24 May 2017
In preparation for the conversion of the Bank into an Overseas Filipino Bank (OFBank), the Board of Directors has approved on 24 May 2017 the introduction of new services that would benefit the overseas-based Filipinos. The Bank has introduced the Buying and Selling of Foreign Currency (initially US Dollars) and the Accreditation and Evaluation of Remittance Agents, Money Changers and FOREX dealers.
The foreign exchange service is a facility offered by the Bank to existing clients thru buying (or conversion of US Dollar into Philippine Peso) and selling (or conversion of Philippine Peso into US Dollar) which will be granted to existing Bank clients and selected clients subject to strict implementation of the BSP’s Know Your Client (KYC) policy and Anti-Money Laundering Act (AMLA).
On the other hand, the Accreditation and Evaluation of Remittance Agents, Money Changers and FOREX dealers aims to provide criteria for the Bank in the evaluation and accreditation of FOREX companies, local entities and remittance agents to serve as partners in relation to money transfer remittances basically intended for OFWs and Filipinos residing abroad sending their money to their beneficiaries in the Philippines. This is in line with its objective to improve and expand the bank’s services, partnering with remittance agents to improve the quality of services that the bank has to offer.