You can get more pesos for your US dollars if you change them at Eastwest Bank Foreign Exchange. I have observed this for many months now.

As of today, EastWest gives the highest exchange rate for US dollars among all banks and money changers. Eastwest also adjusts its exchange rate throughout the day, during business hours.

The first time I discovered Eastwest Bank in 2020, I was able to exchange my US dollars for 42 cents more per dollar than the rate offered by the other popular money changer here in Alabang. I exchanged US$1,200, so I got 504 pesos more!

I discovered Eastwest as one of the best for foreign exchange after I saw an armored van delivering Eastwest Bank pouches of money to Czarina Money Changer, which was where I’ve been exchanging my US dollars for many years. I figured that time that Eastwest’s foreign currency rates must be higher than most since Czarina was transacting with the bank.

Today, at this hour, 10 am of March 24, 2022, I checked US dollar to peso exchange rates online, and I saw these:

• Eastwest: 52.35
• BSP: 52.373
• Robinsons: 52.20
• BPI: 52.10
• BDO: 52.05
• Metrobank: 52.15
• Security Bank: 52.15
• PNB: 50.20
• Naila’s Money Changer: 52.15

You can see more exchange rate history here:

Do You Need to be an Eastwest Account Owner?

Other Benefits of Having an Eastwest Bank account:

1. Only 5 pesos for transferring money to another local bank account using Instapay.
And the transfer is INSTANT! Real-time! Transferred agad. Even during weekends, holidays, night time, outside of banking hours. In short, 24/7.
You’ll save on transfer fees, and you don’t need to go to other banks to deposit.

Magkano sa iba? Sa BDO, BPI, PNB, Metrobank and Landbank, 25 pesos ang Instapay transfer fee.

Other Philippine banks and money cards you can transfer to.

2. Zero charge for money transfers using PesoNet, up to 50,000 pesos per day.
Bakit kaya zero? Kasi hindi real-time ang transfer, puedeng after several hours. At kung ang transfer mo ay after cut-off na, the next day na ang transfer. Wala ring transfer during weekends and holidays.

3. You can load your Paymaya through Eastwest Bank online through Instapay. 5 pesos din lang ang transfer fee.
Remember, ang account number mo sa Paymaya is your mobile phone number — the one you registered with Paymaya. Start with 09, not 6329.

4. Some Eastwest branches are open on weekends.

Open on Saturdays and Sundays:
168 Mall — 10am to 5pm
Baclaran — 10am to 5pm

Open on Saturdays:
Bicutan (East Service Road) — 10am to 5pm
Greenhills Shopping Center — 10am to 5pm
Park Mall, Cebu — 10am to 5pm
Festival Mall, Alabang, Level 2 — 10am to 5pm
Batangas City — 10am to 3pm
Davao (Bajada) — 10am to 3pm

Open on Sundays:
Festival Mall, Alabang, Level 1 — 10am to 5pm

5. Meron na ring Cash Deposit machines ang Eastwest Bank.
Mas madali nang mag-deposit. Pero just like other banks, only at selected branches.

6. No fees for inter-regional over-the-counter deposits.
The bigger banks charge 50 pesos or more.

Information for those who want to open an account with Eastwest Bank:

1. Bring at least one valid ID. Mas okay kung 2 valid IDs.
2. Proof of income
3. Proof of address
4. 2 ID pictures

Bakit kelangan pa ang proof of income? Hindi naman credit card ang applayan.

Strict ang EastWest sa pag-comply with the “Know Your Client” order ng BSP. This is one of the many ways to prevent money laundering.

Ang Eastwest Bank Foreign Exchange information ay nasa homepage lang ng website nila, eastwestbanker.com, bandang bottom right.

By the way, merong Eastwest Bank na US bank ha, at hindi siya related sa Eastwest Bank Philippines, baka kasi pumunta kayo sa eastwestbank.com. Ang website ng Eastwest Bank Philippines ay eastwestbanker.com.

ING Bank and CIMB Bank, the first fully digital banks in the Philippines, are giving an annual interest rate of 4% for savings accounts.

That’s a much higher rate than those offered by other banks, which is usually 0.25%.

ING Bank, though, is giving this 4% rate only up to March 31, 2020. The bank has not mentioned its regular rate after March 31. If it will be 1%, that’s still a higher rate than 0.25%.

CIMB Bank did not mention any time limit for the 4% annual interest rate it gives to its UpSave accounts. But in their Product Disclosure, they stated that they’ll publish any change in the interest rate on their website and in their branch.

For the month of February 2020, CIMB is offering an increased rate of 5% for those with a relationship balance of 250,000 pesos or higher. This applies to UpSave and GSave Plus accounts.

Take advantage of ING Bank’s Transfer Fee Rebate!!!

A number of smart depositors have already taken advantage of ING Bank’s generous offer! The bank has credited 100 pesos each for every transfer of money from another bank to ING Bank. So if the actual transfer fee paid by a client was 5 pesos, then he would have earned 95 pesos for said transfer.

What’s more, one can make another transfer, and earn another 95 pesos. Masaya sana kung all transfers, pero understandable naman na limited to 2 transfers lang ang bibigyan nila ng 100 pesos. And it will end  in March. Meron pang 3 months to take advantage of their transfer fee rebate promo!!!

Me, I’ve already got credits of 50 pesos and 95 pesos for the month of January. Hehe Okay na yan, hindi ko mapupulot yan sa kalsada.

Are ING Bank and CIMB Bank legitimate banks?

Yes. Both banks are licensed by the BSP.

ING Bank is owned by Dutch bank ING Bank NV, which is operating in more than 40 countries and is headquartered in Amsterdam, Netherlands.

ING Bank has been operating in the Philippines since 1990, serving global and local corporations.  It started as a commercial bank in June 1996 and launched its fully digital bank in November 2018.

ING Bank NV’s previous name was Internationale Nederlanden Bank NV.

CIMB Bank is a commercial bank branch of Malaysian bank CIMB Group, one of the largest banks in Southeast Asia and headquartered in Kuala Lumpur. It started operating in the Philippines on December 2, 2018 and launched its online bank in early 2019.

CIMB location:
ORE Central
Ground Floor, 31st St cor 9th Ave
Bonifacio Global City
Taguig

Every Monday to Friday 9am to 6pm

ING Bank and CIMB Bank are both foreign banks, both commercial banks and both branches of their parent banks. See other foreign banks in the Philippines.

References:

BSP Circular Letter No. CL-2018-078 on CIMB Bank Philippines’ start of operations
BSP Circular Letter Series of 1996 on ING Bank’s start of operations

Here’s a list of Operators of Payment Systems (OPS) with Certificates of Registration from the BSP,

as mandated by the National Payment Systems Act (NPSA), or Republic Act No. 11127, which was signed into law by President Rodrigo R. Duterte last 30 October 2018. This list is updated as of April 3, 2020, as published on the BSP website.

E-MONEY and ONLINE PAYMENT SYSTEMS

Alipay Philippines Inc. — March 21, 2020
Aurora Integrated Multipurpose Cooperative — February 13, 2020
Betur Inc. — March 24, 2020
CIS Bayad Center Inc. (Bayad Center) — March 19, 2020
Coda Payments Pte. Ltd. — March 17, 2020
DCPay Philippines Inc. — March 21, 2020
Dragonpay Corporation February 21, 2020
Fexco Philippines Inc. — March 2, 2020
G-Xchange, Inc. (GCash) — March 11, 2020
GHL Electronic Payments Inc. February 21, 2020
IOT ACH Services Inc. — March 16, 2020
IPay88 Philippines Inc. — March 16, 2020
Omnipay Inc. — March 26, 2020
Paymaya Philippines Inc. — February 28, 2020
Philippine Seven Corp. — March 17, 2020
PisoPay.com. Inc. — March 19, 2020
Qwikwire Billing Systems Inc. — March 11, 2020
Starpay Corp. — March 21, 2020
UBX Philippines Corp. — March 21, 2020
Unionpay International Co. Ltd. — March 19, 2020
Weepay Payment Processing Corp. — March 25, 2020
Wirecard E-Money Philippines Inc. — April 2, 2020
Zybi Tech Inc. — March 4, 2020

BANKS

Bank of the Philippine Islands — March 25, 2020
Bank of Commerce — March 25, 2020
China Banking Corp. — March 5, 2020
Citibank, N.A. Philippines Branch March 11, 2020
CTBC Bank (Philippines) Corp. — February 27, 2020
Development Bank of the Philippines March 26, 2020
Dungganon Bank (A Microfinance Rural Bank), Inc. March 3, 2020
East West Banking Corp. — March 26, 2020
Equicom Savings Bank, Inc. January 27, 2020
Land Bank of the Philippines — March 26, 2020
Metropolitan Bank & Trust Co. — March 21, 2020
Philippine National Bank — March 19, 2020
Philippine Savings Bank — January 30, 2020
Rizal Commercial Banking Corp. — March 19, 2020
Robinsons Bank Corp. — March 25, 2020
Rural Bank of Maasin (Southern Leyte) Inc. — February 11, 2020
Standard Chartered Bank — February 10, 2020
Sumitomo Mitsui Banking Corp. — March 17, 2020
Sterling Bank of Asia Inc. (A Savings Bank) — March 19, 2020
UCPB Savings Bank Inc. — March 25, 2020
Union Bank of the Philippines — April 2, 2020
United Coconut Planters Bank March 26, 2020

Some top banks, including BDO and Security Bank, are still on provisional registration, but are expected to get certificates before their current registration expire.

PAYMENT NETWORKS
Bangko Sentral ng Pilipinas Payments and Settlements Office — December 16, 2019
Philippine Clearing House Corporation — January 9, 2020
Bancnet Inc. — January 9, 2020
American Express Travel Related Services Co. Inc. — March 18, 2020
Mastercard Asia Pacific Pte. Ltd. — March 21, 2020
JCB International Co. Ltd. — March 25, 2020

Below are Payment Systems with Provisional Certificates of Registration, as of April 2020:

E-MONEY and REMITTERS
2C2P Philippines, Inc. March 25, 2020 to June 25, 2020
Alipay Connect Pte. Ltd. — February 14, 2020 to May 14, 2020
Apollo Technologies Inc. — March 31, 2020 to June 30, 2020
Banana Fintech Services Corp. — January 30, 2020 to April 30, 2020
Brankas Digital Technologies, Inc. — February 17, 2020 to May 17, 2020
Cebuana Lhuillier Services Corp. — March 30, 2020 to June 30, 2020
EasyPay Global EMI Corp. — March 31, 2020 to June 30, 2020
Electronic Network Cash Tellers Inc. (ENCASH) — March 10, 2020 to June 10, 2020
Electronic Transfer and Advance Processing Inc. — February 03, 2020 to May 03, 2020
Expresspay Inc. — March 11, 2020 to June 11, 2020
FSG Technology Ventures Inc. — March 31, 2020 to June 30, 2020
Geniusto Philippines Inc. — January 29, 2020 to April 29, 2020
Inpayments Ltd. — January 30, 2020 to April 30, 2020
IRemit Inc. — March 06, 2020 to June 06, 2020
JazzyPay Inc. — March 23, 2020 to June 23, 2020
Justpayto Philippines Corp. — January 08, 2020 to April 08, 2020
National Confederation Of Cooperatives — April 2, 2020 to July 2, 2020
NeuronCredit Financing Co. Inc. — January 29, 2020 to April 29, 2020
P. J. Lhuillier, Inc. March 27, 2020 to June 27, 2020
Pawnsafe Services Corp. — March 27, 2020 to June 27, 2020
Pawncare Services Inc. — March 25, 2020 to June 25, 2020
Pawnsoft Services Inc. — March 28, 2020 to June 28, 2020
PayMongo Philippines Inc. — January 20, 2020 to April 20, 2020
Peppermint Tech Inc. — March 03, 2020 to June 03, 2020
Perapay Corp. — March 05, 2020 to June 05, 2020
Pito AXM Platform Inc. — December 03, 2019 to June 02, 2020
Sodexo Benefits and Rewards Services Philippines Inc. — March 30, 2020 to June 30, 2020
Tagcash Ltd. Inc. — March 30, 2020 to June 30, 2020
Togetech Inc. March 31, 2020 to June 30, 2020
True Money Philippines Inc. — January 07, 2020 to April 07, 2020
Unionpay International Co. Ltd. — March 20, 2020 to June 20, 2020
Universal Storefront Services Corp. — April 1, 2020 to July 1, 2020
Veritas Pay Philippines Inc. January 28, 2020 to April 28, 2020
Verite Pawn Corp. — March 27, 2020 to June 27, 2020
Xenpay Inc. — October 22, 2019 to April 22, 2020
Zomato Philippines, Inc. — February 20, 2020 to May 20, 2020

BANKS
BDO Network Bank Inc. — March 06, 2020 to June 06, 2020
BDO Unibank Inc. — April 1, 2020 to July 1, 2020
BPI Family Savings Bank Inc. — March 30, 2020 to June 30, 2020
Cantilan Bank Inc. (A Rural Bank) — March 05, 2020 to June 05, 2020
Cebuana Lhuillier Rural Bank Inc. — March 05, 2020 to June 05, 2020
Deutsche Bank AG Manila — March 30, 2020 to June 30, 2020
East West Rural Bank Inc. — February 18, 2020 to May 18, 2020
Isla Bank (A Thrift Bank) Inc. — February 28, 2020 to May 28, 2020
Philippine Bank Of Communications — March 16, 2020 to June 16, 2020
Rural Bank Of Guinobatan Inc. — March 10, 2020 to June 10, 2020
Security Bank Corp. — March 31, 2020 to June 30, 2020

PAYMENT NETWORKS
Megalink Inc. — March 31, 2020 to June 30, 2020
Visa Worldwide Pte Ltd. — January 15, 2020 to April 15, 2020

The year 2020 has passed… and there had been only 5 Philippine banks closed down by the BSP.  This is good news, considering that there had been many banks closed down in past years.

In 2019, there were 11 banks that failed, mostly rural banks.

2020 Bank Closures:

1.  Providence Rural Bank, Inc.
– Office address at National Highway cor. Aglipay St.
Brgy. Bulala, Camalaniugan, Cagayan, Cagayan Valley
– Closed down by the BSP on February 27, 2020
– Taken over by the PDIC on February 28, 2020

2.  Rural Bank of Tibiao (Antique), Inc.
– Office address at Gov. A.T. Lim Avenue
Brgy. Poblacion, Tibiao, Antique,
– Closed down by the BSP on February 27, 2020
– Taken over by the PDIC on February 28, 2020

3.  De La O Rural Bank Inc.
– Office address at #010 San Jose St.
Brgy. San Jose (Pob), Pangil, Laguna
– Closed down by the BSP on September 10, 2020
– Taken over by the PDIC on September 11, 2020

4.  San Fernando Rural Bank, Inc. Doing Business as Safer Bank, A Rural Bank
– Office address at Ground Floor Safer Bank Bldg.
A. Consunji St., Brgy. Sto. Rosario (Pob)
City of San Fernando, Pampanga
– Had one lite branch unit (BLU) located at CGM Bldg.
MacArthur Highway, Brgy. Sindalan, City of San Fernando, Pampanga
– Closed down by the BSP on November 26, 2020
– Taken over by the PDIC on November 26, 2020

5.  Cooperative Bank of Aurora
– Office address at Avenida St. cor. Aurora St.
Barangay I (Pob.), San Luis, Aurora
– Closed down by the BSP on December 3, 2020
– Taken over by the PDIC on December 9, 2020

See Lists of Failed Banks in the Philippines from 2000 to 2020

How to File Your Deposit Insurance Claim with the PDIC

If you’re a depositor of any of these failed rural banks, file your claim as soon as possible. But if you’re not able to file immediately, make sure to file within 2 years from date of PDIC’s takeover of your failed rural bank.

