According to data gathering platform Statista, there are more than two million overseas Filipinos in 2024, making remittance an essential service for many Pinoys.
CIMB Bank Philippines, the country’s Best Digital Bank according to The Asian Banker, aims to make this process more convenient for both senders and recipients by enabling direct crediting of remittances to CIMB bank accounts.
Sending money from over 170 countries to a CIMB Bank PH account is now easier with no hidden fees from CIMB and can be done via two methods. The first way to send money is through direct bank transfers from partner provider apps such as Revolut, Western Union, WISE, and WorldRemit, which allows remittances to be credited instantly to the CIMB Bank PH savings account of the recipient.
Senders can also opt to send money using a remittance transaction reference number using Ria or Remitly. Once the sender has completed the transfer on the Ria or Remitly app, they can simply send the reference number, amount, and sender details to the recipient. Recipients will then need to enter these details to the CIMB Bank PH mobile app to receive their remittance.
With this new service, there is no need for recipients to line up at remittance centers anymore as their money can be received directly on their CIMB Bank PH mobile app. This allows them to instantly use their funds to pay bills, transfer cash, make purchases via CIMB Pay, or even start their own savings goals with Own My Goals!
With CIMB Bank PH, sending and receiving remittances is now easier, faster, and more secure. This is part of CIMB Bank PH’s continued financial inclusion efforts to make banking even more accessible, especially for the underserved overseas Filipino market, so that they, too, can bank the way they deserve in order to live their purpose. Remittance via CIMB Bank PH will be available in more countries in the coming months, so stay tuned. For a full step-by-step guide on how to send and receive money from abroad, visit cimbbank.com.ph/remittance.
