SingPost to offer Visa Money Transfer
Visa Money Transfer service allows customers to transfer funds directly to Visa cards in nine markets around the world
Visa and Singapore Post Limited (SingPost) will offer the Visa Money Transfer remittance service from 51 designated post offices in Singapore enabling the transfer of money to nine markets around the world.
The SingPost Visa Money Transfer service is convenient, secure and inexpensive and enables money to be sent to Visa cardholders in nine countries in Australia, China, India, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand and the United Kingdom. It is the first time Visa Money Transfer has been made available through a postal service provider.
All the customers need to do is to register for a CASHOME card at any of the 51 SingPost post offices offering Visa Money Transfer. A CASHOME card is an identification card for customers to use to remit funds, removing the hassle of filling out forms each time they wish to transfer funds. Whenever customers wish to remit money, they simply provide the recipient’s 16-digit Visa card number to whom they wish to send the funds.
For subsequent money transfers, customers need only present their CASHOME card to the SingPost staff and advise which pre-registered recipient they wish to send the money to. The money transfer will be processed through Visa’s international network and the funds credited to the recipient’s Visa account, who can then use his or her Visa card at any Visa merchant or Visa/PLUS ATM.
The SingPost Visa Money Transfer service maintains cardholder security during the transaction as customer information and account numbers are encrypted throughout the process.
Senders can remit a maximum of SGD 3,500 per day. The exchange rate used will be the prevailing rate quoted to the customer at the point of transaction. A flat fee of SGD 9.00 per transaction applies.
Visa Money Transfer service allows customers to transfer funds directly to Visa cards in nine markets around the world
Visa and Singapore Post Limited (SingPost) will offer the Visa Money Transfer remittance service from 51 designated post offices in Singapore enabling the transfer of money to nine markets around the world.
The SingPost Visa Money Transfer service is convenient, secure and inexpensive and enables money to be sent to Visa cardholders in nine countries in Australia, China, India, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand and the United Kingdom. It is the first time Visa Money Transfer has been made available through a postal service provider.
Visa International country manager for Singapore and Brunei, Ms Meranda Chan, said: ”We are delighted to partner with SingPost. Customers have traditionally gone to SingPost to send letters, cards or packages – now they can send money with the same ease and security via Visa Money Transfer. With SingPost Visa Money Transfer we are making it easier for people to send funds conveniently to their families and friends in other countries.”
Its ease of use is one of the key attractions of the SingPost Visa Money Transfer service. All the customers need to do is to register for a CASHOME card at any of the 51 SingPost post offices offering Visa Money Transfer. A CASHOME card is an identification card for customers to use to remit funds, removing the hassle of filling out forms each time they wish to transfer funds. Whenever customers wish to remit money, they simply provide the recipient’s 16-digit Visa card number to whom they wish to send the funds.
For subsequent money transfers, customers need only present their CASHOME card to the SingPost staff and advise which pre-registered recipient they wish to send the money to. The money transfer will be processed through Visa’s international network and the funds credited to the recipient’s Visa account, who can then use his or her Visa card at any Visa merchant or Visa/PLUS ATM.
The SingPost Visa Money Transfer service maintains cardholder security during the transaction as customer information and account numbers are encrypted throughout the process.
Senders can remit a maximum of SGD 3,500 per day. The exchange rate used will be the prevailing rate quoted to the customer at the point of transaction. A flat fee of SGD 9.00 per transaction applies.
India was the first country in Asia Pacific to launch Visa Money Transfer in 2004.
Launched as a domestic service in India, Visa Money Transfer allows customers within India to transfer funds to any Visa cardholders across the country. Subsequently, Visa Money Transfer has been introduced as an international remittance service in Russia, Ukraine, Malaysia and Singapore.
1 SGD = 0.706550 USD