Documents to file:
1) Accomplished, signed and notarized Claim Form
2) Original savings passbook and/or certificate of time deposit
3) Photocopy of 1 valid photo-bearing ID with depositor’s signature

You can file in person, but on appointment basis only. Set an appointment through telephone, email or Facebook private message.

Public Assistance Center
Philippine Deposit Insurance Corp.
3rd Floor SSS Building, 6782 Ayala Avenue corner
V.A. Rufino St., Makati City

You can also file via postal mail or courier service:
Philippine Deposit Insurance Corp.
Attention: Public Assistance Department
6th Floor SSS Building, 6782 Ayala Avenue
corner V.A. Rufino St.
Makati City 1226

You can download the Claim Form from the PDIC website. It’s FREE.
http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf

There is NO FEE for filing your deposit insurance claim. It’s FREE.

The PDIC might ask for additional documents during evaluation and processing.

For inquiries:
Hotline : (632) 8841-4141 (for depositors within Metro Manila, during office hours)
Toll Free : 1-800-888-7342 (accessible thru landline and Sun/Smart Mobile for depositors outside Metro Manila, during office hours)
Email : cbaurora-pad@pdic.gov.ph
Facebook : www.facebook.com/OfficialPDIC

The Public Assistance Department (PAD)
Philippine Deposit Insurance Corp
6th Floor, SSS Building
6782 Ayala Avenue corner V.A. Rufino Street
Makati City 1226

Private Banking Philippines?

Private banking in the Philippines means personalized banking for persons with high net worth. Yong meron kang mga utang pero sobra sobra naman ang assets mo.

Clients are treated as VIPs and pampered with concierge-style banking and related services. Even assistance with non-financial services like travel, dining and shopping are offered by some private banks.

In addition to personalized banking, private banking clients are also offered personalized wealth management, which includes investment management, tax management, trust and estate planning and other financial services.

What’s the minimum net worth to avail of private banking?

Citibank’s Citigold wealth management program requires at least 4.5 million pesos in total relationship balance (TRB), which means total amount of money in savings, checking, time deposit and/or investment accounts with Citibank.

Under their current promo to attract new clients, they give cash credits from 45,000 to 300,000 pesos, depending on TRB. To get the 300k-peso cash credit, one needs to maintain at least 30 million pesos in TRB for 5 months.

Security Bank has a banking product called Gold Circle that offers a concierge service and a VIP lane. It requires just 500,000 pesos in TRB. Its wealth management program requires at least 10 million pesos.

What are the private banks in the Philippines?

There’s only one private bank in the Philippines: BDO Private Bank. It’s licensed as a commercial bank and it’s a wholly-owned subsidiary of BDO Unibank. It’s only BDO that has a separate stand-alone banking entity for its private banking operation.

The other banks, like BPI, Metrobank, Security Bank, Citibank, run their private banking or wealth management operation as one of their divisions/departments, or as part of their non-banking subsidiary, sister company or affiliate company.

BDO Private Bank

BDO Private Bank is ranked 38th among all types of banks in the Philippines, based on total assets as of December 2019, with a total of 34.9 billion pesos in assets.

BDO states 4 objectives for its wealth management clients:

• Privacy and confidentiality
• Financial Planning
• Investment Management
• Wealth Protection and Distribution

It has 8 offices:

• Makati (BDO Equitable Tower on Paseo de Roxas)
• Greenhills (BDO Ortigas Bldg.)
• Binondo (BDO Tower on Dasmarinas St)
• Alabang (Insular Life Corporate Center Tower2)
• Quezon City (BDO Delta Quezon Avenue Bldg.)
• Cebu (Cebu Tower at Cebu Business Park)
• Davao (BDO C.M. Recto Bldg.)
• Ortigas (BDO Corproate Center Ortigas, ADB Ave.)

Wealth Management by Security Bank

Security Bank offers:

• Comprehensive financial planning
• Portfolio Management
• Global Investment Solutions
• Protection and Estate Planning

Security Bank says its partnership with banking giant MUFG enables it to access foreign currency-based securities and other securities managed by MUFG affiliates like Morgan Stanley.

Gold Circle by Security Bank

Here, a big number might be able to join this circle as the minimum is not that high, but the services offered are concierge.

Hindi ka kelangang mayaman. The only requirement is to meet the 500,000-peso total relationship balance across your checking, savings, term deposit, trust and treasury products. At saka you need to apply. Online naman. The service fee for accounts not maintained for 3 consecutive months is 1,000 pesos.

Concierge services offered to Gold Circle and Wealth Management clients:
In partnership with other companies, clients are assisted with the delivery of or ticket purchase for the following: grocery, ready-to-cool meal, restaurant and meal, pharmacy, health and wellness, museums, sports, theater, music, zoos and aquariums, travel, roadtrip, education, children
tips for diverse needs, etc.

Citigold Wealth Management by Citibank Philippines

Citigold clients are offered:

• Premier banking benefits
  • Preferential rates
  • Citi Prestige Relationship Bonus
  • No-annual-fee credit card of choice
• Global Citizen and Global Traveller privileges
• Dedicated Citigold Relationship Manager
• Personalised wealth management
• Wealth management products and services through Citi Financial Services & Insurance Brokerage (CFSI)
• Access to the Citigold Client Advisory Group for wealth building opportunities worldwide
• Use of tools like Citigold Diversification Index and Citi Model Portfolio

Minimum total relationship balance is 4.5 million pesos. Currently, Citibank is giving cash credits from 45,000 to 300,000 pesos to new Citigold clients.

Wealth Management by BPI Asset Management and Trust Corp. (AMTC)

BPI AMTC is a wholly owned subsidiary of BPI and it claims to be the largest standalone trust corporation in the Philippines. It manages more than 580 billion pesos in assets for both individual and institutional investors using local and global investment solutions.

For wealth management clients, BPI AMTC offers the Personal Management Trust and Investment Management Account programs. You will have a
dedicated Investment Counselor to attend to your daily investment needs and requirements.

For beginner savers or investors, the BPI AMTC website offers lots of advice and information here for FREE: BPI Asset Management Wise (Weekly Investment Series)

Maybank Premier Wealth Management

As a Premier Wealth client, you’ll get:

• A dedicated relationship manager
• Local and international Premier Wealth lounges
• 24/7 local and international concierge services
• Preferential rates
• International Maybank Premier Wealth recognition card
• Economic outlook reports
• Invitations to financial and lifestyle events
• Local medical assistance

HSBC Premier Private Banking Philippines

As an HSBC Premier client, you’ll get:

• A dedicated Relationship Manager
• Free-annual-fee HSBC Premier Mastercard
• Premier overseas education
• HSBC global transfers from Hong Kong, Malaysia, and Singapore
• Recognition of HSBC Premier status in all countries where you bank with HSBC
• Premier benefits for your family: Premier Junior Pack and Premier NextGen
• Access to global financial products

You can be a Premier client if you:

• Maintain a TRB of 3 million pesos or its foreign currency equivalent.
• You’ll credit your monthly salary of at least 300,000 pesos or its foreign currency equivalent into your HSBC account (with valid income proof)
• You’re an existing Advance client and you’ve been approved of an HSBC home loan of at least 6 million pesos

How many have millions in their bank accounts in the Philippines?

Based on BSP bank deposit data as of December 2019, these are the number of big bank accounts in the Philippines:

500,000 – 750,000 pesos in bank deposit — 731,873 accounts
750,000 – 1M — 363,910 accounts
1M – 1.5M — 454,165 accounts
1.5M – 2M — 203,760 accounts
2M – 3M — 227,254 accounts
3M – 4M — 109,843 accounts
4M – 5M — 78,346 accounts
Over 5M — 334,929 accounts

Are you living in the US and planning to spend your retirement in the Philippines? And are you thinking of ways to receive your US pension in the Philippines?

Here are 9 ways:

1. Direct deposit account
2. US bank to Philippine bank via online money transfer company
3. US bank to Philippine bank via Automated Clearing House (ACH) or Wire Transfer
4. Wells Fargo to BDO, BPI, PNB, Metrobank, Cebuana or MLhuillier
5. US bank to Philippine bank via US check deposit
6. US Citibank to Citibank Philippines
7. Use US Debit card to withdraw from Philippine ATMs
8. Withdraw using Federal Credit Union Visa debit card
9. Withdraw using Direct Express Mastercard prepaid debit card
10. …Important points

1. Direct Deposit Account

Open a Direct Deposit account at a Philippine bank so your US federal agency (SSA, VA, Armed Forces, etc.) will send your monthly pension to your Philippine bank account through the Philippine bank’s branch or partner in the US.

If you like PNB or Metrobank, these banks have branches in New York City and Los Angeles, California. You can open your Direct Deposit accounts in any of these branches if you’re near them.

I already wrote a post on Direct Deposit, so if you want this process, see this post: Direct Deposit for US Pensioners in the Philippines.

2. US Bank to Philippine Bank via Online Money Transfer Company

The advantage of this process is you can control the amount of money you bring in to the Philippines every month or every transfer. And you can save some of your money in the US while living in the Philippines.

What this method entails is you maintain your present bank account in the US which is receiving your US pension. Then if not yet done, set up your online banking and do all enrollment and verification of your Philippine recipient (you or family member), if required by your bank, while still in the U.S.

Then every month or whenever you need money, transfer an amount to your Philippine bank account using an online money transfer service.

Some of the most popular online money transfer companies are:

1. WISE, formerly Transferwise
2. Xoom
3. Remitly
4. WorldRemit

By the way, I’m an affiliate of WISE. It uses the most favorable dollar-to-peso exchange rate compared to other global money transfer companies. You can compare yourself. You’ll know how much exactly you’re going to receive in Philippine pesos, including the transfer fee, before you’ll press the final Send button.

WISE sends only to bank accounts and to Paymaya and GCash. No cash pickup. And only to Philippine peso accounts. The advantage of this is you don’t have to fall in line to enter your Philippine bank. You can just withdraw from your bank’s ATM. You’ll pay around 12 to 15 pesos if you withdraw from another bank’s machine.

Another good point for WISE is that you can send to more Philippine banks, unlike Xoom which has a limited number of bank partners. Any Philippine bank with a Swift code works with WISE.

If you prefer to receive US dollars, you can use Xoom. You can transfer your pension from your US account to your US dollar account in the Philippines or receive it over the counter. Whenever I need US dollars, it’s Xoom that I tell my employer or relative to use. The advantages of Xoom over the others are: instant delivery and release in US dollars. You can get your US dollars over the counter at BDO, Metrobank, Cebuana Lhuillier or MLhuillier and then exchange your dollars at a money changer that offers high exchange rates.

With Xoom, what do you get by sending your pension to your US dollar account rather than getting it over the counter? This shortens your stay at your bank, as you just have to make a simple withdrawal, whereas a remittance claim entails several verification processes. For smaller branches, or in places where US dollar withdrawal is rare, call your bank first, at least a day before, so they can prepare US dollar bills.

If you don’t like waiting at your bank for US dollar bills to become available, use WISE.

Remitly is more flexible in terms of how you can get your money in the Philippines. You can send to a bank account or for cash pick-up. Could be in peso or US dollars. There are more transfer partners: major banks, rural banks, pawnshops, Paymaya, GCash, Coins.ph, Bayad Center and more.

WorldRemit, just like WISE, delivers only in Philippine peso, whether deposited to a bank account or for cash pickup. And just like WISE, you can also see the peso amount of your US dollars plus your transfer fee before you press the final Send button. Transfers to Metrobank, PNB and BDO accounts are instant.

3. US Bank to Philippine Bank via Automated Clearing House (ACH) or Wire Transfer

You can arrange with your US bank to send your pension or a set amount to your Philippine bank automatically every month. Your bank will do this using the US Automated Clearing House (ACH) secure network. ACH fees are much lower than wire transfer fees. Set up your online banking or mobile banking before coming to the Philippines, so you can also use ACH any time you want to transfer money, aside from your automatic monthly transfer.

If your US bank allows wire transfer through your online or mobile banking, then you can use wire transfer whenever you want. A wire transfer is usually processed faster than ACH. However, wire transfers charge much higher fees, so use this only for transfers of large amounts of money.

4. Wells Fargo to BDO, BPI, PNB, Metrobank, Cebuana or MLhuillier

I think Wells Fargo is the only US bank which has a branded remittance service for the Philippines and 3 other Asian countries (India, China and Vietnam).

While in the US, find a Wells Fargo branch that offers the ExpressSend remittance service and open your US pension account there. The ExpressSend service sends remittances from the US to Philippine banks BDO, BPI, PNB and Metrobank and to money transfer shops Cebuana Lhuillier and MLhuillier.

Important: You need to make your first remittance while in the US. If you’re sending to yourself and to another receiver, make your first remittance to each receiver. And make sure to try your ExpressSend using online banking while still in the US. You’ll not be able to set this up while in the Philippines.

5. US Bank to Philippine Bank via Check Deposit

Some years ago, this was the cheapest way to receive US pensions in the Philippines. Those were the years when depositing a US check to a Philippine US dollar account was FREE. Now, there’s a fee for this service.

This process uses your Philippine bank account in US dollars and your US checking account, which is receiving your US pension.

Every month or whenever you need to, issue yourself a check drawn from your US bank account and deposit it into your Philippine US dollar bank account. Schedule your check deposits taking into consideration your US bank account balance, pension deposit date and the number of clearing days, which could take 2 weeks to a month.

Take note that you’ll be charged by your Philippine bank for $20 or more if your check is returned.

6. US Citibank to Citibank Philippines

As of 2021, this will no longer work. Citibank has announced it will be terminating its consumer banking operations in the Philippines and in other countries and will focus on corporate banking, which must be more profitable.

If you have a Citibank account in the US, you can open a Citibank account in the Philippines, so you can take advantage of their FREE international transfer service called Citibank Global Transfers. Zero money transfer fee.

The only challenge with this process is that Citibank in the Philippines requires at least one million pesos in total relationship balance (savings, checking and investments) to maintain an account without you paying a monthly fee.

There are also the HSBC Premier Account and the Citigold Account in the US that offer VIP services, including FREE global transfers. Check them out if you have huge savings you don’t yet need that you can park with them, so you can get a VIP account.

Citibank Branches in the Philippines

7. Use US Debit Card to Withdraw from Philippine ATMs

If the US bank receiving your US pension does not charge for international withdrawals and gives you rebates for ATM fees, this method could be the best for you. Notify your bank you’ll be using your debit card in the Philippines so your card would not get blocked when your bank sees it’s being used overseas.

Note also that Philippine banks charge 200 pesos or more for every ATM withdrawal by foreign debit cards. And usually ATMs outside of central areas have lower maximum withdrawal amounts (4,000 pesos is common), which means you might have to pay 600+ pesos to withdraw a total of 12,000 pesos.

