International money transfer is the quick and easiest way of transferring money from one country to another electronically which helps in eliminating the need for physical cash. This service is provided by various banks all around the globe one of which is Kasikornbank, popularly known as K Bank. Headquartered in Bangkok, Thailand, it is a banking group that was formerly known as Thai Farmers Bank. To ensure the utmost convenience and flexibility for its customers, K Bank provides the facility for international money transfers.
Want to know more about K Bank international transfer? Keep on reading further to learn important information related to it!
How to Initiate K Bank International Transfer?
First things first, in order to initiate K Bank international transfer the remitter needs to have a savings account in Thai Baht or foreign currency. Also, to complete the transfer the remitter needs to fill out the Global Outward form. Following are the steps that the sender or remitter needs to follow in order to complete K Bank international transfer:
- Firstly fill out all the necessary details in the Global Outward form which was started by K Bank in order to ensure an easy, correct and fast method to transfer funds overseas.
- Prepare all the necessary documents as stated by the Bank of Thailand according to the purpose of the fund transfer.
- Submit all the necessary documents and Global Outward form at any international trade services centers nationwide or K-Bank branch.
- After submission, you will receive a record of the fund transfer.
Also Read: OTP Bank International Money Transfer
Conditions for K Bank International Transfer
Following are the conditions applied to K Bank international transfer which are applicable to all customers:
- Spot rate or forward rate will be applied in case of conversion of Thai Baht to a foreign currency as agreed with the bank in each case.
- The remitter can request for cancellation or modification of the money transfer in the information is wrong but they will be required to pay any communication fees or other charges (if applied).
- The fund transfer that needs the permission of the Bank of Thailand should get it approved beforehand.
- The bank has the right to deny the service of international services if the remitter is a part of the prohibition list (OFAC List) or is someone who is a representative of the countries that are sanctioned.
- The remitter should be an individual whereas the beneficiary can be an individual or corporate organization.
- The beneficiary account should be in the same currency as the transferred currency.
Must Read: Cooperative Bank International Transfer
The K Bank International transfer can be done to 32 countries/regions. It is important to note that in this service 14 currencies are available the details related to this are mentioned below:
| Currency | Countries / Region | Beneficiary’s account information | Beneficiary’s bank information | Important details |
| MYR | Malaysia | Account Number(Depend on Receiving Bank) | SWIFT Code(8 or 11 Characters) | |
| VND | Vietnam | Account Number(Depend on Receiving Bank) | SWIFT Code(8 or 11 Characters) | 1. Transfer Limit: Less than or equal to 300 Million VND per transaction. 2. Sender can be only an individual. |
| INR | India | Account Number(Depend on Receiving Bank) | IFSC Code(11 Characters) | |
| HKD | Hong Kong | Account Number(Total 9-12 Digits Composed of “Branch Code” 3 Digits and Account Number 6-9 Digits) | Bank Code(3 Digits) | |
| SGD | Singapore | Mobile NumberDepending on Recipient PaynowID Account Number(Depend on Receiving Bank) | UOB, DBS Bank, OCBC SWIFT Code(8 or 11 Characters) | 1. Transfer Limit: 1,000 SGD per transaction/day 2. Available 24×7 3. Limited to recipients who registered for PayNowID with OCBC, DBS Bank, UOB |
| GBP | United Kingdom | Account Number or IBAN(Account Number 8 Digits or IBAN 22 Characters) | Sort Code(6 Digits) | |
| JPY | Japan | Account Number(Depend on Receiving Bank) | SWIFT Code(8 or 11 Characters) | |
| CNY/RNB | China | Account Number(Depend on Receiving Bank) | SWIFT Code(8 or 11 Characters) | There is strict regulation for transfer to China. The beneficiary bank might ask the beneficiary to submit relevant documents which align with the purpose of payment specified by the sender |
| USD | The United States Of America | Account Number(Depend on Receiving Bank) | ACH Code(9 Digits) | ACH Code (Automated Clearing House Code) is a bank code for local electronic money transfers and electronic payments in the U.S. (e.g. direct deposits, automatic payments and ACH transfers) |
| EUR | Cyprus, France, Italy, Spain, Estonia, The Netherlands, Greece, Latvia, Portugal, Austria, Malta, Finland, Ireland, Lithuania, San Marino, Slovakia, Monaco, Belgium, Germany | IBAN(16-31 Characters) | SWIFT Code(8 or 11 Characters) | |
| AUD | Australia | Account Number(Depend on Receiving Bank) | BSB Code(6 Digits) | |
| PHP | Philippines | Account Number(Depend on Receiving Bank) | SWIFT Code(8 or 11 Characters) | |
| IDR | Indonesia | Account Number(Depend on Receiving Bank) | SWIFT Code(8 or 11 Characters) | |
| KRW | South Korea | Account Number(Depend on Receiving Bank)Recipient’s mobile numberRecipient’s email address | Bank Code(3 Digits) | 1. Transfer Limit: Less than or equal to 5.5 Million KRW per transaction. 2. Please provide the recipient’s mobile number and email address; the first fund transfer transaction to Korea requires identity verification of the recipient. |
K Bank International Transfer can be done with one of the Sixteen Objectives:
The international money transfer should be based on one of the objectives out of the sixteen objectives mentioned below:
- Private sector grants
- Advertisement costs
- Indemnity for goods
- Shipping costs
- Fares
- International travel expenses
- Income repatriation by workers
- Students’ expenses
- Payment of imported and exported products
- Consultant’s fee
- Remittance to family members or relatives who are permanent residents of other countries.
- Travel expenses – tourists
- Healthcare expenses
- Insurance and reinsurance premiums on goods
- News service fees
- Property rental
Also Read: CBA Bank Money Transfer
Charges Options – OUR, BEN or SHA
The sender must select the charges option from the available alternatives from the following list in order to complete the K Bank international transfer:
- OUR – The sender is accountable for paying the foreign bank fee and outgoing funds transfer fee incurred by KBank. Any charges imposed by the foreign bank may be partially deducted (if at all) from the money received by the recipient.
- BEN – Both the foreign bank charge and the outward money transfer charge incurred by KBank are the responsibility of the recipient (beneficiary). The fees will be subtracted from the amount that was transferred. As a result, the receiver won’t get the full amount.
- SHA – Only the outgoing funds’ transfer fee from KBank is the sender’s responsibility. The transferred amount will be reduced by any foreign bank fees that were incurred. As a result, the receiver won’t get the full amount of the donation.
FAQs
The bank transfer fee is usually between 3% and 4%. However, the charges might increase depending on the country.
The process might take a few hours or a few days, depending on the country you’re sending your money to as well as the bank itself.
Even though SWIFT transfer is more secure and reliable for a large amount of money transfer process, the fees and processing time is also higher.
This is everything you need to know about K Bank international transfer! Worried about the financial hurdles you are facing for your study abroad dreams? Let Fly Finance help you and make your dreams come true!
