ACROFAN

New RHB TravelFX offers Competitive FX Rates and Convenience

Published : Friday, September 21, 2018, 6:49 pm
ACROFAN=PRNewswire | mediainquiries@prnewswire.com | SNS

Latest game-changer to satisfy travelling and foreign exchange needs

SINGAPORE, Sept. 21, 2018 /PRNewswire/ -- RHB Singapore today launched the RHB TravelFX Mobile App and Multi-Currency Card -- the first prepaid Multi-Currency Visa Card introduced by a Bank in Singapore. The RHB TravelFX App and Multi-Currency Card provide an easy-to-use platform that offers customers competitive foreign exchange (FX) rates -- better than those offered by credit cards, real-time currency exchange and freedom to use local currency overseas.

RHB TravelFX was launched on 18 September 2018 by (L to R) Ng Fook Sun, Executive Vice President, Financial Institutions, Wirecard, Clara Lee, Head, Technology & Operations, RHB Singapore, Chris Skok, Head of Product, Singapore and Brunei, VISA, Mike Chan, Country Head & CEO, RHB Singapore, and Wong Chung Yee, Head, Personal Financial Services & Wealth Management, RHB Singapore
RHB TravelFX was launched on 18 September 2018 by (L to R) Ng Fook Sun, Executive Vice President, Financial Institutions, Wirecard, Clara Lee, Head, Technology & Operations, RHB Singapore, Chris Skok, Head of Product, Singapore and Brunei, VISA, Mike Chan, Country Head & CEO, RHB Singapore, and Wong Chung Yee, Head, Personal Financial Services & Wealth Management, RHB Singapore

Customers will have access to 11 currencies in the RHB TravelFX App, and can enjoy travelling without bringing excessive cash and deal with leftover currencies. Application is hassle-free via the RHB TravelFX App, and transactions can be done at one's convenience.

The RHB Multi-Currency Card is a Visa prepaid card issued by Wirecard and distributed by RHB Bank Berhad in Singapore. The unique arrangement and partnership between Wirecard and RHB provides card users with security features to use the card wallet without accessing their bank accounts.

How RHB TravelFX works

The RHB TravelFX App can be easily downloaded from the Google Play Store or the Apple App Store. Thereafter, consumers can apply for the RHB Multi Currency-Card through the app. Customers can then fund their RHB TravelFX card wallet with Singapore Dollars from any bank account in Singapore and start exchanging 11 currencies (SGD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, THB, USD) at transparent and competitive rates.

There are numerous benefits and convenience associated with the RHB TravelFX app. Customers do not need to maintain a bank account with RHB. Most applicants above the age of 18 will qualify for the solution, enjoy instant application, no annual fee, and no minimum balance fall-below fee.

In addition, the RHB TravelFX App and Multi-Currency Card enables customers to make purchases in local currency when overseas, withdraw local currency from the Visa/Plus ATM network, spend online in any currency of choice and perform foreign exchange within the card wallet.

Customers can fully manage the card wallet and enjoy 24-hour access to competitive FX rates. There is also added security, allowing customers to lock the card when it is not in use. They will also be eligible for round-the-clock concierge service offered by RHB Singapore.

Ms Wong Chung Yee, Head of Personal Financial Services and Wealth Management, RHB Singapore said, "In our effort to move into the cashless and eWallet space, we are pleased to launch the RHB TravelFX, a multi-currency mobile wallet open to customers with bank accounts in Singapore. Customers will benefit from the convenience and competitive FX rates offered by this facility. The App gives customers total control over the FX rates that they want to buy at, by setting an alert on the App at their preferred rates, and exchange for foreign currencies anywhere, anytime -- enhancing one's travelling experience."

Grigoriy Kuznetsov, Executive Vice President, Global Financial Services at Wirecard, says: "Digitalisation has brought about huge changes in all areas and especially in financial services. This means that as a bank, it is crucial to offer your customers smart, digital products that provide real added value. We are very pleased to have been able to contribute our expertise as a global innovation leader in digital financial technology and to realise this great project together with RHB. This enables RHB Singapore to offer their customers a fully digital state-of-the-art solution that makes traveling much easier and more fun. This also further reinforces our position as a leading global prepaid issuer and BIN sponsor."

"Travel is a popular activity amongst Singaporeans. Based on the Global Travel Intentions study commissioned by Visa, Singaporeans have taken approximately seven international trips in the last two years. Our data also shows that 20 per cent of total spend for Singapore Visa cardholders is on cross-border purchases. Even though Singaporeans are extremely familiar with digital payments, 95 per cent of them will still visit a money changer to exchange for foreign cash before they travel. With a travel product like RHB TravelFX offered to consumers today, we believe more Singaporeans will embrace the benefits and convenience of using electronic payments, especially when they travel," said Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.

"RHB TravelFX is also secure, easy to use, and very convenient -- customers can utilise it to fulfil their foreign currency needs for their travels, accumulate and store their foreign currency savings, or simply make payments for their online shopping with overseas merchants. We look forward to an exciting journey ahead with this game-changer," added Wong.

About RHB Singapore 

RHB Singapore was first established in 1961 through a series of rapid expansion and strategic mergers. For more than half a century, RHB has garnered invaluable financial experience and transferred those insights of service excellence on to clients, helping both individuals as well as corporations fulfil their business opportunities.  Throughout these years of dedication in Singapore, RHB has built formidable ties with clients and is established as one of the Republic's most trusted financial institutions. RHB Singapore's core businesses are streamlined into eight pillars, namely Personal Financial Services and Wealth Management, Commercial Banking, Corporate Banking, Treasury, Structured Finance as well as Investment Banking, Brokerage and Asset Management businesses.  All the eight business pillars are offered through RHB Bank Berhad (a fully-licensed bank), RHB Securities Singapore Pte Ltd and RHB Asset Management Pte Ltd. RHB Singapore is the local business operations of the RHB Banking Group, the fourth largest fully integrated financial services group in Malaysia. The Group's regional presence spans ten countries in ASEAN including Hong Kong. It is RHB Banking Group's aspiration to continue to deliver superior customer experience and shareholder value; and to be recognised as a Leading Multinational Financial Services Group.

For more information, please visit www.rhbgroup.com.sg

About Wirecard

Wirecard (GER:WDI) is one of the world's fastest growing digital platforms in the area of financial commerce. We provide both corporate clients and consumers with a constantly expanding ecosystem of real-time value-added services built around innovative digital payments by using an integrated B2B2C approach. This ecosystem concentrates on solutions in the areas payment and risk, retail and transaction banking, loyalty and coupon programs in addition to data analytics and conversion rate enhancement across all sales channels (online, mobile, ePOS). Wirecard operates regulated financial institutions in several key markets, in addition to holding issuing and acquiring licenses from all major payment and card networks. Wirecard AG is listed on the Frankfurt Stock Exchange (TecDAX, ISIN DE0007472060). Visit us on www.wirecard.com, follow us on Twitter @wirecard and on Facebook @wirecardgroup.

Photo - https://photos.prnasia.com/prnh/20180921/2244809-1



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