Funds from overseas can be received through a new credit card jointly launched by Visa International and Union Bank of the Philippines.
UAE Exchange, a leading provider of remittance services in the United Arab Emirates, will be the first remitter to offer the service to the Philippines, with other key markets for Filipinos working overseas to be added in the coming months.
“It is fitting that our first rollout of this service in Asia is in the Philippines, and is further proof of Visa’s ability to deliver world-class products and services to its customers here, in partnership with innovative banks like Union Bank,” Iain Jamieson, Visa country manager for Philippines and Guam, said in a press presentation yesterday.
The new service allows Philippine-issued Visa cards to receive funds in near real-time, giving recipients their money in minutes, quickly and securely. Funds are deposited directly onto client’s Visa cards, which can then be used to make purchases at millions of local and global merchant outlets which accept Visa cards, as well as withdraw cash from more than 1.8 million ATMs in the Philippines and around the world.
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