8. Withdraw Using Federal Credit Union Visa Debit Card

This comes from a US Bank Account for US Citizens Abroad Without US Residential Address.

The great thing with this account is your Visa debit card that comes with this account has no annual fees and no foreign transaction fees! And a US residential address is not required.

This ACA-Members/SDFCU Account is a deposit/savings account offered by the State Department Federal Credit Union (SDFCU) in partnership with the non-profit organization American Citizens Abroad (ACA) to US citizens living and working in other countries, either full-time or part-time.

You don’t have to be connected with the US federal government to qualify, as the SDFCU is not affiliated with the US State Department nor the US government. And you’re not required to have a US residential address.

The account can receive your Social Security pension and other federal benefits and help you manage your US taxes, tax refunds, investments, bills and credit.

You can also use this account to process your CARES Act recovery rebate direct deposit payment.

Your SDFCU Visa debit card can be used anywhere in the Philippines and other countries where VISA is accepted. The great thing is there are no annual fees and no foreign transaction fees!

Before you apply for this account at the SDFCU website, you must first register to become a member of ACA. Your ACA membership will be your qualification to become an SDFCU account owner.

Annual fees for ACA Membership:
Regular – $70
Senior (aged 65 and older) – $55
Contributing – $170
Lifetime – $600

ACA is a nonprofit membership organization headquartered in Washington, DC and established in 1978. It says it has nearly 9 million members in more than 50 countries. Its mission is to advocate for US citizens living and working abroad.

Here’s more information on this ACA-Members/SDFCU Account

9. Withdraw Using Direct Express Mastercard Prepaid Debit Card

Direct Express is a Mastercard prepaid debit card issued by Comerica Bank in partnership with the US Department of the Treasury. It can be used outside the US for ATM withdrawal and for payment at stores that accept Mastercard.

Only use this method if there’s no other option because it can be the costliest among the listed 8 ways to receive your US pension in the Philippines. The Direct Express fee for ATM withdrawal outside the US is $3.00 plus 3% of amount withdrawn. In the Philippines, you also add the local bank ATM withdrawal fee for foreign debit cards which is 200 pesos or more.

If you use it to pay at stores outside the US, the Direct Express charge is 3% of the amount you purchased.

To apply for this card while in the US, call the Direct Express card enrollment center toll free at 1 (800) 333-1795 or visit your local federal paying agency.

When calling the Customer Service Department from outside the United States, you should call 1 (765) 778-6290 (collect), or visit the Direct Express® website at www.USDirectExpress.com.

You can’t deposit your personal money into this card. The card will only accept funds paid to you by the federal government.

You can’t transfer funds from your Direct Express card to a bank account outside the US.

You may close your Direct Express card account at any time at no charge by calling the Direct Express card Customer Service Department number listed on the back of your card.

Important Points!

As you explore the 6 ways, consider these factors:

• You need to maintain a physical address in the U.S. to maintain a US bank account year after year.* You can ask a friend or relative who’s willing to lend you their address and notify you when there’s a mail for you.
• To open a bank account in the Philippines:
  • You need to tell your purpose or reason for opening a bank account in the Philippines. The bank will have additional reporting work to comply with the US Foreign Account Tax Compliance Act (FATCA), so they have to make sure your account is worth their extra effort.
  • You need to present your Alien Certificate of Registration (ACR) or Immigrant Certificate of Registration (ICR) and
  • You need to present your passport
  • You also need to have a residential address in the Philippines, and some banks might ask for proof of address (rental contract, EMS or mailed envelope with postal marks, condo ownership deed, etc).
  • You will also sign forms related to Philippine banks’ compliance with the US FATCA and regulations of the US Internal Revenue Service (IRS).
  • Sample Form: Metrobank’s FATCA Certification, Consent and Waiver Form
• Most Philippine banks offering the Direct Deposit account are now offering only passbook accounts with no debit or atm cards. They say this is to protect the pensioners from fraud or deceitful acts.
• Your total bank balance up to 500,000 pesos is insured by the Philippine Deposit Insurance Corp. (PDIC). That’s the total of all your bank balances in the same bank, in case you have different accounts in the same bank. The Philippine banking system has been stable despite the closure of a number of rural banks over the years and the closure of commercial bank Export and Industry Bank in 2012 . Several big banks even survived their US$314 million exposure to US investment bank Lehman Brothers when it collapsed in 2008.

—————–

 *In the USA Patriot Act of 2001, a law that aims to prevent terrorism, money laundering and other financial crimes, there's no clear-cut statement that mandates US banks and  financial institutions to issue bank accounts only to US citizens who have a residential address in the US. But many US banks have taken it upon themselves to be more strict with their own rules to lessen their risks, including checking residential addresses when they see that all or most withdrawals are done overseas. In Section 326 of the Patriot Act, banks and other financial institutions are required to implement a customer identification program to verify the identities of customers and maintain customer records.

No and Yes.

NO, because CMAP does not label its listings as CMAP Blacklists. In every report that it releases to a requesting member, it includes a disclaimer that starts with “This is not a blacklisting of any person or company.“

YES, because once a person’s name is on a CMAP listing, the person is considered by CMAP members as if he or she is on a CMAP Blacklist. The listed customer’s applications for condo loans, home loans, personal loans, car loans or credit cards are rejected. Sometimes, even applying for a checking account is denied. So in effect, these listed customers are on a “CMAP Blacklist.”

This is supported by the statement of the Credit Card Association of the Philippines on its website: “Once your account becomes delinquent, your bank will add you to a blacklist that is shared amongst other financial institutions in the Philippines…”

If you’re a member of Facebook groups, you might have seen anonymous questions about how to remedy CMAP blacklists. You’ll read stories of people who have spent lots of 10Ks or 100Ks for their condo down payments and initial amortizations only to find out later that their bank loan applications have been rejected because of their past delinquencies.

In Facebook car groups, you’ll see offers from car brokers that go like this: “Nasa CMAP Blacklist ka ba? Don’t worry! We have your back. Just DM me.”

Or like this: “Paunahan na lang. Fortuner 4×2. Assume balance. Great opportunity para sa mga blacklisted ng bangko.”

Meron ding ganito: “DECLINED from Dealer? Tadtad ka ng CMAP? Dito sa amin, approved ka basta meron kang pang-down.”

At ito ang masaklap! –>Pass sa may CMAP blacklist, nabatakan ng sasakyan or nag-surrender kahit my certificate of full payment ka pa, utang sa credit card, masasayang lang oras naten parehas mga mam/ser.”

WHAT IS CMAP?

CMAP means Credit Management Association of the Philippines. It aims to facilitate mutual and reciprocal exchange of quality credit information among members.

It’s a non-profit association of more than 400 companies in finance-related industries (mostly banks, lending companies, insurance firms, telecommunications firms, and trading companies).

Whenever a new customer applies for a loan or a credit card to a CMAP member bank or lender, the member checks with the CMAP if the customer is in one or more of its listings.

What Are CMAP Listings?

CMAP Listings consist of names of persons or companies with past delinquencies or finance-related court cases in major Philippine cities.

Information on delinquencies or court cases are submitted by CMAP members or obtained by CMAP from courts and shared with inquiring members.

These are CMAP Listings:

• Listing of Returned Checks (Tumalbog na Tseke)
• Listing of Credit Accounts Endorsed to Lawyers
• Listing of Past Due Accounts from Telecommunications Firms
• Listing of Past Due Accounts from Manufacturing Companies
• Listing of Court Cases in Metro Manila, Cavite, Laguna, Batangas, Cebu, Davao and other major cities, involving any of the following:
  • Estafa
  • Batas Pambansa No. 22 (Anti-Bouncing Checks Law)
  • Sum of Money
  • Swindling
  • Ejectment
  • Falsification of Public Document
  • Replevin (Legal process to claim personal property wrongfully taken or held, kagaya ng mga vehicles na hihilain na usually after 3 months of non-payment of amortization)
  • Attachment of property (to make sure merong pambayad ang defendant sakaling manalo ang complainant)
  • Foreclosure
  • Unlawful Detainer (Unlawful withholding of possession of property after the expiration of right to hold possession)
  • Illegal Recruitment
  • Other Deceitful Acts

List of Banks that are CMAP Members as of September 2020

• All Bank (A Thrift Bank)
• Bangko Kabayan (A Thrift Bank)
• Bangko Mabuhay (Rural Bank of Tanza)
• Bank of Commerce
• Bank of the Philippine Islands
• Batangas Rural Bank for Cooperative
• BOF Inc. (A Rural Bank)
• BPI Family Bank
• Cebuana Lhuillier Rural Bank
• Century Savings Bank
• China Bank Savings
• China Bank Corp.
• Citystate Savings Bank
• CTBC Bank (Philippines)
• Development Bank of the Philippines
• Enterprise Bank
• First Commercial Bank
• First United Farmers Rural Bank
• Grand Agri Rural Bank
• Imus Rural Bank
• Industrial and Commercial Bank of China (Manila Branch)
• Innovative Bank (A Rural Bank)
• Key Rural Bank
• Land Bank of the Philippines
• Lifebank (A Rural Bank)
• Lipa Bank (A Rural Bank)
• Luzon Development Bank
• Malarayat Rural Bank
• Malayan Bank Savings and Mortgage Bank
• Maybank Philippines
• Metro South Cooperative Bank
• Metropolitan Bank and Trust Co.
• New Rural Bank of San Leonardo (Nueva Ecija)
• Opportunity Kauswagan Bank
• Overseas Filipino Bank
• Philippine Bank of Communications
• Philippine Business Bank
• Philippine National Bank
• Philippine Resource Savings Banking Corp.
• Philippine Savings Bank
• Philtrust Bank
• PlanBank (Rural Bank of Canlubang Planters)
• Producers Savings Bank
• Rizal Commercial Banking Corp.
• Robinsons Bank
• Rural Bank of Lipa City (Batangas)
• Rural Bank of Plaridel
• Rural Bank of San Antonio (Quezon)
• Rural Bank of San Luis (Pampanga)
• Rural Bank of San Rafael (Bulacan)
• San Bartolome Rural Bank
• San Francisco Del Monte Rural Bank
• Security Bank
• Sterling Bank of Asia
• Union Bank of the Philippines
• United Coconut Planters Bank
• University Savings Bank
• Yuanta Savings Bank Philippines

Can the Public Search the CMAP Database for a Fee?

No, only CMAP members can access the CMAP database.

If I’m on a CMAP blacklist, how can I remove my name from it?

Here’s a list of closed banks in the Philippines 2021.

There were 13 closed banks in 2021. All were rural banks. The first bank to be closed down in 2021 is Occidental Mindoro Rural Bank Inc., and the biggest is OK Bank or Opportunity Kauswagan Bank which has 23 branches, mostly in Iloilo.

Table of Contents:
. List of 13 closed banks in the Philippines (banks closed in 2021).
. Instructions for depositors of recently-closed banks
. List of 2 foreign banks’ representative offices which shut down their offices in the Philippines

1. Occidental Mindoro Rural Bank Inc.

• Office address at OMRI Bldg., Quezon St.
  Brgy. Bagong Sikat (Poblacion), Lubang, Occidental Mindoro
• Closed down by the BSP on March 25, 2021
• Taken over by the PDIC on March 29, 2021

See Lists of Closed Banks in the Philippines from Year 2000 to 2021

2. Palm Tree Bank Inc. (A Rural Bank)

• Head office address at Door #5 Global Agro Building, Kolambog
  Lapasan Highway, Cagayan de Oro City
• Had one branch: EC Tanghal Bldg. No. 5, Don Roman Vilo St.
• Closed down by the BSP on April 22, 2021
• Taken over by the PDIC on April 23, 2021

3. Rural Bank of Alimodian (Iloilo) Inc.

• Head office address at Almacen St.
  Brgy. Poblacion, Alimodian, Iloilo
• Had one branch: Cabaluna St., Brgy. Poblacion, Leon, Iloilo
• Closed down by the BSP on May 6, 2021
• Taken over by the PDIC on May 12, 2021

4. Rural Bank of Caloocan Inc.

• Head office address at 55 A. Mabini St. corner Damayan St.
  Maypajo, Caloocan City
• Had one branch: 571 A. Mabini St., Caloocan City
• Closed down by the BSP on June 24, 2021
• Taken over by the PDIC on June 25, 2021

5. Rural Bank of Datu Paglas Inc.

• Office address at Poblacion, Datu Paglas
  Maguindanao, ARMM 9607
• Closed down on August 26, 2021
• Taken over by the PDIC on August 26, 2021

6. Grand Agri Rural Bank, Inc.

• Office address at No. 23 Juarez St. corner Bonifacio St.
  Brgy. V, Lucena City, Quezon
• Closed down by the BSP on September 23, 2021
  Reference: Circular Letter No. CL-2021-O7O
• This bank was incorporated in 1996 with principal office in Tayabas City, Quezon.
  In 2014, GARB was acquired from its original stockholders by Guevent Investment
  Development Corp. (GIDC) and other investors.
  Reference: gibco.com.ph/images/garb.pdf

7. Rural Bank of Santa Fe (Romblon) Inc.

• Office address at 127 P. Contes St., Brgy. Poblacion, Santa Fe, Romblon
• Closed down by the BSP on October 21, 2021
• Taken over by the PDIC on October 26, 2021

8. Kaluyagan Rural Bank Inc.

• Office address at No. 1 Mabini St., Brgy. Mabini (Poblacion)
  City of San Carlos, Pangasinan
• Has one branch located at Perez Blvd., Brgy. Herrero, City of Dagupan, Pangasinan
• Closed down by the BSP on October 28, 2021
• Taken over by the PDIC on October 29, 2021

9. United Peoples Rural Bank Inc.

• Head office address at Salazar St., Brgy. Poblacion, Candelaria, Quezon
• Branches:
  — M. Paulino St, Brgy. III-A (Poblacion), City of San Pablo, Laguna
  — No. 7 Nadera St, Brgy. Angeles Zone III, City of Tayabas, Quezon
• Closed down by the BSP on November 4, 2021
• Taken over by the PDIC on November 5, 2021

10. Rural Bank of Karomatan (Lanao Del Norte) Inc.

• Office address at A & A Parklane, Brgy. Poblacion, Tubod, Lanao del Norte
• Closed down by the BSP on November 11, 2021
• Taken over by the PDIC on November 12, 2021

11. Masantol Rural Bank Inc.

• Head office address at Brgy. San Nicolas (Pob.), Masantol, Pampanga
• Has one branch located at Brgy. Sta. Rita (Pob.), Macabebe, Pampanga
• Closed down by the BSP on November 25, 2021
• Taken over by the PDIC on November 26, 2021

12. Rural Bank of Nabunturan (Compostela Valley) Inc.

• Office address at Purok 10, Echavez St., Brgy. Poblacion, Nabunturan, Davao de Oro
• Closed down by the BSP on November 25, 2021
• Taken over by the PDIC on November 29, 2021

