GoTyme Bank has launched a new feature that allows customers to send money to more than 170 countries and territories directly through its mobile application, expanding its international payments services through a partnership with global cross-border payments platform Wise.
Called Send Money Abroad, the service enables transfers in eight currencies — Australian dollar, Chinese yuan, British pound, euro, Japanese yen, South Korean won, Singapore dollar and US dollar — while providing customers with upfront information on fees, exchange rates and the exact amount recipients will receive.
According to GoTyme Bank, demand for international financial services has grown as more customers make cross-border payments for education, healthcare, travel, business and family support. The bank said unique users of its international payments feature increased by more than 85 percent since it partnered with Wise Platform last year.
The new service allows customers to send money internationally through a fully digital platform and track transfers in real time while viewing exchange rates and delivery estimates before confirming a transaction.
"As our customers become increasingly global in how they live, work, study, and support their families, international banking needs are evolving alongside them," said Shern Teo, chief strategy and proposition officer of GoTyme Bank. DT
"Send Money Abroad is part of our broader commitment to making global financial services more accessible and integrated into the everyday banking experience, allowing customers to manage both local and international transactions seamlessly within one app," Teo added.
Wise powers the service using its cross-border payments infrastructure, which provides transfers at the mid-market exchange rate and transparent pricing without hidden charges, according to the companies.
"We're delighted to be extending our partnership with GoTyme Bank as they continue to build innovative financial solutions for their customers," said Samarth Bansal, APAC general manager at Wise Platform.
"This launch reflects GoTyme Bank's commitment to responding to the growing urgency for faster, more transparent and more affordable cross-border payments across the region. As the first bank in the Philippines to allow customers to send transparent international payments at the mid-market exchange rate, GoTyme is delivering the experience that customers expect," Bansal said.
GoTyme said the service is also available to foreign nationals residing in the Philippines who maintain GoTyme accounts, allowing them to send money to their home countries through the app.
