Russia’s Tinkoff Bank launches SWIFT transfers to Thailand
Tinkoff can transfer via SWIFT to 30 countries including China, Turkyie and Qatar
One of Russia’s largest private lenders, Tinkoff Bank, has launched transfers in Thai baht via the SWIFT messaging system. 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.
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 also been hit with blocking sanctions by the United States, 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.
The launch of money transfers using Thai baht is part of Tinkoff’s policy to expand the list of currencies available for international transactions. Currently, the bank sends funds via SWIFT to over 30 countries, including China, Türkiye, Qatar, Mexico and all the CIS countries.
Thailand is a popular tourist destination among Russians, especially during the winter. Cash transfers to Thailand are likely to be in high demand as travel increases in the coming months.
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Dezan Shira & Associates assist foreign investors into Asia and have offices in China, ASEAN (including Thailand) and the Middle East. For assistance with bilateral trade, import-export. tax, duties, and related matters please contact asia@dezshira.com
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About Us
During these uncertain times, we must stress that our firm does not approve of the Ukraine conflict. We do not entertain business with sanctioned Russian companies or individuals. However, we are well aware of the new emerging supply chains, can advise on strategic analysis and new logistics corridors, and may assist in non-sanctioned areas. We can help, for example, Russian companies develop operations throughout Asia, including banking advisory services, and trade compliance issues, and have done since 1992.
We also provide financial and sanctions compliance services to foreign companies wishing to access Russia. Additionally, we offer market research and advisory services to foreign exporters interested in accessing Russia as the economy looks to replace Western-sourced products. For assistance, please email russia@dezshira.com or visit www.dezshira.com
