| Top Philippine Banks For OFW |
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| Written by Gily Tenorio | |||
| Saturday, 04 September 2010 08:12 | |||
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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 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 Last June 2010, Finance Asia, a prestigious publication and magazine in Asia and the Pacific, named BPI as the best cash management bank in the country. Many OFW use BPI for their money remittance to the Philippines. It has good customer service and quickly reply to customer's queries. 3. Metrobank Metrobank is a famousr bank in the Philippines and listed as a public company in the Philippine Stock Exchange. Last year, it belongs to the top five remittance bank of OFW. It has a wide network of branches not only in the Philippines but also in other countries like US, European countries, Korea and Middle East countries. Many OFW likes Metrobank because of its good customer service and plenty of branches all over the country. 4. Chinabank ChinaBank ranks fourth as the largest universal bank in the Philippines by market capitalization. It is a member of BancNet, a famous bank organization in the Phlippines. Chinabank has many services through its 388 ATM and 248 branches across the country. One good benefit of using Chinabank is you can transfer money to other bank members of BancNet with just small transfer charge. 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. There are many banks in the Philippines which you can choose from to apply a new bank account for sending money to the Philippines. It is recommended to select a bank which ca be trusted and has long experience in banking services. It should be also quick in responding customer's needs. About the Author: Gily Tenorio is a finance blogger who likes writing on banking, saving, investments, stocks, mutual funds and make money online. For more information 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, investments and online money making. Add this page to your favorite Social Bookmarking websites          
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