Banco de Oro Unibank Inc. (BDO) has introduced a new service that will specifically cater to South Korean residents in the Philippines receiving money from their families back home.
BDO said its new service—International Remit Account—allows Koreans, especially students staying in the Philippines, to receive their remittances from Korea faster and at reasonable costs.
Walter Wassmer, senior executive vice president and head of Institutional Banking Group of BDO, said there are about 120,000 Koreans in the Philippines to date, of whom 30,000 to 40,000 are students.
“We have 120,000 Koreans here and the number is growing. BDO’s new service for remittances will make it faster for them to receive the money in all BDO branches and 14,000 ATMs in the network that would be providing convenience and service to recipients,” he said.
The bank executive said that BDO branches and ATM networks will serve as pick-up channels for the money sent through BDO’s partner banks in Korea such as Kookmin Bank and Hana Bank—two of the biggest financial institutions in South Korea.
Remittance charges from other players range from $25 to $ 30 per transaction but BDO hopes to charge lower fees, he said.
“Of course, there are fees but we try to make them as competitive as possible. The objective is to make the service more competitive. It is not only the fees; we should also look at convenience. We just want to capture a bigger share of Korean remittances. They are remitting money using various products. We just want to give them a product that is tailor fit for them,” Wassmer said.