Bangkok Bank pioneers real time Thailand-Singapore funds transfer via mobile numbers registered with PromptPay/PayNow

Thursday 29 April 2021 16:46
Bangkok Bank pioneers real time Thailand-Singapore funds transfer via mobile numbers registered with PromptPay/PayNow to send and receive funds on a 24-hour basis, reinforcing its position as a leading regional bank
Bangkok Bank pioneers real time Thailand-Singapore funds transfer via mobile numbers registered with PromptPay/PayNow

Bangkok Bank has become a pioneer in providing international funds transfer via PromptPay International between Thailand and Singapore. Customers can simply use a mobile phone number registered with PromptPay/PayNow to send and receive funds in real time on a 24-hour basis. A special fee of only 75 baht/transaction is available from April 26 - July 31, 2021. Meanwhile, the bank is committed to improving its services to reinforce its position as a leading regional bank.

Bangkok Bank Executive Vice President Pornnit Dunnvatanachit said Bangkok Bank has joined other pioneering banks in providing international funds transfer via PromptPay International between Thailand and Singapore to facilitate customers wanting to send or receive funds between Thailand and Singapore quickly and securely. Customers can simply use a mobile phone number registered with PromptPay (Thailand) or PayNow (Singapore) to make transactions 24 hours a day via Bangkok Bank Mobile Banking. Recipients will receive the full amount of funds instantly. Bangkok Bank has also been selected as the Settlement Bank for PromptPay International service between Thailand and Singapore.

"This service is another major collaboration between the central banks of Thailand and Singapore as well as leading commercial banks in each country. It aims to provide more convenience to people in their international transactions, and requires less paperwork. Customers can simply use a mobile phone number registered with PromptPay/PayNow to make transactions. This meets the financial needs of retail customers in the digital era as they can transfer funds to their friends, purchase goods or pay for educational fees and other expenses. At the same time, Singaporeans working in Thailand or Thais working in Singapore can transfer funds to their families. Retail customers can conveniently and swiftly make transactions with much cheaper international funds transfer fees."

Customers can make a funds transfer to Singapore via PromptPay on Bangkok Bank Mobile Banking by logging in and choosing "International Funds Transfer" then "PromptPay International". Follow the transfer instructions and enter the recipient's mobile number registered with PayNow. Customers can select the transfer amount in Thai baht (THB) or in Singapore dollar (SGD) with a daily transfer limit of 1,000 SGD. Once customers have reviewed and confirmed the transaction with their mobile PIN, the money will be transferred to the recipient instantly and an e-slip will be generated as proof of transfer.

To make an international funds transfer via PromptPay to a mobile number in Singapore, the number must be registered with PayNow at selected Singaporean banks. At present, three Singaporean banks, namely DBS Bank (DBS), Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) have participated in the collaboration.

For international funds transfer from Singapore via PromptPay between April 26 to July 31, 2021, there will be a special rate of fee of only 75 baht / transaction (normally 150 baht / transaction).

Under the collaboration, customers who hold deposit accounts at any of the three aforementioned banks in Singapore are able to transfer funds to recipients in Thailand via a mobile number registered with Bangkok Bank PromptPay instead of specifying a bank account number. The recipients will receive the full amount of money in Thai baht in real time from Singapore on a 24-hour basis. Those who want to register with Bangkok Bank PromptPay can do so instantly via Bangkok Bank Mobile Banking as well as other electronic channels.

"Bangkok Bank is committed to continuously improving its financial services to facilitate both Thai and international customers, particularly transactions via digital and electronic channels that are in line with customer behavior. For instance, it is the first Thai bank to act as a settlement bank for international transactions to provide cross border QR payment services between Thailand and Vietnam. The Bank's move to provide international funds transfer services via PromptPay reinforces its position as the leading regional bank going forward," said Mrs. Pornnit.

Source: Bangkok Bank