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| PSBank Introduces Easy and Affordable Money Transfer Service ‘PaSend’ |
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. As such, this new service will 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 4-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 6-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.
PaSend allows PSBank account holders to conveniently send instant cash to relatives and friends, who then can withdraw the transferred amount from any PSBank or Metrobank ATM. Compared to other domestic remittance platforms, PaSend is more affordable and recipient doesn’t need to have a PSBank account.
According to the bank, this is their own take in bridging the percentage of unbanked Filipinos and reaching those who don’t have deposit accounts.
“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,” shared Noel Tuazon, PSBank Senior Vice President and Marketing Head.
Using the service is as easy as a few steps. First, money senders will have to access their accounts on the PSBank Mobile App where they can access the “Pa-Send” button. After this, users will then be asked to provide the following details: PSBank source account, amount to be sent/remitted, a one-time nominated 4-digit number as PIN for the specific PaSend request (PIN1) and the beneficiary’s full name and mobile number.
A series of validation processes will then be conducted, after which the bank will approve the transaction request and will automatically send the money to the recipient which will be notified with a one-time system-generated 6-digit PIN.
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.
Senders are allowed to send money in multiples of 100 with a minimum amount of Php200 and a maximum account of Php5,000. Recipients should withdraw the sent money in full amount within a specific time period.
Know more about this service at https://www.psbank.com.ph/ and download the PSBank app from the Apple Play Store and Google Play Store.