Remitting or sending money from abroad to the Philippines is a regular activity that is being done by all OFW around the world. In this reason, it is very important that every OFW knows how to properly and wisely send money to the Philippines.
Basically, there are many options on how and where you must send your money. Remittance is a big industry not only in the Philippines but in other countries as well like India, Mexico, and China.
The most common way to send money to the Philippines is through the bank. In this way, the sender needs to visit a bank or ATM of the bank where she will send the money.
As an OFW, you should know several ways on how to send money. If you are a BPI user, you can do the following ways of remitting money to the Philippines.
1. Direct Credit to Account
You can only do this way if you have an active BPI account. You can also send money to other people with BPI account in their name.
I’m using this service. When I send money to the Philippines, I’m remitting money to my wife’s BPI account. Sometimes, I used my own Metrobank account.
Using Internet banking, I can check when the money is added to my account or to my wife’s account. It is very fast, reliable and very safe since bank only transfer the money to your Philippine bank account.
Normally, from your current country, you will send the money in US dollar and then it will be automatically converted to Philippine Peso if your account is in Peso account. However, if it is in US dollar account, it will stay as it is.
BPI website claims that the money you sent from abroad will be added to your Philippine account within 24 hours. In my experience, this excludes Saturday and Sunday because last time I sent the money on Saturday, the money was credited to my wife’s account on Monday.
If your spouse or relative’s BPI account has ATM, they can easily withdraw the money to any ATM. You can send money to any BPI, BPI Family or BPI Direct.
2. Branch Pick-up
This method is available for those beneficiary with no BPI account. She can claim the remittance money from your preferred BPI or BPI Family Bank branch.
However, in this method, the remittance company or institution that you gonna send the money from your current country should be accredited by BPI. This may not work to any bank or remittance companies.
3. Door-to-Door Delivery
This method is the old-school way to remit money to the Philippines. I remembered when I was in elementary, my father used to send money from Saudi in this way since my parents don’t have a bank account during that time. I think there are still some people using this method.
According to BPI, they can deliver the remittance to your beneficiary’s house within 24 hours for Metro Manila residents and from 2 to 3 days for provincial residents.
4. Credit to Other Bank’s Account
Using this method, BPI can forward your remittance money to you other bank’s head office within 48 hours. After that, the money will be sent to you branch.
I don’t see the point here. In my opinion, it is better to send the money directly to your bank. Perhaps, in some occasions when you cannot send the money directly to a non-BPI bank.
Based on my experience, it is a lot better and faster to send money directly to your or relative’s bank account. It is more secure since banks have very high security in terms of their facilities.
Therefore, make sure that before leaving the Philippines, your beneficiary should have her own bank account. If she has no account, she can open one with very low or zero maintaining balance like BPI Easy Saver or BPinoy account.
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Source: BPI website