The Bangkok Post reports:
Myanmar nationals working in Thailand will be able to remit funds to their homeland via ATM for the first time after Siam Commercial Bank (SCB) signed a deal with Myanmar’s Kanbawza Bank to accept transfers through their ATM network.
Each transfer to Myanmar will incur a 200 baht fee with funds expected to clear within one working day. The new service will allow Myanmar migrants to bypass underground money brokers to send money home. "Kanbawza Bank is very happy with the new cooperation, which simultaneously forges a closer relationship for mutual economic development,” said managing director Nyo Myint. “This collaboration is a good start in further expanding our customer base and promoting the financial stability of the commercial banking system in Myanmar." Kanbawza Bank has 103 branches in Myanmar and a network of 24-hour ATMs. Recipients will receive the standard exchange rate quoted by the bank. SCB expects the service to increase the number of accounts held by Myanmar nationals to more than 100,000, from 40,000 currently. Around 1.3 million Myanmar nationals work in Thailand with an estimated one million more thought to be employed without documentation. "After establishing a 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,” said SCB’s Trirong Butragaht, EVP and head of global transaction services. “At the same time, SCB is also keen to accommodate Burmese nationals working in Thailand.” SCB will waive the 200 baht transfer fee until May 31, 2013.
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