MariBank launches remittance service for retail and business customers

Service is currently offered on an invite-only basis with 10 currencies and 13 destinations.

MariBank has launched MariBank Overseas Transfers, a remittance service for retail and business customers in Singapore offering zero transfer fees.

The service is offered on an invite-only basis with 10 currencies and 13 destinations, with a full rollout set to be available later in April, the Singapore-based digital bank said in a press release.

Transfers will be processed immediately or within one to three business days for most destinations.

More destinations will be introduced in the coming months, MariBank said.

Over 70% of business owners in Singapore have remittance needs and prioritse lower transfer costs, MariBank said, adding that its new remittance service aims to support small and medium enterprises (SMEs) that transfer large amounts.

A separate consumer survey found “no transfer fees, no agent fees, no hidden fees” as key factors when choosing remittance products.

MariBank also delivers a comprehensive solution for sending Chinese Yuan (CNY) to Mainland China via Alipay, UnionPay, and Wire Transfers. Customers can also enjoy cost savings on popular transfers, including Indonesian Rupiah (IDR) and US Dollar (USD) to the United States, MariBank said.