4 min read

Mox Reimagines Global Money Transfers With Express Remit

Mox makes global money transfers easier and more efficient with Express Remit¹ Customers can enjoy fee waiver for every global money transfer for the first month.

Mox Reimagines Global Money Transfers  With Express Remit

Hong Kong, 7 March 2024 – Mox Bank Limited (“Mox”) launched Express Remit, a hassle-free global money transfers service that allows Mox customers to transfer money internationally anytime, from their Mox app. Powered by Wise Platform, Express Remit enables customers to send their money in ten foreign currencies at mid-market exchange rates quickly and seamlessly with transparent fees — all within a few clicks.

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.”

He further adds, “With user-friendly remittance functions on our app including currency trends and currency pairs, our aim is to offer unparalleled convenience and peace of mind to our customers, elevating the banking experience and customer satisfaction for our valuable users. We have now made global money transfers as easy and simple as a local money transfer."

Mox is the first² virtual bank in Hong Kong to provide the mid-market rate for foreign exchange service, setting a new industry standard in the cross-border payments sector. Now, Mox takes this commitment further by offering global money transfer services at the mid-market rate, with no hidden fees. Customers can enjoy the mid-market point between the buy and sell prices of two currencies, giving them fair and transparent exchange rates.

By offering competitive foreign exchange fees from as low as 0.35%, enhanced features with transparency such as upfront display of all fees, immediate confirmations of transfer receipt and seamless payments tracking through the Mox app, customers can enjoy a cost-effective, fast, and convenient experience while maintaining a peace of mind throughout the remittance process.

Remittance and foreign exchange fees waived for Express Remit

As a special promotion, all customers enjoy zero remittance and foreign exchange fees for every global transfer using Express Remit during the promotion period from February 28 to March 31, 2024³. Mox customers can choose from ten foreign currencies, including AUD, CNY, EUR, GBP, IDR, INR, JPY, PHP, SGD and USD, with more currencies to come. Stay tuned to Mox for announcements on more currency selections soon.

To use Express Remit and initiate a transfer, customers simply select ‘Actions’ from the menu bar in their Mox app, tap ‘Express Remit’, and follow the on-screen instructions to get started.

Enjoy additional savings interest rate with foreign exchange service

On top of Mox’s savings base rate of 1.5% p.a. on unlimited HKD deposits and 1.5% p.a. for deposits up to USD300,000, customers can enjoy an additional savings rate of up to 1.5% p.a., taking the total savings rate to up to 3% p.a., on deposits up to HKD3 million, when investing in stocks or a fund with Mox Invest or making foreign exchange transactions through Mox of just HKD10,000 (or equivalent) in a calendar month⁴.

Mox will continuously enhance its services to deliver the best banking experience for its customers, making financial transactions more accessible and convenient than ever before.

¹General terms and conditions apply (in particular, schedule 1 to the general terms and conditions for accounts and card management and schedule 2 to the general terms and conditions for payments and transfers). Details are available in the “Legal documents” section of our website.

²In March 2022.

³Express Remit Promotion (February 2024) Terms and Conditions apply.

⁴Weighted yield to maturity refers to the fund’s fixed income securities, time deposits and liquidity (re-scaled to 100%) and is calculated as “weighted yield to maturity from fixed income securities and time deposits” / “total fixed income securities, time deposits and liquidity’s exposure in the fund calculated based on net asset value”. Source: IDS. As of 31 December,2023.

⁴Savings Base Rate Enhancement Scheme Terms and Conditions apply. Note, if the requirement is completed on the last day of the calendar month, customer will not be credited any additional savings rate the next calendar day. Please see terms and conditions for details.

07 Mar 2024
4 min read