OFW and remittances are two concepts that go together. Always. In fact, one of the primary goals why Filipinos work abroad is to be able to provide a better future for the family. To fulfill that promise, one must be able to send money back home.
Here’s the challenge: choosing the best remittance provider where you can entrust your money.
You can rely on remittance providers like Xoom or Western Union to help you send money in the Philippines. You get to save on fees too, which can be helpful since every centavo in your hard-earned money counts. On the other hand, there are risks involved and going after them can be a headache.
This is why you need to consider banks as a your remittance provider.
Check out the banks that provide remittance services for you and your family:
BDO has facilities in Asia, Europe, Middle East, and North America to make their remittance services fast, easier, and more accessible for you. BDO also partnered with various remittance centers worldwide like MoneyGram, Wells Fargo Express Send, Xoom, and Ria Money Transfer among many others. All you need is to apply for BDO Remit Cash Card and you are good to go.
Why BDO Remit?
- Real-time sending of your remittance
- With your Cash Card, you can shop anywhere with POS terminals and use the card to pay for your purchases
- Allows your family to easily withdraw money anytime, anywhere
- Beneficiary is informed of the remittance made through BDO Remit Text Service
What about the fees? That would depend on BDO’s remittance partner where you coursed your money transfer. For a detailed list of remittance fees, check it as per BDO’s website here.
“Make the best happen” is what BPI believes in. To live up to that promise, they want to make sure that they can extend their helping hand to OFWs through various products, including remittance services. This is why BPI was awarded as the top commercial bank in the Philippine remittance business for three consecutive years.
Why BPI Remittance?
- Wide remittance network in key areas around the world to make money transfer easier and more convenient
- Money sent is almost realtime (which will start from the time BPI receives valid payment instructions from their tie-ups)
- Remittance is credited either directly to BPI account or any other account from local banks in the Philippines, which your beneficiary can get from branches nationwide or through door-to-door delivery
- Money can be withdrawn using the ATM card, free of charge
- You can send money in peso or dollar, except for BPI Direct savings where only peso currency is allowed
- Free text message informing you and your beneficiary of the remittance made
- Allows you to pay bills directly to a merchant
What about the fees? The fees would also depend on the amount charged by their tie-ups. Check the links for more detailed information about Overseas Office service fees and Inward Remittance Charges.
Metrobank Remittance Services
One of the most stable banks in the Philippines, Metrobank offers variety of products and facilities for OFWs, including remittance services.
- Real-time credit of money to your Metrobank peso account or World Cash Card and within 24 hours credit when money is transferred to other Philippine bank accounts
- Door-to-door cash delivery, which your beneficiary will receive within 24 hours for Metro Manila and 2-3 days for provincial areas
- Cash pickup services in partner centers like Cebuana Lhullier, LBC, and Palawan Pawnshop among others
- Allows you to pay your utilities even while abroad through Metrobank foreign branches and subsidiaries
What about the fees? Similar to the first two banks, the fees depend on the branch where you will course your remittance. Check out this link for a more detailed information about remittance fees.
China Bank Remittance
Apart from the savings account, Chinabank also offers remittance facilities to OFWs. It can be another option to send money in a fast and secure way.
- There are variety of options to receive money – credited to Chinabank account or other local bank account, door-to-door delivery, or pick up in any China Bank branches or pay-out partners nationwide like LBC and SM Global Pinoy Center among others
- Your beneficiary can withdraw money from any ATM branches nationwide
- Fixed remittance fees regardless of where you are when remitting your money
What about the fees? Check this link for a detailed list of the fees when making remittances.
PSBank is known for providing accessible and affordable products for Filipinos. True to its reputation, the bank now offers affordable remittance services for OFWs.
Why PSBank Remittance?
- Partners with some of the biggest banks around the world, including Wells Fargo and JP Morgan Chase
- Money is wired quickly and safely at low service fees through telegraphic transfer
What about the fees? It doesn’t matter where the money is being wired from. Remittance charges are fixed regardless of where you are. Know the fees in detail by clicking this link.
“Global Filipino” is what PNB believes in. To live up to that, they also offered several products specifically for OFW, including remittance facilities.
Why PNB Remittance?
- Remit money straight to your PNB account or Global Filipino Money card (GFMC) in seconds
- Offers variety of ways to send money back home through their correspondent banks and tie-up remittance companies
- Conveniently withdraw money in PNB, Megalink, Bancnet, and Expressnet ATMs all over the Philippines
- Tied up with various banks and remittance partners to make sure you transfer money easier and more conveniently
- Allows you to check the remittances online, which you can access here.
- Door-to-door delivery, credit to non-PNB accounts and remittance pickup at any PNB branches and pay out partners are likewise available
What about the fees? The remittance charges are dependent on where you remitted your money. PNB website listed the detailed charges when coursing through money transfer with them, which you can access here.
Banks may charge higher rates when coursing money transfer and require you to have an account with them. Nonetheless, you can never buy safety and peace of mind, especially when it concerns your hard-earned money.