KTB opens Internet transfer unit

BANGKOK: -- Krung Thai Bank has unveiled plans to boost foreign banking business through the Internet with a new hi-tech cash transfer service, a senior executive said today (Thursday).

Pongsathorn Siriyodhin, first senior executive vice-president, said the KTB e-Payment service would facilitate cash transfers directly to all banks in the United States through the Internet.

He said Krung Thai Bank was the first bank in the country to provide such a service.

The bank has improved its operating system to launch the new services with a view to expanding its foreign banking business this year, Pongsathorn said in a statement.

The service will initially allow customers to transfer cash only in US dollars, which are used in about 70-80 per cent of all cash transfers around the world.

The service is expected to |provide more convenience to bank customers, particularly to exporters and importers, he added.

Transfers are not limited by cash amounts but are subject to the Bank of Thailand's regulations on capital inflow and outflow.

Pongsathorn said the service was currently available at the bank's 240 branches nationwide, and would be increased to 394 outlets by the end of the year.

Customers will also be able to make transactions by themselves at Internet access areas, but the transactions will go through the bank's system first.

KTB e-Payment is protected by high security with a two-tier safety system, Pongsathorn said. Customers must register before they get personal codes and passwords, which are eligible for one transaction only.

The service has been used in the United States for the last five years and there have been no reports of hackers, he said.

The bank's customers can also open letters of credit via the Internet and the bank will provide advice for inward remittance service by electronic mail.

He said the bank would use e-mail to contact customers to provide them with more convenience and cut operating costs.

--The Nation 2005-08-26

I would imagine this service will allow transfers into Thailand as well as transfers out.