INQUIRER file photo
Ayala-led Bank of the Philippine Islands (BPI) has teamed up with LuLu Exchange, one of the Gulf Cooperation Council (GCC) region’s leading foreign exchange and remittance service providers, to give overseas Filipinos another channel to transfer funds.
The partnership allows overseas Filipinos to transfer funds directly to a BPI or BPI Family Savings bank account, making it easy for their families and loved ones in the Philippines to withdraw from the BPI group’s over 3,000 automated teller machines (ATMs) nationwide free of charge.
The services are seen to benefit families of overseas Filipinos based in UAE, Oman, Kuwait, Bahrain, Qatar and Seychelles, where LuLu Exchange branches are located.
Launched nine years ago in Abu Dhabi, Lulu Exchange is one of the GCC region’s largest financial services companies, with more than 170 branches in nine countries and now expanding across the Asia Pacific region and soon to enter the European market.
“Our priority is to ensure the convenience of OFWs (overseas Filipino workers) in sending remittances wherever they are in the world, while giving beneficiaries a seamless and secure way of receiving money,” said Simon Paterno, BPI executive vice president and segment head of financial products and alternative channels. “This tie-up with LuLu Exchange enables us to do just that while also expanding our reach to more OFWs especially during theholiday season.”
“We are excited to tie up with BPI to enhance our services offering to the Philippines. We have always committed to reach out to our customers by offering quality services and experience with the best technology,” said Adeeb Ahamed, managing director at Lulu Exchange. “The value that BPI adds to our growing portfolio of services will make it easier for OFWs to send money home.”
The Middle East hosts the majority of OFWs all over the world, with about one in every seven overseas Filipinos based in the UAE. About 6.4 percent of OFWs are in Kuwait, and 6.2 percent in Qatar, with the rest working in various neighboring countries. Last year, there was a 12.7-percent jump in cash remittances from the region, driven by transfers from Kuwait, Oman, Qatar, Bahrain and the UAE.
Beneficiaries are expected receive the remittance within 24 hours after the transfer from LuLu Exchange has been made.
Aside from sending the remittance straight to a BPI account, other available payout modes are over-the-counter cash pick-up at BPI or BPI Family Savings Bank branches and door-to-door delivery.