SoftBank to begin cell phone money transfer service to Philippines

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SoftBank Payment Service (SBPS), a subsidiary of cell phone provider SoftBank, said Thursday that it will begin an online overseas money transfer service to the Philippines on Nov 1.

SBPS said it will tie up with currency trading companies. As a first step in offering this service, SBPS signed on with G-Cash Remit, a money transfer service operated by G-Xchange, a subsidiary of Globe Telecom of the Philippines.

SBPS users can transfer yen from their Japanese bank accounts to accounts in the Philippines via their cell phones, the company says. Beneficiaries can then access the cash at one of 18,000 locations in the Philippines. SBSP says the transaction will take about 10 minutes. More than one transaction can be made from a single deposit.

SBPS will subtract a 500 yen service fee for each transaction. The company says that is the lowest service fee currently offered anywhere in the world. The upper limit for transactions is 500,000 yen.

For more information, visit https://www.gcash.jp/