cross-border money transfer services for Myanmar labors in partnership with Shwe Bank and Everex Group.

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.

As for the recipients’ convenience, the funds can be delivered to three channels: Home delivery, Cash pick up at Shwe Bank branches and Direct deposit to Shwe Bank accounts.

For home delivery, the delivery fee is only Bt50 per transaction to non-conflict areas of Myanmar.

The bank strongly believes that this new service will meet Myanmar labors 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 workplace with the staffs who can provide assistance in 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. For example, Krungthai bank’s Travel Card which covers 11 major currencies, and cross-border payments via NETs in Singapore. For more information please contact Krungthai Call Center Tel. 02-111-1111.       

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