OFWs Can Send Money to the Philippines Thru BDO Remit
There are now plenty of ways for OFWs to send money to their families in the Philippines. These include:
Cheap Ways to Send Money Within the Philippines
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 Children’s Weekly Allowance
Updated June 22, 2011
If you’re a parent whose high-school or college-age kid is living in a dorm or studying in another city or an OFW who likes to control your child’s weekly allowance, take advantage of free Internet banking services offered by local banks.
Most large banks now in the Philippines offer free Internet banking, and they offer lots of services that prompts you to say Wow.
However, in this article, I would describe only two, BPI Express Online and My BDO Internet Banking, because they’re the ones I use.
BDO Kabayan Savings, BDO Remit Cash Card for OFWs
Updated June 22, 2011
BDO Kabayan Savings for OFWs
This is a special savings account for OFWs and their families in the Philippines.
You can open an account here in the Philippines, or abroad if you work near BDO partner remittance firms chosen to issue this account.
- Can be in pesos or in U.S. dollars
- Initial deposit of 100 pesos for a peso account or $100 for a dollar account. (Update as of November 2010: was changed to 50 pesos. On brochure seen on June 2011: 50 pesos)
- No maintaining balance as long as you make at least 6 remittances a year. (Update as of November 2010: was reduced to ONE remittance a year )
- You will receive a Passbook and a Mastercard ATM Debit Card.
- Additional update for seafarers: You can open a BDO Kabayan Shipping dollar savings account with passbook for only US$10. Show one valid ID and your valid seaman’s book.
- With your Kabayan savings account, you can arrange with BDO for the payment of your home loans and insurance premiums through BDO’s Auto-Debit Arrangement (ADA).
Check here BDO correspondent banks.
Check also this blogpost: What happens if your BDO Kabayan account DOES NOT receive at least one remittance in a year?
BDO Remit Cash Card for OFWs
This card is similar to the regular BDO Cash Card,
but you can get this card abroad — in selected BDO accredited remittance
services. There are thousands of BDO Remit offices, partners and agents worldwide, particularly in countries where there are a lot of OFWs.
This also has a higher load balance and deposit limit, compared to the regular BDO cash card. While the regular cash card is limited to 10,000 pesos, BDO Remit Cash Card can be loaded with up to 100,000 pesos.
You can send money directly to this BDO Remit Cash Card account.
Your and your beneficiary can also check the status of your remittance through the BDO Remit Status Inquiry on the BDO website.
Related Articles:
OFW 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
Savings Accounts for OFW Remittances
Savings Accounts in the Philippines with the Lowest Maintaining Balances
Cash Cards for OFW Remittances to the Philippines
List of Banks in the Philippines — Universal Banks, Commercial Banks
Top 27 Savings Banks in the Philippines — or Top 27 Thrift Banks
OFWs Can Send Money to the Philippines Thru BDO Remit
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