Filipinos bound to work abroad should open a bank account before he or she leaves the Philippines. This bank account will be used for remittance purposes. Applying for a bank account can be difficult especially if you do not know which to choose. In the Philippines, there are a lot of banks to choose for opening a new bank account so I list in this article the most popular banks for OFW.
1. Banco de Oro
Banco de Oro or BDO ranks the highest in the Philippine banks for OFW. In 2009, BDO was named by the Central Bank of the Philippines as the No. 1 bank for OFW remittances. It has many services and products offer specially to OFW like the Kabayan Savings account which can be applied by an OFW with P50 initial deposit and no maintaining balance. BDO has also other types of banking such as online, phone and ATM banking.
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 is one of the biggest universal banks in the Philippines ranking 7th in terms of assets. It is a partnership among Aboitiz group, SSS Philippines and other companies. Union Bank is a stable bank which is listed in Philippines Stock Exchange. An OFW can send money to the Philippines using Union Bank through several ways such as bank to bank transfer, through remittance partners and via PayPal or Xoom.
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 personal finance blogger who loves writing 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 helpful articles on banking, saving, investing and online money making.
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