UOB Launches Mighty FX for Foreign Transactions

    BankBazaar Singapore – January 29, 2018

    The United Overseas Bank (UOB) has launched Mighty FX, a new digital banking solution, to make foreign currency transactions easy. With Mighty FX, international travellers and online shoppers will be able to carry out transactions quickly and easily without being charged any currency conversion fees.

    SINGAPORE: Mighty FX works through the bank’s award-winning application UOB Mighty. Customers have the liberty to make transactions in a foreign currency on-the-go as there is no minimum deposit limit throughout the week. They also can change currency at their preferred rate. With Mighty FX, customers can review historical and current rates and then pick to set alerts for their chosen rates. When the preferred rate is met, Mighty FX will convert the funds and the customer will get the notification of the transaction.

    According to Aaron Chiew, who heads UOB’s Digital and Mobile, Regional Digital Banking, Mighty FX makes it simpler for customers to handle their foreign currency requirements. The digital solution also gives them the confidence that they are getting the best rate. The application will also help people who urgently require cash while they are abroad. They will know precisely the amount they are paying for their cash withdrawals as it is taken from their Mighty FX account at their favoured rate.

    The trial for this solution was conducted last November and the feedback received was positive. Mighty FX is linked to an SGD-based UOB account. Any transactions done within the Mighty FX account will also be eligible for bonus interest. It also does not require a minimum balance and has no fall-below fees. A transaction can be carried out from as low as S$1 and up to S$50,000.

    Customers can sign up for this solution by simply opening or holding a valid UOB SGD account. They must also link the account to Mighty FX through the bank’s website. A debit card will also be issued which will be linked to the customer’s Mighty FX account. Every time a customer buys at an online or physical store using the Mighty FX debit card, the sum will be withdrawn from the related currency account.

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