13. Opportunity Kauswagan Bank Inc. (A Microfinance Rural Bank) dba as OK Bank

• Head office address at Unit 2 A&L Bldg., E. Lopez St.
  Brgy. San Vicente, Jaro District, Iloilo City
• Has 23 branches:
  — Cabasan Bldg., Ricarze St. (San Fernando St.), Barangay 7 (Pob.), San Jose (Capital), Antique
  — Mighty Warrior Building, Laureano St., Brgy. Centro Ilaya (Pob.), Bugasong, Antique
  — G/F BC Gallar Bldg., Rizal Ilawod St., Zone I Pob. (Barangay 1), Cabatuan, Iloilo
  — Highway, Brgy. Caticlan, Malay, Aklan
  — Ground Floor, Loveres Bldg., Brgy. Botongan, Estancia, Iloilo
  — Block 10 Lot 22, Capitol View, Brgy. San Miguel, Jordan (Capital), Guimaras
  — G/F, A&L Bldg., E. Lopez St., Brgy. San Vicente, Jaro District, City of Iloilo (Capital), Iloilo
  — Esteban B. Villaruel Bldg., Mabini St., Brgy. Poblacion, Kalibo (Capital), Aklan
  — Jafa 4 Bldg., Oñate De Leon St., Brgy. Oñate De Leon, Mandurriao District, Iloilo City
  — Zulueta St., Brgy. Ubos Ilawod (Pob.), Miagao, Iloilo
  — Brgy. Poblacion Ward IV, Minglanilla, Cebu
  — #617, Jose Navarro St., Barangay 8 (Pob.), Ormoc City, Leyte
  — 2/F Oton Bldg. Rental, Mabini St., cor. C.M.Recto St. (Rada St.), Brgy. Poblacion West, Oton, Iloilo
  — F. Palmares Sr. St., Brgy. Poblacion Ilaya, City of Passi, Iloilo
  — Rizal St., Brgy. Ilawod (Pob.), Pontevedra, Capiz
  — RY Ladrito St., Brgy. San Jose Ward (Pob.), Pototan, Iloilo
  — San Roque St. Ext., Poblacion VIII (Barangay VIII), Roxas City, Capiz
  — Western Nautical Highway, Brgy. Poblacion Ilaya, Sara, Iloilo
  — Brgy. Poblacion Norte, Sigma, Capiz
  — 2F Door A-205, 141 Sto. Niño St., Tacloban City
  — #33, Venancio P. Inting Ave., Brgy. Poblacion I, Tagbilaran City, Bohol
  — National Highway, Brgy. Cabulihan, Tubigon, Bohol
  — Tan -Nene St., Brgy. Poblacion, Ubay, Bohol
• Closed down by the BSP on December 2, 2021
• Taken over by the PDIC on December 6, 2021

Instructions and Contact information for depositors of newly closed banks:

The Public Assistance Department (PAD)
Philippine Deposit Insurance Corp. (PDIC)
6th Floor, SSS Building
6782 Ayala Avenue corner V.A. Rufino St
Makati City 1226

Hotline : (632) 8841-4141 (for depositors within Metro Manila, during office hours)
Toll Free : 1-800-1-888-7342 (for depositors outside Metro Manila, during office hours)

You can also check posters at the premises of the closed bank and other public places within the municipality on the schedule of distribution of PDIC claim forms, receiving of claim forms and the deadline for filing of claims.

If your total balance is 100,000 pesos or below, and you do not have an outstanding loan or obligation, and you did not sign as a co-maker of a loan with the closed bank, you are not required to file a deposit insurance claim. Just make sure your address in the bank’s files are correct, complete and updated.

You can update your address by submitting Mailing Address Update Forms (MAUF) ASAP, either through the dropbox available at the bank premises, or by sending a scanned copy of MAUF form and valid ID to the email address of the closed bank.

Your insurance payment will be mailed to you via postal money order. There’s a target date for mailing.

Download the PDIC Deposit Insurance Claim Form here.

Update online your Mailing Address Update Form (MAUF Form) here.

PDIC Special Power of Attorney Form, in case you need to be represented by your representative

Cessation of Operations by Foreign Banks’ Representative Offices in the Philippines

Wells Fargo Bank NA – Manila Representative Office has ceased operations effective May 31, 2021. Reference: BSP Circular Letter CL-2021-045 dated June 10, 2021

Korea Development Bank – Representative Office in the Philippines has ceased operations effective December 31, 2020. Reference: BSP Circular Letter CL-2021-033 dated April 16, 2021

Reference for closure of Rural Bank of Datu Paglas: Report by philstar.com

Reference: PDIC Bulletin

The Ultimate List! Send Money to Philippines from USA through the following money transfer organizations. There are 2 groups of lists: First Group consists of remitters from anywhere in the USA. Second Group consists remitters from specific states. States are alphabetically arranged.

Table of Contents:
. First Group: List of global online money transfer companies (send from any state, wherever you are)
. Second Group: List of money transfer companies in specific states (alphabetically arranged, over the counter transactions)
. Cheapest way to send money to Philippines from USA
. Maximum money transfer to Philippines

Why use WISE or XOOM? Wise gives the most favorable exchange US dollar-to-peso rate

To send money online to the Philippines from anywhere in the US, use any of the following money transfer organizations:

• Lucky Money
  Partners: BDO, BPI 
  
• MLRemit
  Licensed by the California Department of Financial Protection & Innovation (CDFPI)
  Call (844) 456-2543
  Email: support@mlhuillierusa.com
  Claim money in the Philippines at MLhuillier
  
• Moneydart Global Services Inc.
  Licensed by CDFPI
  www.uaeexchange.com
  Online Remittance: www.money2anywhere.com
  Partner: BPI
  
• Moneygram
  Partners: BDO, Metrobank, Bank of Commerce
  
• Paypal
  Partners: BDO, BPI, Landbank and other commercial banks
  
• Remitly
  Partners: BDO, Metrobank, BPI
  
• RIA (Ria Financial Services)
  For the nearest location in the US, call: 1-800-331-8714 (USA)
  Partners: BDO, Metrobank, BPI, Asia United Bank (AUB)
  
• Small World (Small World Financial Services Group Ltd.)
  Partner: BDO
  
• Transfast WorldWide Money Transfer/New York Bay Remittance
  Partners: BDO, Metrobank, Bank of Commerce, UCPB
  
• Transferwise is now called Wise, please see below Wise
  
• UAE Exchange
  Partners: BDO, BPI
  
• Uniteller
  Partners: BDO, Metrobank, UCPB
  
• Viamericas
  Website: https://corporate.viamericas.com/
  4641 Montgomery Avenue Suite 400 Bethesda
  Partners: Asia United Bank (AUB)
  
• Wells Fargo
  Name of remittance service: Wells Fargo Express Send
  Visit: Wells Fargo International Remittances to Asia
  Partners: BDO, BPI, Metrobank
  
• Western Union
  Partners: BDO, BPI, Metrobank and other major banks
  
• WISE (formerly Transferwise)
  You can send to a peso account only.
  Wise gives the highest dollar-to-peso conversion. You can see how much your recipient will receive (conversion and transfer fee) before you click “SEND”.
  Partners: BDO, BPI, Metrobank and other major banks
  Disclosure: I am an affiliate of WISE.
  
• WorldRemit
  Partners: BDO, BPI, Metrobank and other major banks
  
• XOOM
  You can send for Cash Pickup or to a peso account. You can also send to a US dollar account, but only to accounts in BDO, Metrobank, BPI and PNB.
  Partners: BDO, BPI, Metrobank, other major banks, Cebuana Lhuillier and MLhuillier
  
• Xpress Money
  Partners: BDO, Metrobank
  
• For those with US Citibank accounts:
  Use your Citibank Global Transfers service
  Free instant online transfers from US Citibank account to any Citibank account in the Philippines
  
• For those with an account at any US bank:
  Most US banks can send money to the Philippines in your behalf via Swift transfers and through their correspondent banks in the Philippines or through intermediary banks (banks with correspondent banks in the Philippines).
  You can send money using wire transfer online or at the branch
  SeeSwift codes of Philippine banks
  

Send Money to Philippines from USA, by state (from Alaska to California to Washington State, also Guam)

Below are lists of money transfer organizations serving specific states:

ALABAMA – can’t find any yet. Check out the international money transfer services listed above (First Group).

ALASKA

• Lucky Money Inc.
  750 W. Dimond Blvd. Ste. 111A
  Anchorage, Alaska 99515
  Phone: (907) 344-3089
  Partner: Landbank

• Precious Flowers & Oriental
  Partner of Lucky Money
  1517 Mill Bay Road Suite 1
  Kodiak, Alaska 99615
  Phone: (907 ) 486-5882

ARIZONA

• Lucky Money Inc.
  2121 W. Guadalupe Rd #7
  Mesa, Arizona 85202
  Branch name: Manila Sunrise Trading
  Phone: (480) 756-1035
  Partner: Landbank

ARKANSAS – can’t find yet. See remittance companies listed above (First Group).

CALIFORNIA

• Philippine National Bank
  PNB Los Angeles Branch 3435 Wilshire Boulevard Suite 104
  Los Angeles CA 90010
  BAU: Mon-Fri: 9:00am-3:00pm; Sat:
  9:00am-1:00pm
  COVID19: Saturday banking temp closed.
  Loans:
  (213) 841-3643
  (323) 308-8173
  Remittance:
  (213) 926-8227
  (213) 709 -5180
  manalader@pnb.com.ph
  General manager: Editha R. Manalad
  
• PNB Remittance Centers, Inc. (RCI) – Head Office
  225 W Broadway Suite 301
  Glendale, California 91204
  Mon-Fri: 9am-6:30pm
  Phone: (213) 401-1008 ext 200
  Fax: (213) 401-1208
  njavier@pnbrci.com | corporate@pnbrci.com
  President and CEO: Nelson V. Javier

• PNB RCI Artesia Office
  11618 South Street, Suite 213
  Artesia CA 90701
  Mon-Fri: 10am-7pm
  Saturday: 9:30am-4:30pm
  COVID19: (effective April 1, 2020 to current)
  Mon-Fri: 9am-5:30pm
  Saturday: 9:30am-4pm
  Sunday: CLOSED
  Phone: (562) 924-8979
  rpadernal@pnbrci.com | artesia@pnbrci.com
  Branch supervisor: Ramon Padernal

• PNB RCI Carson
  131-F W. Carson St., Carson, CA
  90745, U.S.A.
  Mon-Fri: 10am-7pm
  Sat: 9:30am-4:30pm
  Sunday: 10am-3pm
  COVID19: (effective April 1, 2020 to current)
  Mon-Fri: 9am-5pm
  Saturday: 10am-5pm
  Sunday: 10am-3pm
  Phone: (310) 549-8795
  Fax: (310) 549-8797
  jdelena@pnbrci.com | carson@pnbrci.com
  Area head: Joel Delena

• PNB Remittance Centers Inc. (RCI) – Corporate Branch
  – Licensed by the California Department of Financial Protection & Innovation (CDFPI)
  225 W Broadway Suite 301
  Glendale, California 91204
  Mon-Fri: 9am-6:30pm
  COVID19: (effective April 1, 2020 to current)
  Mon-Fri: 9am-5:30pm
  Saturday & Sunday: CLOSED
  Phone: (213) 640-4470
  Fax: (213) 640-4460
  corporatebranch@pnbrci.com | blanier@pnbrci.com
  Designated Branch Manager: Barbara Lanier

• PNB RCI Eagle Rock
  2700 Colorado Blvd., #100
  Los Angeles, CA 90041
  Mon-Fri: 10am-7pm
  Sat: 9:30am-4:30pm
  Sun: 10am-4:30pm
  COVID19: (effective April 1, 2020) Monday-Sunday: 9am-6pm
  Phone: (323) 254-3507
  Fax: (323) 254-5889
  eaglerock@pnbrci.com
  Person-In-Charge: Vener Ramos

• PNB RCI Mira Mesa
  9007 Mira Mesa Blvd.
  San Diego, CA 92126
  Mon-Fri: 10am-7pm
  Sat: 9am-1pm
  Sun: 10am-3pm
  COVID19: (effective April 1, 2020)
  Mon-Fri: 9:30am-5pm
  Saturday: 930am-3pm
  Sunday: CLOSED
  Phone: (858) 549-1253
  Fax: (858) 549-1346
  mbolanos@pnbrci.com | miramesa@pnbrci.com
  Area Head: Menchu Bolanos

• PNB RCI National City
  2220 E. Plaza Blvd. Suite E
  National City, CA 91950
  Mon-Fri: 9am-3pm
  Sat: 9am-1pm Sun:10am-3pm
  COVID19: (effective April 1, 2020)
  Mon-Fri: 9:15am-5:15pm
  Saturday: 9am-5pm
  Sunday: 9:30am-2pm
  Phone: (619) 472-5270
  Fax: (619) 472-5790
  nationalcity@pnbrci.com
  Branch Manager: Stephen Faustino Garcia

• PNB RCI – North Hills Seafood City
  16130 Nordhoff St.
  North Hills, CA 91343
  Mon-Fri: 9:00am-3:00pm
  Sat: 9:30am-4:30pm
  Sun:10:00am-3:00pm
  COVID19: (effective April 1, 2020)
  Mon-Fri: 9:00-5:30pm
  Saturday: 9:00am-4:00pm
  Sunday: 9:00am-3:00pm
  Phone: (818) 830-9100
  Fax: (818) 830-9119
  lmanansala@pnbrci.com | northhills@pnbrci.com
  Branch Supervisor: Leonora Manansala

• PNB RCI Westborough
  3569 Callan Blvd.
  South San Francisco, CA 94080
  Mon-Sat: 9:00am-7:00pm
  Sun: 9:00am-7:00pm
  COVID19: (effective April 1, 2020)
  Mon-Fri: 9:00am-6:30pm
  Saturday: 9:00am-5:30pm
  Sunday: 9:00am-4:00pm
  Phone: (650) 634-8325
  Fax: (650) 737-4795
  faguilar@pnbrci.com | westborough@pnbrci.com
  Person-In-Charge: Felicisima Aguilar

• PNB RCI West Covina
  1559-K E. Amar Road
  West Covina, CA 91792
  Mon-Fri: 9:30am-6:00pm
  Sat: 9:30am-4:30pm
  COVID19: (effective April 1, 2020)
  Mon-Fri: 9:00am-5:30pm
  Saturday: 9:00am-430pm
  Sunday: CLOSED
  Phone: (626) 854-2045
  Fax: (626) 854-2046
  mjsotelo@pnbrci.com | westcovina@pnbrci.com
  Branch Supervisor: Mary Jane Sotelo Custodio

• BDO Remit (USA) Inc.
  – Licensed by CDFPI
  Daly City branch
  350 Gellert Boulevard, Daly City, CA 94015
  (4 min. away from Serramonte Mall
  Serramonte Blvd.)
  Phone nos.: 1-800-472-3252 / 213-210-3460/ 626-905-4897
  Fax: 1-866-372-3252
  Email: bdoremit-dc@bdo.com.ph
  Open everyday
  10 am to 7 pm

• Chartered Forex Phils
  21136 S. Wilmington Avenue, Unit 110
  Carson, CA, 90810
  Partner: Landbank

• Lucky Money Inc.
  LMI Express Delivery Inc.
  – Licensed by CDFPI
  1028 Mission St.
  San Francisco, CA 94103
  Phone: 1 888 826 4427
  415-864-8367
  Website: https://www.luckymoney.com/
  Partner: BDO, BPI, Landbank

