PSBank recently launched cash remittance service PaSend, allowing depositors to send money to anyone in the Philippines using the PSBank Mobile App.
The service charges a PHP 25 fee per transaction. The recipient can withdraw the sent amount on any PSBank or Metrobank ATM via PaSend/Cashless Withdrawal option. ATM cash withdrawal is free for PSBank ATMs, while standard ATM fees apply for those using Metrobank ATMs. All fees are for the account of the sender.
Per transaction, a sender can send amounts from PHP 200 to PHP 5,000 in multiples of 100. A total PHP 30,000 per source account can be sent per day. The beneficiary can receive amounts of PHP 200 to PHP 15,000 per mobile per day, and up to PHP 50,000 per month.
How it works
To use the PaSend service, customers need to go to the PSBank Mobile App and select the PaSend option. The following details will be asked to proceed with the transaction: 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 going through a validation process, a system-generated 6-digit PIN (PIN2) will be sent to the beneficiary’s mobile number together with the remittance details. To continue with the transaction, the sender must share the PIN1 with the beneficiary, who will use it together with the PIN2 to be able to withdraw the money on a PSBank or Metrobank ATM via the PaSend/Cardless Withdrawal option. No partial withdrawal is allowed.
Take note that the PIN2 is only valid for 12 hours from the time of the transaction request. If the time expires, a new transaction is needed to proceed with remittance. The PHP 25 transaction fee is non-refundable.
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.
Noel Tuazon, PSBank Senior Vice President and Marketing Head
