AB PLUS provides international money transfer services, enabling customers to send funds to multiple destinations worldwide.
Types of Money Transfers
AB PLUS supports a range of domestic and cross-border payment solutions designed to facilitate international remittances.
Service Overview
Through experience in cross-border payment processing, AB PLUS has developed its service offering based on an understanding of international banking networks and payment systems, including card schemes such as Visa and Mastercard.
The service is designed to support customer needs by providing practical and accessible transfer options tailored to international payment requirements, including transfers to Thailand and other supported destinations. All services are provided in accordance with applicable payment regulations and banking partner requirements.
Types of Money Transfer Methods
There are several methods available for transferring money internationally, including both bank-based and non-bank payment systems. The most appropriate method may depend on speed, destination, currency, and banking arrangements.
1. Electronic Bank Transfers (BACS Payment)
Electronic transfers (commonly referred to as online banking payments) are used to move funds directly between bank accounts. These are commonly used for:
- Direct debits
- Direct credits from organisations or individuals
Standard bank transfers typically take up to 3 working days to clear, depending on the sending and receiving banks.
2. Faster Payments Service (FPS) – UK Domestic Transfers
The Faster Payments Service (FPS) is a UK banking scheme that enables near real-time transfers between participating banks.
- Transfers are usually processed within minutes or the same working day
- Available only between participating UK banks
- Subject to internal bank limits and processing cut-off times
Although most FPS payments are received quickly, immediate arrival is not guaranteed in all cases.
3. CHAPS Payments (Same-Day High-Value Transfers)
CHAPS (Clearing House Automated Payment System) is a UK same-day payment system typically used for high-value or time-sensitive transfers.
- Same-day settlement when submitted within cut-off times
- Commonly used for large transactions such as property purchases or business payments
- Fees may apply depending on the sending bank
4. SWIFT International Transfers
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network used by banks to process international payments.
- Used for cross-border payments in different currencies
- Typically takes 1–3 working days, although delays may occur due to time zones, intermediary banks, or compliance checks
- Widely used for international money transfers worldwide
5. SEPA Payment
A SEPA transfer moves money from one bank account to another in euros using a standardised banking network. It is mainly used for:
- Cross-border euro payments within Europe
- Payments between EU/EEA bank accounts
- Business and personal transfers in EUR
Types of SEPA payments: SEPA Credit Transfer (SCT) — one-off euro payments, typically completed within 1 working day · SEPA Instant Credit Transfer (SCT Inst) — near real-time euro payments (seconds), available 24/7 depending on bank support · SEPA Direct Debit — used for recurring payments (e.g. subscriptions, bills). Standard SEPA transfers usually arrive within 1 working day, SEPA Instant payments can arrive in seconds, and fees are often low or free depending on the bank or provider.
Non-Bank Payment Systems
Non-bank payment systems are services provided by licensed financial institutions or authorised payment service providers under relevant financial regulations. These systems operate independently of traditional high street banks but are subject to regulatory oversight depending on jurisdiction.
1. Payment Gateways
A payment gateway is a technology service that enables merchants to accept electronic payments, particularly online.
- Authorising debit and credit card transactions (e.g. Visa, Mastercard, Amex, Maestro)
- Transmitting payment data between the merchant, acquiring bank, and issuing bank
- Returning transaction results (approved or declined)
Payment gateways are commonly used in e-commerce platforms and online retail environments.
2. Peer-to-Peer (P2P) Payments
P2P payments refer to electronic transfers made directly between individuals using a digital platform or application.
- Transfers are initiated and received via mobile devices or computers
- Transactions are processed through an intermediary payment provider
- Commonly used for personal transfers and small-value payments
P2P services provide an alternative to traditional bank transfers by offering faster and more convenient payment options.
3. Global Money Transfer Operators
International money transfer providers, such as Western Union and MoneyGram, operate global payment networks.
- Enable cross-border money transfers
- Operate through agent locations, retail stores, or partner outlets
- Provide cash pickup or bank deposit options depending on destination country
4. E-Money and E-Wallet Services
An e-wallet (electronic wallet) is a digital financial account that allows users to store funds electronically and make payments or transfers.
- Funds can be loaded from a bank account or other funding sources
- Users can store and manage money digitally for payments or transfers
- Access is secured via authentication methods such as passwords or biometric login
In the event of device loss, access to funds remains protected through account security systems, and users can regain access by logging into their account from another device.
Summary
Non-bank payment systems, including payment gateways, P2P platforms, global remittance operators, and e-wallets, provide alternative methods for sending and receiving money outside traditional banking channels. These services operate under varying regulatory frameworks and are designed to improve speed, convenience, and accessibility of payments.
