Staying true to its brand promise of keeping things “simple and maaasahan”, Philippine Savings Bank (PSBank) launches PaSend, their newest service that enables its depositors or users to easily transfer cash to anyone at any time of the day. PaSend is an available service option via PSBank Mobile App, and where recipient can withdraw cash received to any PSBank or Metrobank ATM nationwide.
The service fee is priced at a minimal cost compared to other domestic remittance platforms. PaSend does not require the cash recipient to have a bank account, making it convenient for the unbanked Filipinos, and those who may need 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.,” PSBank Senior Vice President and Marketing Head Noel Tuazon said.
Here is how PaSend service works:
- Log in to PSBank Mobile and select “PaSend” from the menu
- Choose the source PSBank account
- Specify the amount intended to be remitted or paid out
- Nominate a random 4-digit PIN(referred to as “PIN 1”)
- Indicate the beneficiary’s name and mobile number
After the validation process, the Bank approves the transaction request and will automatically send to the beneficiary’s mobile number a one-time system-generated 6-digit PIN (PIN2) together with the remittance amount. In order to complete the transaction, the sender will advise the one-time self-nominated PIN1 to the beneficiary, who will have to go to any PSBank or Metrobank ATM to get the cash via PaSend/Cardless Withdrawal option. The sender will be notified via email and/or text message confirming the completion of transaction.
The sender can send amounts as low as Php 200 up to Php 5,000 per transaction in multiples of 100. The recipient should withdraw the cash in full as partial withdrawal is not allowed and must be completed within a specific time period. PaSend transactions are subject to daily and monthly limits on both sender and beneficiary as applicable. PaSend processing fee is 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.