Belgian phone operator Belgacom (BCOM.BR) said on Thursday it had signed an preliminary deal with Royal Bank of Scotland (RBS) (RBS.L) to enable customers to transfer money to foreign accounts by mobile phone.

Belgacom, whose mobile phone division Proximus is the market leader in Belgium, said customers would be able to transfer money at a more advantageous rate than with existing exchange agencies in part because of lower fixed costs, such as for an office.

RBS’s FXmicropay System would enable secure foreign exchange transaction processing with limited currency exposure, it added.

A Belgacom spokeswoman declined to comment on the value of the deal.