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Philippines: More banks waive remittance fees
MANILA, Philippines — More Philippine banks are helping ease the burden of Filipinos working and living abroad affected by the coronavirus disease 2019 or COVID-19 pandemic by waiving transaction fees for remittances.
For one, Philippine National Bank has extended the waiver on remittance fees for various channels up to May 31 after it lapsed on May 8.
PNB president and chief executive officer Jose Arnulfo Veloso said the bank is committed to make remittance transfers convenient and hassle-free for customers.
“Our kapitan, Dr. Lucio Tan, knows very well that in these difficult times, being able to care for their loved ones is top-of-mind for our overseas Filipinos – our modern-day heroes. Every hard-earned peso counts especially when so many of our countrymen are not able to work due to the enhanced community quarantine,” Veloso said.
Veloso said the extended ‘Libreng Padala’ applies to cash transfers that will be credited to PNB deposit accounts in the Philippines.
“We have extended the coverage to the Middle East by waiving the back-end remittance fee. There are many kababayans from the Middle East who need this kind of support in sending cash to their families. This is very timely given that the observance of Ramadan is ongoing,” Veloso said.
The waiver covers over-the-counter transactions done in PNB overseas branches in Los Angeles, New York, Guam, Singapore, Japan, Hong Kong and Global Hong Kong, Canada (through PNB-Remittance Company Canada) and Europe (also for the Web Remit and Phone Remit channels).
Fees for mail-in remittances in New York and Japan are also waived, while remittances done through PNB Global Remit (Remittance Centers Inc.) branches are also free of charge when done over-the-counter and via Web Remit and Phone Remit.
On the other hand, Ayala-led Bank of the Philippine Islands (BPI) and London-based WorldRemit teamed up to support people who send money to the Philippines by waiving remittance fees.
Reggie Cariaso, head of corporate banking strategy, products, and solutions at BPI, said new clients of WorldRemit would enjoy the waived fees for their first three transactions until May 31.
“We are pleased to work with WorldRemit who share the same goal of helping Filipinos affected by this global pandemic. We continue to work with WorldRemit and other partners so that Filipinos will have convenient, safe, and secure options to send money to their loved ones here in the Philippines,” Cariaso said.
Source: https://www.philstar.com/business/2020/05/10/2012907/more-banks-waive-remittance-fees