Sending Remittances by Wells Fargo (China)

Submitted by Ms. Laurence BRON on

Wells Fargo has made inroads to China by partnering with the Agricultural Bank of China (ABC), one of the largest banks in China, by offering an account-to-account remittance program. Customers in the United States can send up to $1,000 a day to China for $8. Recipients can claim their funds at more than 31,000 ABC branches and 12,500 ATMs throughout China.

Banco Popular Dominicano (BPD)

Submitted by Ms. Laurence BRON on

In the Dominican Republic, commercial bank Banco Popular Dominicano (BPD) partners with MoneyGram to distribute products through branches and ATMs. Banco Popular Dominicano (BPD), the largest bank in the Dominican Republic, with approximately 30% of the market, formed a joint-venture with MoneyGram to link remittances with banking products, equip its automatic teller machines (ATMs) to process money transfers, and link transfers to its payment services.

RuralNet

Submitted by Ms. Laurence BRON on

RuralNet, a cooperative venture of rural banks, has been established to provide interconnectivity between rural banks and other players in the formal remittance market in the Philippines. This is seen to potentially address the "unbanked problem". 

To do this, RuralNet offers services including:

  • Online payments to government services
  • Bills payment
  • Loading to a mobile
  • Remittance services
  • Flight bookings
  • Insurance

Joint checking account offered by the Moroccan Banque Populaire for the migrants' families

Submitted by Ms. Laurence BRON on

Banks can play a stronger role in keeping transfer fees low for migrants through the creation of special services with features that aid migrant’s remittance transfers. An example of such services are the joint checking accounts offered by the Moroccan Banque Populaire. Through their own branches and agreements with banks in European countries, migrants in Europe can make deposits into the account which can then be accessed by family members in Morocco. 

Home Development Mutual Fund - Philippines

Submitted by Mr. Dário Muhamudo on

The Home Development Mutual Fund (abbreviated as HDMF), more popularly known as the Pag-IBIG Fund, is a Philippine government-owned and controlled corporation under the Department of Human Settlements and Urban Development responsible for the administration of the national savings program and affordable shelter financing for Filipinos employed by local and foreign-based employers as well as voluntary and self-employed members. It offers its members short-term loans and access to housing programs.

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