KBank revolutionizes the forex market, daring to be the first bank to offer the best rate ever

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Bangkok–(THAI BUSINESS NEWS)–Jan. 27, 2020

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KBank gets ready to address the demand of Thai travelers with its announcement to be the first bank that offers the best exchange rate to top everyone, boasting the “New-Gen KBank Rate – Cheaper! Incomparable!”, with no conversion limit, to win the hearts of Thai globetrotters who travel regularly for leisure, business and study. Currencies can be converted with convenience via KBank’s channels with extensive coverage at more than 1,000 locations nationwide, including KBank branches, forex booths inside and outside major airports, and automated currency exchange machines. KBank aims to increase brand recognition and top-of-mind awareness when customers want to convert the currencies.

Mr. Wirawat Panthawangkun, Senior Executive Vice President, said the number of Thai overseas travelers has steadily increased. According to KResearch, Thai travelers made approximately 10 million overseas trips with total spending amount to 385.00-390.69 billion Baht last year.  Their lifestyle has changed as customers have increasingly used digital media to find information and compare the rates of airfares and accommodation. In the era when commercial banks or travel-related businesses need to adjust to keep up with changing demand of the customers, it is required to incorporate technology and data to develop products or services to match the customers’ needs and lifestyles. 

With the aim of becoming an “AEC+3 Bank”, KBank has remodeled our services via technologies and innovations so that they meet the needs of customers, who often travel aboard for business, investment, leisure and overseas study, and be an integral part of their daily lives. Moreover, our customers will be able to access new services while also having an option to use a diverse of services without being limited to traditional services offered by KBank before. Last year, KBank steadily introduced numerous cross-border financial products and services, namely international funds transfer via K PLUS, a collaboration with JCB and VIA to offer overseas bill payment with QR Code via K PLUS in Japan and Singapore, the JOURNEY Card, YouTrip (multi-currency e-Wallet) and overseas travel insurance.

Mr. Wirawat added that KBank’s announcement to cut foreign exchange rate for all currencies is an important adjustment and change in our foreign exchange business with the aim of meeting the needs of our customers, who attach importance to the value for money and convenience. KBank targets every Thai customer travelling overseas for leisure, business, and overseas study. With the concept, “New-Gen KBank Rate – Cheaper! Incomparable!”, our customers will get the best forex rate ever from KBank without having to compare the rates of various money exchangers. It is convenient whenever they want to exchange foreign currencies, thanks to KBank’s strength in terms of an extensive service network covering 1,000 locations, including KBank branches, foreign exchange booths inside and outside major airports, and automated currency exchange machines.

The foreign exchange market has the highest transaction turnover among financial markets. Currently, KBank offers foreign exchange service in 28 currencies with the most transactions seen in six currencies: USD, JPY, EUR, CNY, KRW and SGD.

KBank foreign exchange service points

Types

Greater Bangkok

Upcountry

Total

Branch

333

551

884

Foreign exchange booth

35

62

97

Foreign exchange booth at airports*

28

8

36

Automated currency exchange machine

5

5

Total

401

621

1022

*With the exception of those located beyond passport control points on the fourth floor of Suvarnabhumi Airport’s domestic terminal (departures), Don Mueang Airport and Chiang Mai Airport, and the arrival terminal before passport control points at Don Mueang Airport.