Cambodia Investment Review
Cambodia’s only fully owned Singapore commercial bank, Phillip Bank, has announced the introduction of a free service for receiving international remittances. This development is particularly momentous for a country like Cambodia, where remittances play a vital role in the economy.
According to the National Bank of Cambodia (NBC), the Kingdom receives approximately $1.25 billion in remittances annually, highlighting the importance of this financial inflow for many families. In this context, Phillip Bank’s new offering is set to make a substantial impact.
The International Remittance Service at Phillip Bank allows customers to send and receive money from various commercial banks overseas. This service, now enhanced with the free Inward Transfer feature, enables clients to receive remittances sent from a bank account abroad into their Phillip Bank account without incurring any fees.
Improving The Financial Well-Being Of Phillip Bank Customers
“We are committed to ensuring the safety and accessibility of funds for our customers, whether they are saving with us or managing international transactions. By making inward remittances free, we are taking a significant step towards improving the financial well-being of families, both in rural and urban communities,” the bank’s representative stated.
Read more: Phillip Bank Paves the Way for Singaporean Banking & Business Interests in Cambodia
The process for utilizing this service is straightforward. To send remittances, customers can either use the Phillip Mobile app or Phillip Bank Internet Banking, available 24/7, or visit their nearest Phillip Bank branch to fill out the International Remittance Application Form. For receiving remittances, customers need to visit a Phillip Bank branch and complete the Inward Telegraphic Transfer Instruction Form. The required documents for these transactions include beneficiary’s names and address as well as, Philllip Bank account number.
Cost-Effective And Convenient Way To Manage International Transactions
Phillip Bank’s initiative aligns with its corporate mission to build convenient, integrated, innovative, and trusted financial solutions. By leveraging technology platforms and engaging staff, business partners, and customers, the bank aims to sustainably improve the economic conditions of communities across Cambodia.
This latest initiative by Phillip Bank is expected to resonate positively among Cambodians, both locally and in the diaspora, as it offers a cost-effective and convenient way to manage international financial transactions, a crucial aspect of the country’s growing economy.
