Press Release 2006
UOB Malaysia Introduces Malaysia's First Innovative UOB Visa Money Transfer
Kuala Lumpur, 14 August 2006 - United Overseas Bank (Malaysia) Bhd [UOB Malaysia] today held a special press briefing to launch the UOB Visa Money Transfer, charting another first in the country. This innovative banking solution, leveraging on UOB Malaysia's partnership with Visa International allows funds to be transferred both domestically and globally via the Visa card payment network.
UOB Visa Money Transfer allows customers to transfer funds using cash, any of their Visa debit/credit cards as well as UOB Savings/Current Accounts. The funds are transmitted from UOB Malaysia through the Visa network to the recipient of a Visa debit/credit card. In other words, funds can be transferred faster and all they need is the recipient's 16-digit Visa card number.
Said Chan Kok Seong, Chief Executive Officer, UOB Malaysia, "The launch of UOB Visa Money Transfer is in line with our ongoing commitment to make banking easier for our customers. With the fast-paced lifestyle these days, we understand that our customers are constantly chasing time. With that positioning in mind, we've designed UOB Visa Money Transfer, which provides an alternative channel for fast, convenient and secured fund transfers".
Through UOB Visa Money Transfer, customers can now make any personal transfers such as card payments and balance transfers or remit funds to their loved ones locally and overseas.
According to Chan, "The introduction of UOB Visa Money Transfer is part of UOB Malaysia's efforts to continuously build and strengthen the Bank's electronic banking network for the convenience of our customers".
"With plans to continuously expand the facility, we're working towards opening more avenues for customers to access UOB Visa Money Transfer via the Internet and ATMs. Soon, customers will be able enjoy a host of benefits offered by UOB Visa Money Transfer at a click of a button from the comforts of their home. No more queues, no more hassle of coming into the branches when they can have access to UOB Visa Money Transfer anytime, anywhere", he added.
Jeffrey Perera, country manager for Malaysia, Visa International said, "Visa Money Transfer continues Visa's rich tradition of innovation and role in providing an added benefit to our member banks. With Visa Money Transfer, member banks can offer a brand new cost-effective service as an alternative to traditional remittance channels for its existing customers while attracting new customers for the functionality and convenience this service offers.
"Based on feedback from consumers and research that was conducted by Visa, the primary needs identified among consumers for money transfers were speed of transfer, reasonable cost, convenience, widespread geographical reach for both remitters and the recipients, and adequate security measures. This service rides on the existing VisaNet which is Visa's global processing network infrastructure and provides customers a quick, reliable and secure option of transferring funds," Perera added.
Tapping onto Visa's vast and well-established network, customers of UOB Visa Money Transfer are able perform secured fund transfers with minimal fees required. All transfers originating from cash or UOB Savings/Current account will have no processing fees while all funds originating from any credit cards will be charged a competitive processing fee of only 2% of the transferred amount. A handling fee of RM2 will be charged for domestic transfers while foreign transfers will cost RM5 per transaction.
In conjunction with the introduction of UOB Visa Money Transfer, customers will get to enjoy a special 3-month promotion. From 15 August to 12 November 2006, UOB Malaysia is offering 3 months 0% interest for any balance transfers made and the handling fee for all domestic transfers will be waived during the promotion period. To celebrate the opening of the upcoming 41st UOB branch, every 41st successful UOB Visa Money Transfer customer using UOB Visa Credit Card as the source of fund will stand a chance to walk away with either a Philips DVD Player worth RM350 or Sony MP3 Player worth RM300 each week.
As the foreign bank with the largest branch network, the launch of UOB Visa Money Transfer is part of UOB Malaysia's long-term plans to expand the accessibility of its services and network. UOB Malaysia recently announced the opening of its two new branches in Jalan Bakri, Muar and Sibu with two more branches in Kota Damansara and Kepong to follow suit. Together with three other foreign banks, UOB Malaysia has also launched HOUSe, a shared ATM network for locally incorporated foreign banks in Malaysia.