RETAIL BANKING | Tony Chua, Philippines

Metrobank and Wells Fargo strike deal

The Filipino lender targets to provide Filipinos in the US the cheapest remittance service.

Despite uncertainties in the US economy, Metrobank, one of the country’s largest, yesterday announced its partnership with top US bank Wells Fargo.

The partnership will involve remittance services for the million of overseas Filipinos in the US.

Richard Benedict So, Metrobank senior vice president and group head for the International Offices and Subsidiaries Group, said the bank aims to provide Filipinos in the US the cheapest remittance service in the market.

"Our service will only cost $5 dollars, flat rate," So said.

Other remittance centers are charging $7 to $10 depending on the amount to be sent.

To date, Metrobank covers 14 percent of the country’s total market share for remittances.

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