With blockchain technology Transferring-receiving money internationally in Thailand is about to change

The economy in the world without borders Trading goods and transferring money across the world is normal. But what is quite annoying and is one of the important reasons why people are worried about transactions is That's the 'fee'.

For example, Some people have urgent business to transfer money to their families in other countries. But in order to transfer money, you must contact the bank and it takes at least 2-4 business days to process, which has a fee that is quite expensive. Here, I would like to give an example of the fee rates for transferring money abroad with various banks in Thailand, starting with

   1 PayPal It is another form of payment system that is both simple and convenient and fast. Just use your e-mail and the amount you want to pay. But the Paypal payment system requires a credit or debit card and can only be transferred to people who have the same account with Paypal. It's quite convenient, but there are caveats.

and when purchasing goods from overseas sellers A currency conversion fee may apply. PayPal will always display the exchange rate. For this part of the fee, the store will be responsible for the cost of the fee for us. But if it is a payment that has “Exchange to another currency” The exchange rate includes this fee before adding it to the purchase amount.

However, users still cannot transfer money to anyone for nothing using Paypal's system. Currently, this famous payment network still only supports transferring money between buyers and merchants or transferring money from your Paypal account. Only bank accounts linked to your Visa card.

2. Western Union money transfer service It is another channel for transferring money abroad that is quite popular among Thai people. Western Union has made a service claim that “You can transfer money 24 hours a day with a starting fee of only 99 baht.” The business period is only 0-2 days.”

Here, I really tried filling in information. From the picture you can see that

1. If transferring money to the destination by transferring directly to the recipient's bank account The system will take up to 1-3 days to process, whereas if you transfer into the recipient's Western Union account and have the recipient pick up the cash in person at the representative office. You will have a processing time of only a few minutes.

2. I have experimented by entering the transfer amount to 300,000 baht. I can see that the transfer fee will be 99.00 baht if I choose to transfer via credit/debit card. Or pay at any WU representative branch (if you choose to transfer money via bank account counter, there will be an additional online transaction fee of 16.05 baht)

3. The currency rate to be transferred will be the Western Union rate, which may change according to market prices. The reader can check by himself before making a transaction.

3. Transfer money using the “SWIFT” system with the bank. This system is considered an international standard system that is accepted all over the world. Because it uses SWIFT Code or IBAN (International Bank Account Number) which has a standard format for bank codes. that are used in international money transfers are also included. Most are available at banks because they need to be transferred into an account only. This makes the money transfer system quite safe and reliable. In addition to transferring to a personal account Can also be transferred to a corporate account, such as when paying university tuition fees. or pay for products directly to the company, etc.

As for the transfer fees, whether they are cheap or expensive depends on the requirements of each bank. Some banks also have an Online Baking system that allows customers to transfer via the online system. The fee will be cheaper than transferring through the branch counter. But there may be a limit on the transfer amount, such as no more than 50,000 USD or equivalent. But if you want to transfer more than that, you can do so at a bank branch without any limit. You can transfer as much as you want. It does not affect the fee. (except JPY currency) The processing time is approximately 2 - 3 business days, depending on the operations of each bank.

4. Money transfer system “MONEYGRAM” MoneyGram is a money transfer system similar to Western Union, with over 300,000 branches worldwide.

MoneyGram money transfer has an easy way to transfer money. Convenient and fast You can receive transfers as quickly as 10 minutes. Suitable for transferring small amounts of money, such as amounts not exceeding 10,000 USD (or approximately 303,400 baht) because in some countries the recipient of funds has conditions limiting the amount of money received. Including the fees for transferring money using the MoneyGram system, it is considered quite expensive. This is because the currency exchange rates offered on the website have a large difference compared to the prices of other providers. For example, the price of the baht and the US dollar (as of 11/11/2019) has a rate of 30.34 baht, but the exchange rate directly on Moneygram's website is 28.8515 baht. per dollar only

Now let's look at the fees. If transferring money via bank channels, the fee will be 1.99 dollars (60.38 baht). It will take approximately 3-4 business days to transfer the money. But if you transfer money using a debit/credit card, transfer it directly. The fee will be $104.99 (3,185.9 baht), but the transaction will only take a few minutes.

What if it's a cryptocurrency? On January 2, 2019, data from Whale Alert, a Twitter user that monitors massive transaction transfers, revealed that XRP tokens were moving from Ripple's OTC wallet to institutional customers. that has been purchased There were a total of 7 transactions, with a total of 2,133,569,088 XRP moved between wallets. which has a total value of over 755,702,929 dollars or approximately 24,454,546,782 baht. The transaction takes only 4 seconds.

It can be said that both the fee rate and the transaction time can knock the opponent from the top to the edge of the stage. In addition, blockchains of digital coins designed to support massive transactions, such as XLM or XRP's Ripple blockchain, are known for their speed and accuracy along with extremely low fees. Many banks around the world have started They saw the potential of these payment blockchain systems and began to apply them to their own banking systems.

Initially, these blockchain systems were often applied to transfer funds between their various bank branches, and they began to develop more into cross-border transactions. For example, News from Siam Commercial Bank recently announced that another development has just taken place. Ready to show the test of money transfer via the blockchain system from the SCB EASY app from Thailand-England. It only takes 40 seconds.”

These are all good signs for Thailand that the bank recognizes the importance of adapting technology into the system. In the future, if the development is successful and allows users to transfer money to each other more conveniently and quickly. It will be beneficial to all users. Including increasing opportunities for expansion of borderless businesses in the future. We must continue to follow whether there will be any more interesting news in the future for our financial industry or not.