Bank of the Philippine Islands, the fourth-largest lender in terms of assets, teamed up with Lulu Exchange, one of the Gulf region’s leading foreign exchange and remittance service providers, to enhance its reach to overseas Filipino workers.
BPI said in a statement the partnership would allow migrant workers to transfer funds directly to a BPI or BPI Family Savings Bank account, making it easy for their families and loved ones in the Philippines to withdraw from BPI’s over 3,000 ATMs nationwide free of charge.
“This option for sending remittances is a welcome move for Filipinos who are living outside the country,” BPI said.
It said the services would benefit families of OFWs based in the United Arab Emirates, Oman, Kuwait, Bahrain, Qatar and Seychelles, where Lulu Exchange branches are mostly located.
Lulu Exchange, launched nine years ago in Abu Dhabi, is one of the Gulf region’s largest financial service companies, with more than 170 branches in nine countries and expanding across the Asia-Pacific region along with plans to enter the European market.