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| (Image Source: Gadgets Magazine/PSBank) |
Are you having trouble getting stuck in traffic or being busy at work
but need to send money or pay to someone without the need or hassle to go to
the bank? Well, you don't need to worry about such problems if you happen to have
a PSBank account.
Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank
Group, unveiled its newest service PaSend where depositors can instantly send
money to anyone 24/7 through the PSBank mobile app on their smartphones which
can be withdrawn by the intended recipient from any PSBank or Metrobank ATM anywhere
in the country. This new offering is at minimal cost compared to existing remittance
platforms, and the best thing about it is that the recipient does not require
to have a PSBank account making the service more beneficial to Filipinos who
don't have their own banking accounts and may have the need to mobilize funds
through cash.
To make use of the PaSend service, PSBank account holders first need to
open the PSBank mobile app on their smartphones, log in and then select PaSend
from the menu. Then, choose the source PSBank account and specify the amount
intended to be remitted or paid out. Nominate a random 4-digit PIN which will
be referred to as PIN 1 and a One-Time Password (OTP) will be sent via SMS or
in-app notification. Next, type in the OTP and a system-generated six-digit PIN
(PIN 2) and the amount will be sent to your named beneficiary's mobile number
which will eventually notify the sender via SMS once it is done. Finally, send
PIN 1 to the beneficiary considering it is required for the intended recipient
to withdraw the remitted finds via PaSend.
A sender can send amounts in multiples of 100 with a minimum set at
Php200 and a maximum at Php5,000 per transaction. The processing fee for PaSend
is minimal and non-refundable. On the other hand, the ATM cash withdrawal fee
for PSBank ATMs is free while standard rates apply for those who will withdraw from
a Metrobank ATM and these are all for the account of the sender and not for the
intended recipient. Currently, PaSend comes with a Php25.00 fee per transaction
to be shouldered by the sender. An additional Php7.50 will be collected from
the sender if the beneficiary withdraws the funds from a Metrobank ATM.
In any case, PaSend is one of PSBank's various digital initiatives as
part of its continuing commitment of consistently keeping true to its promise of
keeping things "simple at
maaasahan" for Filipinos in today's modern world. For more information on PSBank's various services and digital initatives, visit its official website at www.psbank.com.ph. Follow PSBank (@PSBankOfficial) on Facebook and Twitter for updates and more banking information.
