The Bank of the Philippine Islands (BPI) recently partnered with VFS Global, the world’s largest outsourcing and technology services specialist for governments and diplomatic missions, to offer its remittance solutions closer to Filipino migrant workers.
This collaboration aims to simplify the process of opening an account for these individuals, making their financial transactions more convenient.
Visa applicants can now submit applications to open BPI Pamana Padala and BPI Padala Moneyger accounts at the BPI booth located at VFS Global Ecoplaza in Makati City. These accounts are specifically designed to help overseas Filipino remitters and their recipients manage their remittances and savings, respectively.
BPI Pamana Padala is a remittance solution allowing OFWs to send their hard-earned money to their account, from which they can electronically transfer funds directly to the BPI accounts of their loved ones. The service also provides account holders with value-added offerings, such as free insurance coverage, including 90-day personal accident insurance and life insurance coverage, effective on the 4th remittance within a 12-month period.
For those receiving remittances from abroad, BPI Padala Moneyger offers secure, easy-to-manage savings account accessible through the BPI Mobile App. This enables users to track the money sent to them with just a few clicks, making funds instantly available. Account holders can also freely withdraw without fees and do not need to maintain a minimum balance, as long as they receive at least four remittances within a year.
Atul Lall, Regional Head – Philippines, VFS Global, expressed his delight at the partnership, highlighting the benefits it will bring. “In line with VFS Global’s focus on customer-centricity and convenience, this service presents immense benefits to the large Filipino workforce living away from home. We are delighted to partner with BPI in this endeavor,” said Lall.
Reggie Cariaso, Head of BPI’s Institutional Banking Strategy, Products & Support, emphasized the bank’s commitment to providing useful and affordable remittance solutions for OFWs. “This activation forms part of the BPI’s aspiration for a broader financial inclusion which is integral for nation-building. BPI recognizes the sacrifices and pivotal role of OFWs in driving economic growth, hence we are committed to providing useful and affordable remittance solutions for OFWs to facilitate transactions and help them save money,” said Cariaso.
BPI assists OFWs with financial literacy workshops and worked with its remittance partners to waive fees for OFWs amid the COVID-19 pandemic.
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