(thestar.com) - KUALA LUMPUR: Thousands of Filipino workers can now send money to their families and other dependants in the Philippines within seconds through mobile phone service messaging, and without going through banks.
Maxis Communications Berhad and the Philippine's telecommunications company Globe Telecom yesterday launched the world's first international mobile-to-mobile money transfer service, between the two countries.
The service, approved by Bank Negara, allows users to transfer up to PHP6,500 (RM500) per transaction at RM5 per transaction and 15 sen for each SMS, half the transaction fee of banks, said Maxis chief executive officer Sandip Das.
Up to RM10,000 can be transferred per day at no charge to recipients who receive the money in pesos based on daily exchange rates.
The service will benefit 20,000 Filipino Maxis subscribers in Malaysia, Das said.
"The service is part of a larger picture of us being a strong service provider for the immigrant population," he said.
"We will not replace the banking institutions for international remittance but provide customers an alternative solution to sending money in micro arrangements, at a lower fee and a greater convenience," he said.
The service will also be made available for Indonesians in Malaysia before the end of the month and other countries later in the year, he said.
It is estimated that there are 150,000 Indonesian mobile phone users in Malaysia, he said.
On receipt of an SMS confirmation, a recipient can withdraw the money through any of Globe's GCash 6,000 outlets in the Philippines, as well as rural banks, pawnshops and retail outlets and pay for things and tuition fees in some places without cashing it out, said Globe's head of consumer business Ferdz De la Cruz.
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