18 October 2012

SpeedSend reaches a wider network in Asia for money transfer services

Kuala Lumpur: SpeedSend, CIMB Group’s latest proposition for international money transfer services, today announced the expansion of its corridors to reach five other major Asian countries. SpeedSend, launched as a pilot service to Indonesia and Philippines in September last year, now extends to Myanmar, Vietnam, India, Bangladesh, and Nepal. It offers a fast solution to remittance services that enable money to reach destination banks or agents within minutes.

In a ceremony held earlier today, Renzo Viegas, Group Deputy Chief Executive Officer and Head of Consumer Banking, CIMB Bank, commented, “SpeedSend is truly a unique offering that we have not only at CIMB Bank but which we can cross-sell to other financial institutions as well as other money transfer agents as a fast, convenient and reliable money transfer service. In fulfilling the demand for international remittance, we want to give our valued partners the opportunity to offer convenience to their customers who want to send funds to their loved ones.”

From as low as RM10, customers can send money from Malaysia at any SpeedSend location by completing a simple form and showing a photo identification. The funds will be ready for beneficiaries to collect almost instantly, during agents’ operational hours. Money can be transferred in the form of a cash payout or done via account crediting at selected countries.

“Malaysia is a growing market for money transfer activities in the region due to the influx of millions of foreign workers into the country. In 2010 alone, an estimated RM21 billion (US$7 billion) remittance outflow was reported by the World Bank. We believe that SpeedSend will be able to capture the market, given the strong presence of CIMB Group retail branches at more than 1,110 locations in ASEAN countries, as well as partnering banks and agents across the region,” added Viegas.

“With CIMB Bank, customers get to enjoy a host of privileges and benefits that are accorded uniquely to them, for example, free cross-border ATM withdrawals and multi-currency dispensing facility at our machines in Indonesia, Singapore, Thailand and Cambodia; and free Touch n’ Go reloads at our ATMs for customers in Malaysia. In line with the ‘ASEAN for You’ promise, SpeedSend is yet another value-added service we offer to our customers in the region,” conclude Viegas.

For more information on this service, customers can call 1-300-880-900; visit any CIMB Bank and CIMB Islamic branches nationwide, or log on to www.cimbbank.com or www.cimbislamic.com.