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16 Nov, 2023 05:30

Russian bank launches SWIFT transfers in major Asian currency

The Thai baht has been added to Tinkoff’s international transfer portfolio
Russian bank launches SWIFT transfers in major Asian currency

One of Russia’s largest private lenders, Tinkoff, has launched transfers in Thai baht via the SWIFT messaging system, the business daily RBK reported on Tuesday, citing a representative of the bank.

Thailand is listed as one of the destinations for international transfers on Tinkoff’s website, which says the lender’s private customers can send funds to any Thai bank via SWIFT.

The launch of money transfers using Thai baht is part of Tinkoff’s policy to expand the list of currencies available for international transactions, RBK reports. Currently, the bank sends funds via SWIFT to over 30 countries, including China, Puerto Rico, and Türkiye.

Belgium-based SWIFT is a high-security banking messaging system that enables financial transactions around the globe. Last year, the EU disconnected key Russian banks from the network as part of sanctions related to the Ukraine conflict.

Tinkoff bank, which FinTech Magazine ranked 3rd among the Top 10 Digital Banks of 2022, has been hit with blocking sanctions by the US, the European Union and Canada. This means that the lender cannot conduct currency transactions or cooperate with banks in these countries. However, Tinkoff was not disconnected from SWIFT, in accordance with a separate EU decision, and may still make transfers to countries that have not followed the West in issuing sanctions against Moscow.

Thailand is a popular tourist destination among Russians, especially during the winter. According to RBK, cash transfers to the Asian nation may be in high demand as travel increases in the coming months.

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