Cambodia Investment Review

Phillip Bank Introduces New Lowered Fee for Its Market-Leading Remittance Service

Phillip Bank Introduces New Lowered Fee for Its Market-Leading Remittance Service

Cambodia Investment Review

Phillip Bank, the only Singaporean-owned commercial bank in Cambodia, has recently taken a significant step to enhance its customer offerings by a new lowered cost for its market-leading overseas remittance service. The bank announced that customers can now send money abroad for a flat fee of just $7 per transaction, a competitive rate that stands out in the financial market. The service is accessible through the Phillip Mobile app.

Read more: Phillip Bank Paves the Way for Singaporean Banking & Business Interests in Cambodia

Mr. Chan Mach, Chief Executive Officer of Phillip Bank, told Cambodia Investment Review that the lowered fee during the service’s relaunch. He said, “We are pleased to offer this competitive rate to our customers, recognizing that affordable and reliable money transfer options are crucial for many individuals who have family and commitments overseas. Our new lowered fee reflects our ongoing dedication to providing value for money and exemplifies our commitment to meeting the unique financial needs of our customer base.”

Customers can send money to 10 selected countries

This service allows Phillip Bank customers to send money to 10 selected countries including Singapore, Philippines, Vietnam, Malaysia, South Korea, Thailand, Indonesia, Australia, and Hong Kong SAR. For those wishing to send money to China, the service is available but exclusively at Phillip Bank’s counter services in branches. This targeted list of countries reflects the bank’s understanding of its customer demographics and the most common international transaction corridors for Cambodians.

The remittanceservice is a strategic part of Phillip Bank’s broader business plan to diversify its suite of financial services and products. The bank has been steadfast in rolling out innovative services that bring together convenience and affordability. This approach aligns with the bank’s objective to continually adapt and respond to the evolving and diverse financial needs of its customers, both domestically and internationally.

Remittances are becoming an increasingly important

Industry observers anticipate that this lowered transaction fee will significantly impact customer uptake, making Phillip Bank’s remittance service more attractive than ever. Given Cambodia’s increasingly globalized economy and the expanding Cambodian diaspora, services like these are addressing a tangible market need. Furthermore, Phillip Bank’s move is timely, as remittances are becoming an increasingly important component of household income for many Cambodian families.

In conclusion, Phillip Bank’s new lowered fee for its overseas money transfer service is a strong signal of the bank’s customer-centric approach and its commitment to delivering value for money. By offering a service that is both affordable and reliable, Phillip Bank is fortifying its position in the financial services market and creating a more compelling offering for its customer base. For more detailed information on this newly lowered fee and the overseas money transfer service, customers are advised to consult the Phillip Mobile app or visit their nearest Phillip Bank branch.

Related Articles