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Krungthai Bank is one of Thailand’s largest and most prominent financial institutions, offering a variety of banking services, including domestic and international payment solutions for individuals, businesses, and governmental entities.
This guide provides an informative overview of Krungthai Bank payment methods, enabling global merchants and businesses to understand its features and operations without promoting its adoption.
What is Krungthai Bank?
Krungthai Bank Public Company Limited is a state-owned bank headquartered in Bangkok, Thailand. Established in 1966, it has evolved into one of the country’s leading banks, playing a significant role in supporting Thailand’s economy through retail banking, commercial banking, and support for governmental initiatives. It is classified as a domestic systemically important bank.
Key features of Krungthai Bank
1. NEXT mobile app
Krungthai Bank operates the KrungThai NEXT mobile banking application, which facilitates transfers, top-ups to other digital accounts, bill payment, cash withdrawals, and online loan applications. Within the app, users can also open a savings account, purchase insurance policies, and track the usage of their Krungthai credit card (KTC).
2. Krungthai SME and corporate banking facilities
Krungthai Bank offers banking services for small and medium-sized enterprises (SMEs) and larger corporations. Businesses can access specialised loan programmes like the Krungthai loan for tourism and related businesses. They can open current accounts, fixed deposit accounts, savings accounts, and other products.
Business accounts benefit from tools designed for efficient cash flow and liquidity management. Corporations can process payrolls or vendor payments using Krungthai Bank’s bulk transfer systems via their commercial banking channels.
Services such as specialised accounts, loans, or dividend disbursements are provided for business entities.
3. Government collaborations
As a state-owned bank, Krungthai plays a unique role in facilitating government-driven initiatives, including payment structures to support development projects and businesses. Krungthai Bank has invested in e-payment infrastructure to ensure nationwide coverage, including in rural areas. The data from its collaborations with businesses and communities is used to inform local supply chain financing.
4. PromptPay integration
PromptPay is a real-time instant payment system in Thailand, enabling users to transfer funds using their mobile phone number, citizen ID, or bank account number. Krungthai Bank is integrated into this national system. This means bank customers within Thailand can transfer funds to one another in minutes or seconds, even to other banks.
5. Integration with businesses
Thai merchants may integrate Krungthai Bank’s payment services with their business infrastructure. Merchant features include bulk payment systems, dividend payout management, and cross-border transaction handling for international trade.
6. Broad domestic presence
Krungthai Bank has an extensive network of branch locations and ATMs across all provinces in Thailand, as well as select overseas branches for international services.
Krungthai Bank’s payment services for customers
Krungthai Bank facilitates a variety of payment services for customers, including offline branch banking, mobile banking, and ATM banking.
1. Branch banking
As of April 2024, Krungthai Bank has the most number of branches in Thailand compared to other commercial banks. These branches are located throughout Thailand’s urban and rural areas and can facilitate cash deposits, check clearing and bill payments. Krungthai Bank’s headquarters are situated on Sukhumvit Road in Bangkok, serving as a central point for coordinating its domestic and international banking activities.
2. Online payments through Krungthai NEXT
Customers can deposit or transfer funds directly to Krungthai accounts or accounts at other domestic banks.
3. Krungthai Bank ATMs
ATM locations within Thailand provide easy access to fund transfers and bill payments for customers nationwide. Select locations in regions such as Singapore offer ATMs for Krungthai Bank customers traveling abroad.
4. International transfers
Krungthai Bank supports money transfer services for international transactions, including both inbound and outbound payments. Like many other banks, Krungthai Bank uses the SWIFT network for cross-border transactions.
Opening a Krungthai account
A number of documents are needed for a foreigner to open a Krungthai Bank account. This list includes a passport, a copy of the account owner’s house registration, passport and other important documents such as a certificate issued by an embassy or international organisation or a valid work permit.
The bank may also require that the applicant be accompanied by a bank officer, customers, government officials, executives of private companies, public and private educational institutions located in Thailand that the bank can trust.
Receiving money from Krungthai customers internationally
Global merchants who want to receive money from Krungthai Bank customers can request international remittances. Bank alliances allow global remittances from Krungthai Bank to be sent in over 150 currencies to numerous countries. This feature is available at all Krungthai Bank branches and is subject to daily bank exchange rates.
The sender will need to cover any fees collected by the receiving bank, including a service fee deducted from the total amount transferred and a 400 baht transaction fee regardless of the currency.
Merchants who are not based in Thailand but have access to a QR-payments-enabled digital bank can also accept money from Krungthai Bank customers. In 2023, the five ASEAN countries of Vietnam, Indonesia, Malaysia, Singapore and Thailand signed a memorandum of understanding (MoU) to begin facilitating transactions between all participating countries through QR payments.
Krungthai Bank customers travelling in one of the other partnering countries can scan a local merchant’s QR code with their NEXT app and pay the balance.
Receiving money from Krungthai customers domestically
A merchant in Thailand can receive funds from a Krungthai Bank customer via several methods, including PromptPay, QR code payments, and traditional bank transfers.
PromptPay: A customer can use their Krungthai NEXT app to initiate a transfer by entering the merchant's mobile phone number. The seller’s number needs to be registered with PromptPay first.
QR code payments: A foreign merchant in Thailand could accept QR code payments from Krungthai Bank customers simply by showing a compatible QR code for payment.
Traditional bank transfers: Global remittances can be done via wire transfer or through the Krungthai NEXT app.
Security features
Krungthai Bank employs robust security systems to safeguard payments, transfers, and banking activities.
Hybrid Cybersecurity Operation Center (Hybrid CSOC): Krungthai Bank has established a centralised team to monitor and respond to cyber threats. The centre’s staff conducts work processes that are supervised in an automated manner through Security Orchestration, Automation and Response (SOAR) technology.
Member of Financial Services — Information Sharing and Analysis Center (FS-ISAC): Krungthai Bank is a member of this international consortium that tracks the latest cyber threats and attacks on global financial institutions.
Transport Layer Security (TLS): Krungthai Bank uses TLS, an internet protocol, to encrypt data transmitted over the internet, making it unreadable to interceptors.
Pao Tang security app: Thailand’s Ministry of Digital collaborates with Krungthai Bank to maintain Pao Tang, a warning channel app created to raise awareness about online scams, fake news and dis-/mis-information. This app counted over 40 million users in 2022.
Krungthai Bank payments for global merchants
Krungthai Bank is one of Thailand’s oldest banks, but it has successfully digitalised products and innovated its services for an audience that has become more familiar with cashless, online transactions.
Its comprehensive payment services for individuals, businesses, and governmental entities in Thailand make it a popular choice for banking services in Thailand. From branch banking to digital platforms and international transfers, Krungthai Bank delivers versatile payment solutions while supporting governmental initiatives and commercial activities.
To learn more about accepting payments from Krungthai Bank customers, or to explore a complete payment system in Thailand, speak with the Antom team today.
