Remitting money to the Philippines is very important for all OFW so it is essential to wisely choose which bank you will use to send money to the Philippines. There are many remittance services today an OFW can choose unlike 10 or 20 years ago. One best way to remit money is through remittance service by almost all banks. One reminder: you should not trust your hard-earned money to unknown or poor customer-service financial institution.
Recently, Bangko Sentral ng Pilipinas named Banco de Oro Universal Bank Inc. (BDO) as No.1 bank for OFW remittances in 2009 for having the largest share of money sent in the Philippines by OFW. This is the second time Henry Sy- led bank got the title.
BSP data showed BDO got 26% of the total remittances in 2009 which is US$17.348 billion. BPI got the second place (24%) while PNB got the third place, 15% share of the total OFW remittances.
According to the data, the remittances in first four months of this year 2010 came mainly from the US, Canada, Saudi Arabia, United Kingdom, Japan, Singapore, United Arab Emirates, and Italy.
The data shows the best banks in which an OFW can choose to remit their money to the Philippines. These are the ones which are fully-established and best in customer service. If you’re considering to open an account, you may consider one of these banks.
In my case, I remit money to the Philippines using BPI for more than 3 years now and I am fully satisfied with their services. Even though I encountered several problems, they have good customer service which responds quickly and solve the problem very fast.
How about you, which bank do you use to remit your money? Please let me know.