• Lucky Money Inc. – Artesia
  17528 Pioneer Blvd.
  Artesia, California 90701
  (562) 860-8255

• Lucky Money Inc. – Daly City No. 1
  66 San Pedro Road, Suite D
  Daly City, California 94014
  (650) 757-7940

• Lucky Money Inc. – Daly City No. 2
  6283 Mission St.
  Daly City, California 94014
  (650) 757-9474

• POSTNET CA255 – Delano
  Partner of Lucky Money
  1710 High St.
  Delano, California 93215
  (661) 725-4908

• Lucky Money Inc. – Long Beach
  2519 Santa Fe Avenue
  Long Beach, California 90810
  (562) 595-8589

• Lucky Money Inc. – Milpitas
  1549 Landess Avenue
  Milpitas, California 95035
  United States
  (408) 934-0590

• Lucky Money Inc. – National City No. 1
  600 E 8th Street Unit 4
  National City, California 91950
  United States
  (619) 336-1112

• Lucky Money Inc. – National City No. 2
  2220 East Plaza Blvd. Suite M
  Grove Plaza
  National City, California 91950
  (619) 470-9399

• Lucky Money Inc. – Sacramento
  6221 Mack Road
  Sacramento, California 95823
  United States
  (916) 942-9169

• Lucky Money Inc. – San Francisco No. 1
  1028 Mission Street
  San Francisco, California 94103
  United States
  (415) 864-8367

• Lucky Money Inc. – San Francisco No. 2
  4873 Mission Street
  San Francisco, California 94112
  United States
  (415) 452-2831

• Lucky Money Inc. – San Jose No. 1
  2135 Tully Road Suite B
  San Jose, California 95122
  United States
  (408) 258-5402

• A & A PERUCHO ORIENTAL MART – San Jose No. 2
  Partner of Lucky Money
  1605 Flickinger Avenue
  San Jose, California 95131
  United States
  (408) 729-7027

• A & J ORIENTAL MARKET – South Lake Tahoe
  Partner of Lucky Money
  2660 Lake Tahoe Blvd. No. 3
  South Lake Tahoe, California 96150
  United States
  (530) 542-4443

• Lucky Money Inc. – Stockton No. 1
  8909 Thornton Road, Suite 13
  Stockton, California 95209
  United States
  (209) 475-0795

• Lucky Money Inc. – Stockton No. 2
  112 E. Market St.
  Stockton, California 95202
  United States
  (209) 938-0825

• SLAND GOURMET MARKET – Tracy
  Partner of Lucky Money
  1381 W. 11th Street
  Tracy, California 95376
  United States
  (209) 833-8151

• Lucky Money Inc. – Union City
  31854 Alvarado Blvd.
  Union City, California 94587
  United States
  (510) 489-2121

• Lucky Money Inc. – West Covina
  1551-B E. Amar Rd.
  West Covina, California 91792
  United States
  (626) 912-4481

• Continental Exchange Solutions Inc.
  6565 Knott Ave.
  Buena Park, CA 90620
  Phone No. : 1-800-331-8714
  Fax No. : 1-800-805-2619
  Partner: BPI

• Golden Money Transfer Inc.
  517 4th Avenue Suite 103, San Diego,
  California 92101-6868
  Partner: Metrobank

• Hong Lan Services, Inc.
  – licensed by CDFPI
  9113 Bolsa Ave, Suite 122
  Westminster, CA 92683
  Phone: 714-891-8939
  Partner: Metrobank

• LBC Mundial Corp.
  – Licensed by CDFPI
  3563 Investment Boulevard, Ste. No. 3
  Hayward, CA 94545
  Phone: 800-241-1312

• M. Lhuillier Financial Services, Inc.
  – Licensed by CDFPI
  21700 Oxnard Street, Suite 940
  Woodland Hills, CA 91367
  Phone: 818-888-6100

• MLCorporate Office
  21700 Oxnard St., Ste 940
  Woodland Hills, CA 91367
  Toll-free : 844-456-2543
  Email: support@mlhuillierusa.com
  https://www.mlremit.com/

• PayPal Inc.
  – licensed by CDFPI
  2211 North First Street
  San Jose, CA 95131
  Phone: 408-967-9387

COLORADO

• Western Union Financial Services Inc.
  -Licensed by CDFPI
  7001 E. Belleview Avenue, Mailstop: DTC 3
  Denver, CO 80237
  Phone: 800-325-6000

• WorldRemit Corp.
  -Licensed by CDFPI
  600 17th St., Suite 200S
  Denver, CO 80202
  Phone: 888-961-4869

Can’t find yet in these states. See international money transfer services listed above (First Group).
CONNECTICUT
DELAWARE

FLORIDA

• Lucky Money Inc.
  Mike Cell’s Oriental
  10730 Atlantic Blvd.
  Jacksonville, Florida 32225
  Phone: (904) 997-1345
  Partner: Landbank
  
• Transfast Remittance
  2805 West Busch Blvd., Ste. 222
  Tampa, Florida, 33618
  Phone: +1-212-382-2828

GEORGIA

• Dolex Dollar
  1550 North Brown Rd, Suite 145
  Lawrenceville, GA 30044
  Partner: BDO
• Dolex Dollar Express Inc.
  1845 Satellite Blvd. Ste. 400
  Duluth, GA 30097
  Partner: Metrobank
• Ria Financial Services
  6565 Knott Ave
  Buena Park, California 90620
  Partner: BDO, Metrobank, BPI
• SGS Corp.
  13190 Telfair Ave
  Sylmar, California
  Partner: Metrobank

GUAM (US Territory)

• Philippine National Bank (PNB) Guam Branch Suite 114/114C, Micronesia Mall
  1088 West Marine Corps Drive
  Dededo, Guam 96929
  PO Box CT Agana, Guam 96932
  Mon – Fri: 11am to 6pm
  Sat. 11AM-5PM
  Sundays & Holidays : 11am to 4pm (EFF. 01/11/2021 until further notice)
  Phone no.: (1671) 6469143 | (1671) 6469145
  Fax no.: (1671) 649 5002
  General Manager: Mario R. Palisoc
  Email: palisocmr@pnb.com.ph | guamboa@pnb.com.ph
  bautistaas@pnb.com.ph
• Chartered Forex Phils (Guam)
  Suite 102 Ruelos Building
  1991 Army Drive, Harmon GU 96913
  Partner: Landbank

HAWAII

• MB Remittance Center Hawaii Ltd.(Metrobank)
  Kalihi (Honolulu) Office
  2153 North King St. Suite 100-A
  Honolulu, Hawaii 96819 USA
  Phone: 1 (808) 841–9889 to 90
  Fax: 1 (808) 841–9891
  Business Days/Hours:
  Monday to Sunday (9AM to 6PM)
  Waipahu (Extension Office)
  94 – 766 Farrington Hwy
  Waipahu, Hawaii 96797 USA
  Phone: 1 (808) 686-9377
  Fax: 1 (808) 686-9388
  Business Days/Hours:
  Monday to Sunday (9AM to 6PM)
  General Manager: Ramon P. Nicdao
  Email Address: mbremittance@mbrchawaii.com
  ramon.nicdao@mbrchawaii.com

• Philippine National Bank Remittance Centers Inc. (PNB RCI)
  PNB RCI Honolulu
  1122 Fort Street Mall
  Honolulu, HI 96813
  BAU: Mon-Fri: 8:30am-5:00pm
  Sat: 9:00am-1:30pm
  COVID19: (effective April 1, 2020 to current)
  Monday-Friday: 9:00am-5:00pm
  Saturday: 9:00am-1:00pm
  Sunday: CLOSED
  Phone: (808) 521-1493
  Fax: (808) 533-2842
  ddahilig@pnbrci.com | honolulu@pnbrci.com
  Area Head: David Dahilig

• PNB RCI Waipahu
  94-050 Farrington Highway, Building A Unit C
  Waipahu, HI 96797
  BAU: Mon-Fri: 9:00am-5:30pm
  Sat: 9:30am-4:30pm
  COVID19: (effective April 1, 2020)
  Mon-Fri: 8:30am-5:30pm
  Saturday: 9:00-4:30pm
  Sunday: 9:30am-4:00pm
  Phone:(808) 678-3360
  Fax: (808) 378-3302
  jmartinez@pnbrci.com | waipahu@pnbrci.com
  Person-In-Charge: Jefferson Martinez

• Lucky Money Inc. – Honolulu
  2046 N. King Street Suite 3
  Honolulu, Hawaii 96819
  Phone: (808) 841-0880
  Partner: Landbank

• Lucky Money Inc. – Waipahu
  94-866 Moloalo St. Suite 34-D10
  Waipahu, Hawaii 96797
  Phone: (808) 677-1980
  Partner: Landbank

IDAHO — can’t find yet. See money transfer organizations above (First Group).

ILLINOIS

• PNB RCI Chicago
  5033 N Elston Ave., 1st floor
  Chicago Illinois 60630
  (Inside Seafood City Supermarket)
  Regular Business Hours: Mon-Fri: 10am-7pm
  Sat: 9:30am-4:30pm
  Sun:10am-3pm
  Covid-19 Business Hours
  Mon-Fri: 9am-5:30pm
  Saturday & Sunday: 930am-4pm
  Phone: (708) 669-7097
  Fax: (708) 320-2952
  Area Head: Arsenio Odulio
  aodulio@pnbrci.com | chicago@pnbrci.com

• PNB RCI Niles
  7144 Dempster Avenue, Ste. 350
  Morton Grove, IL 60053
  Regular Business Hours: Mon-Fri: 10am-7pm
  Sat: 9:30am-4:30pm
  Sun:10am-3pm
  Covid-19 Business Hours
  Mon-Fri: 9:00m-5:30pm
  Saturday: 9:00am-4:00pm
  Sunday: 10:00am-3:00pm
  Phone: (847) 583-0352
  Fax: (847) 929-4355
  niles@pnbrci.com
  Branch Supervisor: Angeles Recto

• Lucky Money Inc. – Glendale Heights
  Partner is Atlas Shippers International Chicago
  1563 Bloomingdale Rd.
  Glendale Heights, Illinois 60139
  Atlas Shippers International Chicago
  Phone: (630) 933-8881
  Partner: Landbank

Can’t find yet in these states. Use a global remittance company listed above (First Group).
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine

MARYLAND

• Viamericas Corp.
  7910 Woodmart Ave, Suite 220
  Bethesda, MD 20814
  Partner: BDO

Can’t find yet in these states. Use a global money transfer company listed above (First Group).
MASSACHUSETTS
MICHIGAN

MINNESOTA

• MoneyGram Payment Systems Inc.
  – Licensed by CDFPI
  1550 Utica Avenue South
  Minneapolis, MN 55416
  Phone: 952-591-3835

Can’t find yet in these states. Use an international money transfer company listed above (First Group).
MISSISSIPPI
MISSOURI
MONTANA
NEBRASKA

NEVADA

• Philippine National Bank Remittance Centers Inc. (PNB RCI)
  PNB RCI Las Vegas 3890 S. Maryland Parkway, Suite G
  Las Vegas NV 89119
  Regular Business Hours: Mon-Fri: 10am-7pm
  Sat: 9:30am-4:30pm
  Sun:10am-2:30pm
  Covid-19 Business Hours: (effective April 1, 2020 to current)
  Mon-Fri: 9am-5pm
  Saturday: 9am-4pm
  Sunday: 9am-2pm
  Phone: (702) 836-3386
  Fax: (702) 474-9068
  jarticulo@pnbrci.com | lasvegas@pnbrci.com
  Area Head: Jeana Articulo

• Lucky Money Inc. – Carson City
  Partner in this city is Kabayan Multi Mart
  321 Fairview Drive
  Carson City, Nevada 89703
  Phone: (775) 841-1688
  Partner: Landbank

• Lucky Money Inc. – Las Vegas
  4020 South Maryland Pkwy. Unit B-2
  Las Vegas, Nevada 89119
  United States
  702-733-7813

• Moneytun LLC
  3651 Lindell Road, Suite D225,
  Las Vegas, NV 89103
  Partner: Metrobank

New Hampshire — Can’t find yet. Use a global money transfer company listed above (First Group).

NEW JERSEY

• Boss Revolution Money (IDT Payment Services Inc.)
  520 Broad St.
  Newark, NJ 07102
  Partner: BDO
  
• Johnny Air Cargo – Jersey City, NJ
  627 Summit Ave. Suite E
  Jersey City, NJ 07306
  Phone: 201-659-5152
  Contact: Ray Lai
  
• Johnny Air Cargo – Bergenfield, NJ
  10 N Washington Ave
  ​Bergenfield, NJ 07621
  Phone: 201-385-7080
  Hours: 9AM-5PM everyday

• Lucky Money Inc. – Jersey City No. 1
  488 West Side Avenue
  Jersey City, New Jersey 07304
  Phone: (201) 324-1144
  Partner: Landbank

• Lucky Money Inc. – Jersey City No. 2
  Partner in this city is Serbisyo Pilipino LLC
  530 Newark Avenue
  Jersey City, New Jersey 07306
  Phone: (201) 659-8829
  Partner: Landbank

• Omnex Group
  Licensed by CDFPI
  580 Sylvan Ave, Suite LLA
  Englewood Cliffs, NJ, 07632
  Phone: 201-308-6079
  Partner: BDO

NEW MEXICO

• Lucky Money Inc.
  917 N. Main St.
  Clovis, New Mexico 88101
  Royal Oriental Grocery
  Phone: (575) 763-1992
  Partner: Landbank

NEW YORK

• Bank of New York
  48 Wall St., New York, NY
  SWIFT CODE: IRVTUS3N
  Philippine Savings Bank
  Account no: 8900719648
  For further credit to: Account Name
  With Account No: Account Number
  PSBank Branch:
  Partner: PSBank, subsidiary of Metrobank

• Johnny Air Cargo – Woodside, Queens
  69-04 Roosevelt Ave.
  Woodside, NY 11377
  Phone: 718-672-7080
  Fax: 718-672-7780
  Contact: Joy Duran, Ginalyn Lopez, Raymond Regner, Analyn Diego

• Johnny Air Cargo – Hillside, Queens
  170-14 Hillside Ave.
  Jamaica, NY 11432
  Phone: 718-523-7080
  Contact: Tito Presto

• Johnny Air Cargo – Manhattan
  214 Ave. A
  New York, NY 10009
  Phone: 212-387-7080
  Contact: Edward Ferrer
  
  Johnny Air Cargo Hotline in USA: 718-747-8881
  Head Office: 718-672-7080
  Fax: 718-672-7780
  Email: info@johnnyaircargopadala.com.

