Ripple Partners With Siam Commercial Bank And Launches SCB App

July 10, 2020      Jyoti Singh

Ripple along with Siam Commercial Bank, the oldest bank of Thailand, is going to introduce a promotional offer that would reduce the transaction fee in the country while processing the international money transfer.

With the help of SCB EASY, the customers would be able to make an international payment, says a report. Recently, the blockchain provider and the SCB has decided to lower the transferring fees from 339baht to 199baht.

This promotional offer would allow the SCB customers to send their money in twelve major countries like Portugal, Belgium, Austria, Ireland, Netherlands etc. and it would comprise with the USD, Pounds, Euros and Singapore dollars.

SCB Easy Provides 24 Hours Service

As soon as SCB was approved to leave the Bank of Thailand (BoT) regulatory sandbox, it introduced the SCB EASY app along with Ripple. The outward payment service has been created to help the citizens of Thailand.

This app uses the RippleNet service to help its customers within and outside the country. The payment service introduced by the SCB and Ripple would be available for 24 hours a day.

SCB has mentioned that as soon as the payment would be completed, the customers will get their e-slip, that means neither do have to link any proof of payment nor do they have to apply in advance for the payment.

No Extra Charges For Making Foreign Bank Transfers

After every transaction, the sender would receive an auto-generated receipt which would be saved in their phones. And when the recipient will get the fund, the SCB EASY would notify them via a social platform.

The customer could instantly transfer money through the app but if the recipient system is slow or not working properly, then the bank would refund all the money within five days.

It is to be noted that SCB Easy would provide the actual amount of money that has been transferred by the sender, to the customer. The application would not take any extra charges for processing the foreign bank transfer.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.