The Philippines Savings Bank or PSBank, the thrift banking arm of Metrobank Group, unveiled PaSend, a service that allows PSBank depositors to handily send instant cash 24/7 to relatives and networks via the PSBank Mobile App, and which can be withdrawn by the intended recipient from any PSBank or Metrobank ATM.
This new service will benefit even unbanked Filipinos or those who do not have deposit accounts and may have the need to mobilize funds in the form of cash.
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.
To avail themselves 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.
Within 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.
Withdrawal of the funds will automatically generate for the sender appropriate email and/or SMS notifications confirming the completion of the transaction request.
In order 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.
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 processing fee is 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.
PaSend transactions are subject to daily and monthly limits on both sender and beneficiary as applicable.
PSBank senior vice president and marketing head Noel Tuazon said, “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.”
PaSend is just one of the numerous digital initiatives of PSBank consistent with staying true to its brand promise of keeping things “simple and maaasahan.”