Krungsri launches innovative international money transfer for juristic persons via Krungsri Biz Online Fast and full-amount remittance to 13 major countries at a fee of 599 Baht, plus easy status check
Krungsri (Bank of Ayudhya PCL) launches an innovative international money transfer service for juristic persons via Krungsri Biz Online (KBOL) digital platform. International transfer transactions can be made easily at any time 24/7, minimizing branch visits during the COVID-19 pandemic and no need for supporting documentation submission. Recipients in destinations like the United Kingdom and Singapore will get the transferred amount on a real-time basis while recipients in other destinations, namely the United States of America, Australia, and most European countries will receive the money faster than before. Moreover, real-time status checking is enabled via the online platform. The newly launched service offers SME operators greater flexibility in making international transactions, reaffirming the Bank's position as a 'Regional Bank' for juristic persons.
Mr. Sayam Prasitsirigul, Krungsri Chief Information and Digital Officer, said, "Krungsri has always emphasized financial technology development. This time we use both the Blockchain and Application Programming Interface (API) innovations to develop the international money transfer service to provide a better international money transfer experience for business customers through Krungsri Biz Online digital platform. It enables customers to make more convenient, faster, and more secure transfer transactions. The innovation can match the name of the recipient bank and its code to minimize any human errors. Currently, the destination countries can receive money in real-time. Krungsri has connected its transaction networks with Ripple and Nium, the global payment infrastructure platforms, and the Bank and MUFG's alliances. Such service is under the regulatory sandbox of the Bank of Thailand (BOT). In the first phase, the service covers 13 major countries and will further expand to other countries following the Bank's strategic directions of developing financial innovations that help improve the business opportunities of international transactions."
Ms. Yingluk Kongkasai, Krungsri Head of Transaction Banking Group, said, "The international money transfer service via Krungsri Biz Online was designed to meet the needs of SME operators both individual and juristic persons, especially the importers of goods and raw materials. The service covers 13 destination countries, namely, the United Kingdom, the United States of America, Singapore, France, Germany, Italy, Spain, the Netherlands, Ireland, Austria, Belgian, Portuguese, and Australia; and supports 5 major currencies: USD, EUR, GBP, SGD, and AUD. Customers can transfer money easily anywhere and anytime around the clock while the recipients will receive the full transferred amount. The status of the money transfer can be checked in real-time. Boasting all these qualifications, such service is offered at a fee of 599 Baht per transaction without any other additional fees charged from the source or destination banks. We believe that these will be the key factors that help promote greater flexibility for our business customers."
Customers can request further information or apply for the service of Krungsri Biz Online at https://bit.ly/2YRNRFj or Tel. 02 6262626.
About Krungsri
Krungsri (Bank of Ayudhya PCL and its group companies) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits, and one of Thailand's six Domestic Systemically Important Banks (D-SIBs) with 76 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan's largest financial group and one of the world's largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 656 domestic branches (617 Banking Branches and 39 Auto Business Branches) and over 32,406 service outlets nationwide. The Krungsri Group is the largest card issuer in Thailand with 9.6 million credit cards, sales finance, and personal loan accounts in its portfolio; a major automobile financing service provider (Krungsri Auto); one of the fastest growing asset management companies (Krungsri Asset Management); and a pioneer in microfinance (Ngern Tid Lor).
Krungsri is strongly committed to the highest level of integrity in conducting its business. All Krungsri Group companies have been awarded accreditation from the Private Sector Collective Action Coalition Against Corruption (CAC) in collaboration with industry peers and stakeholders on a zero tolerance approach to corruption.
About MUFG (Mitsubishi UFJ Financial Group, Inc.)
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,500 locations in more than 50 countries. The Group has about 170,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to "be the world's most trusted financial group" through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.