BPI partners with Westpac to expand money transfer services abroad
28 October 2016
Sending money to the Philippines from abroad has just become cheaper, faster, more transparent and more convenient.
Bank of the Philippine Islands (BPI), the first and one of the biggest banks in the Philippines, and Westpac Banking Corporation (Westpac), Australia’s first bank, have entered into a strategic partnership to facilitate low cost and fast transfer of funds from people living in Australia to their families in the Philippines.
The recently launched payment service called LitePay International (LitePay) sends money from a Westpac account online directly to a BPI bank account within hours at a low AUD5.00 fee.
LitePay runs on a secure platform that uses strict internal control systems and intrusion safeguards to ensure funds are protected during the course of the cross-border transaction. LitePay payments are direct transactions between two identified parties with no aggregation and provide individual Westpac customers with a transparent, low cost and fast solution to send money to the Philippines through the Westpac Online and Westpac Mobile Banking portals.
This service innovation is the first of its kind from Australia into the Philippines, offering a more affordable way to make cross-border payments. LitePay is expected to support Filipinos working in Australia who make hundreds of thousands of small value transfers to family back home each year.
There is a limit of AUD3,000 per customer per day and the funds can be distributed beyond BPI to any bank in the Philippines.
“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,” says Marie Josephine Ocampo, BPI senior vice president and head of Payments and Remittance Group.
According to Mike Baldwin, Westpac’s Head of Transactional Solutions, Global Transactional Services, plans to expand LitePay into other geographies are on the horizon. “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.”
For further enquiries:
Head of Communications, external
Westpac Institutional Bank
Bank of the Philippine Islands l 6768 Ayala Avenue, Makati City 1226 PH l (02) 816 9398 l bpiexpressonline.com
ABOUT Westpac Group
Westpac Banking Corporation (Westpac) was founded in 1817 and was the first bank established in Australia. Today, Westpac employs approximately 40,000 people and provides a broad range of banking and financial services, including consumer, business and institutional banking and wealth management services. Westpac's operations comprise five primary customer-facing business divisions operating under multiple brands serving around 13 million customers. Westpac has branches, affiliates and controlled entities throughout Australia, New Zealand, Asia and the Pacific region, and maintains branches and offices in some of the key financial centres around the world.
The 165-year-old Bank of the Philippine Islands is the first bank in the Philippines and Southeast Asia. We are a commercial bank with an expanded banking license. We provide diverse financial services that include deposit taking and cash management, asset management, securities brokerage, foreign exchange and capital markets investments, bancassurance, corporate lending, leasing, and investment banking. BPI has significant financial strength, with strong Tier 1 capital adequacy ratios and profitability, underpinned by a strong risk management regime. BPI is rated investment-grade by international credit ratings agencies.