iRemit, Landbank in remittance deal


Posted at Jun 02 2008 11:40 AM | Updated as of Jun 02 2008 07:40 PM

Money transfer firm iRemit Inc. said Monday it has teamed up with state-owned Land Bank of the Philippines for the distribution of the latter's debit card to clients overseas.

The two parties signed a general remittance agreement, wherein iRemit will promote and distribute the Landbank OFW cash card -- an electronic debit card that can be linked to a Smart Communications mobile phone and send money.

iRemit will market the cash card to its clients in Asia Pacific, Europe, the Middle East and North America.

"This agreement with Landbank will further strengthen our already established cash card services. It also brings convenience to our customers because of the bank's geographically dispersed branches particularly in the provinces and remote areas in the country," said iRemit chairman and chief executive Bansan Choa.

Through Landbank's cash card, overseas Filipinos workers (OFWs) abroad may send any amount to their families in the Philippines with a bank charge of only P5.00 per transaction, excluding the roaming charge of P20.00 and a value-added service fee of P2.50.

Beneficiaries can withdraw the funds from over 7,000 ATMs nationwide using the cash card.

The cash card also allows OFWs to remit their monthly contributions to the Social Security System (SSS) or Pag-IBIG Fund.