Before going to abroad, an OFW or his/her relatives must open a bank account for remittance purposes. Sometimes it’s hard to decide where to open a bank account since there are many banks you can deal with. Actually, there are really many banks in the Philippines but I listed some of the most trusted, customer-oriented and best banks that an OFW can use to remit their money to the Philippines.
1. Banco de Oro
Last year, Banco de Oro or commonly known as BDO held the highest portion of OFW remittances so it was named by Central Bank o f the Philippines as the No.1 bank of OFW remittance. BDO has services that it exclusively offer to OFW and their relatives like the Kabayan savings account with only P50 initial deposit with no maintaining balance as long it will be used for remittance. Just like other banks, BDO has Internet banking, phone, mobile and ATM banking across the country.
2. BPI
Bank of the Philippine Islands (BPI) was named by Finance Asia the best cash management bank in the Philippines for 2009. I personally used BPI for my remittances to the Philippines. I think BPI is one of the best in terms of customer care and speed in responding to client’s problems.
3. Metrobank
Metrobank is one of the most established banks in the Philippines. It is also listed in Philippine Stock Exchange as a public company. Similar to BDO and BPI, Metrobank offers also Internet, mobile and telephone banking. It has also different branches abroad just like in US, Middle East, Korea and other countries. Many OFW choose Metrobank because it has many branches around the country.
4. Chinabank
Ranking fourth largest universal bank by market capitalization in the Philippines, Chinabank is rising as one of the preferred banks of OFW and many Filipinos. With its wide banking services through it many branches and ATM machine all over the country, Chinabank is becoming accessible nationwide. It has online, ATM and mobile banking which you can use to transfer money to other banks with very low fee.
5. Union Bank of the Philippines
Union Bank of the Philippines or more commonly known as Union Bank is one of the largest banks in the Philippines, ranking seventh in terms of assets after its successful merger with smaller competitor International Exchange Bank. It is one of the most stable Philippine banks and is a public company listed in PSE. OFW can remit money to the Philippines through Union Bank by three different ways: (1) bank to bank, (2) through remittance partners and (3) via PayPal.
Choosing a bank for remittance purposes depends on your needs. Almost all banks offer same services but you need to determine those which are customer-oriented and responds to client’s problems quickly.
Gily Tenorio is a finance blogger who likes blogging on banking, saving, investing, stocks, mutual funds and make money online. For more details on how to open a bank account at Banco de Oro Philippines, you may go Financial Management blog for more free articles on banking, saving, investing and online money making.