NatWest launches Polish mobile money transfer service

by Gill Montia

Story link: NatWest launches Polish mobile money transfer service

NatWest is extending its provision for Polish immigrants in the UK with a new money transfer service.

Last year, the bank launched a Polish bank account specifically to cater for economic immigrants from the Eastern European country.

Research by NatWest established that the main need of Polish speaking communities in Britain was to be able to transfer money to family members in Poland in a cost-effective and secure way.

The bank has now formed a partnership with Polish bank PKO BP and says it can provide a commission-free mobile money transfer service for Polish UK account holders.

Once customers are signed-up to the service, which they can do using NatWest’s website, they can make international money transfers using their mobile phones.

Although initially only available to holders of the bank’s Welcome account for Polish migrants, the scheme will eventually be extended to cover people from other countries.

Polish migrant workers send an estimated £1 billion a year to their homeland and according to NatWest’s group director of mobile, Roy Vella, mobile phone banking is the fastest growing banking channel in the world.

The service uses technology from the UK firm Monitise, which is not tied into a specific mobile phone network.