UOB rolls out new app feature allowing forex services sans conversion fees

Mighty FX comes in a set of 10 foreign currency accounts.

United Overseas Bank announced its new digital banking solution, Mighty FX. Working through UOB's mobile app UOB Mighty, Mighty FX enables customers to trade and transact quickly and conveniently without being charged any currency conversion fees.

Other features of Mighty FX include having no minimum deposit limit (49 per cent), giving consumers the ability to make transactions in a foreign currency on-the-go, seven days a week (39 per cent) and being able to change currency at their preferred rate (29 per cent); and an option to review current and historical rates and then choose to set alerts for their preferred rates.

Aaron Chiew, head of digital and mobile, regional digital banking, UOB, said, “Mighty FX’s transparent currency conversion service means that customers are able to choose when they want to buy a foreign currency and at a price point with which they are comfortable. Mighty FX also means that for those who need cash when overseas, they will know exactly how much they are paying for their cash withdrawals as it is drawn from their Mighty FX account at their preferred rate."

Mighty FX comes in a set of 10 foreign currency accounts and is linked to a SGD-based UOB current account, such as the One Account or the KrisFlyer UOB Account. Any transactions or funds within the Mighty FX account will also qualify for bonus interest or KrisFlyer miles, depending on the type of SGD base account to which it is linked.

Mighty FX does not require a minimum balance and does not charge fall-below fees. Trades can be conducted from as little as S$1 and up to S$50,000.