BDO takes in UAE's Emirates NBD remittance service

Clients of BDO Unibank Inc. can now send to, and receive money from, Filipinos who live and work in the United Arab Emirates (UAE) after the Sy-led bank and Emirates NBD partnered over a money transfer service.

 

In an e-mailed statement, BDO said the partnership covers the money transfer service called DirectRemit 60 Seconds by Emirates NBD. 

 

Emirates NBD is a banking group in the UAE and a product of a merger between Emirates Bank International (EBI) and the National Bank of Dubai (NBD).

 

The service started last December, the Sy-led bank said. 

 

"UAE is host to more than 700,000 Filipinos who diligently work to be able to send money back to their families in the Philippines. This is another channel that will bring security and ease to our remitters," BDO senior vice president for remittance distribution Geneva Gloria said. 

 

Remittances by Filipinos who live and work abroad are one of the largest in the world, reaching up to $24 billion a year. 

 

As of end-October, cash remittances totaled $19.869 billion, up 6.2 percent from $18.716 billion in the same period last year, according to Bangko Sentral ng Pilipinas. – Danessa O. Rivera/VS, GMA News