Bangkok--21 May--BBL Bangkok Bank has introduced a cost effective new channel which allows customers to transfer money directly from the US to Thailand via Bangkok Bank’s New York branch. Transfer fees will be reduced by up to US$ 15-20 per transaction, and recipients will receive more money, as the funds will be converted into Thai baht using Bangkok Bank’s daily exchange rates in 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,” Mr. 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 Bualuang Phone on 1333, or Bangkok Bank’s New York branch telephone (1-212) 422-8200.