KBank launches overseas funds transfer feature via K PLUS, with full amount received real-time to T+3; no transfer fee charged until July 15

Stocks and Financial Services Press Releases Thursday May 16, 2019 09:17
Bangkok--16 May--KASIKORNBANK

KASIKORNBANK (KBank) introduces a new feature of K PLUS which allows customers to make overseas funds transfer with ease anywhere and no support documents required. Recipients get a full amount of funds with no deduction, from real-time to within three business days (T+3) depending on destination countries. Aside from inexpensive fees, senders get an alert of the funds transfer result. Customers may make funds transfer up to 49,999 USD per transaction daily with no minimum amount required for six currencies available to 20,000 banks with 77,000 branches in 24 countries worldwide. Special promotion of no transfer fee is offered to customers from May 15 to July 15, 2019.

Mr. Silawat Santivisat, KBank Senior Executive Vice President, said that KBank is always determined to develop financial products and services with the application of digital technologies for the optimum benefit of our customers. To this end, we have introduced international funds transfer via K PLUS as a new dimension for retail funds transfer. In 2018, overseas funds transfer amount topped 650 billion Baht, with more than 8 million transactions conducted. Of this, 150 billion Baht or 450,000 transactions were made via KBank.

This time, KBank has collaborated with leading FinTech partners to develop a feature for overseas funds transfer to facilitate over 10.7 million K PLUS users and address their common problems such as inability to know the exact amount of money and time of funds received, requirement for them to visit a bank branch and documentation for money transfer as well as expensive fees. The new feature targets customers wishing to make overseas funds transfer for goods payment, expats working in Thailand and parents with children studying abroad. The amount of funds transfers by these groups of customers is not high or around 100,000-200,000 Baht per transaction.

At present, customers can transfer funds overseas via K PLUS in six currencies, namely, USD, GBP, HKD, SGD, AUD and EUR to more than 20,000 banks with 77,000 branches in 24 countries worldwide. KBank has planned to increase the number of currencies and destination countries in the next phase of service. Customers can transfer up to USD49,999/transaction/day without any minimum requirement. Funds can be transferred for one of five objectives: merchandise payment, consultant's fee, students' expenses, income repatriation by workers and remittance to family members with permanent residence overseas.

The customers can use this service only when their K PLUS is updated to the latest version. To promote the use of overseas funds transfer service via K PLUS, KBank will not charge any fee from May 15 to July 15, 2019.


Latest Press Release

NEXT BLOCK ASIA Beyond Crypto

NEXT BLOCK ASIA + Fabulous Bangkok After-Party Bangkok, Thailand will host the 2-day NEXT BLOCK ASIA "Beyond Crypto" by Krypton Events and CoinAdvice on 25-26 June 2019 at the W Hotel. The conference will bring together experts from CRYPTO and BEYOND,...

Photo Release: EXIM Thailand Visits Deputy Governor of State Bank of Vietnam To Discuss Thai Investment Prospects in Vietnam

Mrs. Warangkana Wongkhaluang (second left), Senior Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), recently paid a visit to Mr. Doan Thai Son (center), Deputy Governor of State Bank of Vietnam in Hanoi to discuss monetary...

Photo Release: EXIM Thailand Visits Thai Ambassador to Hanoi Discussing Ways to Promote Thai-Vietnamese Trade and Investment

Mrs. Warangkana Wongkhaluang (second left), Senior Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), recently paid a courtesy visit to His Excellency Mr. Tanee Sangrat (center), Ambassador of Thailand to Vietnam and Miss...

TMB re-affirms its leadership position in the Thai banking industry by launching the first ever Multi Currency Account in Thailand allowing exporters to manage six major currencies in one account

TMB continues to develop digital solutions that truly meet customer's need, creating positive changes to customer's life, along with its Make THE Difference philosophy, to re-affirm its market leadership position. TMB today becomes the first bank in...

Fitch Rates EXIM#s USD300 Million Senior Notes Final #BBB+#

Fitch Ratings has assigned Export-Import Bank of Thailand's (EXIM, BBB+/Stable) USD300 million five-year senior unsecured notes a final rating of 'BBB+'. The notes were issued under the bank's USD1.5 billion medium-term note (MTN) programme. The...

Related Topics