BdO Network Bank, the rural banking arm of BdO Unibank, has announced that its network of Automated Teller Machines now accepts VISA and Korea Financial Intermediaries and Clearing Institute International cards, allowing the bank to serve the cash requirements of more ATM cardholders with internationally-issued cards.
VISA and KFTC cardholders can already withdraw and inquire their account balance from any BdO Network Bank ATM nationwide. The rural bank has over 250 strategically located ATMs in Luzon, Visayas, and Mindanao.
This development can benefit foreigners who frequent major tourist spots where BDO Network Bank is also present, said BDO Network Bank president J. Antonio S. Itchon.
The enhancement of KFTC International Card acceptance, he added, would also benefit Korean nationals visiting and residing in the country.
Koreans account for the country’s top foreign arrivals since 2010. In 2018, around 1.62 million Koreans visited the Philippines, besting Chinese and Americans tourists who came in only second and third, respectively. The country is also home to more than 100,000 Korean migrants.
Founded in 1986, KFTC is a payment settlement institution that establishes and manages interbank payment networks in Korea.
Its members include the Bank of Korea, Korea Development Bank, Woori Bank, Hana Bank, Kookmin Bank, Korean Exchange Bank, Standard Chartered Korea and Citibank Korea.
VISA, on the other hand, is also a global payments technology company with presence in 200 countries and territories worldwide.
Established in 1958, it has an extensive network with 3.3 billion cards in use, connecting people through payments all around the world.
BancNet, one of the country’s leading electronic banking network, has interconnection with KFTC and VISA, allowing KFTC and VISA cardholders to check their balances and withdraw cash through any BancNet enabled ATMs.
“The widening variety of ATM acceptance complements our continuous expansion, which in turn is part of our thrust to reach more unserved and underserved markets,” Itchon said.
BdO Network Bank targets to double its number of branches in the next four years as it intensifies its lending to micro, small and medium enterprises.
Apart from VISA and KFTC, BdO Network Bank ATMs also accept Mastercard, Maestro, Cirrus and Bancnet cardholders.
BdO Network Bank, formerly known as One Network Bank, Inc., operates as a subsidiary of BdO Unibank, Inc., the largest bank in the country.
The bank provides a wide range of financial products and services including loans, deposits, cash management, remittances, and bills payment in areas considered unserved or underserved by banks.
The bank’s network of more than 250 branches and over 230 automated teller machines, most of which are located in countryside Mindanao, is complemented by access to BdO’s nationwide network of more than 1,000 branches and over 3,500 ATMs nationwide.
Expansion of the network is an ongoing endeavor, with a goal of covering more of the Bank’s target market segments. For more information, please visit www.bdonetworkbank.com.ph.
BdO is a full-service universal bank, which provides a wide range of corporate and retail banking services.
These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards and credit card services.
It has the country’s largest distribution network, with over 1,400 consolidated operating branches and more than 4,400 ATMs nationwide.
It also has full-service branches in Hong Kong and Singapore as well as 15 overseas remittance and representative offices in Asia, Europe, North America, and the Middle East.
BdO ranked as the largest bank in terms of total assets, loans, deposits, and trust funds under management based on published statements of condition as of March 31, 2020. For more information, please visit www.bdo.com.ph.