• JPMorgan Chase Bank
  270 Park Avenue, New York, NY 10017
  Routing # 021000021
  SWIFT Code: CHASUS33
  Philippine Savings Bank
  Account No. 544737625
  For further credit to: Account Name
  With Account No: Account Number
  PSBank Branch:
  Partner: PSBank, subsidiary of Metrobank

• Lucky Money Inc. – Woodside
  6702 Roosevelt Avenue
  Woodside, New York 11377
  Phone: (718) 426-0035
  Partner: Landbank

• Metrobank New York Branch
  10 East 53rd Street
  New York, New York 10022, USA
  Phone: 1 (212) 832-0855
  Toll-free: 1 (800) 863-8762
  Fax: 1 (212) 223-0916
  Business Days/ Hours:
  Monday to Friday 9AM to 5PM)
  Saturday 10AM to 1PM (remittance only)
  Email Address: ivan.atmaja@metrobankny.com
  customerservice@metrobankny.com
  Website: www.metrobankny.com
  General Manager: Ivan S. Atmaja

• Metrobank New York (Swift transfer)
  10 East 53rd Street New York, NY 10022
  Swift Code: MBTCUS33
  Philippine Savings Bank
  FCD#50023201
  For further credit to: Account Name
  With Account No: Account Number
  PSBank Branch:
  Partner: PSBank, subsidiary of Metrobank

• Philippine National Bank
  PNB New York Branch 561 Seventh Avenue 2nd Floor
  New York, NY 10018
  Regular Business Hours: Mon-Fri: 9am-3pm
  Covid-19 Business Hours: 10am-3pm
  (212) 790-9600 (212) 382-2238
  General Manager: Eric B. Bustamante
  bustamanteeb@pnb.com.ph

• Philippine National Bank Queens
  PNB New York – Queens Extension Office
  69-18 Roosevelt Ave.
  Woodside, NY 11377
  Mon-Tue, Thu-Fri: 9am-3pm
  Sat: 9am-1pm
  Phone: (718) 898-6113
  Fax: (718) 898-7838
  Operations Officer: Anelyn F. Abiera
  abieraaf@pnb.com.ph

• Placid Express
  3501 Queens Blvd.
  Long Island City NY 11101
  Partner: BDO

• Prabhu Money Transfer
  37-15, 73rd Street, USA Jackson
  Heights, NY 11372
  Phone:+1-718-554-6742
  Fax:+1-718-651-6080
  Email:info@prabhuonline.com
  Net Office:www.prabhuonline.com
  Has other offices around New York
  Partner:Metrobank, Bank of Commerce and instant credit to all bank networks
  Prabhu Group Inc. is licensed by CDFPI

• Transfast Remittance Inc.
  – Licensed by CDFPI
  44 Wall Street, 4th Floor, Suite 400
  New York, NY 10005
  (check also Suite 800, 8th Floor)
  Phone: +1-888-973-6383
  Partner: BDO, Landbank, Metrobank

• Transfast Remittance Inc.
  16 W 46th St. #4
  New York, NY 10036
  Phone: 1 212 391 2183
  Partner: Landbank

• Wells Fargo Bank (Swift transfer)
  11 Penn Plaza, 4th Floor New York, NY 10001
  Routing # 026005092
  Swift Code : PNBPUS3NNYC
  Philippine Savings Bank
  Account No. of PSBank: 2000-1911-2125-2
  For further credit to: Account Name
  With Account No: Account Number
  PSBank Branch:
  Partner: PSBank, subsidiary of Metrobank

• Wise (formerly TransferWise Inc.)
  – Licensed by CDFPI
  19 W. 24th Street, 9th Floor
  New York, NY 10010
  Phone: 203-885-7873

• Correspondent Banks of Asia United Bank (AUB) in New York
  
  Wells Fargo Bank
  375 Park Avenue New York, NY 10152
  AUB Account No. 2000191003804
  Wells Fargo Swift Code: PNBPUS3NNYC
  
  Standard Chartered Bank, NY
  1 Madison Ave., New York , NY 10010-3603
  AUB Account No. 3582021658001
  Standard Swift Code: SCBLUS33XXX
  
  JP Morgan Chase Bank
  New York, NY
  AUB Account No. 793616566
  Chase Swift Code: CHASUS33XXX
  
  Bank of America N.A., New York New York Branch
  100 W. 33rd St. New York, N.Y. 10001
  AUB Account No. 6550496350
  BOA Swift Code: BOFAUS3NXXX

• Correspondent Banks of Bank of Commerce in New York
  
  Citibank, New York
  111 Wall Street, New York, NY
  www.citibank.com
  
  Bank of New York Mellon
  1 Wall Street, New York, NY
  www.bnymellon.com
  
  Standard Chartered Bank, New York
  300 Blvd. East Weehauken,
  NJ 07087, U.S.A.
  www.standardchartered.us
  
  Wells Fargo, New York
  NY International Branch, 11 Penn
  Plaza, 4th Floor New York, NY 10001
  www.wellsfargo.com

Can’t find yet in these states. Use a global money transfer company listed above (First Group).
North Carolina
North Dakota
Ohio
Oklahoma

OREGON

• Lucky Money Inc.
  751 SW 185TH Avenue
  Beaverton, Oregon 97006
  Uneed Asian Market
  Phone: (971) 337-8457
  Partner: Landbank
• Lucky Money Inc. – Springfield
  Partner in this city is Uptown Asian Grocery
  1460 Mohawk Blvd.
  Springfield, Oregon 97477
  United States
  Phone: (541) 747-4177

Can’t find yet in these states. Use a global money transfer company listed above (First Group).
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee

TEXAS

• Philippine National Bank Remittance Centers Inc. (PNB RCI)
  PNB RCI Houston Beltway Plaza Shopping Center
  8388 West Sam Houston Parkway, Suite 194
  Houston, TX 77072
  Regular Business Hours: Mon-Fri: 10am-7pm
  Sat: 9:30am-4:30pm
  Sun:10am-3pm
  Covid-19 Business Hours:
  Mon-Fri: 9:30am-5:30pm
  Saturday: 9:30am-4pm
  Sunday: 10am-3pm
  Phone: (281) 988-7575
  Fax: (281) 988-7001
  Area Head: Emily Datuin
  edatuin@pnbrci.com | houston@pnbrci.com

• Lucky Money Inc.
  8300 W. Sam Houston Pkwy Suite 110, Beltway Plaza
  Houston, Texas 77072
  Phone: (281) 495-4855
  Partner: Landbank

• Dolex Dollar Express Inc.
  700 Highlander Blvd, Suite 450
  Arlington, TX 76015
  Partner: BDO

• Dolex Dollar Express Inc.
  – Licensed by the California Department of Financial Protection & Innovation (CDFPI)
  701 Highlander Blvd., Suite 300
  Arlington, TX 76015
  Phone: 817-548-4700

Can’t find yet in these states. Use a global money transfer company listed above (First Group).
Utah
Vermont

VIRGINIA

• Lucky Money Inc.
  Tax Headquarters LLC
  5347 Lila Lane Suite 104
  Virginia Beach, Virginia 23464
  Phone: (757) 420-7829
  Partner: Landbank
• Chartered Forex Phils
  5222 Eisenhower Ave
  Alexandria, VA 22304
  Partner: Landbank

WASHINGTON

• PNB RCI Seattle Seafood City Market Place (SFC)
  1368 Suite 100 Southcenter Mall,
  Tukwila, Washington, 98188, USA
  Regular Business Hours: Mon-Sat: 9:30am-7pm
  Sunday: 9:30am-4pm
  Covid-19 Business Hours:
  Mon-Fri: 9am-6pm
  Saturday: 9am-5pm
  Sunday: 9am-2pm
  Phone: (206) 397-4443
  Fax: (206) 397-4443
  Person-In-Charge: Rizza Lyn Santos
  rsantos@pnbrci.com | seattle@pnbrci.com

• Lucky Money Inc. – Bremerton
  Partner here is Island Flavors and Goods
  2901 Perry Avenue
  Bremerton, Washington 98310
  Phone: (360) 479-2552
  Partner: Landbank

• Lucky Money Inc. – Mount Vernon
  Partner is Oriental Mini Mart
  2222 Riverside Drive Suite 770
  Mount Vernon, Washington 98273
  United States
  (360) 848-0830

• Remitly, Inc.
  Licensed by CDFPI
  1111 3rd Ave, Suite 2100,
  Seattle, WA 98101
  Phone: 206-535-6152
  Partner: Metrobank

Can’t find yet in these states. Use a global money transfer company listed above (First Group).
West Virginia
Wisconsin
Wyoming

Cheapest Way to Send Money to Philippines from USA

Based on a World Bank remittance report from data collected on March 23, 2021, the cheapest way to send money to Philippines from USA is through the following money transfer organizations:

*Disclosure: I’m an affiliate of WISE.

Maximum money transfer to Philippines

Why do money transfer companies put maximum limits to fund transfers to the Philippines?

Because they want to avoid filing reports required by government agencies implementing Anti-Money Laundering laws both in the sending and receiving country. They also want to avoid doing further Know-your-customer requirements.

In the Philippines, all financial institutions, including money transfer organizations, are required to file a report with the Anti-Money Laundering Council (AMLC) if they process a transaction exceeding500,000 pesos. It may be in cash or equivalent monetary instrument, or whether it’s fund transfer or debit-credit or other payment mode. They must report within 5 working days from day of transaction.

That’s why most remittance companies have set their maximum amount for money transfers to the Philippines to less than 500,000 pesos.

In the USA, financial institutions are required to verify the identity of senders and maintain accurate records for fund transfers of $3,000 or more.

But if they see signs of suspicious activity, they must file a report with the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury. For banks, the threshold is $25,000. For most financial institutions, the threshold is $5,000. For money service businesses like remittance companies, the threshold is $2,000.

That’s why most remittance companies in the US limit first-time senders to less than $2,000 and require valid government IDs and further personal info if senders want to send $2,000 or more.

Maximum Money Transfer to Philippines Set by Popular Money Transfer Organizations:

* All money transfer organizations above send US dollar remittances to peso accounts only.
Only Xoom allows transfer of US dollar remittances to US dollar accounts with BDO, BPI, PNB and Metrobank

Updated April 2023. Choose from many ways below how to send money abroad from the Philippines.

Table of Contents

• What Are Wire Transfer, SWIFT and IBAN?
• BDO Wire Transfer Online
• BPI Money Transfer International Online
• Western Union Philippines
• Moneygram Philippines
• Landbank Outgoing Telegraphic Transfer
• Security Bank Telegraphic or Wire Transfer
• RCBC Telegraphic or Wire Transfer
• Paypal International
• Demand Draft in Foreign Currency
• Why Use Wire Transfer to Transfer Large Amount of Money
• Valid Purposes in Sending Money Abroad, per BSP Regulations
• Countries that Use SWIFT or BIC
• Countries that Use IBAN

What Are Wire Transfer, SWIFT and IBAN?

A WIRE TRANSFER is a transfer of money between 2 or more financial institutions through an electronic network. There’s no actual or physical transfer of money. The financial institutions complete the transfer of money through debit or credit on their correspondent accounts. They just send financial messages to each other through a secure network.

A wire transfer in the Philippines is often international. But it can also be local, which is between banks or financial companies within the Philippines.

An international wire transfer uses the SWIFT network, which requires the use of Business Identifier Codes (BICs), often called SWIFT codes, for transfers to around 212 countries. BIC is also often explained as Bank Identifier Code.

For transfers to around 80 countries, most of which are in Europe, Africa and the Middle East, an International Bank Account Number (IBAN) is required.

Certain countries use BICs only, other countries use IBANs only, and other countries require both.

SWIFT or BIC codes are used by the USA, Canada, Australia, and Asian countries like the Philippines. See countries using SWIFT codes below.

IBAN numbers are used by European countries like the UK, France, Germany and Spain, Middle East countries like Saudi Arabia and UAE, African countries, South American countries and other countries. See countries using IBAN below.

Any bank in the Philippines with a correspondent bank abroad can make an international wire transfer. Most of them require that you have a US dollar account or a third-currency account with them. Some are okay with a peso account. Most banks require that you go to their branch. Others offer their wire transfer service through their online or mobile banking.

BDO Wire Transfer Online

If you have a US-dollar account with BDO, you can send money abroad by making a BDO wire transfer using your BDO online account. Just login to your BDO online banking, then choose your US dollar account. Choose “Send Money” and “US Wire Transfer”. This is not available on the mobile app. Go to https://www.bdo.com.ph/.

Be ready with account details: Receiver’s name, address, name of bank, bank address, account number, purpose of wire transfer, additional information (email address or phone no.)
BDO says there’s no maximum limit on the amount you can send, as long as your purpose in sending money abroad is valid. Seevalid purposes in sending money abroad below.

And you must send the money to the person or entity based on your purpose. For example, if your purpose is tuition payment, then your wire transfer recipient must be the name of the school. If your purpose is to pay your international credit card purchases, then your recipient must be the credit card company you’re paying.

Wire transfer charge for a transfer abroad is $35.

Wire transfer within the Philippines: You can also use this online BDO wire transfer service to send money to another BDO account in the Philippines or to an account in another Philippine-based bank. US-dollar to US-dollar account.

BPI Money Transfer International Now Available Online!

Now Available Online! Go to this BPI page BPI Outward Remittance Account and send money abroad from Philippines. You can also open your BPI Mobile app, scroll down and choose BPI Outward Remittance. Be ready with these details: your bank details, receiving bank details, recipient details.

Of course, if you want to do this at the branch, you can still do so. Go to any BPI branch with at least one valid government ID, your ATM card, account number and documents to support your purpose in sending. For faster processing at the branch, you can download this Outward Cross-Border Remittance form , print in 3 copies, and fill them out before going to BPI.

You will use your BPI account to send money, so if your account balance is not sufficient for your planned transfer amount, deposit cash first to add to your account.

Be ready with your receiver’s bank account details:
• Complete name and address of the person, company or organization
• Foreign bank account number
• Name and address of the receiver’s bank
• SWIFT Code of the receiver’s bank
• Fedwire or Chips ABA routing number for receiver’s bank (if sending money to USA from Philippines)
– BSB number for receiver’s bank (if in Australia)
– Transit number for receiver’s bank (if in Canada)
– Sort code for receiver’s bank (if in the UK)

Outward international remittance fees as of Sep 2021
• If debiting from a US dollar account, BPI service charge is $14, plus correspondent bank and/or receiving bank charges
• If debiting from a peso account, BPI service charge is 600 pesos, plus documentary stamp tax of 60 cents for every 200 pesos, plus correspondent bank and/or receiving bank charges
• Correspondent bank/receiving bank charges will depend on remittance amount, currency and purpose of remittance

Documents required by BPI to prove your purpose in sending money abroad:

• For foreign travel, show passport and passenger ticket
• For educational expenses abroad, show proof of enrollment and billing statement from school
• For medical expenses abroad, show hospital billing statements and/or receipts, or certification from doctor or hospital abroad indicating cost estimate of treatment
• For transfer of emigrant’s assets to emigrant’s new country, show proof of residence abroad and notarized deed of sale of assets in the Philippines, such as real estate, vehicles, equipment, or proof of income from rental properties
• If you’re a foreigner transferring proceeds from sale of assets in the Philippines, show ACR-I card and photocopy of proof of sale of assets indicating currency of payment
• For freight charges on exports and imports, show billing statement and photocopy of contract

Western Union Philippines

To send money abroad, you need to go to a Western Union location. Bring at least one valid government ID. If you’re a foreigner, bring your passport. You will provide your receiver’s name and address, and you can pay in peso or US dollars. You’ll send the Money Transfer Control Number (MTCN) to your receiver. This will be the reference number for cash pickup and for tracking the money transfer on the Western Union website.

Make sure the name you write on the Western Union form is exactly the same name on your receiver’s ID. Even a one-letter error in spelling might result in denial of cash pickup.

If you’re sending to a bank account abroad, be ready with bank name, account number, and bank code.

