Bank of the Philippine Islands (BPI) recently partnered with digital money transfer service WorldRemit, enabling WorldRemit users to send money straight to their loved ones’ BPI bank accounts in minutes, effectively expanding the remittance options for the millions of Filipinos living and working abroad.
“Our focus is to make the experience of our overseas Filipino remitters simpler and easier by providing innovative solutions. The partnership with WorldRemit allows us to continue expanding our international funds transfer service offerings to better serve Filipinos around the world,” said Melinda Dulay, Head of BPI Inward Remittance.
BPI has been a long-time champion of financial inclusion, having pioneered much of the innovations that allow more Filipinos to have increased access to banking services. Its extensive branch network has more than 800 branches and over 2,000 ATMs in the Philippines. BPI also has overseas presence in major countries such as Hong Kong, Japan, United Arab Emirates, and the United Kingdom.
Meanwhile, WorldRemit users send almost 700,000 transfers every month to over 140 destinations globally. Since starting its operations in the country in September 2011, WorldRemit customers have completed 4.5 million money transfers to the Philippines–making it the largest receive market for the company globally.
“The Philippines is our largest remittance recipient market globally, and our partnership with BPI demonstrates our commitment to furthering the service we offer to members of the Filipino diaspora,” shared Ismail Ahmed, CEO and Founder of WorldRemit.
“Filipinos abroad will now be able to make secure, instant money transfers using their phones or personal computers directly to loved ones back home. This service supports the transition from costly offline remittances sent from brick-and-mortar agents to safer, faster, and lower cost online transfer methods,” he added.