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SINGAPORE 6 April 2017 – M1 Limited (M1) today announced a new digital mobile remittance service – M1 Remit.  

Through M1 Remit, M1 mobile customers can 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 – the biggest cash out network for any mobile remittance service here.  

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.  

“M1 Remit offers a wholly digital experience for money remittance. Nobody likes to queue, and now our customers can skip the queue and make better use of their time with and M1 Remit - Singapore’s most convenient, secure and cost-effective way to remit funds to their loved ones,” said Mr Alex Tan, Chief Innovation Officer, M1.  

For more information and to download the M1 Remit Android and iOS apps, please visit: www.m1remit.com.sg.



Annex A:
M1 Remit comparison table for selected destinations
 

Cash Out Options for Indonesia

M1 Remit

Competitor “S”

Bank Account

All Indonesian banks

(145 banks in total)

14 major Indonesian banks

Cash Out Agents

BNI, BCI and PT POS agents

(>7,000 agents in total)

PT POS agents

(4,500 agents)

Remittance Fees

S$8.00

(waived until end-May 2017)

S$9.00


Cash Out Options for Malaysia

M1 Remit

Competitor “P”

Bank Account

All Malaysian banks

(20 banks in total)

All Malaysian banks

(20 banks)

Cash Out Agents

-

-

Remittance Fees

S$2

(waived until end-May 2017)

S$9

 


Annex B:
M1 Remit destinations
 

Country

Remittance Method

Participating Banks / Partners

Pick-Up Points

Remittance Fees

Bangladesh

Account Credit

All Bangladesh Banks

54 banks

S$5.00

(waived until end-May 2017)

Cash Pickup

Brac Bank Ltd, Islami Bank, Bank Asia Ltd, Agrani Bank Ltd, Krishi Bank Ltd, Sonali Bank, Bank Ltd, NCC Bank Ltd, The City Bank, Janata Bank, Dutch Bangla Bank, Pubali Bank, Rupali Bank, Avub, TMSS, Buro, Jagorani, Desha, GUK, CDIP, RRF

>7,500 pick-up points

India

Account Credit

All India Banks

178 banks

S$5.00

(waived until end-May 2017)

Indonesia

Account Credit

All Indonesia Banks

146 banks

S$8.00

(waived until end-May 2017)

Cash Pickup

PT Bank Rakyat Indonesia
PT POS Indonesia
PT Bank Negara Indonesia

>7,500 pick-up points

Philippines

Account Credit

All Philippines Banks

171 banks

S$4.00

(waived until end-May 2017)

Cash Pickup

Palawan Pawnshopa, Metrobank Branch, Mlhuillier, LBC, Philippines Savings Bank, Gcash, Cebuana Lhuillier, Robinsons Department Store

>5,800 pick-up points

Myanmar

Cash Pickup

Kanbawza Bank

Myanmar Citizen Bank
AGD Myanmar

>340 pick-up points

S$5.00

(waived until end-May 2017)

Malaysia

Account Credit

All Malaysian banks

20 banks

S$2.00

(waived until end-May 2017)

Pakistan

Cash Pickup

National Bank of Pakistan

>1,260 pick-up points

S$5.00 (trx under US$200)

S$0.00 (trx over US$200)

(waived until end-May 2017)

Account Credit

All Pakistan banks

38 banks

Sri Lanka

Cash Pickup

Bank of Ceylon

Hatton National Bank

Sampath Bank

>870 pick-up points

S$5.00

(waived until end-May 2017)

Account Credit

All Sri Lanka banks

34 banks

 

 

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