International remittance via LBC ATM

There was also an LBC desk at Lucky Plaza, Singapore.

LBC has a service called “LBC Money Remittance”. What caught my attention is the instant remittance via ATM card.

The recipient will need to apply for the card at LBC bank in the Philippines prior to the transaction. When an OFW in Singapore sends a remittance, the amount is reflected in the recipient’s ATM in the Philippines within 15 seconds. The recipient can then withdraw the money immediately from any Megalink ATM (LBC Bank is part of the Megalink network).

As an aside, I was also delighted that that there are financial services for OFWs in Singapore that allow them to send SSS payments to the Philippines. This is what I meant when I wrote in the past that I want the OFWs to control where their remittances go. SSS is a start. G-Cash now allows sending tuition fees to some G-Cash partner-universities. Later on, I’d like to see OFWs being able to send money straight to the hospital (for regular health care of relatives), straight to a bank as amortization for a house, straight to a savings account in the Philippines, or straight to an investment product in the Philippines.

Para naman hindi ma-sayang ang remittance sa pag-inom ni Tito Boy, o sa Piyesta, o sa “gimmick” ni Kuya.

With the emerging technologies, it’s just a matter of time.

Related links (Added June 3 2008):

• LBC Bank’s list of branches:
  http://www.lbcbank.com.ph/network.html 

ka edong
hari ng paalala

Popularity: 9% [?]