SingPost first to offer Visa Money Transfer

Visa and Singapore Post (SingPost) are now offering a new Visa Money Transfer service from 51 designated post offices in Singapore enabling money to be sent to Visa card holders in nine countries – Australia, China, India, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand and the UK. Senders can remit a maximum of Sin$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 Sin$9.00 per transaction will be applied.

“Instead of having to travel to a bank branch or agent location, recipients can use the funds they receive on their Visa card at any of the 29 million Visa merchant outlets worldwide,” Visa International’s Ms Meranda Chan said.

There is a significant ease of use – the sender registers once and receives an identification card, which he or she presents each time along with the Visa card number to which funds are to be transferred. While SingPost has a significant brand of trust in its favour, mobile payments may outdo it due to deep mobile penetration in the nation.