M1 launches digital mobile remittance service through it’s subsidiary KLIQ Pte Ltd. With this new mobile remittance service, you no longer need to queue and you can remit funds anytime, anywhere to more regional countries including Indonesia, Malaysia, Bangladesh, India, Philippines, Myanmar, Pakistan and Sri Lanka.
For users who roam between Singapore and Malaysia, you can use M1Remit as an alternative remittance service. Scroll down to see the conversion rates.
SINGAPORE 6 April 2017 – M1 Limited (M1) today announced a new digital mobile remittance service – M1 Remit.
Through M1 Remit, M1 mobile customers can access real time exchange rates and remit funds to their designated recipients anytime, anywhere, through a mobile app or a browser on their smart device.
Payments for M1 Remit transactions can be made conveniently at any one of the 915 AXS machines located in shopping malls, office buildings and other sites islandwide using an ATM card. This is unlike typical remittance services where customers have to queue at a physical outlet to deposit their payment.
Customers who do not have bank accounts/ATM cards can opt to make cash payment at M1’s IMM and Paragon outlets. Customers will also need to complete a one-time verification process at any of the two outlets, as part of regulatory requirements.
Recipients will be able to cash out as quickly as within an hour of the transaction from over 23,000 cash agents and 640 banks in the destination countries – the biggest cash out network for any mobile remittance service here.
M1 Remit currently offers eight remittance destinations – Bangladesh, India, Indonesia, Myanmar, Malaysia, Sri Lanka, Pakistan and the Philippines. Thailand, Vietnam, and other remittance destinations will be made available progressively. For a limited time, M1 Remit is also waiving the remittance fee to these destinations.
“M1 Remit offers a wholly digital experience for money remittance. Nobody likes to queue, and now our customers can skip the queue and make better use of their time with and M1 Remit – Singapore’s most convenient, secure and cost-effective way to remit funds to their loved ones,” said Mr Alex Tan, Chief Innovation Officer, M1.
For more information and to download the M1 Remit Android and iOS apps, please visit: www.m1remit.com.sg.
Annex A: M1 Remit comparison table for selected destinations
| Cash Out Options for Indonesia | M1 Remit | Competitor “S” |
| Bank Account | All Indonesian banks
(145 banks in total) |
14 major Indonesian banks |
| Cash Out Agents | BNI, BCI and PT POS agents
(>7,000 agents in total) |
PT POS agents
(4,500 agents) |
| Remittance Fees | S$8.00
(waived until end-May 2017) |
S$9.00 |
| Cash Out Options for Malaysia | M1 Remit | Competitor “P” |
| Bank Account | All Malaysian banks
(20 banks in total) |
All Malaysian banks
(20 banks) |
| Cash Out Agents | – | – |
| Remittance Fees | S$2
(waived until end-May 2017) |
S$9 |
Annex B: M1 Remit destinations
| Country | Remittance Method | Participating Banks / Partners | Pick-Up Points | Remittance Fees |
| Bangladesh | Account Credit | All Bangladesh Banks | 54 banks | S$5.00
(waived until end-May 2017) |
| Cash Pickup | Brac Bank Ltd, Islami Bank, Bank Asia Ltd, Agrani Bank Ltd, Krishi Bank Ltd, Sonali Bank, Bank Ltd, NCC Bank Ltd, The City Bank, Janata Bank, Dutch Bangla Bank, Pubali Bank, Rupali Bank, Avub, TMSS, Buro, Jagorani, Desha, GUK, CDIP, RRF | >7,500 pick-up points | ||
| India | Account Credit | All India Banks | 178 banks | S$5.00
(waived until end-May 2017) |
| Indonesia | Account Credit | All Indonesia Banks | 146 banks | S$8.00
(waived until end-May 2017) |
| Cash Pickup | PT Bank Rakyat Indonesia PT POS Indonesia PT Bank Negara Indonesia | >7,500 pick-up points | ||
| Philippines | Account Credit | All Philippines Banks | 171 banks | S$4.00
(waived until end-May 2017) |
| Cash Pickup | Palawan Pawnshopa, Metrobank Branch, Mlhuillier, LBC, Philippines Savings Bank, Gcash, Cebuana Lhuillier, Robinsons Department Store | >5,800 pick-up points | ||
| Myanmar | Cash Pickup | Kanbawza Bank
Myanmar Citizen Bank AGD Myanmar |
>340 pick-up points | S$5.00
(waived until end-May 2017) |
| Malaysia | Account Credit | All Malaysian banks | 20 banks | S$2.00
(waived until end-May 2017) |
| Pakistan | Cash Pickup | National Bank of Pakistan | >1,260 pick-up points | S$5.00 (trx under US$200)
S$0.00 (trx over US$200) (waived until end-May 2017) |
| Account Credit | All Pakistan banks | 38 banks | ||
| Sri Lanka | Cash Pickup | Bank of Ceylon
Hatton National Bank Sampath Bank |
>870 pick-up points | S$5.00
(waived until end-May 2017) |
| Account Credit | All Sri Lanka banks | 34 banks |