Bank of the Philippine Islands (BPI) led by bankero TG Limcaoco has made sending money abroad more convenient through its online and mobile app channels.
Reggie Cariaso, head of corporate banking strategy, products, and support at BPI, said the Ayala-led bank’s retail clients can now send money from their peso or US dollar accounts to a foreign bank account via BPI Online and BPI Mobile app with BPI Outward Remittance.
“We at BPI continue to innovate and reinvent our products and services to make everyday banking more convenient for our customers. With the BPI Outward Remittance being available in our digital channels, our customers will be able to enjoy fast and convenient international fund transfers anywhere, anytime,” Cariaso said.
With BPI Outward Remittance, the 170-year old bank allows more clients to fulfill international wire transfers with just a few taps for needs such as educational expenses, medical expenses, foreign travel funds, subscriptions, and insurance payments.
BPI Outward Remittance ensures secure fund transfers of up to $10,000 with SWIFT global payment innovations (SWIFT gpi), an advanced payment method using modern digital tools for traceable and swifter cross-border payments. Clients will simply need to fill in their sending details, receiving bank details, and beneficiary details via BPI Online or BPI Mobile app.
The product offers affordable overall charges and competitive foreign exchange rates in multiple currencies including US dollar, Australia dollar, British pound, Euro, Singapore dollar, Hong Kong dollar, and Canadian dollar.
It also provides a fast and reliable turnaround time of one to three banking days for transactions with no discrepancies.
After growing more than five percent to hit record levels last year, the Bangko Sentral ng Pilipinas (BSP) sees remittances from overseas Filipino workers (OFWs) growing by four percent this year as more host countries open their borders from strict COVID-19 lockdowns.