The largest financial institution in the Middle East and Africa, QNB has launched a Direct Remittance service for money transfers from Qatar to the Philippines.
To provide this service, QNB connected with the China Bank in the Philippines through RippleNet (a financial technology powered by Ripple.)
“QNB has always been a pioneer financial technology accelerator in Qatar and the region. Our partnership with Ripple will provide our customers with a frictionless and safe experience to send funds in a way that fits their lifestyle,” said Mr. Adel Al-Malki, General Manager QNB Group Retail Banking.
QNB is the first bank in Qatar to provide this service. This service provides the bank’s customers with a convenient remittance experience and a fast cross-border money transfer solution.
The service mainly targets Philippine nationals in Qatar and will allow them to make fund transfers of up to PHP 50,000 to any bank in the Philippines in real-time.
All transactions above PHP 50,000 sent prior to the cut off time would be credited on the next working day.
Mr. Marlon Hernandez, Head of Remittance Business Division at China Bank, said, “We are offering this service for all China Bank’s customers free of charge, allowing them to receive funds instantly into their account with China Bank and charging them as little as PHP 30 to carry the transactions via local channels to other banks in Philippines.”
For more crypto market news, subscribe to The Crypto Times.
