BPI & NCB: A New Partnership for OFWs

The 155 years of banking leadership of Bank of the Philippine Islands (BPI) is a clear proof of its reliability and credibility in providing services to Filipinos worldwide. From the vast array of their products and services comes a new addition which is definitely OFW-friendly; the BPInoy Remittance. This service is fast, safe and easy to avail because of the bank’s reliable overseas remittance offices and several alliances.

The service got an additional boost after the largest bank in terms of capital in the Arab world tapped the extensive remittance network of Ayala-led BPI. A remittance service partnership agreement was forged by the National Commercial Bank (NCB) and the listed bank’s overseas remittance business division. This means that Filipinos based in the Kingdom of Saudi Arabia can now easily remit their hard-earned money from Saudi Arabia to their families.

"We believe that our partnership with BPI is the right platform to serve the interest of our customers, especially Filipino families, as well as contributing positively to the economies of both the Philippines and the Kingdom of Saudi Arabia," Omar M. Hashem, NCB senior vice president and head of electronic transactions banking division, said.

Money can be transferred 24/7 using the NCB phone banking service on 920000330 or through any of the 1,400 NCB ATMs all over the Kingdom or AlAhli Online banking. Filipinos can also use remittance services through ATM machines, phone banking and online banking of NCB, which has 275 branches all over the Kingdom.

In the Philippines, BPI's remittance service gives the sender a number of options on how they want their money to be remitted. There are 4 convenient ways of remitting money to the country:

1. Direct Credit to Account — with BPI’s more than 1,300 ATMs nationwide, this is probably the fastest and safest way since the recipients in the Philippines can immediately withdraw the money from their personal account. This is so hassle-free since all they have to do is visit the nearest BPI ATM.
2. Branch-Pick-Up — beneficiaries can also choose to just claim the remittance proceeds from any BPI or BPI Family Bank Branch nationwide.
3. Door-to-Door Delivery — beneficiaries can also choose to have their remittances delivered to their doorstep. Those who are in Metro Manila may receive it within 24 hours while provincial residents may receive them from 48 to 72 hours.
4. Credit to Other Bank’s Account — BPI can also forward remittances to the beneficiary’s bank account in another commercial bank if they do not have an account with BPI. The funds will be forwarded to the bank’s head office within 48 hours and it will then be credited to the beneficiary’s account.

Service fees charge by BPI varies depending on how the Filipinos abroad are going to send it, although fees for US$ to Php remittance usually range from US$ 7.00 for direct credit to US$ 13.00 for door-to-door delivery in a provincial address. To learn more about the service fees, just visit the BPI website for a complete list of charges.