BPI, WorldRemit waive fees for overseas remittances to Philippines

HSBC Philippines
BPI WorldRemit
BPI is collaborating with one of the world’s leading online money transfer service companies based in London to reduce OFW expenses.

The Bank of the Philippine Islands (BPI) and WorldRemit, one of the world’s leading online money transfer service companies based in London, United Kingdom, have teamed up to support people who send money to the Philippines by waiving remittance fees, helping ease difficulties brought about by the coronavirus, or COVID-19.

Reggie Cariaso, Head of BPI Corporate Banking Strategy, Products, and Solutions said new clients of WorldRemit will enjoy these waived fees for their first three transactions until May 31, 2020.

“We are pleased to work with WorldRemit who share the same goal of helping Filipinos affected by this global pandemic. We continue to work with WorldRemit and other partners so that Filipinos will have convenient, safe, and secure options to send money to their loved ones here in the Philippines,” said Cariaso.

He said remittances from WorldRemit going to BPI accounts have increased in the past few months, especially since the enhanced community quarantine (ECQ) because the platform is purely online and remittance transactions are done via digital channels.

“In March there was an increase of 20 percent in the transaction count over February. And compared to our figures in the first quarter, we had a 59% and 62% increase for volume and transaction count, respectively, compared to the same period last year,” said Cariaso.

WorldRemit Philippines Country Director Earl Melivo said the online money transfer company observed similar trends in their data from February to March 2020, with a 40-percent upsurge in the number of new customers sending money to the Philippines.

“This simply means that a lot of senders are adopting digital methods of sending money back home. We are currently highlighting our abilities to instantly transfer money to bank accounts. Having a direct partnership with BPI enables us to encourage more customers to send and receive digitally,” he said.

“WorldRemit is committed to ensuring that financial support is delivered safely and quickly together with our Philippine partners such as BPI,” he added.

To know more about the offer, visit www.worldremit.com or download the WorldRemit app. The offer is valid until May 31, 2020.

BPI also assists OFWs with financial literacy workshops that have been hailed by the labor office for helping Filipino workers overseas.

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