Why is UOB imposing a minimum transaction amount of SGD200 for Indian Rupees (INR) and Philippine Peso (PHP) outgoing Telegraphic transfers (TTs)?

The Bank has noticed an increase in the number of Indian Rupees (INR) and Philippine Peso (PHP) outgoing Telegraphic Transfer (TT) payments being returned by our agent bank. This is due to the transaction amount of these TT being less than the agent/correspondent bank fees.

Hence, with effect from 1 November 2017, all outgoing TT transacted in INR and PHP will be subject to a minimum amount of SGD200 or equivalent. Transactions below the stipulated amount will not be effected.

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