Krungsri/bank Of Ayuddia - Interesting New Service

[Khun Bob]

Hi

Krungsri are now offering a new cardless atm withdrawl service - which has some interesting uses. First details from the bank below :

Cardless ATM Service

Withdraw money from ATM without a card. New! Cardless service, get transferred money at Krungsri ATM 24 hours, no bank account needed.

Service Information:

1. This service is available for individual customer who has a savings or current account.

2. The amount of each transaction is available in multiple of Baht 100 e.g. Baht 500 1,600 17,000 18,500 and must not exceed Baht 20,000 per transaction and Baht 100,000 per day per card/User ID. Some transaction amounts could not be provided due to limitation of number of bank notes to be dispensed at a time.

3. No interest on the transferred amount after the transaction is done.

4. Receiver can withdraw the money at any Krungsri ATM using Cardless ATM menu by entering "Sender's Mobile No.", "Recipient Code" which is a code sent by the bank via SMS to sender together with "Transfer Amount". The information shall be kept confidentially between sender and receiver only.

5. Receiver can withdraw the money within 3 days before midnight of the 3rd date after the transfer date. If the money is not withdrawn within this period, the transferred transaction will be cancelled and refunded into sender's account. Please note that the transaction fee is non-refundable.

6. The transferred transaction will be cancelled immediately if receiver enters invalid withdrawal data more than 2 times. The money, excluding the transaction fee, will be refunded to sender's account.

7. Sender can cancel a transaction on transferred channel by entering the "Reference No." of the transaction as shown in the success evidence. The transaction fee will not be refunded.

8. In case of transaction cancellation, the bank will assume that the sender intends the bank to transfer the money back to the original deposit account.

9. The transaction fee will be charged in flat rate nationwide as per bank rate and fee announcement and immediately debited from the sender's account when the transfer request is done.

10. This service is available for AIS, DTAC and True Move only.

How to Apply:

1. Complete the "Update Function for Transfer to Other Party Request Form".

2. Apply for the service function, select "Cardless ATM" and "Add Function", then click "Next" and verify your detail before click "confirm".

3. Print and sign the Request Form. The signature must be the same as the signature given when you opened the account.

4. Send the form along with a signed photocopy of your identification document to the branch hosting your account in person or by postal mail.

5. The bank will notify you of accessibility to the service function via given postal mail or e-mail within 7-14 business days.

Now what are some of the potential uses -

Well if your outside of Thailand and have a thai phone with global roaming - you can arrange for transfers to other people just by telling them what the sent sms code is - likewise in Thailand - now this way the recipient doesnt need to have a bank account/use a bank account to receive the cash.

I dont know what the fee is - but as there is one fee nationwide it could be comparable to what thai banks charge for interbank transfers out of sending account region or across banks - this is usually 30bt ish per transaction.

There has to be some other good uses to - anyone care to think and suggest - I just know this is a good thinkg for anybody that has an account with krungsri and want to transfer cash easily.

Of course there are bound to be some pitfalls too - like lack of traceability - please mention any of these you can think about to.

I havent used it and I am unlikely to as krungsri is not my main bank - still it may be of benefit to some people...