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BigPay now lets you transfer money to local and international bank accounts

BigPay is now making it easier to transfer money using its prepaid Mastercard balance. They have just enabled local and international bank transfers on the official app.

Local Transfer

For local fund transfers, it isn’t instant like your typical BigPay to BigPay Wallet transfer. According to the app, the money will be received on the same working day if you transfer before 12PM and it will only go through the next working day if it is transferred after 12PM or during weekends or public holidays.

The local bank transfer isn’t free and BigPay charges 50 sen per transaction. You will need to fill up a couple of fields like full name of the recipient, bank name, account number and the purpose of the transfer, but fortunately, you can save it as a favourite recipient. This is also seen as a cheaper way to “cash-out” your BigPay prepaid card balance instead of withdrawing from the ATM machine. BigPay currently charges RM6 for local ATM withdrawals and RM10 for overseas withdrawal.

International Transfer

At the moment, BigPay allows you to transfer money to four ASEAN countries – the Philippines, Indonesia, Singapore and Thailand. The interface is quite simple and you can enter how much you wish to transfer and it will show you how much the recipient will get in their local currency.

According to BigPay, the cross-border transaction fee can average between RM7 to RM13 per transfer depending on bank and country. It costs RM7 for Singapore, RM8 for Indonesia and Philippines and RM13 for Thailand.

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At the moment, BigPay is waiving the fee for your first international transfer. Similar to the local bank transfer, you will need to fill up a couple of fields and you also get the option to save it as a favourite recipient.

Do note that the processing time is 1 working day for transfers before 5PM and it will take 2 working days if it is done after 5PM or during weekends and public holidays. Before you can start sending money, you may be required to perform an identity verification. In case you’re wondering, you can’t earn BIG points for bank transfers.

[ SOURCE ]

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Alexander Wong