The Bank of the Philippine Islands (BPI) has launched BPI Remit. It is a new service aimed at the approximately 4.6 million Filipinos living in the United States who send money to the Philippines.
The service allows for direct fund transfers from a US bank account to a BPI account in the Philippines. It utilises the BPI mobile app or its online platform.
The fee structure for the new service is a fixed US$1 for transfers below US$250. Transfers of US$250 and above are free of charge.
BPI states that its service transfers funds within seconds and allows users to track their transactions through the app. The bank sets the current transaction limits at US$700 daily and weekly, and US$1,000 monthly.
Joel De Vera, BPI Institutional Banking’s Head of Strategy, Products and Support Group, explained that the service aims to be more efficient for users.
“With BPI Remit, we make sending and receiving money between the US and the Philippines faster, more secure and more rewarding,” De Vera said.
Families in the Philippines receiving money through BPI Remit can instantly access the funds in their BPI accounts. They can also benefit from competitive exchange rates.
As part of its promotional efforts, BPI has been reaching out to Filipino communities in the US, recently sponsoring a concert to introduce the platform to attendees.
BPI is working with a network of remittance partners, including Meridian, to deliver the service.
Featured image by stockboy via Freepik.
