TransferWise announced today that they have become the first international money transfer service to allow Singapore customers to receive money using just a mobile number.
For Singaporeans with a PayNow profile, receiving international transfers can be done by providing just their name and mobile number to the sender, while businesses that want to receive money can simply share their name and PayNow Unique Entity Number (UEN).
All Singaporean individuals and businesses looking to receive money from abroad can benefit from this move. They include:
- Singaporeans who need to receive money from a friend or family member abroad but find it inconvenient to share their bank account number
- Freelancers and companies that want to simplify processes for their overseas customers
Singaporeans without a PayNow profile can still receive funds through TransferWise’s existing payout option by providing their bank account details.
