PHILIPPINE SAVINGS Bank (PSBank) launched a fund transfer service that allows clients to withdraw money via automated teller machines (ATM) even without a card, in a bid to service Filipinos without bank accounts.
The thrift banking arm of Metropolitan Bank & Trust Co. (Metrobank) said in a statement on Monday that it has launched PaSend, a service allowing PSBank depositors to send cash via the PSBank mobile application at a “minimal cost.”
The sent funds can be withdrawn by the intended recipient from any PSBank or Metrobank ATM.
“The service is at a minimal cost priced competitively versus other domestic remittance platforms, and does not even require the recipient to have an account with PSBank,” the thrift lender said.
The bank said a sender can remit for as low as P200 and in multiples of P100. The maximum amount is at P5,000 per transaction.
To avail of the cash transfer service, PSBank clients must enter the source account, amount to be sent, a one-time PIN for the specific PaSend request, as well as the beneficiary’s full name and mobile number.
Once validated and approved by the bank, the beneficiary will receive another one-time PIN and the remittance amount. To withdraw the money, the beneficiary must enter PINs to the ATM via cardless withdrawal option.
PaSend transactions are subject to daily and monthly limits for both the sender and recipient, and an additional fee will apply for those using Metrobank ATMs.
PSBank said the new service will benefit even the unbanked Filipinos who may need to mobilize funds in the form of cash.
“Around 77% 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,” said Emmanuel A. Tuazon, PSBank senior vice president and marketing head.
According to the latest Financial Inclusion Survey conducted by the Bangko Sentral ng Pilipinas in 2017, only 22.6%, or some 15.8 million Filipino adults, maintain formal bank accounts, citing lack of money and lack of need to have an account as the main reasons.
PSBank booked a P680.7-million net income in the first quarter, up 10.3% from P617 million booked the same period in 2018, due to interest income and efficient expense management. — K.A.N. Vidal