Chinabank, C. Lhuiller join forces

MANILA, Philippines - The thrift unit of China Banking Corp. has entered into a partnership with Cebuana Lhuillier for domestic money transfer services called Easi-Padala.

China Bank Savings (CBS) president Alberto Emilio Ramos said Easi-Padala would make remittances easier and more convenient for their account holders.

“CBS account holders can conveniently and securely send money through any CBS branch, now numbering 74 to date, including 10 mini-branches that are open from 10 a.m. to 7 p.m. daily,” Ramos said.

He said the funds are electronically sent in real-time, and the fee is up to 30 percent cheaper compared to other domestic money transfer services.

The remittance sent through Easi-Padala can be conveniently claimed at any Cebuana Lhuillier branch. Cebuana Lhuillier is the country’s largest pawnshop chain with over 1,700 branches all over the Philippines.

Non-CBS account holders can also send money through Easi-Padala by opening a CBS account like Easi-Save Basic, a no-fuss, zero-opening and zero-maintaining balance ATM account with simple account opening procedure.  CBS also offers other deposit accounts with other features.     

CBS’ partnership with Cebuana was initially launched in Metro Manila last April and would be rolled out nationwide to provide a fast, secure, and affordable domestic money transfer service. 

CBS also launched the ‘Easi-Padala Panalo Card’ promo wherein clients will get a free Frito Lay product for the first and 10th Easi-Padala transaction from April 1 to Sept. 30, 2014.

CBS, a member of the SM Group, began operations as an alternative to traditional banking, targeting entry-level and start-up customers to asset accumulators through products and services that match different life stages. 

For 2014, CBS is focusing on branch network expansion and product development, specifically micro-financing products.

It plans to grow to 100 branches this year and is also developing its electronic banking channels to expand its reach. CBS now has 76 ATMs.