Updated: February 9, 2015
My brother works in Dubai, and to save money from remittance fees, he usually sends money once every quarter.
That money is used for the simple luxuries of my parents, as me and my youngest brother already takes care of their monthly necessities.
Indeed, me and my siblings are part of “The Sandwich Generation” – and giving our parents the best golden years, while we prepare for our own retirement, is a challenge that we have happily accepted.
Recently, I learned that UnionBank of the Philippines has a money service that will surely help many families who have relatives working in the United Arab Emirates save time and money whenever they send funds. This service is called the VISA Personal Payment Remittance Service.
Also called the VISA Money Transfer Fast Funds, this is a payment or remittance service from VISA that allows immediate cross-country crediting to any VISA card. Immediate crediting means you get your money within minutes!
What do you need to avail this service?
Just apply for a UnionBank VISA Debit Card. It can be the EON Visa, E-Wallet Visa or E-PayCard Visa. Then give your card number to your family in UAE.
Then, when it’s time to send money, the sender can just visit UAE Exchange (VISA’s remittance partner in UAE), and inform them that he/she wants to use the VISA Money Transfer (VMT) Facility.
The sender then provides the Beneficiary’s UnionBank Visa Debit Card number, pays the fees (currently, it’s 25 AED fixed fee per remittance), and then gives them the cash.
After that, the Beneficiary will receive the funds immediately in his or her UnionBank VISA Debit Card.
Why avail this service?
- It’s fast because money goes into your account real time within minutes after it’s sent from UAE.
- It’s convenient because you don’t need to go to any branch to get your remittance. This means no more need to go to a money transfer office and fill up forms and show documents – you save time and transportation costs.
- It’s safe because you don’t have to carry the cash that’s remitted to you. Plus, you can use the debit card to withdraw cash from an ATM, or as a payment tool because it also acts like a VISA credit card.
I have a UnionBank VISA Debit Card which I use to withdraw funds from Paypal because they don’t charge fees every time I receive money from my account. That’s why this is definitely good news for me because I can just tell my brother about this and we can immediately avail of this remittance service.
Please note though that currently, this service is available only in UAE through the UAExchange Money Transfer Operators – but I’m sure UnionBank is working with VISA to make this service available to more countries where there are many OFWs.
But wait there’s more…
UnionBank of the Philippines is now running a promo where users of the VISA Money Transfer Service will receive additional P500 remittance cash credits every time their loved ones remit any amount.
The additional cash credits of P500 is automatically credited to the remitted amount for qualified card holders within three banking days from date of receipt.
This promo started last October 25 and will continue until January 31, 2013.
To learn more about the service and the promo, you can visit any UnionBank branch or read more details on their website here.
Disclosure: This is an advertorial