Receiving remittances just got a whole lot easier, faster, and more reliable. Union Bank of the Philippines (UnionBank) takes the lead in innovation once again by teaming up with Western Union, a global leader in cross-border, cross-currency money movement and payments, and PERA HUB, one of the leading agents of Western Union in the Philippines, for a seamless and reliable way to receive Western Union remittances in real time through the UnionBank Online app. Recognized as the Best Digital Bank in the country four years in a row by The Asset Triple A, UnionBank is the first Philippine bank that enables customers to claim Western Union remittances through the UnionBank Online app and credit it directly to their bank account right away.
After the imposition of pandemic-related lockdowns all over the world, necessary activities like shopping for groceries, doing bank transactions, and sending and receiving remittances have been hampered. While many restrictions have been eased, exposure to COVID-19 remains a big risk. This is what UnionBank aims to address with its partnership with Western Union and PERA HUB. Overseas Filipino workers (OFWs) and those far away from their loved ones can now give their families the option to claim remittances instantly and from the comfort of their own homes.
All they have to do is follow four easy steps: 1) On the UnionBank app, go to “Send/Receive.” 2) Tap “Other Partners” and select “Western Union.” 3) Input amount, the MTCN received from the sender and other requested information. 4) Review and check if all details are correct then press “Submit.” The amount will now be credited to your UnionBank account. It’s fast, secure, and convenient.
Referral and First Time Usage promo
UnionBank will reward existing UnionBank Online users with a P50 Shopee voucher for every referral that signs up for a UnionBank account via the app, and uses it to receive an international remittance of at least P500 via Western Union. The referred user will also get a P50 voucher. UnionBank users may refer as many new customers as they want to collect more vouchers.
Additionally, existing UnionBank Online users who claim a Western Union international remittance of at least P500 via the app for the first time will also be rewarded with a P50 Shopee voucher.
The promo will run until September 10, 2021 and the Shopee vouchers will be credited to the customers’ respective voucher wallets on the UnionBank app once the promo period is complete.
Remittances as economic driver
After falling by 0.8% in 2020, cash remittances grew by 12.7% to $2.305 billion in April this year, according to data posted by the Bangko Sentral ng Pilipinas in June. The central bank now expects cash remittances to grow by 4% this year, signifying economic recovery amid the pandemic. This inflow remains an important part of final consumption expenditure, which makes up most of the Philippines’ Gross Domestic Product (GDP), based on the World Bank.
As the leader in banking innovation and technological integration, UnionBank has always been on the lookout for digital solutions to help the Filipino public adjust to the new normal. While the globally award-winning bank also acknowledges the economic impact of cash remittances, its officials highlighted the convenience they wanted to provide.
“Through collaboration with Western Union, the largest remittance network globally, and PERA HUB, one of the leading Western Union agents in the Philippines, UnionBank is proud to be the first bank to digitally enable Western Union remittances in our mobile app for our kababayans,” said UnionBank Senior Vice President Arvie de Vera.
“We hope this will give our OFWs peace of mind so they don’t have to worry more than they already do about their families back home. And to our customers, we remain committed to UnionBank’s pursuit of digital innovations to improve your banking experience and everyday lives,” added Ana Aboitiz-Delgado, UnionBank Executive Vice President, Chief Customer Experience Officer and Chief Digital Channel Officer.
With Western Union’s more than 550,000 agent locations in over 200 countries and territories, and PERA HUB enabling their digital execution in the Philippines, through this collaboration UnionBank customers and their relatives abroad are now able to have a convenient and safe remittance experience.
“At Western Union our mission is to drive global connectivity, foster financial inclusion and move money for better. We look forward to successful collaboration with PERA HUB and Union Bank of the Philippines offering multiple cross border solutions for our combined loyal customer base,” said Jeffrey Navarro, Head of Philippines, Malaysia, Brunei & Indochina for Western Union.
“We also aim to be the first in creating market solutions that will help us grow in new segments,” added PERA HUB President and CEO Ian Ocampo.
Claim your remittance now in real time using the UnionBank Online mobile app. Download it from Apple’s App Store, Google Play Store and Huawei AppGallery.