SingPost launches remittance service with SBI Singapore

Funds will be remitted securely through SBI platform at all the SingPost’s outlets.

Customers can remit funds to the beneficiary accounts at over 13,000 SBI branches in India through the secured service known as CASHOME and the large branch network of SingPost in Singapore and SBI in India.

Funds remitted before 4:00pm will be credited into the recipient’s bank account maintained with SBI by the next working day before 2:00pm, while funds remitted after 4pm will be credited on the second working day before 2:00pm.

SingPost’s Executive Vice President for Retail & Financial Services, Mr Loh Choo Beng said: “India is one of our major remittance destinations and it continues to hold tremendous growth potential. This partnership with SBI enhances our CASHOME offering to better serve the Indian community working and residing in Singapore, giving them a secure and affordable way to send money back home.”

Mr Seah Boon Ching, Head of Consumer Banking, SBI Singapore said: “With our large network of SBI branches in India, customers of SingPost are able to enjoy the speed and ease when they remit funds to their loved ones and business partners with SBI bank accounts in India.”

SBI currently offers a suite of retail banking services at its 7 branches island-wide, including Deposits, Home Loans, Unit Trust, Insurance, NRI and Remittance services.