Bangkok Bank offers cost effective new channel for transferring funds from the US to Thailand
Bangkok Bank Senior Vice President for the Global Payment
Services Department Thanit Sirichote said the bank has opened a new channel
for transferring funds from the US to Thailand using the US Automated
Clearing House (ACH). The service will help senders to save on transfer fees
as the cost will be reduced by around US$ 15-20 per transaction.
The funds will be directly deposited into the recipient’s accounts in
Thailand, who will also gain the benefit of a better exchange rate, as the
funds in US dollars will be converted into Thai baht at the daily exchange
rate of Bangkok Bank.
“Bangkok Bank is the first bank in Thailand to introduce this service which
connects the ACH system, which is the electronic payment system in the US,
to the network of our New York branch and branches in Thailand. The service
will benefit three customer groups - customers with deposit accounts with
banks in the US who need to transfer funds to Thailand, those receiving
regular payments via cheque from the US government or private agencies, and
businesses with online services who receive their revenues from internet
payment service providers,” Thanit said.
Mr. Thanit said transferring funds from the US to Thailand via this channel
is cheaper than using other electronic channels because the funds will be
transferred via the US domestic network to Bangkok Bank’s branch in New York
which will then deposit the funds directly into customers’ accounts at
Bangkok Bank. This is cheaper and faster than transferring the funds on the
SWIFT network via correspondent banks.
Customers with deposit accounts at banks in the US can transfer funds via
the internet banking service of their US banks. Customers in Thailand who
wish to receive regular payments via the service can contact their Bangkok
Bank branch in Thailand where the staff can guide them through the
application process including preparing supporting documents to instruct
their payee organizations to transfer the funds via the ACH system. On-line
business operators can register with their internet payment service
providers to receive their payments via the ACH system.
Customers interested in receiving payments via the ACH system can find more
details about the service and application process from Bangkok Bank’s
website www.bangkokbank.com including step-by-step advice on how to register
for the service. They can also call Bangkok Bank’s New York branch on
telephone (1-212) 422-8200.
rises sharply in 1Q08
Continued rising inflation in Thailand has encouraged increased consumer
spending using locally issued credit cards during the first quarter of
2008, according to a new survey by Kasikorn Research Center, which
indicates that spending increased to about Bt197.34 billion, up 14.4
percent from the corresponding period of 2007.
The survey said besides the sharp jump in commodity prices, diesel
prices during the January-March period soared 70 percent year-on-year
while some goods prices rose 30 percent from before.
Inflation during the first quarter this year advanced to 5 percent, up
from 2.3 percent in the same period last year, it said.
Meanwhile, outstanding credit being carried by plastic cards during the
first quarter 2008 amounted to about Bt174.76 billion, up 5 percent
compared to 4.8 percent in the first quarter last year, the report said.
However, if the increase of 5 percent is compared to the last quarter of
2007 then outstanding balance of credit would have fallen to 2.5 percent
as card issuers decided to remove bad debts from their system faster, it
Moreover, cardholders also paid higher volumes of cash on their
outstanding balances after the Bank of Thailand increased the minimum
payment on the outstanding amount by cardholders to 10 from 5 percent.
The Kasikorn Research Center said some credit card issuers would
probably stimulate cardholders to spend more during the Euro Cup 2008
football event which starts June 7. They are expected to launch joint
campaigns with entertainment places, restaurants and department stores.
Local oil prices likely to top Bt40 per litre
Thailand’s domestic gasoline and diesel prices are projected to reach
43-44 and 40-41 baht per litre respectively in the second half of this
year, according to Manoon Siriwan, a leading oil industry analyst from
He said that crude oil price in the United States market were hovering
around US$130 per barrel after hedge funds speculated on oil prices upon
news reports that Goldman Sachs, the world’s largest investment bank,
estimated the price would reach $141 per barrel in the second half of
Simultaneously, while oil production capacity in Mexico and Russia had
fallen, the demand for fuel in many countries, including China, India,
and ASEAN, had increased.
Also, it is believed the US economy has already bottomed out after
having suffered from the sub-prime mortgage lending woes.
Should the world crude price rise to $141 per barrel as projected, he
said, Thailand’s domestic gasoline and diesel prices will reach a range
of 43-44 baht and 40-41 baht per barrel.
Manoon predicted that local oil dealers would raise fuel prices further
because the market margin of diesel remains in deficit and that of
gasoline is hovering at only around 1 baht. (TNA)