Metrobank, Wells Fargo sign remittance tie-up
Metropolitan Bank and Trust Co. has partnered with banking giant Wells Fargo and Co.—through Uniteller Financial Services—to provide Filipinos a new channel for claiming remittances from their families in the United States.
With the partnership, US-based Filipinos can send their remittance on a real-time basis for credit to Metrobank accounts. Beneficiaries can also use all the Metrobank e-banking channels for a more convenient way of transacting remittances.
“The big advantage of this remittance alliance is that remittances are sent to the Philippines on a real-time basis and can be claimed at 580 Metrobank branches and over 1,000 ATMs all over the country,” said Richard So, senior vice president and head of international offices and subsidiaries group of Metrobank. “As the trusted banking partner of overseas Filipinos, we continue to expand our services to provide solutions to their needs.”
According to the Bangko Sentral ng Pilipinas, the Philippines received $18.76 billion in remittances in 2010, 8.2-percent higher than in 2009. More than 40 percent of these remittances came from the United States.
Given the statistics, the remittance alliance gave overseas Filipinos access to more than 10,000 locations where they could remit money to the Philippines, the bank said.
“By expanding our remittance network to the Philippines, we are enhancing our customers’ beneficiaries experience through a more diverse set of remittance payout channels and expanded hours of operation,” said Daniel Ayala of Uniteller Financial Services. “Our goal is to offer a remittance service that is economical, dependable and convenient. Our remittance alliance with Metrobank further enhances our ability to offer just that.”
Wells Fargo & Co. has one of the most extensive financial services networks in North America with more than 6,000 stores, 12,000 ATMs and $1.3 trillion in assets. Through its ExpressSend remittance service, it now provides a variety of solutions for sending money from Filipinos living in the United States.
With approximately 275,000 team members, Wells Fargo serves one in three households in America. Wells Fargo was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations.
On the other hand, Uniteller is the licensed remittance company of Grupo Financiero Banorte, one of the largest financial groups in Mexico with more than 1,800 agent locations in the US.—Daxim L. Lucas
