Ayala-led Bank of the Philippine Islands has teamed up with leading digital money transfer service WorldRemit to offer a new internet- and app-based remittance service to overseas Filipinos.
“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,” BPI head of inward remittance Melinda Dulay said yesterday.
“Our partnership with BPI demonstrates our commitment to furthering the service we offer to members of the Filipino diaspora,” Ismail Ahmed, WorldRemit chief executive officer and founder, added.
“Filipinos in the diaspora will now be able to make secure, instant money transfers from the ease of their phones or personal computers directly to loved ones back home, further supporting the transition from costly offline remittances sent from bricks-and-mortar agents to safer, faster and lower cost online transfer methods.”
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. Some 160,000 transactions are now sent every month to the Philippines via the WorldRemit app or website.
Globally, WorldRemit customers undertake almost 700,000 cash transfers every month to more than 140 destinations. The company is currently processing 74 percent of all transfers to mobile money accounts coming from money transfer operators, based on 2016 GSMA data.
BPI, an advocate of financial inclusion, has an extensive branch network consisting of over 800 branches and more than 2,000 automated teller machines in the Philippines.