Ripple Partnered With Thailand's Oldest Bank To Lower Remittance Costs

Ripple has partnered with Thailand's oldest bank, the Siam Commercial Bank (SCB), to launch a promotional offer aimed at reducing the cost of international money transfers in Thailand. Promotional money transfer service in accordance with the available information will be carried out by using SCB EASY. As a result, the cost will be reduced from 339 to 199 baht.

This service applies to US dollars, pounds, euros and Singapore dollars in twelve major countries. These are Portugal, Belgium, Austria, Ireland, the Netherlands, Spain, Italy, Germany, France, Singapore, the United States and Great Britain. SCB Easy uses RippleNet to serve customers in Thailand and beyond. Money transfer service is available 24 hours a day.

Transfers through SCB Easy are carried out with an electronic invoice, and customers do not need to attach any documents confirming payment, or submit an application in advance. Each transaction in SCB Easy generates receipts stored on mobile phones and notifies the recipients of funds through a social platform. The transfer of funds occurs almost instantly. However, the timing may depend on the system at the destination. Another important value of SCB Easy is that the recipient receives the actually transferred amount without any form of fees at a foreign bank.

Image courtesy of International Banker