Cambodia Investment Review
Phillip Bank, Cambodia only fully Singapore-owned commercial bank, has announced a significant enhancement to its International Remittance Service, offering a highly competitive rate of just $4.99 for outbound transfers, a move that positions the bank as a front-runner in affordable global fund transfers. This initiative underscores the bank’s commitment to providing secure, efficient, and cost-effective financial solutions to its customers worldwide.
With this service, Phillip Bank aims to simplify the process of sending money abroad, ensuring that customers can transfer funds to various commercial banks overseas without the burden of high costs. This initiative for outward remittance transactions, allows customers to send funds from their Phillip Bank accounts to overseas banks.
Availability In Both The Cambodian Riel & US Dollar
A standout feature of this service is its availability in both the Cambodian Riel (KHR) and the US Dollar (USD), catering to the diverse preferences of Phillip Bank’s customers. This flexibility is part of the bank’s broader strategy to accommodate the varying needs of its users, ensuring accessibility and convenience in international transactions.
Read more: Phillip Bank Paves the Way for Singaporean Banking & Business Interests in Cambodia
The required documentation for availing of this service remains comprehensive and security-focused, including detailed information about the remitter and beneficiary, such as names and account numbers alongside the necessary bank information to facilitate smooth transfers.
Phillip Bank’s transparent fee structure for its remittance services is now more appealing than ever, with mobile outward transfers to selected countries and currencies pegged at a mere $4.99 per transaction. This rate is part of the bank’s initiative to make international transfers more accessible and affordable for everyone, reflecting its customer-centric approach to financial services.
The CEO of Phillip Bank, Chan Mach, highlighted the importance of this development, stating, “Our new $4.99 fee for international remittances is more than just a number—it’s a reflection of our dedication to providing value to our customers. We understand the importance of sending funds home or abroad, and we strive to do so at the most reasonable rates possible, ensuring that our customers can support their financial needs without unnecessary expense.”
Valid From April 1, 2024, to September 30, 2024
This service is available to savings, current, and parent-child account holders (for inward transfers), ensuring a wide range of customers can benefit from this affordable rate. The bank has also set a cut-off time of 3:00 PM (Cambodia time) for these transactions to ensure timely and efficient processing.
Phillip Bank’s initiative is specifically designed for customers looking to make international transfers to 10 selected countries, including major markets in Asia and Australia. This strategic selection aims to meet the specific remittance needs of its customers, providing a service that is both practical and financially accessible.
*Available for 10 selected countries including:
– Singapore
– Philippines
– Vietnam
– Malaysia
– South Korea
– Thailand
– Indonesia
– Hong Kong
– Australia
– China (available at the counter only)
Valid from April 1, 2024, to September 30, 2024, Phillip Bank’s $4.99 international remittance fee is set to transform the landscape of cross-border fund transfers, establishing a new benchmark for affordability and customer satisfaction in the banking industry.
