According to the press release, thanks to the partnership, locals and expats in Thailand can receive payouts in real time directly into their bank accounts from all over the world. Senders can now transfer money via Thunes' global network to Siam Commercial Bank's 16.4 million customers and all other bank account holders in Thailand. Moreover, along with consumer remittances, Siam Commercial Bank will also be able to facilitate B2B transactions, such as mass payouts in Thailand on behalf of enterprises based in other parts of the world.
Overall, the initiative comes as existing methods of cross-border money transfer into Thailand are often slow, unreliable, and burdened with high fees and low transaction limits. With the help of Siam Commercial Bank, Thunes' global customers are able to send transactions to Thailand more quickly, securely, and cost effectively, helping to satisfy fast rising demand for the seamless movement of funds across borders.
Siam Commercial Bank is one of Thailand's leading universal banks, providing a full range of financial services to clients in all segments, including wholesale, SMEs, and retail banking services, through its nationwide branch network.
Thunes' platform currently connects more than 260 customers and network partners from across 110 countries to send and receive money globally. The company is headquartered in Singapore with regional offices in London, Shanghai, New York, Dubai, and Nairobi.
For more information about Thunes, please check out the company profile in The Paypers Company Database.
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