Singaporeans Can Transfer Up To $1,000 To Thailand Using PayNow
The introduction of PayNow is a gamechanger in the way we handle transactions in Singapore.
Conveniently done within our smartphones, many use it for transferring funds or to make payments at our favourite merchants.
As of today (29 Apr), users of Singapore’s PayNow and Thailand’s PromptPay will be able to send up to S$1,000 (25,000 baht) daily across the 2 countries using just a mobile number.
Transferring funds to our loved ones in Thailand is as simple as a few swipes on the phone.
Singapore’s PayNow is now linked with PromptPay in Thailand
In a joint statement released by the Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT), they called the link the “first of its kind globally”.
The participating banks in Singapore are currently:
- DBS
- UOB
- OCBC
In Thailand, the 4 participating banks are:
- Bangkok Bank
- Kasikornbank
- Krung Thai Bank
- The Siam Commercial Bank.
Transfer up to $1,000 daily using just a phone number
Exactly as it is right now, users can transfer money between the 2 countries using just a phone number. There will be no need to exchange bank account details or the like.
The process will replicate the convenience of domestic transactions done through the PayNow or PromptPay applications.
Transfers take minutes compared to the usual 2 days
And such as the nature of this cross-country innovation, transfers will merely take a few minutes compared to the traditional 1 to 2 working days needed by most cross-border remittance solutions.
The transfer is direct — from one bank account to another.
Affordably priced foreign exchange charges
The aforementioned banks have also committed to “benchmark their fees against the market”.
The fees linked with the transfers will be “transparently displayed to senders prior to confirming their transfers” and senders will also be able to “view the applicable foreign exchange charges prior to sending their funds”.
This represents a key milestone in ASEAN Payment Connectivity that was initiated in 2019.
With Thailand already achieving QR cross-border payment connectivity with 4 other countries since 2018, we can hope that we’re up next.
Amazing for quick transfers
Even though travel to Bangkok comes with its strings attached these days, we can definitely feel closer to our friends and family in the land of smiles this way.
With this breakthrough in online transfer services, our loved ones in Thailand can easily receive and transfer funds.
In cases of emergencies, we can definitely be there to help however we can.
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Featured image adapted from BetterSpider.
