WorldRemit, the global online money transfer service, now offers instant bank deposits to BDO (Banco de Oro) and Metrobank accounts in the Philippines.
The new service means that funds sent via WorldRemit to customers of either bank will be available immediately.
Ismail Ahmed, Founder and CEO at WorldRemit, said: "Sending money to friends and family in the Philippines should be as quick and easy as sending an email or text message. For customers of BDO and Metrobank the waiting is now over. Instant deposits from WorldRemit mean that wherever in the world the money is sent from, it will appear in the recipient's account right away."
"Money coming from abroad makes a real difference to people's quality of life in the Philippines, whether it is a regular payment, a small gift, or help with a family emergency. No one wants to wait days or even hours for their transfer to go through and with WorldRemit, BDO and Metrobank they won't have to," added Mr Ahmed.
Customers using WorldRemit can send money to the Philippines from 35 countries. The service is available 24/7, 365 days a year to anyone using a computer, smartphone or tablet. WorldRemit's business model offers a more efficient, affordable and transparent alternative to traditional money transfer operators.
WorldRemit includes several additional receiving options for the Philippines, including cash pickup, home delivery, payments to mobile wallets and airtime top-up.
An estimated US$25bn was sent to the Philippines in the form of remittances in 2013, according to research by the World Bank. The figure has grown 250% since 2003 when migrants sent around US$10bn to the country.