Bank of the Philippine Islands (BPI) has partnered with Australian banking group Westpac to facilitate remittance service from Australia into the Philippines.
Westpac’s remittance service LitePay International will allow fund transfer from a Westpac account online directly to a BPI bank account at a charge of A$5.
The funds can also be distributed to any other bank in the Philippines beyond BPI, with each customer getting a daily limit of A$3,000.
BPI senior vice president and head of Payments and Remittance Group Marie Josephine Ocampo said: “The partnership with Australia’s Westpac allows Filipinos in Australia to have an easily accessible bank through which they can send money to the Philippines in a secure environment.”
Westpac said that LitePay incorporates strict internal control systems and intrusion safeguards to ensure safety of funds transferred.
Payments made through the service are direct transactions between two identified parties with no aggregation, and offers Westpac customers a cost-effective and fast option for money transfer to the Philippines through the Westpac Online and Westpac Mobile Banking portals, the bank said.
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Westpac head of transactional solutions, global transactional services Mike Baldwin said: “The Philippines is an important market for Australia and as the overseas payments industry continues to evolve, we look forward to extending this secure and internationally compliant, platform into other markets.”
The bank also intends to expand the service into other markets as well, Baldwin added.