News

Asian FIs team up on direct-to-ATM remittance service

February 27, 2014

Philippine FI BDO Unibank Inc. has partnered with Korea's Kookmin Bank and Hana Bank to create a program that will allow Korean nationals in the Philippines to receive remittances from Korea through BDO ATMs. 

BDO will launch the service, called the International Remit Account, on March 3. The bank said that the IRA would allow Korean nationals to receive funds quickly and at a reasonable cost. 

"IRA would let the Korean beneficiaries have the remittance credited to their accounts on the same day, and also lower inward remittance fees versus the average prevailing industry charges," said Walter Wassmer, BDO senior EVP and head of the international banking group.

"All they have to do is open an account with us and we will make it easier for them," Wassmer said.

He said that IRA users will have access to 14,000 BDO ATMs, where they can pick up remittances from family and friends in Korea who bank at Kookmin and Hana banks. In return, BDO would benefit from access to the networks of Kookmin Bank and Hana Bank.

Currently about 120,000 Korean nationals reside in the Philippines. Of these approximately 30,000 to 40,000 are students.