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 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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