Mox Partners Wise to Launch New Remittance Offering

Mox Partners Wise to Launch New Remittance Offering

by March 7, 2024

Mox Bank has launched Express Remit, a new service powered by Wise Platform, offering customers a streamlined and cost-effective way to transfer money internationally.

This service enables Mox customers to transfer funds internationally directly through the Mox app, offering transactions in ten key currencies (AUD, CNY, EUR, GBP, IDR, INR, JPY, PHP, SGD, and USD) at mid-market exchange rates.

The integration with Wise Platform ensures that Mox customers can execute international transfers efficiently, benefiting from the platform’s global payments network.

According to Mox, a key feature of Express Remit is its transparent fee structure, offering competitive foreign exchange fees starting as low as 0.35 percent. Customers benefit from immediate confirmations of transfer receipts and the ability to track payments directly through the Mox app, ensuring a transparent and hassle-free remittance process.

In addition, Mox customers can enjoy additional savings interest rates on foreign exchange transactions, elevating the total savings rate to up to 3 percent per annum on deposits up to HK$3 million, subject to participating in Mox Invest or making qualifying foreign exchange transactions.

Jayant BhatiaMox Wise

Jayant Bhatia

Jayant Bhatia, Chief Product Officer of Mox, said,

“Reimagining banking services is a key driver of our innovation. With Express Remit, we enhance our customer experience by removing traditional barriers to remittance and making global money transfers cheaper, faster, secure and trackable, all within our refreshed Mox app.”

Samarth Bansal

Samarth Bansal

Samarth Bansal, General Manager, Asia Pacific, Wise Platform, said,

“At Wise, our mission is to make moving and managing money faster, cheaper and more transparent for everyone, everywhere. Mox Bank and Wise share a common vision to modernise the global financial system, and we’re delighted to team up to enable better international payments for even more people and businesses in Hong Kong. We continue to deepen our client base in Hong Kong.

Featured image credit: Edited from Mox Bank