For sending to a US bank account, you need bank name, account number, ABA routing Number, receiver’s address with zip code, and phone number.

Using Western Union Online for sending money to USA from the Philippines is not yet offered. You can start the sending process online on Western Union, but you will need to complete the process at a physical Western Union location.

Maximum transfer limits at Western Union locations:

Up to $15,000 or equivalent PHP for a transfer to all countries
Up to $7,500 or equivalent PHP for a transfer to California, New Mexico and Texas
Arizona allows a maximum payout of only $450 per transaction.
Lower maximum limit for transfers to Mexico.
For bigger amounts, ask the agent.

Moneygram Philippines

You can send money abroad from the Philippines via Moneygram to a person, bank account or mobile wallet. Go to a Moneygram location with your cash and at least one valid government ID.

If you’re sending to a bank account, be ready with your receiver’s bank account details. If you’re sending money for cash pickup, send the 8-digit Moneygram reference number to your receiver.

What’s the maximum amount you can send? Moneygram instructs senders to ask their agents. Most likely, up to $10,000 or up to 500,000 pesos, which is the threshold amount for BSP and AMLC reporting.

Landbank Outgoing Telegraphic Transfer

You can send money abroad using your Landbank peso or US dollar account over the counter at your Landbank branch.

If funded from your US dollar account:
$20 for Landbank charge
$15 for receiving bank charge
$10 for cable charge
plus correspondent bank charge

If funded from your peso account:
$20 for Landbank charge plus documentary stamp tax (60 cents per 200 pesos of sent amount)
$15 for receiving bank charge plus DST (60 cents per 200 pesos of sent amount)
500 pesos for cable charge
plus correspondent bank charge

Outgoing wire transfer service for other foreign currencies is offered by Landbank.

Security Bank Telegraphic Transfer or Wire Transfer

– You can send money abroad via telegraphic transfer using your Security Bank peso or US dollar account at your branch. Money will be debited from your account.
– Just go to a Security Bank location with your IDs, your ATM card, account number, receiver’s bank account details, and documents related to your purpose in sending money overseas (just in case they require documents for sending a large amount).
– You can send from a minimum of $100 up to any amount.

Service charge: 1/8 of 1% of principal amount, minimum is 100 pesos
Cable cost: $20
Documentary stamp tax if funded from peso account: 60 cents per 200 pesos
Correspondent bank charge: $15 for wires in US dollars

RCBC Telegraphic or Wire Transfer

If you’re an RCBC account owner, you can apply for a wire transfer at the branch or through RCBC online/mobile banking.
On your RCBC online banking or mobile app, go to Fund Transfer and choose Outward Remittance. If using online or mobile, the destination account is limited to only USD, Euro and Japanese Yen currencies.

Fees to pay:
Transaction fee — $11
Foreign bank fee — $5
Transfer fee — $25
Cable fee — 16 pesos

You can transfer up to 500k pesos.

PAYPAL International

You can send money abroad from the Philippines via your Paypal account. You just need their email address. But Paypal is great only if you’re using money that’s already there in your Paypal account and that you’re sending in the same currency.

Like for example, you have $100 in Paypal that was sent to you previously as payment or gift, and you’re going to send it to someone abroad also in US dollars. This will be a free transaction. No conversion fee. No transaction fee. No funding fee. No low exchange rate used.

But if you don’t have a foreign-currency balance in your Paypal account, and you need to fund it using your peso bank account or credit card, Paypal is not a great option. There will be fees to pay. Conversion fee and transaction fee. Your credit card might also charge you. And the exchange rate is not favorable.

Reminder: Before sending money abroad via Paypal, ask first your recipient if they have a Paypal account or if it’s okay with them to open a Paypal account. It’s easy to create a Paypal account, but your recipient might not like creating an account with Paypal.

Demand Draft: How to Send Money Abroad from Philippines

There was a time when US-dollar demand drafts were the ones being used to pay US school fees, NCLEX processing, US passport renewal and other financial payables in the US. Now, demand drafts seem to be on the way out. Now, debit cards, credit cards, wire transfers and money transfer organizations are the ones used. These payment methods are easier and faster to process.

But in case you’re required to send money abroad via a demand draft in foreign currency, you can request this in person at your bank. Just go to your bank with your IDs, your ATM card or passbook, and documents that support your purpose in sending money abroad.

Most banks require that you have a US dollar account with them if you need a US dollar demand draft, or an account in the same foreign currency as your demand draft denomination. Some banks allow funding of your demand draft from your peso account.

If you have a payment deadline, apply for a demand draft early. Your bank might require information that takes time to obtain, like the tax number of your payee or recipient. If you’re also planning to send the demand draft thru the Post Office’s EMS service because it’s cheaper than FedEx or DHL, it’s best to send early.

Hong Kong Dollar Demand Draft for Hong Kong Police Clearance Application

How to Transfer Large Amount of Money from Philippines to USA, Other Countries

The best way to transfer large amounts of money from the Philippines to the USA and other countries is WIRE TRANSFER. Why? Because it’s the safest, most secure and the fastest. Specially if your bank has a correspondent bank in the country where you’re sending money to.

You can also transfer abroad big amounts of money via money transfer organizations like Western Union, but you need to go to their physical location, and physically carry large amounts of cash, which is not safe.

Let’s say you’ve sold the 5M-peso condo of your US-based sister, and you’ll send the money from the sale to her. If you accepted a manager’s check in your name, you can just deposit the check in your account, and when it clears, apply for a wire transfer to send the money to your sibling’s bank account in the US. Done without actual handling of cash.

Reporting of Covered Transactions under AMLA

Note that any transaction in cash or other monetary instrument exceeding 500,000 pesos must be reported by the bank or financial institution to the Anti-Money Laundering Council (AMLC).

So bring documents to prove that the money you’re sending abroad came from a legitimate transaction. And that your purpose in sending money out of the country to your recipient is valid.

Note also that not all banks do wire transfers using your peso accounts. For instance, BDO do wire transfers only online, and only from US dollar accounts, and only for valid purposes as listed and described by the BSP.

Valid Purposes in Sending Money to USA from Philippines, or to Other Countries

These valid purposes below are described in the BSP Circular No. 874, Regulations on Foreign Exchange Transactions

• Foreign travel funds
• Educational expenses or student allowances
• Correspondence studies
• Medical expenses
• Emigrants’ assets such as income from properties
• Salaries and other benefits of foreign nationals
• Foreign nationals’ income taxes due to foreign governments
• Sales proceeds of foreign nationals’ assets in the Philippines
• Foreign producers’ share in movie revenue or TV film rentals
• Export commissions due to foreign agents
• Freight charges on exports and imports
• Charters and leases of vessels and aircrafts
• Leases of equipment and other capital goods owned and/or leased by non-resident entities to residents
• Port disbursements abroad for aircraft and vessels of Philippine registry or chartered by domestic operators and salvage fees
• Satellite and other telecommunication services
• Non-residents’ commissions and fees (advertising, consultancy, information technology)
• Reimbursements for share in head office expenses
• Insurance or reinsurance premium due to foreign insurance companies
• Payment of claims against Philippines insurance companies by brokers abroad
• Net peso revenues of foreign airlines and shipping companies
• Royalty, copyright, franchise, patent and licensing fees
• Outward remittance of non-residents’ investment capital or earnings from foreign investments in the Philippines
• Outward investments by Filipinos in foreign securities
• Net peso revenues of embassies and consulates of foreign countries
• Foreign-currency payment by Philippine credit card companies to international credit card companies or non-resident merchants
• Foreign-currency payment by Filipinos using their Philippine credit cards for online purchases from non-resident sellers
• Refund of unused foreign grant or aid remitted to the Philippines in foreign currency from non-residents
• Refund of unused foreign loan proceeds remitted to the Philippines in foreign currency
• Settlement by the PDIC of foreign-currency deposit claims by non-resident depositors

When you go to the bank to apply for a wire transfer to send money abroad from the Philippines, bring IDs and documents to prove your purpose in making an outward money transfer.

Reference for Valid Purposes: BSP Circular No. 874, Series of 2015, Subject: Amendments to Regulations under the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended. www.bsp.gov.ph/Regulations/Issuances/2015/c874.pdf

For BDO Wire Transfer, here are Valid Purposes and Recipients:

Countries that Use SWIFT Codes or BICs

There are around 212 countries that use the SWIFT network and its Business Identifier Codes (BICs). Some of them also use IBAN. The others use only SWIFT codes or BICs. The Philippines uses SWIFT codes or BICs.

North America: Canada, Mexico, United States
Australasia: Australia, Kiribati, Marshall Islands, Micronesia, New Zealand, Tuvalu
Europe: Albania, Andorra, Armenia, Austria, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Russia, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, Vatican City
*Note about Russia: Most of Russian land is in Asia, but most of the Russian population live in the European part of Russia.
Middle East: Azerbaijan, Egypt, Israel, United Arab Emirates (UAE)
North Asia: Japan, South Korea
East Asia: China, Hong Kong,
South Asia: Bangladesh, India, Nepal, Pakistan, Sri Lanka
Southeast Asia: Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam
South America: Argentina, Brazil, Colombia, Chile, Ecuador, Paraguay, Peru, Uruguay
Central America: Costa Rica, El Salvador, Panama
Caribbean America: British Virgin Islands
Africa: Benin, Burkina Faso, Cameroon, Cote D’ivoire, Equatorial Guinea, Gabon, Ghana,
Guinea-bissau, Kenya, Mali, Morocco, Mozambique, Niger, Nigeria, Senegal, South Africa, Tanzania, Timor-Leste, Togo, Uganda

Countries that Use IBAN

Europe: Albania, Andorra, Austria, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Georgia, Germany, Gibraltar, Greece, Greenland, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, North Macedonia, Malta, Monaco, Moldova, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom (UK), Vatican City

Middle East Asia: Azerbaijan, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Palestinian Territories, Qatar, Saudi Arabia, United Arab Emirates (UAE)
*Note: Azerbaijan is sometimes grouped with Europe or Central Asia

South Asia: Pakistan

Southeast Asia: East Timor

South America: Brazil, Costa Rica, Honduras, Nicaragua
Central America: El Salvador, Guatemala

Caribbean South America: Dominican Republic, Saint Lucia, British Virgin Islands

Africa: Algeria, Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo Republic, Cote d’Ivoire, Djibouti, Equatorial Guinea, Gabon, Guinea-Bissau, Madagascar, Mali, Mauritania, Mauritius, Morocco, Mozambique, Niger, Sao Tome and Principe, Seychelles, Senegal, Togo, Tunisia

Additional Codes Used by Some Countries in addition to SWIFT codes:

In addition to SWIFT or BIC, some countries require branch codes or routing numbers to make a wire transfer, like the following:
USA: 9-digit Fedwire No. or Routing Transit No. (RTN) or American Bankers Association (ABA) no.
Canada: 9-digit Routing No.
Australia: 6-digit Bank State Branch No.
New Zealand: 6-digit Bank State Branch No. or Sort Code
South Africa: 6-digit National Clearing Code
China: 12-digit China National Advanced Payment System (CNAPS) No.
India: 11-digit Indian Financial System Code (IFSC)

BPI Correspondent Banks in South Korea
BPI Correspondent Banks in the USA
Metrobank Correspondent Banks in South Korea
Metrobank Correspondent Banks in Vietnam

There were 9 closed banks in the Philippines last year, 2022. More sadly, there were 2 thrift banks. One in Bulacan and the other in Cebu City.

1. Rural Bank of San Nicolas (Pangasinan), Inc.

• Office address at Rizal St., Poblacion East
  San Nicolas, Pangasinan
• Closed down by the BSP on January 20, 2022
• Taken over by the PDIC on January 21, 2022

2. Rural Bank of San Lorenzo Ruiz (Siniloan), Inc.

• Office address at P. Burgos St., Siniloan, Laguna
• Closed down by the BSP on February 17, 2022
• Taken over by the PDIC on February 18, 2022

3. Rural Bank of Salcedo (Ilocos Sur), Inc.

• Office address at Poblacion Norte, Salcedo, Ilocos Sur
• Closed down by the BSP on March 3, 2022
• Taken over by the PDIC on March 4, 2022

4. Rural Bank of Mahaplag (Leyte), Inc.

• Office address at Trasmonte St., Poblacion, Mahaplag, Leyte,
• Closed down by the BSP on March 10, 2022
• Taken over by the PDIC on March 11, 2022

5. Metro Cebu Public Savings Bank

• Head office address at 2nd Floor, Sia Bldg., N. Bacalso Ave., Brgy. Duljo (Pob.) Cebu City, Cebu
• Closed down by the BSP on March 31, 2022
• Taken over by the PDIC on April 1, 2022
• Has 2 branches:
  • Gee Ann Square Mall, N. Bacalso Ave., Brgy. Tabunok, Talisay City, Cebu
  • G.Y. Dela Serna St. Brgy. Poblacion, Lapu-Lapu City, Cebu
• In the bank’s annual report for the year 2020, the chairman and CEO stated that the COVID pandemic adversely affected the operations and finances of the bank but they said they will persevere. The bank started in 1980 as Talisay Public Savings and Loan Association. In 1986, it acquired Rural Bank of Mactan and Rural Bank of Cordova and increased its capital to 25 million pesos. In 1987, it upgraded into a thrift bank and changed its name to Metro Cebu Public Savings Bank.
• Metro Cebu Public Savings Bank is the first thrift bank in the Philippines to be closed down during the Covid pandemic era. Before Metro Cebu, the last time a Philippine thrift bank failed was in 2019 when 2 thrift banks were closed down:
  • The Palawan Bank (Palawan Development Bank), Inc. in May 2019
  • Maximum Savings Bank, Inc. in Nov 2019

6. Farmers Savings and Loan Bank Inc.

• Head office address at McArthur Highway, Brgy. Wakas, Bocaue, Bulacan
• Closed by the BSP on May 12, 2022
• Taken over by the BSP on May 13, 2022
• Had 7 branches:
  • 30 Matias A. Fernando Ave., Brgy. San Roque (Pob.), Angat, Bulacan
  • Camino Real St., Brgy. San Jose (Pob.), Bulacan, Bulacan
  • Cagayan Valley Rd., Brgy. Santa Cruz, Guiguinto, Bulacan
  • A. Payumo St., Brgy. Poblacion, Norzagaray, Bulacan
  • Pulilan Regional Road, Brgy. Cutcot, Pulilan, Bulacan
  • Km. 38, Brgy. Pulong Buhangin, Santa Maria, Bulacan
  • 20 C. De Guzman St., Brgy. Poblacion, Santa Maria, Bulacan

7. Banco Rural De General Tinio (BRGT) Inc.

Office address at Brgy. Poblacion Central, General Tinio (Papaya), Nueva Ecija

• Closed by the BSP on June 9, 2022
• Taken over by the BSP on June 10, 2022

8. Rural Bank of Polomolok (South Cotabato) Inc.

• Head office address at National Highway, Brgy. Magsaysay, Polomolok, South Cotabato
• Closed by the BSP on July 14, 2022
• Taken over by the BSP on July 18, 2022
• Had 3 branches:
  • Brgy. Poblacion (Alabel), Alabel (Capital), Sarangani
  • Cagampang St., Brgy. Dadiangas South, City of General Santos
  • National Highway, Brgy. Poblacion. Maasim, Sarangani

9. Rural Bank of Galimuyod (Ilocos Sur) Inc.

• Office address at Brgy. Poblacion, Galimuyod, Ilocos Sur
• Closed by the BSP on September 8, 2022
• Taken over by the BSP on September 9, 2022

Contents:. Main purpose of development banks. Authorized banking activities. Incorporation. DBP - Is it a development bank?. List of development banks in the Philippines

What’s the main purpose of development banks in the Philippines? It’s to help Filipino entrepreneurs and small and medium-sized businesses engaged in agriculture, industry, housing development and services.

