THE People’s Own Savings Bank (POSB) has launched a low-cost US dollar-denominated mobile money platform, POSB remit, as the mass market financial institution bids to increase touch points and enhance service delivery to drive up US dollar revenue.
POSB Remit is a domestic money transfer service that allows both POSB and non-POSB individual customers to send and receive US dollar cash from families and friends across the country conveniently.
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The service is available across all 32 branches, including the rural parts of the country. The minimum transaction send value is US$2, with a minimum charge of US$1 or 1,5 percent of principal send, whichever is g
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