BDO expands remittance network

Banco de Oro Unibank Inc. (BDO) has increased to over 3,000 its domestic distribution network for remittances or money transfers from overseas Filipinos.

The number of BDO’s distribution network is expected to increase anew with the recent approval of the Bangko Sentral ng Pilipinas (BSP) for the integration of the branch network of Equitable Savings Bank.

Recently, BDO has merged Equitable Savings Bank (ESB) – the BDO Elite Savings Bank (BDO Elite) – and PCI Capital Corp. (PCI Capital), and is in the process of integrating the three entities into its banking operations.

When fully integrated, BDO will have over 700 branches nationwide.

The commercial bank of the SM Group of Companies recently forged an alliance with A. Tambunting Pawnshop as one of its remittance payout channels. The moneylender will now offer remittance pick-up services in 50 of its nationwide outlets.

It earlier forged tie-ups with M.Lhuillier, another major moneylender with a nationwide network.

Thus, beneficiaries can receive remittances from overseas Filipinos not only in BDO branches but also through SM Forex Counters in all the SM malls, SM Hypermarkets, and a significant number of rural banks that had already partnered with BDO for the remittance business.

BDO is offering a menu of remittance services for the convenience of overseas Filipinos and their beneficiaries in the Philippines under its BDO Remit brand.

Cash Pickup Anywhere, for example, allows beneficiaries to claim their remittances in peso, US dollars or SM gift pass from BDO branches, SM Forex counters inside the SM Department Stores, SM Hypermarkets, BDO onsite outlets, and rural bank partners.

The same convenience also applies to BDO Remit Cash Card, a re-loadable electronic card that works as a debit card and an automated teller machine (ATM) card, which one can use to withdraw anytime at BDO, ExpressNet and MegaLink ATMs.

BDO Remit operates with a remittance tracking system accessible through the BDO website wherein the remitter or the beneficiary can instantly check on real-time basis.

BDO officials said that it aggressively sends marketing expatriates to their offices and subsidiaries in Asia, Europe, Middle East and the US. It is likewise looking for more domestic distribution alliances.

Since acquiring Equitable PCI Bank and its subsidiaries, BDO is now a major player among the seven local commercial banks offering a huge array of services related to the remittance business.