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KBank offers funds transfer at K-ATMs, of which funds can be received at any of the 7,600 7-Eleven branches

February 27, 2014

ENP Newswire - 27 February 2014

Release date- 25022014 - KASIKORNBANK is offering 'K-ATM to 7-Eleven', a funds transfer service allowing recipients to get cash withdrawals at any of the 7,600 7-Eleven branches, from 8 a.m. to 8 p.m.

Under this service, available from today, transfer recipients do not need to have any bank deposit accounts, while emphasis is placed on convenience and safety for retail customers.

Mr. Chatchai Payuhanaveechai, Executive Vice President of KASIKORNBANK, stated that KBank and 7-Eleven, Thailand's number one convenience store chain, are introducing K-ATM to 7-Eleven to expand service channels to cover all customer segments in all areas, thus enabling funds transfers to those who have no bank account nationwide.

Under this service, K-Debit or K-ATM Cardholders are eligible to make 24-hour funds transfers through more than 7,800 K-ATMs nationwide, while funds recipients can receive the cash transfers at any of more than 7,600 7-Eleven branches with counter service across the country during 8 a.m. to 8 p.m., everyday, without the need for any bank deposit accounts. Money receivers are only required to have their own national ID card and a money receiving code.

For funds transferors, they need to choose 'Funds Transfer' item at K-ATMs before choosing '7-Eleven Counter Service'. Transfer recipients' national ID number as well as the amount of money to be transferred must be entered. Maximum funds allowed total 5,000 Baht per transaction, while account holders initiating the transfer will be charged 30 Baht for each transaction. A fund transfer document and cash receipt code will be given to customers, who will need to inform recipients of the code. With their national ID card and the code, recipients can get the cash at the convenience store's counter services.

K-ATM to 7-Eleven service ensures customers of security in money transfers with authentication processes that requires recipients' ID card and security codes which are supplied by KBank customers making the transfer. In case of the wrong code being entered three times, the system will hold back that fund transfer on the day, although transfer recipients may conduct the transaction again the following day. However, if there is no cash received within five calendar days, the system will automatically credit the money back into the original account.

Mr. Chatchai added that the new service provides convenience to customers with KBank deposit accounts to make funds transfers to those in the provincial areas where commercial banks' branches are not in abundance. Transfer recipients will conveniently access funds through more than 7,600 7-Eleven branches across the country.

Funds transfer transactions through the banking system among retail customers involve a large market, with an average annual growth of 15 percent; the figure registered approximately 1.5 billion Baht in 2013.

According to Mr. Weeradej Ackapolpanich, Assistant Vice President of Counter Service Co., Ltd., K-ATM to 7-Eleven is the latest service of Counter Service, which serves as money receipt outlets, available for KBank customer convenience in funds transfer to a variety of remote locations. This reinforces the company's leadership in bill payment business with complete, accurate, secure and nationwide-coverage services.

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Source: ENP Newswire

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