BDO, Seven Bank tie up for cash transfer service
Taipan Henry Sy’s BDO Unibank partnered with Japan’s Seven Bank Ltd., making it easier for Filipinos in Japan to send money back home using a mobile app.
BDO, the country’s biggest bank, said in a statement the tie-up covered the upcoming launch of an international money transfer service to the Philippines.
This would allow customers transfer money from Japan to the Philippines by downloading the “Seven Bank International Money Transfer” application on their mobile phones.
“One of the challenges encountered by Filipino workers in Japan is not being able to visit banks and remittance centers during daytime because of their work schedule,” BDO said.
“But with the alliance with Seven Bank, Filipinos can start to send money to their loved ones back home through a mobile app anytime, anywhere,” it added.
The said service complements BDO’s own remittance facility under its remittance brand, BDO Remit. With BDO Kabayan Savings, OFW beneficiaries can effortlessly receive and withdraw money sent from abroad. There’s also the Cash Pick-up Anywhere where beneficiaries can claim money at more 8,000 locations nationwide including from the over 1,100 BDO branches; BDO Remit counters inside SM malls; rural banks and pawnshop partners.
BDO’s remittance network started in Japan by establishing a BDO Remit office in Shinjuku in May 2016. Its alliance with Seven Bank will enable BDO to reach customers beyond Shinjuku/Tokyo area and various prefectures of Japan.
Japan is among the leading sources of OFW remittances. As of 2016, OFWs in Japan totaled 243,662.
Seven Bank is a one-of-a-kind Japanese bank specializing in ATM services that was created in 2001 in response to requests from Seven-Eleven customers for in-store ATMs. Since it began operations in 2001, Seven Bank has kept a consistent focus on its customer viewpoint in offering ATM services that can be accessed “anytime, anywhere, by anyone, and with safety and security” and in creating new services that build on those ATM services.
