The Monetary Authority of Singapore (MAS), said in a joint media release that from 29 April onwards, PayNow users in Singapore and PromptPay users in Thailand will be able to send up to S$1,000 daily.
You will only need their phone numbers and the transfer will be made instantly.
The media release said:
“The transfers will be completed within a matter of minutes, representing a marked improvement over the average of one to two working days needed by most cross-border remittance solutions”.
However, there will be fees for the transfer, although both MAS and the Bank of Thailand (BOT) said that it will be affordably priced and transparently displayed to senders prior to transfer confirmation.
Participating banks in Singapore include DBS, UOB and OCBC.
The four Thailand banks participating are Bangkok Bank, Kasikornbank, Krung Thai Bank, and The Siam Commercial Bank.
Images source: The Association of Banks in Singapore YouTube