SingPost to Offer Visa Money Transfer Service

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.”

“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 worldwide1,” Ms Chan said.

SingPost’s Executive Vice President for Retail and Financial Services, Mr Loh Choo Beng said: “I am happy that through our partnership with Visa, we are able to bring yet another value-added service to our customers - the SingPost Visa Money Transfer service. In addition to the convenience of remitting money at strategically-located post offices in the heartlands and commercial centres, customers will find this new service a breeze to use. What’s more, with Visa’s global footprint, customers will be able to remit money to key destinations through SingPost Visa Money Transfer service.”

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 (see list attached). 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 S$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 S$9.00 per transaction applies2.

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.