BPI signs remittance deal with Western
Bank of the Philippine Islands, the third-largest lender in the country, signed an agreement with global remittance leader Western Union Co. for an easier direct-to-bank money transfer services that will benefit relatives of migrant Filipino workers in the Philippines.
BPI said in a statement Tuesday the agreement would promote a more simplified way for workers to send money straight to their loved ones’ bank accounts back home.
“Western Union, the first to introduce money transfers, and BPI, one of the first banks in Southeast Asia, collaborate to add yet another milestone to the remittance industry,” BPI president and chief executive Cezar Consing said.
“The international direct-to-bank service allows BPI account holders to access their remittances through nearly 820 BPI branches in the country and its offices and remittance centers across the globe,” he said.
Consing said combining BPI’s domestic reach with Western Union’s global footprint allows BPI account holders to receive funds from over 40 countries around the world within minutes.
“This is but one of the many ways that we are addressing the most critical financial needs of many of our most important clients,” Consing said.
Western Union president and chief executive Hikmet Ersek said the collaboration with BPI to offer international direct-to-bank money transfer services further supported Western’s position as a global leader in the remittance business.
To send money directly to a BPI bank account via Western Union, consumers simply need the recipient’s full name and the recipient’s BPI bank account number. The service is also available online in selected markets.
Western Union’s international direct-to-bank service can rapidly and conveniently credit remittances from over 40 countries, including the US, Canada, Japan, Singapore, Malaysia, Australia, New Zealand, the United Kingdom, Italy, Norway, Denmark to over 60 Agent banks in the Philippines.
BPI, the first bank in the Philippines and in Southeast Asia, is a commercial bank with an expanded banking license. BPI’s services include consumer banking and lending, asset management, insurance, securities brokerage and distribution, foreign exchange, leasing, and corporate and investment banking.