Emirates NBD extends DirectRemit 60 seconds money transfer service to the Philippines

Press release

Published December 3rd, 2014 - 06:54 GMT

Emirates NBD

Emirates NBD, a leading bank in the region, today announced that it has extended its DirectRemit 60 seconds money transfer service to the Philippines.

The direct bank transfer service is the fastest in the UAE and enables Philippines Peso (PHP) transfers to Banco De Oro (BDO) Bank accounts in less than 60 seconds, and transfers to other Philippines banks within one working day. The service is currently being offered with zero remittance fees for all transfers to any bank in the Philippines. Customers can avail DirectRemit to the Philippines via online banking; mobile-enabled transfers expected in the near future.

Emirates NBD launched its DirectRemit platform earlier this year with 60 seconds bank transfers to India. The service has proven to be extremely successful, with an increasing number of the bank’s customers remitting using DirectRemit.

Commenting on the introduction of the DirectRemit service to the Philippines, Suvo Sarkar, General Manager – Retail Banking and Wealth Management, Emirates NBD, said: "DirectRemit has proven to be among our most popular services, and we are delighted to extend the same facility and convenience for transfers to the Philippines. The UAE is home to the second largest overseas Filipino community and we are confident this hassle free and instant money transfer service will be well received by this important customer segment. We are also looking at expanding this service to cover other countries in the near future."

Remittances by overseas Filipino workers are the third largest globally, totalling an estimated US$24bn per year, and amongst the top five within the UAE. With quick remittances, customers will not only be able to transfer funds to their beneficiaries back home within 60 seconds, but they can also pay their bills, insurance premiums or loan payments through their account with BDO, Emirates NBD’s partner bank in the Philippines.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.