Siam Commercial Bank has teamed up with Ripple to offer a special “International Money Transfer via SCB EASY” promotion at only 199 Baht per transaction from the regular rate of 399 Baht per transaction. The promotion serves customers’ demands in four major currencies (US Dollar, Pound Sterling, Euro, and Singapore Dollar) in 12 countries: UK, US, Singapore, France, Germany, Italy, Spain, the Netherlands, Ireland, Austria, Belgium, and Portugal.
The service is powered by advanced blockchain technology by RippleNet, Ripple’s global financial payments network, that makes it easy for its diverse network of financial institutions worldwide to enable faster, lower-cost payments around the world. The service provides more convenience for customers as transactions can be performed via the SCB EASY app anywhere at any time. In addition, customers are not required to apply for the service in advance or to attach any transfer proof. With e-slips being automatically provided for every transaction and saved on mobile phones, they can be used as transaction proof and shared with recipients via social platforms. The service is faster with real-time transfer where money arrives at destinations within a few seconds or up to five days, depending on destination systems. Customers can enjoy lower fees as no foreign bank fees will be charged, while recipients can get the full amount with a competitive exchange rate. The promotion will run from 1 st July – 31 st December 2020.
9 steps for Outward Remittance Service via SCB EASY powered by blockchain technology RippleNet
- Log in to SCB EASY and select “Banking Services”
- Select “International transfer”
- Select “Preferred account”
- Select “Recipient Country”
- Input transferred amount either in THB or Recipient currency. The system will automatically calculate the exchange rate and select “Proceed”
- Input bank details, beneficiary’s details and address and select “Review”
- Review information and select “confirm” to make a transaction
- The system provides an e-slip as proof of transaction
- SCB will send out 2 notifications: 1 st notification: SCB is processing the transaction, 2 nd notification: Successful transfer
About Siam Commercial Bank
The Siam Commercial Bank PCL established by Royal Charter in 1906 as the first Thai bank. As of March 31, 2020 the Bank had, on a consolidated basis, Baht 3,136 billion in total assets and Baht 235 billion in market capitalization. The bank is one of Thailand’s leading universal banks which provides a full range of financial services to clients in all segments, including wholesale, SMEs and retail banking services, through its nationwide branch network. SCB commits to becoming “the Most Admired Bank” by balancing value propositions to all stakeholders - customers, employees, shareholders, regulators and society - and a leader in shaping the future of Thailand’s banking industry. More information is available on the Bank’s website at www.scb.co.th
Ripple enables payments everywhere, every way, for everyone using the power of blockchain. By joining Ripple’s growing, global network (RippleNet), financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, Washington D.C., New York, London, Mumbai, Singapore, S?o Paulo, Reykjavik and Dubai, Ripple has more than 300 customers around the world.