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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.