Walking into a bank never proves to be much of a pleasant experience except when you have a fat paycheck to cash in. The anxiety and hours of monotony shelving through bank bureaucracy can test the resolve of even the most patient souls. Apart from waiting in endless queues and sitting in uncomfortable reception chairs, you also have to face the possibility that this may just be one of multiple visits that you will need to make to accomplish what you came for.
Fortunately, the innovation of online banking has enabled the automation of over 90% of your banking services without even taking one step out of your cozy home. Singaporeans can execute a host of financial decisions such as paying your credit card dues, transferring funds abroad, making General Interbank Recurring Order transfers, etc. via these online banking portals.
Unfortunately, there’s an ace under the sleeve of Singaporeans that most of them are blissfully unaware of, which can stretch your banking convenience by miles. It’s called Visa Personal Payments (VPP), and the more you get to know it, the better it will service your banking needs.
What is VPP?
You may have caught a glimpse of VPP listed as one of the services on your iBanking account and overlooked it simply because you had no idea how it could add productivity to your life. Well, it’s about time you change your mind. Visa Personal Payments are essentially an avenue to electronically wire funds from your personal account to VISA cardholders registered with over 100 major banks laid out across 20 countries around the world.
Amazingly, the only requisites you need to meet for executing this transaction is knowing the recipient’s name and their 16-digit VISA card number.
Any Singaporean holding an iBanking account with DBS, OCBC, SCB or Maybank is entitled to use the VPP service at their disposal. Surprisingly, Visa Personal Payments have been available for approximately 6 years by now; however, they gained a meteoric rise in popularity when VPP was sanctioned for peer-to-peer payments in 2013.
For those still wondering what the hype around VPP is all about, here are three key benefits that Singaporeans can reap from it that will make them wish they discovered it earlier:
1. Instant Credit Card Bill Payments
Conventionally, credit card payments are processed over a period of 1 or 2 days, which means there is a possibility of being confronted with a late payment penalty even if you make it on the due date itself. VPP are designed for real-time action and to overstep any redundant, meticulous protocols involved in banking.
Not only can you process your credit card bill payments instantly, but you can also carry out this process flawlessly even if you are presently in a foreign country.
2. Ultimate Peer-to-Peer Payment System
General Interbank Recurring Order (GIRO) transfers are a major thorn in the side of Singaporeans who need to urgently transfer funds to the accounts of their friends, family or co-workers. With VPP, you can easily skip the 1-2 day long processing period involved in a GIRO transfer by simply inputting the recipient’s name and respective 16-digit VISA number.
Thanks to the presence of VPP, you can undertake as many peer-to-peer payments as you please for splitting expenses, shopping online or paying for small services. All you need is your trusty smartphone, tablet or PC on hand.
3. Convenient Overseas Funds Transfer
Wiring funds abroad can be one of the most cumbersome and expensive banking processes you encounter. Apart from the 2-3 day transaction processing time, you also have to bear with ridiculous fees ranging from $20-$95 and deal with monotonous formalities.
However, if the payee has a valid VISA debit or credit card, then you can be assured VPP will do all the heavy lifting and cut to the chase from the get-go. You will now have to pay a meager $5-$10 per transaction to the overseas account depending on its location and execute the transfer. Voila! Your funds will be transferred to the relevant account within a few minutes.
Hence, VPP is a fantastic service for Singaporeans with children studying in universities abroad or for working professionals who wish to transfer funds to their friends and family based in Singapore.
For more financial tips and tricks to optimize your financial lifestyle, visit imoney.sg and learn all the best moves to make with your money.
Want the best financial deals in town delivered to your inbox once a month? Sign up for iMoney’s Monthly Round-Up today!