Bangkok--29 Apr--Siam Commercial Bank
Siam Commercial Bank (SCB) is cooperating with Kanbawza Bank, the number one private bank in Myanmar, to introduce a new SCB ATM fund transfer service catering to Burmese nationals in Thailand. The new service will let the more than 1.3 million Burmese nationals working in Thailand transfer funds to their homeland conveniently, quickly, and securely with funds reaching beneficiaries within one working day.
Speaking about the new service, Mr. Trirong Butragaht, EVP & Head of GTS (Global Transaction Services) for Siam Commercial Bank noted that, "After establishing the Yangon representative office, SCB is ready to provide advice on business potential between Thailand and Myanmar, while forging new business relationships with banks in Myanmar to facilitate business transactions for customers seeking to invest in the country. At the same time, SCB is also keen to accommodate Burmese nationals working in Thailand. According to figures released by authorities, there are currently more than 1.34 million Burmese nationals residing in Thailand. Envisaging business opportunities, SCB has joined hands with Kanbawza Bank to introduce a new "Fund Transfer to Myanmar via SCB ATMs" service. This will be the first time that Burmese nationals working in Thailand will be able to transfer funds through any of SCB ATMs."
Mr. Nyo Myint Managing Director, Kanbawza Bank said that, "Kanbawaza Bank is very happy with the new cooperation, which simultaneously forging a closer relationship for mutual economic development. This collaboration is a good start in further expanding our customer base and promoting the financial stability of the commercial banking system in Myanmar."
The new service will let Burmese nationals working in Thailand transfer money to their families in Myanmar conveniently, quickly and securely compared to the traditional method through underground money brokers, which costs more and is prone to loss. The new service will ensure that both Burmese senders and receivers can enjoy the convenience of a safe and secure service. Senders will obtain transfer evidence to check transactions and will be charged a standard fee of 200 baht per transaction. At the same time, recipients will receive transferred funds more conveniently through Kanbawza Bank's network of 103 branches nationwide or ATMs operating 24 hours. Even more, recipients will also receive the standard exchange rate quoted by the Bank.
During this launch stage, SCB is pleased to provide a special offer by waiving the 200 baht transfer fee from now until May 31, 2013. It is expected that the new service will increase the number of accounts held by Myanmar nationals to more than 100,000, from 40,000 currently.
Siam Commercial Bank joins hands with Kanbawza Bank, Myanmar's top private bank, to make life easier for Burmese nationals working in Thailand by launching a convenient, quick, and secure Fund Transfer to Myanmar via SCB ATMs. Mr. Trirong Butragaht, EVP & Head of GTS (Global Transaction Services) of Siam Commercial Bank and Mr. Nyo Myint Managing Director, Kanbawza Bank, join a press conference to announce this brand new cooperative effort at the SCB Head Office (Ratchayothin).