Manila, Philippines — Are you a PSBank depositor? Have you ever experienced getting stuck in traffic, and you need to send someone cash in an instant? Does your recipient doesn’t have a deposit account? Or are you busy at work at needed to transfer or pay someone without the hassle of going to the bank? Then worry no more!
The good news is, Philippine Savings Bank, the thrift banking arm of the Metrobank Group, unveiled PaSend, their latest service that allows PSBank depositors to conveniently send instant cash 24/7 to anyone via the PSBank Mobile App. This can be withdrawn by the intended recipient from any PSBank or Metrobank ATM.
“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”, PSBank Senior Vice President and Marketing Head Noel Tuazon said.
Compared to other remittance platforms, this newest cash transfer is at minimal cost, and the recipient does not even require to have an account with PSBank. Moreover, this service will be most beneficial especially for Filipinos who don’t have deposit accounts and may have the need to mobilize funds in the form of cash.
How to Avail the PaSend service
FOR THE SENDER:
a.) Log in to PSBank Mobile and select “PaSend” from the menu
b.) Choose the source PSBank account
c.) Specify the amount intended to be remitted or paid out
d.) Nominate a random 4-digit PIN(referred to as “PIN 1”)
e.) A One-Time Password (OTP) will be sent to you (the Sender) via SMS or In-App notification.
f.) Type in the OTP. A system-generated 6-digit PIN (referred to as “PIN2”) and the amount will be sent to your named Beneficiary’s mobile number.
g.) An SMS notification will also be automatically sent to you (the Sender) advising you that the PIN2 and amount has been sent to your Beneficiary.
h.) Send your nominated PIN 1 to your Beneficiary. Your Beneficiary will need this to withdraw the fund you sent via PaSend.
A sender can send amounts in multiples of 100 with a minimum set at Php 200 and maximum at Php 5,000 per transaction. 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.
Transaction Fee for PaSend transactions
Currently, PaSend comes with a PhP25.00 fee per transaction and will be shouldered by the sender. An additional PhP7.50 will be collected from you if your beneficiary withdraws the funds from a Metrobank ATM.
PaSend is just one of the various digital initiatives of PSBank consistent with staying true to its brand promise of keeping things “simple and maaasahan”.