Thursday, October 24, 2019

TMB launches first 'multi-currency account'

May 23. 2019
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By The Nation

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TMB on Thursday became the first bank in Thailand to launch "multi-currency account" for exporters and corporate clients.

In a press release on Thursday the bank said that from now on its corporate clients who open multi-currency account can manage six major currencies, comprising baht, US dollar, euro, pound sterling, Australian dollar, and Japanese yen in one bank account. 

The unique feature of this account includes foreign currency fund transfers, currency conversion and eStatement that can be accessed conveniently via the hassle-free “TMB Business Click” online banking system for corporate clients. They also earn interest on the fund in this multi-currency account.

Saranya Phuphatana, Head of TMB Financial Markets and International Transaction Banking, said: “TMB is determined to develop new solutions to offer more benefits for our clients. TMB Multi-Currency Account product will help corporate clients and exporters to conveniently manage their multi-currency fund in a single bank account. 

“This account will put an end to the traditional way of dealing with foreign currencies through several foreign currency accounts to handle different currencies. TMB Multi-Currency Account has been designed to support transactions in six major currencies; namely, baht, US dollar, euro, pound sterling, Australian dollar, and Japanese yen.”

Corporate clients can receive foreign currency income into their multi-currency account and convert those funds into Thai baht at their preferred exchange rates and time. They can request eStatements anytime via TMB Business Click and receive alert messages on all inward and outward fund transfers as well as acknowledge the movement of all foreign-currency funds via TMB Business Click and email. In addition, TMB Multi-Currency Account customers can also earn deposit interest from foreign currency funds in this account.

TMB’s existing corporate clients can request to migrate to multi-currency accounts immediately. New customers can open the account, select a maximum of five currencies (excluding Thai baht) and apply to use TMB Business Click without any additional fee.

Saranya added TMB Multi-Currency Account answers right to the need of exporters in handling multiple foreign currencies in one account. TMB expects corporate clients to open about 300 multi-currency accounts within a year from now, due to the various benefits they will receive as the new product is convenient and serves as a genuinely effective solution for exporters. 

The launch of this unique account also reflects TMB’s profound understanding of the customer’s need and determination to constantly develop the right business solutions to serve corporate clients.

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