The Bank of the Philippine Islands (BPI) has recently partnered with VFS Global to bring its remittance solutions closer to Filipino migrant workers and make opening of an account more convenient and easier for them. VFS Global is the world’s largest outsourcing and technology services specialist for governments and diplomatic missions catering to applications for visa, passport, and consular services for 67 governments.
Visa applicants may now submit applications to open BPI Pamana Padala and BPI Padala Moneyger accounts, which are specially designed to help overseas Filipino remitters and their recipients manage their remittances and savings respectively, at the BPI booth located at VFS Global Ecoplaza in Makati City.
“In line with VFS Global’s focus on customer-centricity and convenience, this service presents immense benefits to the large Filipino workforce living away from home. We are delighted to partner with BPI in this endeavour,” said Atul Lall, Regional Head -Philippines, VFS Global.
BPI Pamana Padala is a remittance solution that allows OFWs to send their hard-earned money to their account, from which they can electronically transfer funds directly to the BPI accounts of their loved ones.
BPI Pamana Padala also provides accountholders with value-added service with its free insurance coverage offerings; such as a 90-day personal accident insurance coverage worth Php 100,000 effective upon account opening and a life insurance coverage of up to a maximum of Php 300,000 for Peso accounts and USD 6,000 for USD accounts, effective on the 4th remittance within a 12 month period.
For those receiving remittances from abroad, BPI Padala Moneyger offers a secure, easy-to-manage savings account that is also accessible through the BPI Mobile App, which enables them to track the money sent to them with just a few clicks and makes funds instantly available for them.
Account holders can also freely withdraw whenever they need to because it does not charge withdrawal fees. There’s no need to maintain a minimum balance on the account as long as there are at least four remittances received within a year. On top of that, an account also earns interest annually if the average daily balance is met.
“This activation forms part of the BPI’s aspiration for a broader financial inclusion which is integral for nation-building. BPI recognizes the sacrifices and pivotal role of OFWs in driving economic growth, hence we are committed to providing useful and affordable remittance solutions for OFWs to facilitate transactions and help them save money,” said Reggie Cariaso. Head of BPI’s Institutional Banking Strategy, Products & Support.
To know more about BPI Pamana Padala and BPI Moneyger, visit www.bpi.com.ph/pamanapadala and www.bpi.com.ph/padalamoneyger.