Cheap Ways to Send Money Within the Philippines

May 8, 2010 · Filed Under BDO, BPI, Banks 

Puedeng magpadala ng pera sa murang paraan.

Why do you pay hundreds of pesos to send money from Manila
to your families in the province? or vice-versa or any location within the Philippines?

Does paying 130 pesos to send 1,000 pesos or 650 pesos to send 7,000 pesos make sense?

There are now several ways to send money without paying any charge, or if you have to pay, it would only be a few pesos.

1.  Debit cards

  • You can get them for only around 100 to 150 pesos.
  • You don’t need to maintain a daily balance.

BDO Cash Card

  • Pay around 150 pesos to open the account.
  • No charge for reloading money. Use the Card Sale/Reload Slip.
  • Choose from three types of cards based on maximum balance limits of 10,000; 25,000; and 100,000 pesos.
  • The 10,000-peso-limit card needs to have at least one deposit or withdrawal within a six-month period.
  • Minimum reload of 100 pesos.
  • Withdrawal only through ATMs.

BPI Express Cash Card

  • Pay around 150 pesos to open the account.
  • Good for two years, renewable.
  • No charge for depositing or loading money.
  • Minimum withdrawable amount:  500
  • Maximum withdrawable amount per day: 10,000
  • Update as of March 2011:  There’s now a withdrawal fee of 15 pesos per withdrawal.

RCBC MyWallet

  • Pay 100 pesos to open the account and another 100 pesos annually.
  • Pay only 20 pesos to deposit, any amount.
  • Pay only 10 pesos to transfer money, if you have a regular RCBC account.

2.  Regular ATM Savings Accounts

BPI Family  –   1,000 pesos maintaining balance

BDO —  2,000 pesos maintaining balance

Metrobank – 2,000 pesos maintaining balance

Open your account where you plan to send money so you won’t have to pay a deposit charge.  Example: If you’re sending from Metro Manila, open an account here.

If you’re depositing in Metro Manila to a provincial account, you’ll have to pay a deposit charge ranging from 50 to 100 pesos, still lower however than other remittance services.

3.  EON CyberAccount of Union Bank

  • No maintaining balance
  • Pay 350 for the Visa electron annual fee
  • No charge for depositing
  • Can be used to verify a Paypal account and to withdraw funds from Paypal.
  • Update as of March 2011: There’s now a withdrawal fee of 10 pesos for the third and subsequent withdrawals for the month.  In other words, you’re allowed only two free withdrawals for every month.

4.  Bank accounts for OFWs

Most banks have special accounts for OFWs.  No maintaining balances and just a few pesos to open the account.  Just present proofs of remittances from abroad.

5.  Accounts for Minors and SSS/GSIS Pensioners

Most banks also have special savings accounts for children, requiring zero or low maintaining balances.

6.  Smart Money and G-Cash

Will write another post for these.

Related Articles:

Ofws Parents Take Advantage of Free Internet Banking to Manage Your Childrens Weekly Allowance
BPI and BDO Internet Banking — Free and Quick Ways to Send Your Children’s Allowance
BPI, BDO, or Metrobank Fees — Why Keep Paying Them?
List of Banks in the Philippines — Universal Banks, Commercial Banks
Cheapest Checking Account in the Philippines
Ofws Parents Take Advantage of Free Internet Banking to Manage Your Childrens Weekly Allowance
BPI and BDO Internet Banking — Free and Quick Ways to Send Your Children’s Allowance
BPI, BDO, or Metrobank Fees — Why Keep Paying Them?
List of Banks in the Philippines — Universal Banks, Commercial Banks
Cheapest Checking Account in the Philippines
 

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Comments

Whether in ENGLISH, TAGALOG or TAGLISH, your comments are well-appreciated,  but please, not pure TEXT SPEAK, kasi matagal intindihin. Thanks a lot.

5 Responses to “Cheap Ways to Send Money Within the Philippines”

  1. Raina on June 12th, 2010 1:30 am

    I know an even better way to receive money from our employers abroad, particularly in the USA!

  2. BPI and BDO Internet Banking -- Free and Quick Way to Send Your Children's Allowance | Working Pinoy on November 5th, 2010 7:20 am

    [...] Cheap Ways to Send Money to Your Loved Ones Within the Philippines [...]

  3. Send Money to the Philippines Thru BDO Remit | Working Pinoy on February 8th, 2011 3:20 pm

    [...] Related Articles: BDO Kabayan Savings, BDO Remit Cash Card for OFWs BPI and BDO Internet Banking — Free and Quick Ways to Send Your Children’s Allowance BDO Correspondent Banks for Sending Money to the Philippines Cheap Ways to Send Money to Your Loved Ones Within the Philippines [...]

  4. Gil Valino Alvaran on May 21st, 2011 7:08 am

    I was remittance customer of BPI since 1996. In 2009, I started an online remitance company (www.multi-trade.ca) and tied-up with BPIoy Remittance, Bank of the Philippine Islands. In two promo periods, BPI awarded a 2-million-peso house and lot each to two winners. In 2011, there were 20 grand prize winners of 100,000 pesos each. BPI’s and its tie-ups’ remittance fees are reasonable. the fastest, safest way to send money to the Philippines. Credited within minutes of tie-up company’s authorization to credit a beneficiary’s account maintained with BPI or Family Bank.

  5. Nors on May 21st, 2011 9:36 am

    way to go, Gil. entrepreneurship brings us to our financial goals. visited your site. wish you more clients.

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