PSBank’s new remittance service targets the unbanked
MANILA, Philippines — Philippine Savings Bank, the thrift banking arm of the Metrobank Group, has rolled out a new service that allows its depositors to remit cash using its mobile app even to people without bank accounts.
The new service, PaSend, allows PSBank depositors to send instant cash 24/7 to relatives and friends via the PSBank Mobile App. The funds can be withdrawn by the intended recipient from any PSBank or Metrobank ATM using the cardless withdrawal option.
“Around 77 percent of Filipinos do not have a bank account and while we are one with the industry in efforts to enhance financial inclusion in the country, the PaSend service hopes to address the growing need for a low-cost cash remittance service that will cover even those without an existing deposit account,” PSBank senior vice president and marketing head Noel Tuazon said.
The service is at a minimal cost and priced competitively versus other domestic remittance platforms. Currently, PaSend comes with a P25 fee per transaction. An additional P7.50 will be collected if the beneficiary withdraws the funds from a Metrobank ATM. All fees are for the account of the sender.
As this does not require the recipient to have an account with PSBank, this new service is seen to benefit even unbanked Filipinos or those who don’t have deposit accounts and may have the need to mobilize funds in the form of cash.
To avail of the Bank’s PaSend service, customers will have to access their accounts via the PSBank Mobile App and select the “Pa-Send” option. The sender will be prompted to provide the following details: PSBank source account, amount to be sent/remitted, a one-time nominated four-digit number as PIN for the specific PaSend request (PIN1) and the beneficiary’s full name and mobile number.
After some process of validation, the bank approves the transaction request and will automatically send to the intended beneficiary’s mobile number a one-time system-generated six-digit PIN (PIN2) together with the remittance amount specified by the sender. To complete the transaction, the sender will have to convey or advise the one-time self-nominated PIN1 to the beneficiary who will then have to go to a PSBank or Metrobank ATM to get the cash via PaSend/cardless withdrawal option.
Withdrawal of the funds will automatically generate for the sender appropriate email and/or SMS notifications confirming the completion of the transaction request.
A sender can send amounts in multiples of 100 with minimum set at P200 and maximum at P5,000 per transaction.
No partial withdrawal is allowed, and the recipient must complete the transaction within a specific time period. PaSend transactions are subject to daily and monthly limits on both sender and beneficiary as applicable.
PaSend processing fee is seen minimal and non-refundable. The fee for ATM cash withdrawal is free for PSBank ATMs standard ATM fees apply for those using Metrobank ATMs. All fees are for the account of the sender. (Editor: Mike U. Frialde)
