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Development Bank Of The Philippines Ties Up With TimesofMoney’s Remit2Home
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Tuesday, August 07, 2012:
The Development Bank of the Philippines (DBP) partners with TimesofMoney Ltd. (TOML) through its Remit2Home service to offer Overseas Filipino Workers (OFWs) an easy and secure way to transfer money back home. An agreement to this effect was signed recently at DBP’s head office in Makati, Philippines. TimesofMoney is a pioneer in e-payments and cross-border remittances and, for over the past decade, has served over a million expatriates worldwide.
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Using Remit2Home’s dedicated portal, OFWs living and working in the United States, United Kingdom and several other countries can conveniently transfer funds 24x7 from their bank accounts abroad to beneficiaries located in the Philippines, all done within the comfort of their homes or offices.
Commenting on the partnership, George Inocencio-VP & Head Centre for Global Filipinos said “This partnership with TimesofMoney’s Remit2Home will enable DBP to reach out to more OFWs in selected key host-countries. Being very cost-effective, we can pass on savings to our OFWs in the form of lower fees and higher exchange rates. This new online service offers utmost convenience and security enabling our OFWs to enjoy more free time, while having the peace of mind that their loved ones in the Philippines are receiving the best possible value for their hard-earned money.”
The Philippines is the 4th largest remittance-receiving country in the world behind India, China and Mexico. With an estimated 12.5 million Filipinos living and working overseas, inward remittances into Philippines stood at US$ 23 Bn in 2011, equivalent to about 10% of the country’s GDP (Source: World Bank report). With its extensive delivery network, DBP is well positioned to offer remittance services to Overseas Filipino Workers. This online service will enable global Filipinos to remit money to any bank account in the Philippines, or have their beneficiary receive cash at more than 2,000 authorized DBP cash pick up locations nationwide.
Speaking on the tie-up, Avijit Nanda, President – TimesofMoney said “With its growing diaspora, Philippines has always been one of the most attractive markets for remittances. Remittances into Philippines have grown on an average 11% y.o.y from 2000, which makes it a key focus market for us. Our association with a formidable partner, Development Bank of the Philippines, is an opportunity for us to understand the OFWs better thereby offering them a safe, cost-effective and transparent solution. We are delighted to cater to the OFWs through our Remit2Home service. With best-in-class technology and service, we promise to employ our global expertise to provide a hassle-free cross-border remittance experience for all our customers.”
This first-of-its-kind service will allow OFWs to transfer money to their loved ones back home at the comfort of their home or office and eliminate the pains of walking to an agent or a bank branch abroad. Also, with transparent flow of money, they can rest assured that they get the best value for their money sent. Remit2Home offers the highest levels of data security and online transfer tracking on a localized and intuitive web interface.
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