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KBank launches K PLUS overseas funds transfer feature

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KBank launches K PLUS overseas funds transfer feature

By The Nation

 

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Silawat Santivisat, KBank Senior Executive Vice President

 

Kasikornbank (KBank) has introduced K PLUS, a new feature that allows customers to make overseas funds transfer with ease anywhere with no support documents required.
 

The company said in a press release on Thursday that 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, the press release said. 

 

Customers may make funds transfer up to US$49,999 (Bt1.5 million) 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.

 

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 Bt650 billion, with more than 8 million transactions conducted. Of this, Bt150 billion 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 Bt100,000-200,000 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 US$49,999/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.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30369490

 

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good news, I would expect others to follow

 

is it an online service and going to be available to all - why not

 

my money comes from overseas so why can I not do the same in the other direction

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1 hour ago, webfact said:

Customers may make funds transfer up to US$49,999 (Bt1.5 million) 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.

 

Finally all the people on here who've been complaining they can't get their millions out of the country can relax. 

😎

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I have a question, don't you have to have permission or declare something if you're taking more than 20,000 baht out of the country?. 

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33 minutes ago, seancbk said:

 

Finally all the people on here who've been complaining they can't get their millions out of the country can relax. 

😎

Especially when recycling their monthly 'pension' incomes!!😎😎😎😎

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Interesting.

 

I installed this "K PLUS" application on the mobile.

 

Registration process was quite exhausting/complex.

E.g. you need cellular internet connection for the registration.

(you can allow WiFi for further use)

 

You need debit card no, pin, passport number, email adr. (where some verification code is sent to). Define a new pin (for the application?).

 

Terms and conditions longer than the old testament.

I searched for additional cost (no mention).

 

Finally I got through.

 

Clicked on "International Transfer".

 

Spinning wheel for about 2 minutes (for the patient users).

Then I had to enter my address (again a bit tricky with list selection for province, district, sub district..).\

But then to my surprise: asked about SWIFT code of receiving bank.

I entered it for my German bank and name of bank comes up.

Transfer in Euro, amount.

A small list of "purposes".

Selected "Goods".

And at this point I cancelled.

 

If someone draws me the Euro/Baht rate over the next 6 months I will do a full test :biggrin:

 

 

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From reading the terms about international transfer, I doubt that it is more than a technical/self service tool.

The terms still write about supporting documents etc.

I doubt I can simply use repatriate income for workers without having registered at the bank?

Quote

The new feature targets customers wishing to make overseas funds transfer for goods payment, expats working in Thailand and parents with children studying abroad

 

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45 minutes ago, KhunBENQ said:

Interesting.

 

I installed this "K PLUS" application on the mobile.

 

Registration process was quite exhausting/complex.

E.g. you need cellular internet connection for the registration.

(you can allow WiFi for further use)

 

You need debit card no, pin, passport number, email adr. (where some verification code is sent to). Define a new pin (for the application?).

 

Terms and conditions longer than the old testament.

I searched for additional cost (no mention).

 

Finally I got through.

 

Clicked on "International Transfer".

 

Spinning wheel for about 2 minutes (for the patient users).

Then I had to enter my address (again a bit tricky with list selection for province, district, sub district..).\

But then to my surprise: asked about SWIFT code of receiving bank.

I entered it for my German bank and name of bank comes up.

Transfer in Euro, amount.

A small list of "purposes".

Selected "Goods".

And at this point I cancelled.

 

If someone draws me the Euro/Baht rate over the next 6 months I will do a full test :biggrin:

 

 

Did mine at the Kasikorn bank while picking up my new debit card. Took a few minutes with the staffs help!!

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2 hours ago, seancbk said:

 

Finally all the people on here who've been complaining they can't get their millions out of the country can relax. 

😎

Read the fine print: 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.

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Sounds like there is no change in transfer policy.  That is, the rules as to who can transfer and for what purposes.  Instead, it sounds like it just an app upgrade--not to imply it will work for a person unless the transfer meets certain requirements.

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3 hours ago, GreasyFingers said:
6 hours ago, seancbk said:

 

Finally all the people on here who've been complaining they can't get their millions out of the country can relax. 

😎

Read the fine print: 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.

 

Those look like the same reasons I've been given every time I've needed to send money overseas.  Merchandise payment is the easiest - you are buying something from overseas. 

I just tried it and it isn't 24 hours.   So you can't decide at 8pm that you want to send some cash to one of our offshore accounts, you have to wait until office hours.

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The company said in a press release on Thursday that 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, the press release said. 

 

Typical Thai Bank double-talk.  No charge until July 15, 2019 and then whammy!

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21 hours ago, smedly said:

good news, I would expect others to follow

 

is it an online service and going to be available to all - why not

 

my money comes from overseas so why can I not do the same in the other direction

On-line, but is it available on smartphone and also using the basic K Bank internet banking KCyber?

 

 

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2 hours ago, scorecard said:

On-line, but is it available on smartphone and also using the basic K Bank internet banking KCyber?

As I described above it's a smartphone app and I can't find something comparable at KCyber website.

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1 hour ago, KhunBENQ said:

As I described above it's a smartphone app and I can't find something comparable at KCyber website.

Thanks.

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