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Singapore banks say remittances to China surging as users look for safe ways to transfer money
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The MAS will continue to suspend remittances through non-bank and non-card channels until Sept 30.
PHOTO: BT FILE
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SINGAPORE – Chinese migrant workers are using Singapore banks to send money home after a crackdown by Beijing last year affected transfers handled by some remittance firms here.
DBS Bank and OCBC Bank say remittances to China surged around 60 per cent or more in the first two months of the year, compared with the same period in 2023.
