New cheaper, faster electronic money transfer service available as of October 31

Fifteen commercial banks and four state-run financial institutes have agreed to launch a new money transfer service called PromptPay which will substantially cut the transfer fees charged by the banks and speed up the transfer process.

Those who are interested to use the new service can apply for registration at their banks starting on July 1 but the central system for the electronic money transfer service will be open on July 15, said Mrs Thong-urai Limpiti, deputy governor for financial institute’s stability of the Bank of Thailand, on Wednesday.

Under the PromptPay service, a person who wants to transfer money electronically from his account to another account through an ATM needs not have to specify the bank account of the recipient but only his/her mobile phone number or ID card which was already registered with banks.

Each mobile phone number is for one bank account. Money transfer can be done only if both the sender and the recipient have registered with banks to apply for the use of the service.

PromptPay service will commence on October 31, said Mr Pridi Daochai, president of the Thai Bankers Association.

The new fees for money transfers are as follows: transfer of money not exceeding 5,000 baht will be free from charges; two baht for transfer between 5,000-30,000 baht; 5 baht fee for transfer between 30,000-100,000 baht and 10 baht for transfer of more than 100,000 baht.

Initially the service will be limited to individuals. But, later on, the service will be expanded to cover legal entities.

Source: http://englishnews.thaipbs.or.th/new-cheaper-faster-electronic-money-transfer-service-available-october-31/

-- Thai PBS 2016-06-15

They should lower their fees altogether for money transfers within country. The banks here are just too damn rich.

...the expense is not intra-Thailand (within Thailand). The expense is inter-country.

Also available via internet banking?

...the expense is not intra-Thailand (within Thailand). The expense is inter-country.

I don't think so. This service is for banks within the Thai banking system....how would a foreign bank know whether a Thai mobile number or Thai ID number is legit? Do you really think other countries are going to re-program their ATMs to accept this type of transfer?

It is interesting to note that Australian banks are gearing up for international transfers that will only take as long as you can send an e/mail, and while Thailand dithers it will still take 3 days from the time it gets here to get into your account ......................................

...the expense is not intra-Thailand (within Thailand). The expense is inter-country.

I don't think so. This service is for banks within the Thai banking system....how would a foreign bank know whether a Thai mobile number or Thai ID number is legit? Do you really think other countries are going to re-program their ATMs to accept this type of transfer?

No, they don't mean that. He/she means the cost of sending money within Thailand is cheap (usually 20 baht per transfer) but the cost for sending it abroad (a SWIFT) or receiving it from abroad is high. Well, it is higher.

Each mobile phone number is for one bank account.

So if I have 5 bank accounts I will need 5 phone numbers also. Again a very well thought over idea.

PayPal takes about 5-6 business days to send and receive to my Thai account. I wonder if the slow pace is on Paypal's or Thais' or both sides?

How long does it take to pay with bitcoin ?

It is interesting to note that Australian banks are gearing up for international transfers that will only take as long as you can send an e/mail, and while Thailand dithers it will still take 3 days from the time it gets here to get into your account ......................................

That's not an issue with the Thai banks, rather the international routing rules.

Some banks in Australia introduced this 'pay-to-mobile-number' functionality some years ago, however even then the transfer can still take "up to one business day" to be received by the recipient - even if they're with the same bank.

Inter-bank transfers within Australia, still, have to be performed before 4pm on a weekday for it to land in the recipient's bank the following weekday - their computers don't work nights or weekends apparently.

Whereas, within Thailand one can transfer 24/7 and the money is instantly received into the recipient's account, no matter which bank they bank with - none of this waiting overnight palaver - and even instantly transfer via ATM's to another bank's account.

'the service will be expanded to cover legal entities.' - like the police or the monkhood?

PayPal takes about 5-6 business days to send and receive to my Thai account. I wonder if the slow pace is on Paypal's or Thais' or both sides?

knowing PayPal this probably allows them to choose the lowest exchange rate possible over 6 days to give u!

How long does it take to pay with bitcoin ?

Bitcoin? I thought that is illegal in Thailand no?

PayPal takes about 5-6 business days to send and receive to my Thai account. I wonder if the slow pace is on Paypal's or Thais' or both sides?

PayPal's side. I have the same with my dutch account.

Huh? They mean the 20baht fee for instant transfer from a Kasikorn to a non-Kasikorn account in the net bank will be staggered according to the amount? Yippee. I think I'll save the trip to ATM and cough up the twenty.