BPI ties up with Canada firm for remittances

Ayala-led Bank of the Philippines (BPI) has tied up with Toronto-based Crosslinks Money Transfer to offer Filipinos quicker money transfers at lower fees.

Manuel Tagaza, senior vice president at BPI, said overseas Filipinos in Canada and other clients would benefit most from the new partnership with the leading digital money transfer company.

Tagaza stressed 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. This partnership allows customers to do their transactions only within minutes, and at much lower rates,” he said.

Crosslinks Money Transfer 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.

Crosslinks chief executive officer Soumya Dutta said the alliance with BPI would help improve the payment mechanism for fast and economic transfers from Canada to the Philippines.

“The founders at Crosslinks 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,” Dutta added.

The partnership aims to 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.

Remittances usually fuel personal consumption helping sustain a steady economic growth. The amount of money sent home by overseas Filipinos usually account for 10 percent of gross domestic product (GDP).

Strong inflows from remittances, earnings of the business process outsourcing (BPO) sector as well as tourism receipts continued to boost the peso that recovered strongly late last year.