TransferWise launches mobile phone money transfer service in Singapore

Customers with a PayNow profile no longer need to input their bank account number.

TransferWise has launched a money transfer service that allows their Singapore customers to receive money using their mobile phone numbers.

Singaporeans with a PayNow profile only have to provide their name and mobile number to a sender, whilst businesses that want to receive money can share their name and PayNow Unique Entity Number (UEN). There is no need for them to share their bank account details.

Those without a profile can still receive funds through TransferWise’s existing payout option by providing their bank account details, the announcement said.

Through this service, customers may receive money from 45 countries and send money to 84 countries.