SinoPac's remittance ADM plans draw lukewarm response from migrants

Taipei, Jan. 14 (CNA) Bank SinoPac's plans to expand its automatic deposit machine (ADM)-based remittance services have been met with a tepid response from its target demographic, migrants working in Taiwan.

SinoPac -- which opened its first ADM for remittances in October 2024 at the ASEAN Square shopping center in Taichung -- recently announced it would install 14 more near public transportation stations, migrant workers' dormitories, and convenience stores over the next three years.

The ADMs will offer services in English, Bahasa Indonesia, Vietnamese, Thai, and Chinese, SinoPac said.

But a Filipino lawyer based in Taipei told CNA that she was unsure if she would use SinoPac's service, as she would have to see how user-friendly it is.

SinoPac requires users to download the Indo Money, Phil Money, Viet Money, or Thai Money app developed by Eastern Union Interactive (EUI) Corp. and get a QR code to remit money through an ADM.

The lawyer, who asked to remain anonymous, said she currently uses Far East Express (FEE) remittance service, which charges a handling fee of NT$99.

SinoPac's ADM remittance service currently charges NT$150 (US$4.54) per transfer.

Daniel S. Nugroho, an Indonesian engineer working in the automotive industry in Tainan, said he uses the remittance service provided by EEC Elite Express.

Daniel said that as he was unfamiliar with SinoPac's service and did not know if the bank would open an ADM near him, he would not be using it in the near future.

SinoPac said it was still working on specific locations when asked by CNA where the 14 planned ADMs will be installed.

Yunlin County-based Indonesian artist and fellow EEC customer Syaian said he was also unsure whether he would use SinoPac's service.

For one thing, Syaian said, EEC charges only NT$99 per remittance and offers cashback reward points, allowing him to save on future transactions.

Syaian also said he was unsure if SinoPac would install a dedicated ADM near his home.

Crucially, Syaian said, EEC has physical stores all over Taiwan where he can get any necessary assistance should there be a problem with his transactions.

Both Syaian and the Filipino lawyer stressed the importance of having Bahasa or English-speaking customer service, which they said is a point of consideration for them when choosing their remittance service.

As to whether it would support customer service in any of the above-mentioned languages, SinoPac said customers should contact EUI with any issues regarding remittances.

SinoPac, along with Taishin International Bank, is one of two banks in Taiwan that have partnered with Financial Supervisory Commission-approved companies to provide remittance services to migrant workers for transfers of up to NT$30,000.

The services of the two banks primarily target foreign workers from Southeast Asian countries, including Indonesia, the Philippines, Vietnam, and Thailand.

English, Chinese, Bahasa Indonesia, and Vietnamese remittance services have been available at Taishin ATMs and ADMs around Taiwan since 2021.

As with SinoPac's services, those offered by Taishin also require users to download one of the EUI's apps and get a QR Code, and charge a NT$150 fee per transfer.

Taishin also said that its customer service does not provide assistance regarding its remittance service.