e-Payment services company, Ascend Group
TrueMoney, has announced the launch of TrueMoney Myanmar and the launch of its fund transfer solution, TrueMoney Transfer, claiming it to be the company’s first international money transfer solution.
According to Ascend Group, TrueMoney Transfer enables real-time fund transfers from Thailand to Myanmar, allowing Burmese migrant workers to significantly reduce the expense and risks associated with sending money to family back home. The service states that it allows real-time fund transfers with 250 transfer spots in Thailand and by the end of this year bumping it up to 681 transfer spots in Myanmar. The company also claims that the transfer is done in a safe manner using a passcode to receive the money that only the sender knows, and is affordable with transaction fees starting at 50 Baht ($1.4 approx).
How does it work?
TrueMoney claims that users can simply register a user account at one of TrueMoney’s official agent shops in Thailand, show their ID, and instantly transfer funds to Myanmar. After informing the agent of the receiver’s name and mobile number and the amount to be transferred, the sender will be told the exact amount the receiver will receive. The sender will also receive an 8-digit code via SMS. The receiver can immediately use the given code, in addition to their identification and mobile phone number, to receive cash at any of the TrueMoney Transfer spots in Myanmar.
Rationale behind the launch
The company also states that sending money from Thailand to Myanmar can be very expensive and uncertain. Because no other options are available, Myanmar migrant workers are placing their trust and savings within informal networks, which are complicated, time-consuming which can take up to 4-5 days to send funds and unsafe since there is no guarantee that the intended receiver will ever receive the money.
Migration within and across Myanmar’s long borderline has been long-standing. In an aim of improving relatives’ standard of living, many Burmese have chosen to cross borders in search of decent work and income. Quoting a research from the United Nations, the company states that Thailand is home of almost 2 million hard working Burmese sending 2,8 billion Kyat ($2.2 million approx) back home annually, namely 1 million Kyat ($800 approx) per person per year.
San Thaw Da Wun, Country Director, TrueMoney Myanmar, said, “Transferring money to loved ones has undoubtedly become a crucial need for Burmese migrants and their families. However, a large number of Myanmar workers remain unbanked, due to a variety of reasons such as, but not limited to legal status, language barrier, and access to banking services. We have developed TrueMoney Transfer to give a faster, safer, more secured and affordable alternative to the commonly used informal channels.”