Phillip Bank, Cambodia’s only fully-Singapore owned commercial bank, has launched a pioneering partnership with Visa to bring a new level of convenience, affordability and speed to overseas money transfers. The partnership is a significant development in Cambodia’s remittance landscape, offering some of the most competitive fees and rates for account-to-account funds transfers across more than 30 countries, via the Phillip Mobile app.
Affordable and Transparent Transfer Services
Through this collaboration, Phillip Bank’s customers can now enjoy flat-fee overseas transfers, up to $10,000 per day, making international remittances straightforward and transparent. Fees are as low as $0.99 per transaction, with transfers to the United States at a flat fee of $9.99. In addition, customers can take advantage of competitive foreign exchange (FX) rates, making this one of the most affordable remittance options available in the Kingdom.
Chan Mach, CEO of Phillip Bank, expressed optimism about the new service, stating, “We are delighted to work with Visa to bring a better, faster, and easier way to send money abroad. This partnership exemplifies Phillip Bank’s commitment to innovation in banking, while uploading values of trust and reliability that we are known for. We believe that this service will greatly benefit our ASEAN and expatriate customers, who are increasingly looking for convenient and cost-effective ways to support family and make payments internationally.”
A First of Its Kind in Cambodia
This partnership represents Visa Cambodia’s first foray into account-to-account transfers in collaboration with a commercial bank, providing Phillip Bank’s customers with a simpler and more integrated method of moving funds internationally. Previous Visa-enabled transfer solutions were limited to card-based transfer options. Users can easily initiate international transfers via the Phillip Mobile app with just a few taps, eliminating the need for traditional, more time-consuming processes.
Ivana Tranchini, Country Manager for Visa Cambodia, added, “This partnership with Phillip Bank is an exciting milestone for Visa in Cambodia, as we expand into new territory with our first account-to-account transfer service with a commercial bank. We are thrilled to bring greater value to Phillip Bank’s customers by making international money transfers simpler and more accessible. This is in-line with Visa’s mission to remove barriers and connect people to the global economy.”
Expanding Digital Banking Capabilities
This innovative solution underscores Phillip Bank’s commitment to being a preferred banking partner for both Cambodians and expatriates alike. CEO Chan Mach added, “This partnership aligns with our broader strategy to expand our digital banking capabilities, and we are confident that this service will set a new standard for international transfers in Cambodia.” Customers can access the enhanced transfer service by downloading or updating the Phillip Mobile app, where they can take advantage of competitive transfer rates and streamlined processing times.
