It’s important for an OFW family to choose a Philippine Bank that addresses the financial needs of the family. For simple remittance management and savings, I’m sure there will be one or two banks that best fit the family’s needs.
Sometimes the accessibility of a bank becomes the default criteria for opening an account. But when the family considers further, they may find more reasons to choose one bank over the other.
Here are 5 things to consider when choosing a bank for the OFW family.
1.) Accessibility. How close or convenient is the bank’s branch or ATM from the home of place of work of the family? Sometimes, the selection of the bank is based on what is accessible to the family.
2.) Schedule. Is the bank’s schedule convenient for the family member who receives the remittance and manages the family’s finances? Is it open after office hours? On Saturdays? Sundays? Holidays?
3.) Low fees. How much does the bank charge to send a remittance? to receive a remittance? Does the bank charge for withdrawals via ATM? What other
4.) Minimum Average Daily Balance. Most families will prefer to have a low MADB. There are even some accounts that allow a zero balance.
5.) Online Banking. Is online banking available for the family or the OFW? This allows the OFW to monitor the bank account(s) even from abroad.
Bonus (good to have): Other bank services. Does the bank have other services like bills payment, automatic savings, funds transfers, investments, loans etc.
I saw this page that compares savings accounts in the UK. Nifty.
I’d be interested to see similar simple comparisons for Philippine Banks. I found a couple of comparisons of Philippine banks.
- Here’s one that compares time deposit rates of Philippine Banks.
- There’s also a comparison of the three big banks: BPI, BDO, Metrobank
- We also like this tabular comparison of BPI, BDO, Metrobank by investmentphilippines.com
- This article highlights some of the bank’s services for OFWs.
There are many services available. It’s a matter of being selective, finding the combination of services that best address the needs of the OFW and the OFW family.
As the family progresses from simple consumption, to saving, to paying bills, to increasing financial education, to investing, to building a business, they will need to progress through a combination of services from various providers.
Keep your eyes peeled. There are always new services out there that may better address your OFW and OFW Family’s needs.
eOFW is not related in any way to the companies featured in our articles except otherwise specified. We feature different companies for the information of our readers to help them better find services that suit their needs.
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