CNI News
26 August 2023
As a result of cooperation between Thailand's Kbank and Myanmar's Kanbawza Bank (KBZ), a digital money transfer service has started so that Myanmar people in Thailand can officially transfer money to Myanmar through mobile phone without having to go to a bank, which was announced on 23rd August, 2023.
If a Myanmar national in Thailand has KBank's K Plus Mobile Banking application on his mobile phone, he will be able to transfer Myanmar kyat to KBZPay.
He can transfer 100,000 to 5,000,000 kyats at a time.
Showing functions of KBZPay-K Plus step by step
The service fee ranges from 50 to 250 baht depending on the amount of money to be transfered. Myanmar people in Thailand can officially transfer money to Myanmar without having to go to a bank and as a person who uses the hundi system to transfer money is worried to be cheated, transferring money on his phone is more safe and sound, said Ko Moe Lay who is working in Thailand, to CNI News.
" The monthly income of an ordinary worker like me is 1,500,000 kyats at most. So, this digital system is convenient for us and it's more safe and sound. Those who transferred money through brokers were cheated and lost a lot of money.There are also many liars. If you get scammed, it's not easy to get your money back. Because of the bank-to-bank connection, the error will be less. Lies will be less. It's more secure." he said.
If a Myanmar national in Thailand opens an account book in KBank, his passport and a letter of recommendation from the place where he lives are needed. If he is a student, he needs a student card and if he is a worker, a labor card is required.
Myanmar citizens in front of Myanmar Embassy in Thailand
In the past, when making official money transfers to Myanmar, you needed to go to a bank in person. in the Hundi system, service charges range from 20 to 80 bahts reportedly.
Because the service fee is not so much when making money transfers from K PLUS to KBZPay, it is reportedly convenient for Myanmar people in Thailand.
However, KBZPay has not been widely used in the rural areas and small towns and in addition, because people there are weak in technological knowledge, lots of liars might arise, said Ko Thar Gyi, one of the people helping migrant workers, to CNI News.
"There are so many liars these days. Some people might advertise online with the photos of banknotes that money transfer can be performed through their Kpay account.
People in rural areas have no KPay accounts. So, people are likely to be cheated. There are many liars based on KPay in Myanmar. Secondly, we can say that this system is a policy of the government. When Myanmar migrant workers transfer money to Myanmar, who transfers what amount of money can be easily known." he said.
When making money transfers from K Plus to KBZPay, as 1,216 bahts is designated for 100,000 kyats,it is much more than the external exchange rate, which people review.
So, people will not use this system soon. So, if a reasonable price was designated, it would be better, said people.
