A bank account is very important for OFW since it will be the account where the money will be sent from abroad. Opening a new bank account can be hard since you do not know which bank is the best for your criteria. There are really many banks in the Philippines so selecting one is not easy. In this article, you can learn which bank to use to send money to the Philippines.
1. Banco de Oro
Banco de Oro tops the list for Philippine banks that OFW choose. According to Central Bank of the Philippines, is the No.1 bank for OFW remittances for 2009. Aside from different awards, BDO has many services that caters for OFW such as the Kabayan Savings account which an OFW can open without maintaining balance as long as the OFW will remit his/her money continuously to BDO. It also offers Internet, mobile or phone banking which I think very useful for OFW.
2. BPI
Recently, Finance Asia awarded Bank of the Philippine Islands as the best bank in the country for cash management in 2009. BPI is my choice bank for sending money to the Philippines. It has the best care fo its customer and very quick in responding to their client’s needs.
3. Metrobank
Metrobank is one of the most popular banks in the Philippines because of its numerous branches all over the country. It is included in Philippine Stock Exchange and belongs to top 5 remittance bank of OFW for year 2009. Metrobank has branches overseas such as in Korea, US, Europe and Middle East. Because of its many branches across the country, many people and OFW choose it as their bank.
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.
In conclusion, bank account is one good way to send you money to the Philippines so wisely choose which bank has the best service in terms of remittance and money transfer. You must also determine how much they charge each time you send money. A good bank is the one that cares for its clients and easy to contact and get help.
Gily Tenorio is a finance blogger who likes blogging on banking, saving, investments, stocks, mutual funds and make money online. For more details on how to open a bank account at Banco de Oro Philippines, you may visit Financial Management blog for more helpful articles on banking, saving, investments and online money making.
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