WorldRemit, BPI partner to offer ‘instant’ money transfers

Digital money transfer service WorldRemit and Ayala-led Bank of the Philippine Islands (BPI) have teamed up to give overseas Filipinos a convenient and reliable way to send money to the Philippines.

“Our partnership with BPI in the Philippines demonstrates our commitment to furthering the service we offer to members of the Filipino diaspora," WorldRemit chief executive officer and founder Ismail Ahmed said in an emailed statement.

“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," Ahmed added.

For her part, BPI's head of Inward Remittance Melinda Dulay said the bank's partnership with WorldRemit will allow the lender to continue expanding its international funds transfer service offerings to "better serve Filipinos around the world.”

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.

Citing a report from the World Bank in 2015, WorldRemit said that remittances play a critical role in the Philippine economy.

It said that $30 billion in overseas remittances was received by the economy, making about 10 percent of the Philippines's annual gross domestic product.

It added that 160,000 transactions are now sent every month to the Philippines through the WorldRemit app or website.

Globally, WorldRemit customers send almost 700,000 transfers every month to over 140 destinations. —Ted Cordero/KG, GMA News