Visa’s real-time money remittance in PH launched

MANILA —Before, money abroad could be received overnight; then, money could be received on the same day, Now it can be received real time.

Visa together with the Union Bank of the Philippines has launched a faster and more convenient way to receive everyday remittances through Visa debit and prepaid cards, a ‘real-time’ cash transfer service which allows over two million Visa cardholders to send and receive funds straight to their cards in minutes, said Iain Jamieson, Visa Country Manager of the Philippines and Guam

Visa launched its first live real time money remittance on Wednesday through United Arab Emirates (UAE) Exchange, the first remitter to offer service to the Philippines, Jamieson added.

A live demonstration was shown in a conference connected to UAE Exchange in Dubai where a certain amount of money was sent in the Philippines. The money was confirmed to have been received by a sample Visacard in minutes.

Vikram Modi, head of money transfer in the Asia-Pacific region for Visa, said this service allows receiving money and confirmation at the time of transaction. There is no need to fill-up complicated forms, he noted, and the process provides more security, and eliminates more ‘visits’ to pick up cash.

“Time is one of the problems of OFW’s before, so we’re glad that we can do that (money remittance) in minutes now.” Said Victor Valdepenas, Union Bank of the Philippine President and Chief Operating officer. /INQUIRER