BDO Network Bank, the rural banking arm of BDO Unibank, has announced that its network of Automated Teller Machines (ATMs) now accepts VISA and KFTC (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, will 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 Philippines 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 (MSME).
Apart from VISA and KFTC, BDO Network Bank ATMs also accept Mastercard, Maestro, Cirrus and Bancnet cardholders.