Wise Platform and T2P Revolutionize International Money Transfers in Thailand

(CTN News) – Wise Platform and T2P have partnered to improve the efficiency and transparency of international money transfers in Thailand.

T2P, a payment solution provider, has become one of Thailand’s first fintech businesses to integrate Wise’s infrastructure solution, Wise Platform, into its DeepPocket app. This allows users to conduct cross-border transactions faster, cheaper, and more transparently.

Integrating Wise’s API into the DeepPocket app allows users to start international fund transfers directly from the app, removing the need for traditional intermediaries and drastically lowering expenses.

Notably, this agreement ensures that DeepPocket users may make international transfers at mid-market rates, with no exchange rate mark-ups or hidden fees, boosting transparency and cost-effectiveness.

At debut, the service allows transfers from Thai Baht (THB) to 16 currencies, including majors such as USD, GBP, EUR, AUD, SGD, MYR, and IDR. Transactions are completed quickly, with over 60% of transfers supported by Wise worldwide completed instantly, increasing the efficiency of cross-border transactions.

As both companies engage in this joint adventure, leveraging their respective expertise and technology skills, they hope to transform the landscape of foreign money transfers in Thailand, providing users with ease and cost savings.

Addressing challenges in Thailand’s cross-border money transfers

Cross-border money transfers have long been difficult, notably in Thailand, where users face various barriers. High fees have been a major worry for individuals and businesses, with traditional financial institutions frequently charging exorbitant fees for foreign transactions.

Furthermore, the complicated network of middlemen engaged in the process has contributed to longer processing times, producing annoyance and discomfort for individuals looking for quick financial transfers.

These barriers have discouraged individuals from transmitting money across borders and slowed the expansion of cross-border commerce and international commercial activity.

Another major issue in Thailand’s cross-border money transfer scenario has been a lack of clarity regarding exchange rates. Customers are frequently subjected to opaque pricing arrangements, with hidden fees and markups deducting funds from their transfers.

This opacity affects faith in the financial system and makes it difficult for users to determine the exact cost of their transactions.

Drivers of demand for cross-border transfers in Thailand

However, market demand for improved international transfers in Thailand has increased in recent years, driven by several factors changing the global economy. With the advent of globalization, Thai businesses and individuals are increasingly involved in cross-border activities ranging from trade and investment to tourism and education.

This increased interconnection has highlighted the importance of efficient and dependable means for transferring funds across borders, increasing demand for services that provide greater speed, affordability, and transparency.

Furthermore, the rapid speed of digitalization has changed how people perform financial transactions, forcing a move to online and mobile platforms for money management.

Consumers in Thailand, as elsewhere, are increasingly turning to digital solutions for banking and payment requirements, seeking the ease and accessibility that technology provides.

Furthermore, the growth of cross-border commerce has increased the need for better international money transfer services in Thailand. Businesses that import, export, or operate worldwide require effective cross-border payment management systems that ensure prompt transaction settlement and cost minimization.

Financial service providers may capitalize on this expanding market need by providing solutions that answer the specific demands of enterprises involved in cross-border trade, positioning themselves as important partners in enabling international commerce.