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Visa's Money Transfer Service Launches in Singapore

Visa Money Transfer, Visa’s card-to-card payment service, has been launched by Visa International and Maybank in Singapore. Visa's Money Transfer service allows customers to send funds from their Visa cards to other Visa cardholders around the world.

The Maybank Visa Money Transfer service is a fast, convenient and secure remittance service that is also a more affordable option for customers than traditional services using telegraphic-transfers and demand drafts or those offered by international remittance companies.

Maybank customers can log in to and through a simple process, transfer money from their Maybank Visa cards, savings or current accounts or CreditAble Personal Lines to the Visa cards of their chosen recipients. The funds are transmitted seamlessly from Maybank through the Visa network to the recipient’s bank and credited to their Visa Debit or credit card. Recipients can access these funds conveniently by using their Visa cards at any Visa merchant acceptance location around the world or through any of the Visa/Plus ATMs that offer cash access in local currency in more than 170 countries, instead of having to travel to a bank branch or agent location.

“We welcome Maybank as the first financial institution in Singapore to offer Visa Money Transfer to their customers. More than 3.4 million Visa cards have been issued in Singapore and more than 1.5 billion Visa cards have been issued globally. Many of our cardholders have a need to transfer funds conveniently and affordably from one person’s Visa card to another’s. It could be a son sending money to his mother’s Visa card or a friend sending money as a wedding gift directly to her friend’s Visa card. Whatever the reason, we believe the ability to transfer funds conveniently and securely from their Visa card to a Visa card belonging to a friend or family member living either in Singapore or overseas is something that would appeal to customers,” said Meranda Chan, country manager – Singapore and Brunei, Visa International Asia Pacific.

“Visa first launched Visa Money Transfer in Asia Pacific in December 2004 in India, the largest remittance recipient country in the world3. It was then introduced in Russia, Ukraine and Malaysia. Visa Money Transfer currently records more than 1,500 transactions a day within the Asia Pacific region.

“According to World Bank estimates, workers’ remittances in developing and industrial nations were US$232.3 billion in 2005 and informal flows could add at least an additional 50 percent to that figure. An automated card-to-card service such as Visa Money Transfer can be relatively more convenient, safer and cheaper than cash-based remittance services.

“Visa Money Transfer has broad customer appeal beyond remittances. In addition to traditional remittances and person-to-person payments, another segment that has been receptive to this service is expatriate professionals who still maintain Visa credit cards from their home countries and require a convenient way to pay their outstanding credit card balances while overseas5,” said Vikram Modi, regional head, Consumer-to-consumer and Prepaid Products, Visa International Asia Pacific.

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What is the maximum amount which could be transfered? What is the transaction currency?

Great service, though the success of this service lies in the ecosystem which VISA would be able to create through its partner banking networks.

If i understand correctly right now, account holders at Maybank with a VISA card can transfer money to anyone around the world with a VISA. This primarily shrinks the customer base to Maybank customers.

Having said that, and its also mentioned above that the largest remittances is received in India. Therefore its very important for VISA to tie with other banks in order to increase its service base.

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