From Channel News Asia

SINGAPORE: From Thursday (Apr 29), users of Singapore's PayNow and Thailand's PromptPay will be able to send up to S$1,000 or THB25,000 daily across the two countries using just a mobile number, as the two real-time payment systems are linked. 

In a joint media release, the Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) said the link would allow customers of participating banks to transfer funds “seamlessly and securely” between accounts in the two countries.

“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,” they said. 

The MAS and BOT called the link the "first of its kind globally".

The participating banks in Singapore are currently DBS, UOB and OCBC in Singapore, while in Thailand, the four participating banks are Bangkok Bank, Kasikornbank, Krung Thai Bank and The Siam Commercial Bank. 

https://www.channelnewsasia.com/news/singapore/singapore-paynow-thailand-promptpay-funds-transfer-14712130

I wonder how is the exchange rate and fee will be?

Is anyone else concerned about mobile banking on their phones? I'm sure I'm too old fashioned but I want nothing to do with it.

On 4/29/2021 at 8:01 PM, PeterRS said:

Is anyone else concerned about mobile banking on their phones?

I'm concerned too and won't use any banking apps on my mobile phone.

Saved me from having my bank accounts emptied out when I was forced to give up my phone and password in an African country. A story that involves meeting up with someone from Grindr.. and the nightmare that followed.

Trying to forget it all and chalk it up to a very bad experience.

On 4/30/2021 at 4:01 AM, PeterRS said:

Is anyone else concerned about mobile banking on their phones? I'm sure I'm too old fashioned but I want nothing to do with it.

I use mobile banking.   I imagine it's no more dangerous than losing an old fashioned pass book might be.

Meanwhile, my parents are having to open a new bank account as the branch in their nearest town is being closed, leaving a choice of just 2 banks.   Technology means that most people don't need to set foot in bank branches, so the branches close.   So those who choose not to use the technology for banking have problems.  They need to adapt.

One thing I have noticed recently is fraudulent text messages from banks advising asking me to click on a link and check details of some payment from my account.  

No doubt needing my ID and password first.

I know they are fraudulent, as I get messages from banks I don't even deal with, such as HSBC.    

 

I generally make it a rule to never to respond to phone calls, text messages or e-mails from banks.