Last updated on January 6, 2020
Singapore, January 6th, 2020 - Leading global fintech company TransferWise becomes the first international money transfer service to allow Singapore customers to receive money with just a mobile number.
For Singaporeans with a PayNow profile, receiving international transfers can be a breeze, as sharing bank account details becomes a thing of the past. They will need to provide just their name and mobile number to the sender, while businesses that want to receive money can simply share their name and PayNow Unique Entity Number (UEN).
All Singaporean individuals and businesses looking to receive money from abroad can benefit from this move. They include:
- Singaporeans who need to receive money from a friend or family member abroad but find it inconvenient to share their bank account number
- Freelancers and companies that want to simplify processes for their overseas customers
Bank account numbers tend to be longer than mobile numbers. They also require an additional field to be shared – the bank’s name. In some cases, senders may also ask for additional information, such as bank codes. Each additional field makes the transfer less convenient to both sender and recipient and represents another risk that the transfer might go wrong if the information is inaccurately shared. Mobile numbers for receiving money are also more convenient for another reason: In many cases, the sender already has that information.
Singaporeans without a PayNow profile can still receive funds through TransferWise’s existing payout option by providing their bank account details.
Launched in 2011 and headquartered in London, TransferWise has a mission of making international money transfers instant, convenient, transparent and eventually free. Globally, it handles £4 billion (S$6 billion) in cross-border transfers every month for its 6 million customers. In the UK, TransferWise is the second biggest player, with a market share of 15%.
In Singapore, TransferWise has grown from strength to strength since the launch of its service here in 2016. It now moves over S$1.7 billion in and out of Singapore every year. With TransferWise, Singaporeans can receive money from 45 countries, and send money to 84 countries.
TransferWise Engineer Mr Li Wanlong, who implemented the new product feature, said: “We are excited to offer customers another option to receive their money internationally. This feature was highly requested by customers because PayNow is very widely used here. If you have a friend visiting from overseas and you head out for a meal or drinks, it is now much easier to split the bill, with your friend using TransferWise’s PayNow option to pay you back. Everyone goes cashless.”
The latest move by TransferWise is another example of the company’s speed in adopting new features that make its service more convenient to users:
- TransferWise was among the first international money transfer services to integrate MyInfo as a form of instant verification for new users when it was made available to businesses here.
- In March 2019, TransferWise became the first international money transfer company to allow Singapore customers to send money internationally using PayNow.
PayNow Corporate was launched in August 2018, giving businesses and corporate bodies access to PayNow, the popular peer-to-peer instant payment service, which allows transfers using just mobile phone numbers – doing away with the need to exchange bank account details.