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Popular Banks In The Philippines Among OFW

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 savings account can be hard since you do not know which bank is the best for your criteria. There are actually many banks in the Philippines so choosing one is not easy. In this posts, you can acquire information which bank to pick to remit money to the Philippines.


1. Banco de Oro


Banco de Oro or BDO placed the topmost 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 severalk services and products offer especially to OFW such as the Kabayan Savings account which can be applied by an OFW with P50 initial deposit and without maintaining balance. BDO has also other types of banking like Internet, telephone and ATM banking.


2. Bank of the Philippine Islands


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 money transfer to the Philippines. I believe BPI is one of the advantageous in terms of customer service and quick in answering to client's problems.


3. Metrobank Philippines


Metrobank is a famous bank in the Philippines and listed as a public enterprise in the Philippine Stock Exchange. Last year, it belongs to the top five remittance bank of OFW. It has a broad network of branches not only in the Philippines but also in other countries such as US, European nations, Korea and Middle East countries. Many OFW chooses Metrobank because of its good customer service and plenty of branches across the country.


4. Chinabank


Ranking as fourth biggest universal bank by market capitalization in the Philippines. Chinabank is emerging as one of the preferred banks of OFW and many Filipinos. With its broad banking services through its multitude branches and ATM machine across the country, Chinabank is going available nationwide. It has online, ATM and mobile banking which you should use to transfer cash to different banks with very low fee.


5. Union Bank of the Philippines


In the Philippines, Union Bank places seventh in the largest banks in regards of assets. It is a public compane listed in Philippine Stock Exchange. Union Bank is an an alliance among the companies and government institution in the country. With its broad range of services, many people and OFW find Union Bank a good option for saving and money transfer purposes. You can remit money to the Philippines using Union Bank by PayPal, through money transfer partners and by bank to bank wire transfer.


Selecting a bank for money transfer purposes depends on your needs. Almost all banks cater same products but you need to choose those which are customer-oriented and answers to client's problems fast.
About the Author

Gily Tenorio is a personal finance blogger who likes writing on saving, investments, stocks, mutual funds and make money online. For more details on how to open a savings account like
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best philippine islands
best philippine islands