TIRED of going to the internet for foreign exchange conversion?
Bank of China (BOC) Manila’s mobile app carries a new foreign exchange conversion feature in its mobile and internet banking facilities.
This means individual clients can convert PHP to RMB, USD, and EUR in a real-time environment using the BOC mobile app, the Philippines’ first real-time RMB foreign exchange conversion feature in a mobile app.
This new feature is in line with the BOC’s ongoing digital transformation strategy where they find new ways to engage with both existing and potential customers in the Philippines.
This feature is also in support of the Bangko Sentral ng Pilipinas’ (BSP) Digital Payments Transformation Roadmap 2020-2023 that encourages the availability of more innovative and responsive digital financial products and services for clients.
“The improvements to our online forex conversion capacity is a reflection of our direction as a bank as we continue to grow our digital capabilities in support of our customers in the Philippines,” said Deng Jun, Country Head of Bank of China Manila.
Foreign exchange conversion has been available on BOC Mobile and BOC Net since 2019, but was only limited to conversions from one foreign currency to another foreign currency, such as RMB, USD and EUR. Now, the bank has expanded that to include PHP as well, with conversions being done in real-time during transaction hours.
The only requirement is that individual clients must have both originating currency and target currency accounts with BOC Manila. For example, a client who wants to convert PHP to RMB should have both a PHP account and an RMB account with BOC Manila.
While the bank operates through a single branch in Bonifacio Global City, the new online real-time forex conversion system makes it even more convenient for individual clients to transfer their PHP to their other foreign currency accounts and vice versa.
“A lot of business is now being done online, and the demand for faster and more convenient services is growing. That’s why digitalization has become an important part of our strategy. So that we can continue to serve our clients in the most efficient manner possible,” Deng explains.