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MUFG to cut remittance fees between Thailand, Indonesia by over 80%

Japan financial group to connect Ayudhya and Danamon banks

A branch of Bank of Ayudhya, a Mitsubishi UFJ group bank, is seen in Bangkok. 

TOKYO -- Mitsubishi UFJ Financial Group will offer a cross-border money transfer service at around one-sixth the cost of the existing service, as the Japanese bank joins the fray in the low-cost money transfer business.

The service will initially be offered to corporate customers in Southeast Asia, starting Wednesday, enabling them to send as much as $100,000 instantaneously via online banking.

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