PayNow<\/strong> was launched in 2017 as a convenient way to make domestic interbank transfers, with this linkage, customers would now be able to transact at near real-time speed at a fee that is competitive to remittance services. The sender would no longer need to know and complete account details of recipients before making a payment to Thailand and vice versa.\n<\/p>\n\nThe linkage between the two countries’ national faster payment systems is the first of its kind in the world.\n<\/p>\n
\nAt this initial phase, the linkage is established with 3 banks in Singapore (DBS, OCBC and UOB) and 4 banks in Thailand (Bangkok Bank, Kasikorn Bank, Krung Thai Bank, Siam Commercial Bank) to cater for small value peer-to-peer transactions (less than S$1,000 or THB25,000). Over time, participating banks and use cases will be scaled up and expanded.\n<\/p>\n
\nThere are no \u201cprocessing fee\u201d for this payment method at Thai bank, so InTomyShop will not charge customers from Singapore \u201cprocessing fee\u201d if they use this payment method.<\/strong>\n<\/p>\nFrequently asked questions about PayNow-Promptpay linkage<\/p>\n\nWhich are the participating banks?<\/h3>\n
\n3 of the 12 PayNow<\/strong> banks are participating in this scheme:<\/p>\n\n- DBS Bank Limited (DBS)<\/li>\n
- Oversea-Chinese Banking Corporation, Limited (OCBC)<\/li>\n
- United Overseas Bank Limited (UOB)<\/li>\n<\/ul>\n
\n4 of the 21 PromptPay<\/strong> banks are participating in this scheme:<\/p>\n\n- Bangkok Bank Public Company Limited (BBL)<\/li>\n
- Kasikornbank Public Company Limited (KBANK)<\/li>\n
- Krung Thai Bank Public Company Limited (KTB)<\/li>\n
- Siam Commercial Bank Public Company Limited (SCB)<\/li>\n<\/ul>\n
What does the PayNow-Promptpay linkage enable?<\/h3>\n
\nThe linkage provides a convenient (24\/7), fast (near real time), secure and cost-effective means for customers of participating Singapore and Thai banks to transfer funds across borders. In essence, users of Singapore’s PayNow<\/strong> and Thailand’s PromptPay<\/strong> will be able to send money instantly and securely across the two countries with their mobile phone numbers.\n<\/p>\nHow is this cross-border remittance solution different from what\u2019s already in the market?<\/h3>\n
\nWith this new PayNow-PromptPay<\/strong> linkage, customers from Thailand and Singapore can send and receive cross-border funds quickly and conveniently.\n<\/p>\n\n- With just their mobile numbers;<\/li>\n
- In under 5 minutes;<\/li>\n
- At competitive rates, which will be transparently displayed.<\/li>\n<\/ul>\n
\nThere is no need to input the recipient\u2019s bank name and account number, or for cross-border transfers to take 1-2 days for payment to be received.\n<\/p>\n
What is the maximum that I can transfer? What is the maximum that I can receive?<\/h3>\n
\nThe transactions between Singapore and Thailand banks under this scheme will allow daily transactions of up to S$1,000 or THB25,000.\n<\/p>\n
Do I need to register on PayNow with one of the Singapore participating banks before I can send money to Thailand?<\/h3>\n
\nNo, so long as you are a customer of one of the Singapore participating banks, you can send money to Thailand.\n<\/p>\n
\nSimilar to current PayNow<\/strong> flow, you do not need to register yourself before you can make a payment to Thailand. In order to send money to Thailand via PayNow<\/strong>, please ensure that you are using one of the participating bank apps to initiate the transfer, and your recipient is registered on PromptPay<\/strong> with one of the four banks in Thailand. But note that you cannot receive funds via PayNow-PromptPay<\/strong> from Thailand unless you are registered with one of the Singapore participating banks.\n<\/p>\nHow will the exchange rate be determined? How much is the remittance fee?<\/h3>\n
\nOnce you enter the amount and the recipient mobile number in the Singapore participating bank app, the bank app will provide the exchange rate and remittance fee. With the exchange rate and fee, you can decide whether to continue with the transfer or cancel it.\n<\/p>\n
Are there any other fees associated with each transaction?<\/h3>\n
\nNo other fees aside from the exchange rate and remittance fees which will only be applied when you initiate the transfer. Receiving money will not incur any fees.\n<\/p>\n
Is this mode of payment safe?<\/h3>\n
\nYes. This mode of payment is as safe as your PayNow<\/strong> transactions.\n<\/p>\nWhat if I make a wrong transfer? How will I get my money back?<\/h3>\n
\nYou will need to contact the bank you have initiated the transfer with. The bank will assist you on the refund.\n<\/p>\n
Will my recipient in Thailand receive any notifications when I send money to their PromptPay mobile number?<\/h3>\n
\nYes, your recipient will receive the notifications from their bank in Thailand. Please note that the mode of notification for each bank may differ slightly e.g. via in-app notification, SMS or LINE message.\n<\/p>\n
\nIf customers wish to know more details of the payment, they can check the bank statement or contact call centers of the bank.\n<\/p>\n
What do I need to do if my transaction is successful, but my payee doesn\u2019t receive money?<\/h3>\n
\nYou may request your recipient to check with the bank they registered their PromptPay<\/strong> mobile number with.<\/p>\n","protected":false},"excerpt":{"rendered":"Singapore PayNow – Thailand PromptPay The Association of Banks in Singapore (ABS) announced that effective 29 April 2021, the linkage<\/p>\n","protected":false},"author":161,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_seopress_titles_title":"Singapore PayNow - Thailand PromptPay","_seopress_titles_desc":"Singapore PayNow - Thailand\u2019s PromptPay linkage enables customers from both countries to securely perform cross-border fund transfers using only mobile numbers.","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"https:\/\/www.intomyshop.net\/en\/singapore-paynow-thailand-promptpay\/","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":301,"_seopress_analysis_target_kw":"PayNow,PromptPay,Singapore,Thailand,fast,secure,instant,payment,linkage","colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"class_list":["post-5247","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.intomyshop.net\/en\/wp-json\/wp\/v2\/pages\/5247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.intomyshop.net\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.intomyshop.net\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.intomyshop.net\/en\/wp-json\/wp\/v2\/users\/161"}],"replies":[{"embeddable":true,"href":"https:\/\/www.intomyshop.net\/en\/wp-json\/wp\/v2\/comments?post=5247"}],"version-history":[{"count":17,"href":"https:\/\/www.intomyshop.net\/en\/wp-json\/wp\/v2\/pages\/5247\/revisions"}],"predecessor-version":[{"id":5583,"href":"https:\/\/www.intomyshop.net\/en\/wp-json\/wp\/v2\/pages\/5247\/revisions\/5583"}],"wp:attachment":[{"href":"https:\/\/www.intomyshop.net\/en\/wp-json\/wp\/v2\/media?parent=5247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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