Singapore's M1 recently announced a new digital mobile remittance service – M1 Remit - which allows customers to access real time exchange rates and remit funds to their designated recipients anytime, anywhere, through a mobile app or a browser on their smart device.
Payments for M1 Remit transactions can be made conveniently at any one of the 915 AXS machines located in shopping malls, office buildings and other sites islandwide using an ATM card. This is unlike typical remittance services where customers have to queue at a physical outlet to deposit their payment.
Customers who do not have bank accounts/ATM cards can opt to make cash payment at M1’s IMM and Paragon outlets. Customers will also need to complete a one-time verification process at any of the two outlets, as part of regulatory requirements.
Recipients will be able to cash out as quickly as within an hour of the transaction from over 23,000 cash agents and 640 banks in the destination countries, said M1.
M1 Remit currently offers eight remittance destinations – Bangladesh, India, Indonesia, Myanmar, Malaysia, Sri Lanka, Pakistan and the Philippines. Thailand, Vietnam, and other remittance destinations will be made available progressively. For a limited time, M1 Remit is also waiving the remittance fee to these destinations.