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Cross-Border Payments: Thailand s Siam Commercial Bank and Thunes to Streamline Remittances

Siam Commercial Bank (BKK: SCB), which is Thailand’s first and oldest banking institution, and Thunes, an established international payments firm, revealed on Tuesday (June 29, 2021) that they have teamed up to allow individual customers and businesses overseas to send money to Thailand. The cross-border payments made to Thailand, through this partnership, should be a lot faster, cheaper and with greater transaction limits, the announcement noted. Locals and expats currently residing in Thailand will have the option to get payouts in real-time into their banking accounts from across the globe. The current methods for handling cross-border transfers to Thailand tend to be quite slow, unreliable and also come with high transaction fees and relatively low transaction limits.

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