THE Bank of the Philippine Islands (BPI) announced recently that it has partnered with a digital money-transfer company from Canada that the bank said would offer quicker money transfers at lower fees.
BPI Senior Vice President Manuel C. Tagaza said overseas Filipinos in Canada and other clients “would benefit most from this new partnership with Crosslinks Money Transfer Corp. [CMTC].”
“We recognize the need for modern digital money transfer to
the Philippines. BPI is intensifying its digitalization efforts to enable more
convenient and efficient remittance services for clients,” Tagaza was quoted in
a statement as saying. “This partnership allows customers to do their
transactions only within minutes, and at much
lower rates.”
CMTC is a digital remittance service provider based in
Canada and is headquartered out of Toronto, Ontario. It focuses on transferring
money across the world, digitally at the lowest fees and real-time exchange
rates for the benefit of those sending money back home to their
loved ones.
“The alliance between BPI and [CMTC] will help improve the payment mechanism for fast and economic transfers from Canada to the Philippines,” said the company’s CEO Soumya Dutta. “[Our] founders realized that traditional money transfer companies are expensive, both in terms of fees and exchange rates and the company was set about to offer just that—fast, economical and secure money transfer, direct to your doorstep.”
The partnership will offer services such as direct money transfers to recipient bank accounts, cash pickup and much more. For new clients, the first money transfer transaction is free.
Aside from faster transactions and lower fees, the partnership also allows customers the flexibility of the lock-rate functionality at the expected rates.
The customers also have the most comfortable interface, using a laptop or mobile device, to register, send money and then track the journey of the funds as they reach the beneficiary.