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From Apr. 29, 2021, PayNow users in Singapore and PromptPay users in Thailand will be able to send up S$1,000 or THB25,000 daily.

Transfer with just mobile number

This was announced in a joint media release by the Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT).

Users will simply need just their phone numbers, and transfers can be made instantly at any time, similar to how PayNow and PromptPay transfers are made.

"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", the release read.

There will be fees for the transfer, though MAS and BOT said that the fees will be "affordably priced" and "transparently displayed to senders prior to confirming their transfers".

Senders will also be able to view the applicable foreign exchange charges prior to sending their funds.

These rates are benchmarked closely to prevailing market rates.

Participating banks

The participating banks in Singapore are currently DBS, UOB, and OCBC.

In Thailand, the four banks participating in this linkage are Bangkok Bank, Kasikornbank, Krung Thai Bank, and The Siam Commercial Bank.

This linkage is the first of its kind globally, and came about from several years of extensive collaboration between MAS and BOT, both countries’ payment system operators, bankers’ associations, and participating banks.

These banks have committed to benchmark their fees against the market.

Top image via The Association of Banks in Singapore's Youtube video