Popular Banks In The Philippines Among OFW

A bank account is very important for OFW since it will be the account where the cash will be sent from overseas. Applying a new savings account can be difficult since you do not realize which bank is the best for your criteria. There are really a lot of banks in the Philippines so selecting one is not easy. In this posts, you can learn which bank to pick to send money to the Philippines.

1. BDO Bank

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 among OFW remittances. It has many services and products cater especially to OFW like the Kabayan Savings account which can be applied by an OFW with P50 initial deposit and no maintaining balance. BDO has also other kinds of banking such as online, phone and ATM banking.

2. Bank of the Philippine Islands

Bank of the Philippine Islands (BPI) was chosen by Finance Asia the most desirable 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 care and speed in answering to client's difficulties.

3. Metrobank Philippines

Metrobank is an outstanding bank in the Philippines and registered as a public enterprise in the Philippine Stock Exchange. Last year, it is included to the best five remittance bank of OFW. It has an advanced network of branches not only in the Philippines but also in other countries such as US, European nations, Korea and Middle East countries. Most OFW chooses Metrobank because of its good customer service and many branches all over the country.

4. Chinabank

Placing as fourth biggest universal bank by market capitalization in the Philippines. Chinabank is emerging as one of the chosen banks of OFW and many Filipinos. With its wide banking products through its multitude branches and ATM machine across the country, Chinabank is becoming available nationwide. It has online, ATM and mobile banking which you can use to send cash to different banks with very low charge for service.

5. Union Bank

In the Philippines, Union Bank ranks seventh in the biggest banks in regards of assets. It is a listed bank listed in Philippine Stock Exchange. Union Bank is an association among the companies and government establishment in the country. With its wide range of services, many people and OFW see Union Bank a good choice for banking and remittance purposes. You can send money to the Philippines using Union Bank by PayPal, through money transfer affiliates and by bank to bank wire transfer.

Picking a bank for remittance purposes depends on your goals. Nearly all banks offer same products but you need to determine those which are customer-oriented and responds to client's problems quickly.

Gilbert Tenorio is a personal finance blogger who likes blogging on saving, investments, stocks, mutual funds and make money online. For helpful information on how to open a bank account like Land Bank Philippines, you may visit Financial Management blog for more free posts on banking, saving, investments and earning money online.