TNG Digital has officially launched GoRemit, Touch ‘n Go eWallet‘s new digital remittance feature that allows you to send money to 10 countries. GoRemit allows you to send money directly to a foreign bank account or eWallet, or have it arranged as a cash pick-up, depending on the country. Recipients can receive the funds within 15 minutes depending on the method of collection.
Touch ‘n Go eWallet’s GoRemit currently supports 10 countries namely Bangladesh, India, Indonesia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand and Vietnam. For most countries, the default option is bank account transfer and it takes 24 hours for the recipient to receive the funds. In some countries such as Vietnam, the Philippines and Bangladesh, you do get a quicker eWallet or Cash Pick-up where the recipient can receive the funds within 15 minutes. For eWallet collection, it supports bKash in Bangladesh, as well as GCash and PayMaya in the Philippines.
According to TNG Digital, the launch of GoRemit is part of the company’s comprehensive financial inclusion agenda to promote accessible financial services to the masses. It aims to cater to underserved communities, foreign workers, international students and expats, to provide them with a safe and convenient solution to send money back to their home country or loved ones. All senders are required to complete their account verification via the electronic Know Your Customer (eKYC) process.
While the foreign exchange rates are competitive, take note that there’s a transfer fee that ranges between RM8 to RM15 depending on the country and mode of payment. For example, a bank transfer to Indonesia, Nepal, Vietnam and Singapore costs RM10 while in Vietnam it costs RM15. Cash pick-up is available in selected countries and in Vietnam, it costs RM15 for the transfer fee.
However, in countries like the Philippines, the transfer fee for eWallet is lower at RM10 versus Cash pick-up which has a transfer fee of RM15. In Bangladesh, the transfer fee is lower at RM8 for eWallet but a bank account transfer is slightly more expensive at RM10. After a transfer is initiated, you can check the status on the Activities tab.
You can learn more via the GoRemit FAQ.
