LBP remittance service for Filipinos in Israel

MANILA, Philippines - The Land Bank of the Philippines has signed a partnership with WIC WorldCom Finance Ltd., an international money transfer company based in Tel Aviv, Israel. WorldCom Finance links banks, money transfer companies, retailers, FX outlets, pawnshops, convenience store chains, etc. all over the world. It is among LBP’s first overseas remittance partners to use the bank’s web-based remittance system. The partnership with WorldCom will provide over 40,000 overseas Filipinos in Israel with greater access to convenient remittance service. Beneficiaries will be notified through SMS once their remittance is available for withdrawal from their LBP accounts or for cash pick-up at any branch nationwide. The LBP remittance system (LBRS) allows real-time processing of remittance transactions, expands the number of modes in paying and settling remittances, and lowers the cost of processing remittance transactions.