1. Who is Nickel?
Nickel is a startup under the UOB Finlab Accelerator Program. We aim to provide cheaper and faster remittance service to Indonesia, by providing rates close to interbank rates, cheaper fees and faster remittance.
2. How safe is Nickel?
Your cash is deposited through UOB’s Cash Deposit Machines, and is very safe. If you have any problems with the transfer, you can reach out to us at …
3. How do I sign up for an account?
You can sign up for an account directly through the mobile app on your android device. You will need to take a picture of your ID for verification purposes. The app will guide you in setting up your account and recipients.
4. Why do you need my Identity Card?
Due to the nature of money transfer, we require some form of identity verification. This is the same process that any bank would follow.
5. What rates am I getting?
You are getting live and instantaneous rates, which is not possible through banks or remittance stores. The rate will be fixed at the point of transaction on the Nickel app. You can see the live rates on our website as well.
6. Why are your rates different from others?
As mentioned in the previous point, live rates allow us to provide competitive rates since we do not have a mark-up to account for fluctuations. We also have several mechanisms in place to ensure that you get the best rates possible!
7. How much are you charging? / What are your fees?
We are charging SGD$8 per transaction (of any amount), and 0.5% spread on FX rates. You can see the rates at the point of transaction and have your final amount in IDR displayed on the app.
8. How long does the transfer take?
The transfer typically takes less than 4 hours.
9. Which banks can I transfer to?
Currently we are able to remit to …
10. Can I transfer IDR?
No, we only do SGD to IDR transactions at the moment.
11. How do I collect the money at Indonesia?
Your cash will be deposited directly into your stipulated Indonesian bank account. You can then proceed to withdraw it from your bank through an ATM or from the bank itself.
12. How do I add a recipient?
13. What is the minimum amount I need to transfer?
The minimum amount for transfer is …
14. What is the maximum amount I can transfer?
a. Currently we only support transfers of up to …
15. What do I do if there is any problem with the transfer?
a. You can contact us at … and our support team will get back to you and verify and resolve your issues.
16. How will Nickel know if I have deposited the money?
Upon depositing the cash, you need to take a picture of the receipt through the app and complete the transaction process. We will then verify the deposition of the money and proceed to transfer funds to your Indonesian recipient bank account.
17. How will I know when the transfer has been made?
You will receive an SMS notification once your transaction has been verified and completed.