BDO taps MoneyGram for remittance business

Banco De Oro Unibank said it has partnered with MoneyGram to facilitate direct-to-account remittance transfers from overseas Filipino workers.
Through its global remittance service brand BDO Remit, the Philippines’ biggest lender in terms of assets said it expended the account service in selected MoneyGram outlets in the US, Singapore, Brunei and Greece, benefiting account holders who have OFW relatives in these areas.
“The service would soon be launched in MoneyGram locations worldwide to heighten convenient access and allow beneficiaries to receive remittances the fastest way possible,” BDO said.
Besides offering credit to BDO account in MoneyGram outlets, money senders may also remit online through http://www.emoneygram.com.
Once the money has been credited to a BDO account, the client may claim their remittance from any of the more than 1,400 BDO automated teller machines or from over 10,000 Expressnet, Megalink and Bancnet ATMs nationwide, the bank said.
It added that clients may also withdraw over the counter from about 730 BDO branches all over the country, with some open even on weekends and holidays.
“For those who don’t have BDO accounts yet, applying for one is very easy as all they have to do is to open with only P50 initial deposit and they may start receiving remittances through their BDO peso account,” bank said.
BDO has captured 27 percent of the total remittances sent by OFWs as a result of its partnership with other remitting institutions. The lender projects the number of remittance transactions to grow by 20 percent this year.
BDO shares rose to P55.45 apiece on Wednesday from P55 the day before.