NH Nonghyup Bank has launched a service that allows customers to transfer money to the Philippines without a bank account.
The NH-Metro Accountless Overseas Transfer Service allows customers to remit money in Philippines peso, even if they do now have a bank account.
Customers can send money to the Philippines through Nonghyup Bank branches or the bank’s mobile application service, All One Bank, only if they have the recipients’ names and passwords. The recipients in the Philippines can receive remittances at 960 Metro Bank branches and 7,000 affiliated merchants without paying commissions.
The remittance limit is US$7,000 per transfer and day and US$3,000 for the mobile app. The transfer service via the application runs 24 hours a day, seven days a week and 365 days a year and does not charge users any commissions
In particular, NH Nonghyup Bank explains that it is possible to send money directly in Philippine peso without exchanging them for US dollars, thereby saving customers the burden of paying exchange fees.
"We will expand the new money transfer services to other countries in the Asian region where only a small percentage of the population hold bank accounts," said Lee Dae-hoon, president of NH Nonghyup Bank. For this, the bank intends to strengthen cooperation with local banks.