BDO, Japan’s Seven Bank tie up on money transfer service

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SY-LED BDO Unibank, Inc. said on Wednesday it has forged a business pact with Japan’s Seven Bank Ltd. which cover the upcoming launch of an international money transfer service to the Philippines through a mobile application.

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BDO said the partnership will allow customers to easily transfer money from Japan to the Philippines just by downloading the “SEVEN BANK International Money Transfer” application on mobile phones.

“One of the challenges encountered by Filipino workers in Japan is not being able to visit banks and remittance centers during daytime because of their work schedule. But with the new alliance with Seven Bank, Filipinos can start to send money to their loved ones back home through a mobile app anytime, anywhere,” the company said in a disclosure to the Philippine Stock Exchange (PSE).

“Once Seven Bank’s international money transfer app is launched, customers will be able to conveniently and easily remit funds to BDO accounts 24/7 just by using their mobile phones,” it added.

In a statement, Seven Bank said it and BDO |will continue to discuss and explore ways to come up with improved financial services for both Filipino customers in Japan and the Philippines.”

The money transfer service with Seven Bank complements BDO’s own remittance facility done through its remittance brand, BDO Remit. Beneficiaries may claim money at more than 8,000 locations nationwide, including from the more than 1,100 BDO branches, BDO Remit counters inside SM malls, rural banks and pawnshop partners.

While BDO’s remittance network began presence in Japan through the establishment of a BDO Remit office in Shinjuku last year, the alliance with Seven Bank will enable BDO to reach customers beyond Shinjuku/Tokyo area and various prefectures in Japan.

Japan is among the leading origins of OFW remittances. As of 2016, OFWs in Japan totaled 243,662.
Meanwhile, Seven Bank specializes in ATM services and began operating in 2001 in response to requests from 7-11 customers for in-store ATMs.

It offers ATM services that can be accessed “anytime, anywhere, by anyone, and with safety and security” and in creating new services that build on those ATM services.

To date, Seven Bank has around 600 partners among financial institutions throughout Japan.

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