MoneyGram expands direct-to-account service for Phl

MANILA, Philippines - MoneyGram International, a leading global money transfer company, by announced that it’s convenient direct-to-account (or cash-to-account) service for funds sent to the Philippines is now available in 28 countries.

The service enables customers to send needed funds directly into the bank account of friends and family with accounts at any of 20 major banks in the Philippines, including Banco De Oro (BDO) Unibank, Inc., the country’s largest bank. The service was first introduced in the Philippines in May 2011, for money sent from the US, Greece, Singapore and Brunei.

“Direct-to-account is an important part of our effort to provide money transfer services in a manner that is most convenient for the customer. We have found that enabling customers to send funds directly into their family members bank account is very popular, and we are thrilled to be able extend the service to more countries,” said Nick Cunnew, vice president for Asia Pacific.

MoneyGram’s direct-to-account service in the Philippines is now available for funds sent from the US, Singapore, Japan, Brunei, Greece, Australia, Turks and Caicos Islands, Cyprus, Hong Kong, UK, Lebanon, British Virgin Islands, Cambodia, France, Germany, Netherlands, Israel, Ireland, Cayman Islands, Aruba, Bahamas, Haiti, Trinidad, Marshall Island, Italy, Spain, Maldives and New Zealand.

According to the World Bank, more than $21 billion in remittances was sent to the Philippines in 2010, making it the fourth-largest remittance receiving country in the world. It is estimated that more than half of all remittances to the Philippines are sent from the United States, particularly from cities with large populations of Filipinos, including New York City; Los Angeles; Miami and Ft. Lauderdale, Florida; Honolulu, Hawaii; Las Vegas, Nevada; and Galveston, Texas.

“This expansion is a strong demonstration of our commitment to better serve the needs of Filipinos overseas and their beneficiaries in the Philippines,” said Jonathan Diokno, senior vice president and head of BDO Remittance Origination. “Our partnership with MoneyGram, one of the world’s leading remittance companies, boosts our efforts to increasingly reach the more than eight million Filipinos living abroad.”

Using the direct-to-account service is an easy process. Customers must simply register a receive bank account online, or at participating MoneyGram agent location. When completing the send form and the transaction, the sending customer then selects the “Account Deposit” receive option. MoneyGram processes the money transfer and generates a receiver registration number (RRN). The fund is then available at the receiver’s bank account of the participating banks in the Philippines.

BDO account holders can collect funds on the same day they are sent; recipients may withdraw the cash from over 7,000 BDO, Expressnet, Megalink and BancNet ATMs nationwide. Similarly, funds deposited at the other 19 banks are available either the same or next business day.