News

Bank pact lets Burmese migrant workers send money home via ATM

April 30, 2013

An agreement between Siam Commercial Bank of Thailand and Kanbawza Bank of Myanmar will allow Burmese workers in Thailand to send funds back home by ATM transfer, bypassing shady underground money brokers.

A 200 baht ($6.83) fee will be charged for remittances; recipients will receive the standard exchange rate quoted by Kanbawza Bank and funds will be available within one working day, said a report by the Bangkok Post.

"Kanbawza Bank is very happy with the new cooperation, which simultaneously forges a closer relationship for mutual economic development,” managing director Nyo Myint said in the Post story. “This collaboration is a good start in further expanding our customer base and promoting the financial stability of the commercial banking system in Myanmar."

Approximately 1.3 million documented Myanmar nationals and an estimated 1 million without documentation live and work in Thailand.

Read more about multi-function ATMs.