Philippine Savings Bank (PSBank) unveiled PaSend, a service that allows the bank’s depositors to conveniently instantly send cash to relatives and friends via the PSBank Mobile App. The recipient can then withdraw the money from any PSBank or Metrobank ATM.
Priced competitively compared to other domestic remittance platforms, the recipient can claim money even without a PSBank account. As such, this new service will benefit even the 77% unbanked Filipinos or those who don’t have deposit accounts.
How do you send money using PSBank PaSend?
- 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
- One-Time Password (OTP) will be sent to you (the Sender) via SMS or In-App notification
- 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
- 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
- Send your nominated PIN 1 to your Beneficiary. Your Beneficiary will need this to withdraw the fund you sent via PaSend.
PSBank PaSend lets you send anywhere from Php 200 to a maximum of Php 5,000 per transaction, in multiples of 100. No partial withdrawal is allowed, and the recipient must complete the transaction within a specific time period.
Like any regular ATM transaction, PaSend transactions are subject to daily and monthly limits on both sender and beneficiary as applicable. 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.