Thursday, 16 November 2017 10:44

International Payment

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Type of money transfer

   On our long journey of cross border payments and money transfer company, we learnt a lot about banking structure and system of large corporate like Visa and Master Card. The experience from all those years helped us visualised many possibilities and we picked aswell as adapted the best ideas and what we thought is right for Thai people under our language.

There are many different ways to transfer money abroad, both Bank and Non-Bank

Different types of Banking System

Electronic transfer is understood by many as 'Online Banking' but they are classified into several systems.

   This is an electronic system to make payments directly from one bank account to another. They're mainly used for Direct Debits and direct credits from organisations. The payments take 3 working days to clear, so money paid into your account on Monday will clear on Wednesday.

   Faster Payments Service (FPS) is a UK banking initiative introduced in 2002 by Barclays/ HSBC/ RBS to reduce payment times between different banks' customer accounts in fewer than 2 hours, and can be made same day – as long as both banks are part of the Faster Payments Service Although most electronic payments sent through Faster Payments will arrive at the recipient bank on the same day, this isn’t guaranteed.

   This guarantees same-day payment – so long as the instructions are received by certain time limited on a working day. It is suitable for buying a property or large business transfer. There’s no limit to the amount of money you can send, although there is a fee for this service depending on your bank.

   SWIFT stands for Society for Worldwide InterBank Financial Telecommunications. You can make a SWIFT payment to transfer money overseas or within the UK in a currency other than Sterling. It is sometimes Cross Boarder Fund. The SWIFT international payment network is one of the largest financial messaging systems in the world.

   SWIFT payments usually take 1-3 working days to reach their destination, however it is possible that they can take longer due to circumstances such as time differences between the sending and receiving country.

Non-Bank system or private companies/ organisations with licenses under the Ministry of Finance

   Payment gateway is a merchant service provided by an e-commerce application service provider that authorises debit/ credit card from major providers such as Visa/ Master Card/ AMEX/ Maestro or direct payments processing for e-businesses or online retailers (Amazon& e-Bay) etc. It is software and server that transmit Transaction information to Acquiring Banks and responses from Issuing Banks (such as whether a transaction is approved or declined). Essentially, Payment Gateways facilitate communication within banks.

   P2P is electronic money transfer made from one person to another through an intermediary, typically referred to as a P2P payment application. P2P payments can be sent and received via mobile device or any home computer with access to the Internet, offering a convenient alternative to traditional payment methods.

   World’s leading P2P electronic money transfer companies like Western Union/ Money Gram/ Travelex have their branch all over the globe. They mostly use convenience shop and stores as their agent or representors.

   E-wallet was founded in 2014 after the European Economic Crisis and radical change in anti-money laundering mostly against cash from bank regulators around the world.

   E-wallet is one of the innovations of Fintech technology. It is an online prepaid account where one can stock money, to be used when required. As it is a pre-loaded facility, consumers can buy a range of products from airline tickets to grocery without swiping a debit or credit card.

   E-wallet is an easy and safe way of transferring money under the bank supervision. The money can be loaded from your bank account into E-wallet system; hence it is called ‘E-Money’ or Electronic Money. The user will have set up a password in order to log in to the system. For example even if your mobile got stolen, the money will remain in the system. The user can download the application again and can check balance aswell as make normal transaction.

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