One thing I’ve noticed over the past 8 years or so is the proliferation of ATM cards among the common Pinoy.
There was a time when only the better-off office-class workers had ATM cards. The use of the ATM was a luxury only a small percentage of better-off Filipinos had. Other Pinoys would need to line up at banks with their passbooks. Many had no bank accounts at all.
But in recent years, I’ve observed how cash cards are being used more and more on an individual basis and for company needs like distribution of payroll.
All this is good. It brings banking services closer to the common Pinoy. It maximizes the utilization of ATM machines. It speeds up the flow of money e.g. through ATM payrolls. It also allows quicker delivery/claim of remittances by OFW-family members.Many remittance services make use of the cash card to “deliver” cash to remittance recepients.
Explore getting a cash card for your OFW family at home. It will help them receive remittances quickly.
When choosing a cash-card, take note that
- Minimal application fees apply.
- Inter-Bank charges apply (charges for using other bank network’s ATMs).
- Most cash cards have no minimum daily balance.
Choose a cash-card and remittance service that is convenient for both sender and receiver.
Always Telling Money stories
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