How to send money to the Philippines is definitely one of the most important concerns of every overseas Filipino worker (OFW). Migrant workers with dependents in the Philippines are always looking for a safe, fast and affordable way to remit their earnings back home.

Sending money through postal mail is not recommended and is no longer a popular option because delivery can take a while and there is great risk that the money will not reach its proper destination. A safer option is to send remittances thru registered mails or courier services, but these methods can be costly. Therefore, the best method is through banks and remittance companies.

Philippine banks now offer special remittance accounts for OFWs and their families. Filipinos can remit money by going to the remittance partners of the PH banks in their host country.

The remittance accounts usually have no maintaining balance and would also serve as a savings account that earns interest. An OFW also has an option to send remittance only if they do not wish to open a savings account. The remitter can also choose their preferred delivery options such as cash pick up, through bank transfers, door to door delivery, etc.

Here are some of the Philippine banks with special remittance services for OFWs:

Philippine Banks with Remittance Services for OFWs

Development Bank of the Philippines (DBP) Electronic Cash Remittance (EC Remit) Program

• Provides ATM account for OFWs and OFW Beneficiaries.

• Send money from any DBP offices/ Remittance partners abroad and withdraw from any DBP, Megalink, Bancnet and Expressnet ATMs.
• No maintaining minimum balance.
• Access to account 24/7, wherever you may be!
• Secured with personalized PIN.
• Earn the best savings rate with DBP!
• Insurance with PDIC up to a maximum of P500,000 per account holder

United Coconut Planters Bank (UCPB) U-Remit

• No initial deposit requirement and no maintaining balance for U-remit ATM Savings Account
• Get P200.00 or US$5.00 instant credit
• Direct credit to their other local bank accounts
• For beneficiaries with no UCPB account, they can still credit their remittances directly to your beneficiary accounts maintained in other local banks.
• Beneficiaries with no bank accounts or still prefer to receive cash, can pick-up remittances through over-the-counter at 183 UCPB branches nationwide or over 1,400 M Lhuillier branches nationwide

Banco De Oro (BDO) Kabayan Savings Account

• Remittance is credited immediately to the beneficiary's BDO Kabayan Savings
• With BDO Kabayan Savings ATM Debit Card, withdraw anytime, anywhere from over 11,000 BDO, MegaLink, Expressnet and BancNet ATMs across the Philippines, and pay for items at SM and other accredited stores with point of sale (POS) terminals.
• It comes with a passbook so one can monitor your remittance transactions
• They have a system where one can check the status of their remittance online by simply entering a reference number.

BPInoy Remittance

• No initial deposit required.
• No maintaining balance required as long as there is a remittance transaction at least once every 6 months.
• Earn higher interest, better than any other regular savings account.
• Access your account through over 9,000 Expressnet, Bancnet, and Megalink ATMs nationwide.
• Withdraw cash from over 1 million Cirrus-affiliated ATMs in over 210 countries worlwide in the currency of the country you are in.
• Enjoy cashless shopping via the Express Payment System (EPS) at accredited establishments nationwide. No enrollment required.
• Monitor your account balance, transfer funds, pay bills or reload cellphones through BPI ATMs,  BPI Express Phone, BPI Express Online or even via your cellphone with BPI Express Mobile.
• Open an account from anywhere in the world -- online.

Metrobank World Cash Card (WCC)

• The world cash card is a stored-value card designed to give beneficiaries access to their remittance funds without maintaining an account with the Metrobank. 
• The beneficiary has the convenience of inquiring and withdrawing remitted cash anytime, any day via ATM. 
• All transactions are secured by a 6-digit PIN
• No required maintaining balance.
• No Initial Deposit     
• Waived application and processing fee

Note: You can contact the bank company to get more details about their service.

Quick Tips in Sending Remittances

• Choose only a reputable bank or courier service
• If you would send money through bank transfer, it is advisable if your beneficiary also have an account at the same bank where you will send the money from. You may enjoy cheaper rates and faster service.
• PH banks would make profit through the remittance fees and foreign currency conversion charges. Inquire or take note of the charges of different PH banks and choose the one that offer the best rates.    

   

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