Even without a bank savings account, you can still transfer cash to others all over the nation within minutes.

Currently three banks - Krung Thai Bank (KTB), Kasikornbank (Kbank), and Bank of Ayudhya (BAY) - are offering easy and quick cash transfer services at their branches around the country.

KTB, the country's largest state-owned bank, calls its service "KTB Speed Cash Transfer" and BAY's service goes by the moniker "Krungsri Quick Transfer".

Kbank has no special name for the service.

The three banks do not require that money transferors are their customers if they are to use their money transfer services.

As a result, the service benefits both cash transferors and recipients.

They can walk into any of these banks' branches and undertake a transaction.

All three banks' services are similar in concept and are billed as expedient and easy to use.

The banks do not require any official documents from cash transferors.

But in order for recipients to retrieve the cash, they require personal proof of their identity like an identification card, passport, driver's licence or work permit.

For all their similarities, the three banks have some differences in the conditions of their transfer service.

KTB, for example, allows recipients to only retrieve cash at the bank's branches that bear the KTB Speed Cash Transfer logo.

To transfer funds at KTB, customers must fill out a form designating the recipient and destination branch, as well as the amount of cash they want to transfer.

After they give this information to a bank officer, they receive two important things: a 10-digit reference number and 12-digit secret code.

Transferees need both of the numbers as well as the exact amount of the transfer to receive their money.

However, transferors who go to Kbank and BAY will be in for easier procedures than they would encounter at KTB.

Transferors only fill out a cash-transfer form and give it to a bank officer, then call the transferees to inform them of the transaction.

In order to retrieve the money, recipients only have to show their identification card to a bank officer at the destination branch and no secret code is needed.

Moreover, transferors and transferees can use this service at all of Kbank's and BAY's branches throughout the country.

The cost of the service differs among the three banks. KTB limits the amount of a cash transfer to Bt30,000 and charges Bt30 per transaction.

Kbank's fee is classified into two recipient types: individual customers and corporate customers.

Individual recipients' maximum cash transfer limit is set at Bt50,000.

If the amount is more than Bt50,000, the bank will give both individual and corporate recipients a cashier's cheque instead of a wad of cash. That of course can turn into to be a big waste of time for the recipient because once they get the cheque, they will have to take a number and cash the cheque at the branch.

Individual cash transferees are charged Bt40 for receiving a transfer of Bt10,000 or less. They are charged B70 to receive between Bt10,001 and Bt30,000, and Bt100 to receive Bt30,001 to Bt50,000.

For larger cash transfers exceeding Bt50,000, transferees are charged Bt10 for each Bt10,000, plus another Bt100 for a telephone network fee.

Corporate customers are charged Bt10 for each Bt10,000 transferred, plus Bt100 for a telephone network fee.

But if no recipient shows up to collect the money, transferors can retrieve their money at the branch where they made the transfer.

Kbank's service is available at its branches from 8.30am to 3.30pm Monday through Friday. At the bank's shopping centre branches, the service is available from 11am to 7pm.

Finally, BAY's Krungsri Quick Transfer charges Bt30 for each Bt30,000 transferred. The bank said this is a promotional fee for the new service.

Incidentally, BAY allows customers to transfer up to Bt10 million per transaction. They are also able to transfer a maximum of Bt1 million to Vientiane in Laos. 

Somreudi Banchongduang

The Nation