BDO Unibank, Inc. (BDO) has introduced a new service that would allow Korean nationals especially students staying in the Philippines to receive their remittance from Korea fast and at reasonable costs.  

With the International Remit Account (IRA), which was launched officially last March 3, Korean nationals can use BDO's extensive branch and ATM networks as pick-up channels for the money sent by their relatives through BDO's partners Kookmin Bank and Hana Bank, two of Korea's biggest financial institutions. 

Beneficiaries can avail of the service by simply opening an IRA either in peso or in US dollar from any selected BDO branch. 

The peso account comes with a passbook and an ATM card, which can also be used in any Bancnet or Megalink ATMs. The card has a debit feature which is advantageous to the students since they do not have to carry with them large amount of cash when paying for their school tuitions. It can be used as well to purchase goods at more than 20,000 accredited merchants in SM malls and affiliate stores. The dollar account, on the other hand, comes with a passbook.  

Another key feature of the IRA is it allows Korean beneficiaries to receive the remittance on the same day and enjoy lower inward remittance fees versus the average prevailing industry charges. 

Member: PDIC, Maximum Deposit Insurance for Each Depositor P500,000