SINGAPORE - Sending money home will soon be as easy as sending text messages, for the 180,000 Indonesians living here.
Through SingTel's mRemit service, funds can be sent directly to more than 80 Indonesian banks, including Bank Danamon, Bank Negara Indonesia and Bank Mandiri from Sunday. This is done via SingTel's mWallet smartphone app or by sending the word "remit" via SMS to the number 77766.
mRemit is also available to StarHub and M1 subscribers. Customers must first open a SingTel-managed mCash digital stored value system, as funds will be drawn from this account. mCash is set up via the mWallet smartphone app, which can be downloaded from the iTunes and Google Play online stores.
mCash's value - capped at $999 at any one time - can be topped up at more than 800 AXS machines, 150 FairPrice Xpress and Cheers outlets, and 80 SingTel retailers islandwide using Nets or cash.
Senders and recipients will be notified by SMS once transfers are completed, typically within three minutes. As a launch promotion, fees for mobile remittance transactions to Indonesia will be waived until Aug 31.
"With mRemit, customers need not queue for hours at traditional over-the-counter remittance outlets. This is particularly useful for workers who have very few days off or work irregular hours," said Mr Johan Buse, SingTel's vice president of consumer marketing.
mRemit was launched in September 2012, initially offering remittance services to the Philippines. The mRemit account must be set up at the telco's remittance centre at Lucky Plaza. This step is required by the Monetary Authority of Singapore.
From this Sunday, Filipino users will also have the option of sending funds directly to bank accounts in about 50 banks in their home country, including BDO Unibank, Rizal Commercial Banking Corporation and Metrobank.