DBP offers new online remittance in Australia
State- run Development Bank of the Philippines (DBP) has launched a new online remittance service giving Filipinos in Australia an alternative option to send their hard-earned money to their loved ones in the Philippines.
AussiePadala enables anybody maintaining an account with any bank in Australia to remit funds online to their beneficiary maintaining an account with any bank in the Philippines.
DBP president and CEO Cecilia Borromeo said the government financial institution remains committed “to providing overseas Filipinos with a remittance service that is convenient, secure, and offers great value for their hardearned money.”
DBP has partnered with one of Australia’s top banks paving the way for the launch of the online remittance service. The AussiePadala portal could be accessed 24/7 at https:// or by visiting the DBP homepage, https:// www. devbnkphl. com, and clicking on the AussiePadala icon.
George Inocencio, head of DBP’s remittance department, said the bank is waiving the AussiePadala service fee for the first few months as an introductory offer.
“Funds transferred before 6 p. m. of Sydney time are normally received by the beneficiary in the Philippines on the next banking day. Remitters can send up to A$10,000 per transaction with a fixed charge of only A$10,” Inocencio said.
Latest data from the Bangko Sentral ng Pilipinas (BSP) showed the amount of money sent home by overseas Filipinos went up 5.2 percent to $24.34 billion in the first 11 months of last year from $23.14 billion in the same period in 2015.
For the month of November alone, cash remittances jumped 18.5 percent to $2.22 billion ahead of the Christmas season from $1.87 billion in the same month in 2015. This was the fastest growth booked since July 2008.