UK-based fintech TransferWise has introduced a new service that allows Singapore-based clients to receive money internationally via PayNow.
Individuals based in Singapore will now be able to receive funds from overseas locations by sharing their names and mobile phone numbers with the senders, while companies can get money from abroad by providing their names and PayNow unique entity numbers. Users of the new services will not be required to share their banking details with each other in order to engage in cross-border transactions.
Individuals or companies that don’t have a PayNow profile can also receive money via TransferWise’s current payout option by simply providing their bank account information. In March of 2019, the company had started allowing Singapore-based clients to send funds abroad through PayNow. At present, it reportedly allows Singapore’s residents to receive money from 45 different countries and send funds to 84 countries.
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