Luminus Financial

Luminus Financial

July 11, 2013 06:00 ET

Luminus Financial to Launch Convenient, Affordable Remittance Services to the Philippines

Luminus will be at the Filipinos Making Waves Festival this Saturday, July 13 at Yonge-Dundas Square in Toronto. Stop by our booth and ask us about our new remittance service

TORONTO, ONTARIO--(Marketwired - July 11, 2013) - Are you looking for a safe and easy way to send money to your family in the Philippines? Luminus Financial is launching a program on July 13 to help you remit now, and pay later. This means you can make sure the money gets to your loved ones right when they need it.

The number of Filipinos in Canada is increasing dramatically. Records from Statistics Canada show that from 2001 to 2006, the Filipino community grew from 133,680 to 181,330, with 62% of those people moving to the Greater Toronto Area. Today, an average of 9,500 Filipino immigrants arrive in the GTA every year.

"The Filipino population is growing continuously," says George De La Rosa, Luminus' CEO. They are the third largest non-European ethnic group in the country, and many have relatives in the Philippines to whom they send financial support. "We want to make it easier and more cost-effective for them to support their families back home."

Remittances account for billions in global support every year, and experts are predicting the total will reach $615 billion by 2015.

With so many people sending money, De La Rosa says there is a need for a secure and convenient remittance service. "We understand that people want to make sure their money gets to their relatives," says De La Rosa. "That's why we're offering our new service. With our connections, we can give people peace of mind."

Remittance partnership with BDO Unibank, Inc.

- the largest bank in the Philippines

Luminus recently partnered with the Philippines' largest universal bank, BDO Unibank, Inc., to provide safe, fast and convenient remittance services to Canada-based Filipinos.

One of the top choices of Filipino remitters is the Credit to BDO Kabayan Savings Account that allows Filipinos abroad to send money directly to a beneficiary's account in the Philippines. Beneficiaries can then withdraw the remittance easily from over 11,000 ATMs across the Philippines.

Remittance may also be received through BDO's Cash Pick-up Anywhere service. Beneficiaries can claim the remittance - in pesos or US dollars - from almost 800 BDO Unibank, Inc. branches in the Philippines, including those within SM malls (open even on weekends and holidays until 7 p.m.). They can also pick up their money at BDO Remit Counters inside The SM Stores, SM Business Service Centres and SM Global Pinoy Centers (open until 8 p.m.).

To better serve Filipinos in Canada, Luminus offers great rates and low remittance service fees, making their remittance services more affordable.

Luminus Membership - No problem

So what do you do if you want to send money with Luminus but don't have a membership? That's not a problem, according to De La Rosa.

"You can sign up for a Luminus membership online 24 hours a day," he says. "It's really easy. It only takes one business day to be approved and then you can start sending money online right away."

With a Luminus membership, members receive an automatic FiveStar Chequing Account, with a $500 overdraft limit, a competitive feature that is unique to Luminus.

"Sometimes you need to send money right away, before you get your paycheck," says De La Rosa. "Luminus' overdraft protection is there so you can remit right away and pay it back later, without penalty. You can also do it outside of business hours, because we know people are sometimes too busy to get to a branch.

"This service demonstrates our credit union's dedication to clearly better banking, by providing competitive products and services that work for people's everyday lives."

About Luminus Financial

Luminus Financial - formerly Starnews Credit Union - was formed in March 2011. The original Starnews Credit Union was created in 1951 by a group of employees from the Toronto Star. In 2010, the credit union was granted a new status as open bond, which allowed it to serve any individual, business or organization in Ontario. As a result, credit unions with similar origins became part of Luminus Financial: King York Newsmen, Air Toronto, Campbell Employees, and Food Family.

As Luminus Financial continues to grow and expand, we ensure the ability to provide a full range of competitive products and services for our members, in a way that demonstrates the value of being an owner-member of the place where you bank.

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