BDO Unibank, Inc. (BDO) has found a way of easing the banking experience of Korean nationals staying in the Philippines by introducing a product that would allow them to receive their remittance from Korea fast and at reasonable costs.  

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

The service can be availed of by the beneficiary by just opening an IRA either in peso or US dollar from any selected BDO branch. Initial deposit required for the peso account is P100 and US$100 for the dollar account. The peso account comes with a passbook and an ATM card, which can also be used in any Bancnet or Megalink ATM. The card also has a debit feature which can be used 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.  

With the IRA, Korean beneficiaries do not have to wait long as remittance is credited to their accounts on the same day. They also get to enjoy lower inward remittance fees versus the average prevailing industry charges. 

At present, Korean nationals, who are mostly students, either use their internationally issued ATM debit cards to withdraw funds or carry large sums of cash for their school tuitions and other expenses. There are also some who have Philippine bank accounts but get to receive their remittance after two to three days as the funds from Korean banks are still coursed through US correspondent banks before they are actually credited to their local accounts. 

"The Bank recognizes the increasing presence of Koreans in the country and their contribution in fuelling Philippine economic growth. Therefore,  the IRA is its way of providing them convenience for their stay here," it said in a statement. 

Korea Desk, an integral part of the Bank's Wholesale Lending and International Desks, was established mainly to address the banking needs of Korean individuals and corporations who are here or planning to invest in the Philippines. Koreans remained the top tourists in the Philippines with over 1 million arrivals as of end 2013.

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