Development banks are considered thrift banks. They’re under the Thrift Bank classification, together with savings and mortgage banks and savings and loan associations. They’re often referred to as “Private Development Banks.”

What are the authorized banking activities of Development Banks in the Philippines?

Just like other thrift banks, development banks can do the following:

• Accept savings and time deposits
• Open current or checking accounts
• (only development banks with at least 20M pesos in net assets)
• Act as correspondent for other financial institutions
• Act as collection agent for government entities, like the SSS and BIR.
• Act as depository of national agencies and municipal, city or provincial governments in the municipality, city or province where the development bank is located.
• Rediscount paper with LandBank, Development Bank of the Philippines and other government-owned or controlled institutions.
• Issue mortgage and chattel mortgage certificates only for the financing of equipment loans and real estate loans for production activities.
• Purchase and convey real estate
• Engage in quasi-banking and money market activities
• Open domestic letters of credit
• Provide credit to private and government employees through salary deduction programs.
• Provide credit secured by jewelry, precious stones and articles of similar nature.
• Offer other banking services with prior approval of the BSP Monetary Board.

How are Development Banks in the Philippines incorporated?

They must be organized as stock corporations. Before operating, they must obtain a certificate of authority from the BSP Monetary Board. They must also file incorporation documents and their BSP Certificate of Authority with the Security and Exchange Commission.

Is the Development Bank of the Philippines (DBP) classified as a development bank?

By category or classification, it’s not a thrift bank/development bank. The Development Bank of the Philippines (DBP) is a universal bank.

But by purpose and activities, the DBP is the premier development financing institution in the Philippines. It’s owned by the Philippine government.

Now, a trillion-peso bank, the DBP supports the national government in its priority development programs and financial inclusivity initiatives.

It helps finance infrastructure and logistics, community development, social services, environment, and small and medium enterprises. It extends credit to local government units, electric cooperatives and water districts.

List of Development Banks in the Philippines

As of October 19, 2022, there are 13 development banks in the Philippines. They’re 13 of 43 Philippine thrift banks. The following are thrift banks with “Development Bank” in their official names:

*Penbank, Inc. (A Private Development Bank) (formerly: Peninsula Rural Bank, Inc.)

*Queen City Development Bank, Inc. or Queenbank, A Thrift Bank

References:
Republic Act No. 7906, an Act Providing for the Regulation of the Organization and Operations of Thrift Banks, and for other Purposes

Development Bank of the Philippines. Citizens Charter 2022, 1st Edition

Bangko Sentral ng Pilipinas. Directory of Banks and Non-Bank Financial Institutions

Some think there are two Australian banks in the Philippines. On Google Maps, they’re seeing a mark for Commonwealth Bank of Australia in the Ortigas Center in Pasig. I also wonder why and who put that mark there.

Australia and New Zealand (ANZ) Banking Group Ltd.

But based on online searching, there’s only one Australian bank in the Philippines, and that’s Australia and New Zealand (ANZ) Banking Group Ltd. ANZ started operations in 1995. Of the ten foreign banks given Philippine banking licenses that year, ANZ was the only Australian bank. It was also authorized to open up to 6 branches.

But ANZ was not able to expand its branch banking operations as planned. In February 2018, it shut down its retail banking business to focus on serving institutions and corporations. That was the year when big Australian banks shed capital-intensive assets in Southeast Asia to respond to tougher banking capital regulations.

Since then, ANZ Philippines has been operating as a universal bank serving corporations and institutions only.

ANZ Office

Address:
14th Floor Solaris One Building
130 Dela Rosa Street, Legaspi Village, 1229 Makati City
Phone: +63 2 8841 7782
Country Head: Jesus Plaridel F. Santiago, Jr.
Email: jesusplarideljr.santiago@anz.com
Website: anz.com

Institutional banking services offered by ANZ Philippines

• domestic and foreign currency lending
• foreign exchange
• payments and cash management
• trade and supply chain services
• commodity and interest rate hedging
• access to debt capital markets
• structured finance products
• merger and acquisition advisory services for corporations

Can owners of ANZ ATM cards from Australia go to the ANZ office in Makati to make ATM or over-the-counter withdrawals or request replacement ATM cards?

They can visit the office, and ask questions, but they will not be able to make withdrawals or card replacements. The bank serves only institutions and corporations.

ANZ Highlights

• As of June 2022, ANZ is No. 30 in ranking among 45 universal/commercial banks in the Philippines by total assets, with 33.07 billion pesos in total assets.
• ANZ is one of the “the big four banks” in Australia. They account for around 80% of the total value of home lending in the country.
• ANZ ranks the 4th biggest Australian bank based on total assets. It has $688 billion. The other banks are Commonwealth Bank of Australia, Westpac Banking Corp. and National Australia Bank.
• The ANZ digital bank ANZ Plus is now the fastest growing digital bank in Australia, with more than 55,000 clients and $1 billion in deposits as of October 2022.

Are there Australian banks in the Philippines serving as representative offices?

None.

Which Australian banks are correspondent banks of some banks in the Philippines?

• ANZ in Sydney is a correspondent bank of PNB and Metrobank.
• ANZ in Melbourne is a correspondent bank of BDO and Metrobank.
• ANZ in Brisbane, Adelaide and Perth are correspondent banks of Metrobank.
• Commonwealth Bank of Australia in Sydney is a correspondent bank of PNB and Metrobank.
• National Australia Bank in Melbourne is a correspondent bank of PNB and Metrobank.
• Westpac Banking Corp. in Sydney is a correspondent bank of PNB and Metrobank.

What is ANZ Global Services and Operations (Manila), Inc.?

It provides business support services to ANZ. It’s part of the Global Technology, Services and Operations (GTSO) division of ANZ. GTSO provides services for all ANZ’s customer-facing divisions in every market around the world where ANZ operates.

In September and October 2022, ANZ Manila posted recruitment ads for these banking jobs: collection consultants, customer service consultants, phone banking consultants. There was a fraud detection officer recruitment post in August 2022.

Its office address:

12th Floor, Solaris One Building
130 Dela Rosa Street, Makati, 1229 Metro Manila

Just a thought: As a Filipino who’s working in Australia, or who have migrated to Australia, are you wishing for more Australian banks in the Philippines?

7 is the minimum age to open a bank account in the Philippines.

This is according to Presidential Decree No. 734, signed on June 25, 1975.

“Minors who are at least seven years of age, are able to read and write, have sufficient discretion, and are not otherwise disqualified by any other incapacity, are hereby vested with special capacity and power, in their own right and in their own names, to make savings or time deposits with and withdraw the same as well as receive interests thereon from banking institutions, without the assistance of their parents or guardians, the provisions of existing laws and regulations to the contrary notwithstanding. Parents may nevertheless deposit for their minor children and guardians for their wards.”

Presidential Decree No. 734

But in actual practice, Philippine banks do not allow children as young as 7 to open bank accounts without their parents or guardians with them. Even if these children can read and write.

Many banks offer kids savings accounts, but they require the presence of parents or guardians. For newborn babies or kids under 7, banks usually offer In-Trust-For (ITF) accounts. Accounts are under the names of parents or guardians, held in trust for their children, who are also named in the accounts.

So What Then Is the Minimum Age to Open a Bank Account?

If you look at the ages specified in the kids savings accounts offered by banks below, you’ll realize that for many banks, the minimum age to open a bank account in the Philippines without the assistance of parents or guardians is 18.

** These Landbank accounts are not solely for children, and are not advertised as savings accounts for kids. They are offered to all ages, beginning at age 7.

Landbank Tries to Comply with PD No. 734 — Decree on Minimum Age to Open a Bank Account

It’s nice to see that Landbank is trying to comply with P.D. No. 734. Based on what they state on their website, they’re allowing kids as young as 7 years old to open a bank account, as long as they can read and write, and that they don’t have an incapacity that disqualifies them from opening an account.

The types of accounts offered to all — adults and children 7 years and older — are Easy Savings Plus (ESP) passbook accounts and regular passbook accounts.

Parents and guardians, of course, always have the option to open an In-Trust-For (ITF) accounts for their children. ITF accounts are good for baby savings accounts.

Updated as of May 8, 2024

Closed Banks 2024

It’s nice to know na wala pang na-closed down na bank this 2024 as of May 8, 2024.

1. Rural Bank of Pana-on (Misamis Occidental), Inc.

The voluntary surrender by the Rural Bank of Pana-on (Misamis Occidental), Inc. of its banking license was approved by the BSP on January 11, 2024. Circular Letter No. CL-2024-003

Closed Banks 2023

7 rural banks were closed down in 2023.

Siguro mas gusto na ng karamihan ang mga digital banks, katulad ng Maya, o GoTyme, o mga big banks na maraming ATM machines sa ibat-ibang lugar, kaya konti na ang tumatangkilik sa mga rural banks.

1. Rural Bank of San Agustin

• Head office address at RB Building, Vallejo St., Barangay I (Pob.), Jones, Isabela
• Had one branch: RB Building, Maharlika Highway, Brgy. Masaya Centro (Pob.), San Agustin, Isabela
• Closed by the BSP on January 5, 2023
• Taken over by the PDIC on January 6, 2023

2. Rural Bank of San Marcelino Inc.

• Office address at #21 Agpalo St., Central
  San Marcelino, Zambales,
• Closed down by the BSP on February 9, 2023
• Taken over by the PDIC on February 10, 2023

3. Binangonan Rural Bank, Inc.

• Office address at 135 Baltazar St.
  Brgy. Layunan (Pob.), Binangonan, Rizal,
• Closed down by the BSP on April 27, 2023
• Taken over by the PDIC on April 28, 2023

4. Rural Bank of San Juan (Southern Leyte), Inc.

• Office address at San Jose Poblacion
  San Juan, Southern Leyte
• Closed down by the BSP on May 25, 2023
• Taken over by the PDIC on May 29, 2023

5. Bangko Pangasinan – A Rural Bank, Inc.

• Head office address at E.T. Gonzales Bldg., Mac Arthur Highway
  M.H. Del Pilar St., Mayombo, Dagupan City, Pangasinan
• Had 4 branches:
  • PDB Bldg., Marcos Ave., Palamis, Alaminos City, Pangasinan
  • M. Guiang St., Poblacion, Burgos, Pangasinan
  • Zamuco St., Poblacion, Aguilar, Pangasinan
  • National Road, Concordia, Bolinao, Pangasinan
• Closed down by the BSP on June 1, 2023
• Taken over by the PDIC on June 2, 2023

6. United Consumers Rural Bank, Inc.

• Closed by the BSP on July 20, 2023
• Taken over by the PDIC
• Reference: Circular Letter No. CL-2023-040

7. Rural Bank of Talisay (Cebu), Inc.

• Closed by the BSP on September 21, 2023
• Taken over by the PDIC on September 22, 2023

To depositors of closed banks:

You can contact:
The Public Assistance Department (PAD)
Philippine Deposit Insurance Corporation

Mail/Courier at: PDIC Building, 2228 Chino Roces Avenue, Makati City 1231
Hotline : (632) 8841-4141 (for depositors within Metro Manila, during office hours)
Toll Free : 1-800-1-888-7342 or 1-800-1-888-PDIC (for those outside Metro Manila, during office hours)

Email : agustin-pad@pdic.gov.ph

You can also check the Facebook page of PDIC for announcements and information.

Facebook : www.facebook.com/OfficialPDIC

See Lists of Closed Banks in the Philippines from the Years 2000 to 2024

List of Closed Banks in 2022

SeaBank Philippines now looks to be the fastest growing rural bank in the Philippines! It now has thousands of Facebook followers, countless comments and more than 100k mobile banking app downloads!

And from a ranking of 90th in September 2021, SeaBank now is the 4th biggest rural bank in the Philippines, based on total assets as of September 2022!

1. Is SeaBank PH’s High Savings Interest and Daily Posting True?

Yes. The annual interest rate of savings accounts with balances of up to 500,000 pesos is 5%. For balances of more than 500,000 pesos, the annual interest rate is 3%.

Your interest earning is credited to your account daily. It is based on your previous day’s balance.

The deduction you’ll see is the withholding tax, which is calculated by multiplying 20% to the interest amount.

2. Is It True SeaBank Does not Charge Bank Fees?

Yes! SeaBank does not charge common bank fees.

• No penalty for zero balance. No minimum balance requirement.
• No outgoing transfer fee. No fee for transferring money from SeaBank to other banks or wallets via Instapay or PesoNet.
• Initial deposit not required
• No account maintenance fee
• No account closure fee
• No dormant account fee
• No transfer fee between SeaBank accounts
• No fee for bank statement
• No incoming transfer fee. But your source account or wallet might charge you for transferring.
• Transfer from your verified ShopeePay account to SeaBank is free!

3. What type of bank is SeaBank Philippines?

SeaBank is a rural bank.

4. Is SeaBank regulated in the Philippines? Is it licensed by the Bangko Sentral ng Pilipinas (BSP)?

Yes.SeaBank is a licensed rural bank in the Philippines. You can see its name in the BSP Directory of Banks and Non-Bank Financial Institutions, updated January 3, 2023 and in the BSP’s Financial Statements.

All SeaBank deposits are insured by the PDIC up to 500,000 pesos per depositor.

5. Who Owns SeaBank Philippines?

SeaBank is owned by SeaMoney Holding PHPrivate Limited and Mr. Jan Frederic Lam Chiong.

SeaMoney owns 60% and Mr. Chiong owns 39.99%.

SeaMoney Holding PH Pvt. Ltd. is owned by Singapore-based Sea Ltd., a global consumer Internet company. Sea Ltd. owns 3 entities:

• Shopee— an e-commerce platform in Southeast Asia and Taiwan
• SeaMoney— a digital payments and financial services provider in Southeast Asia
• Garena— an online games developer and publisher

The chairman and group CEO of Sea Ltd. is Forrest Li.

Sea Ltd.’s total revenue as of the third quarter of 2022 was $3.2 billion, an increase of 17.4% from the same quarter in 2021. Total gross profit was $1.2 billion, an increase of 21.7% from the same quarter in 2021.

Mr. Jan Frederic Lam Chiong is the CEO of Garena Philippines, CEO of ShopeePay Philippines and director of SeaInsure.

6. Is SeaBank a new bank?

No. SeaBank is formerly Banco Laguna Inc. (A Rural Bank Since 1965). SeaBank started in December 5, 1965 as The Rural Bank of Pagsanjan, Inc. Some decades later, it became Banco Laguna Inc. (A Rural Bank Since 1965).

The bank became SeaBank in 2020, after SeaMoney Holding PH Private Limited and Mr. Jan Frederic Lam Chiong acquired Banco Laguna Inc. from Carlo and Marco Cabreza in October 2020. The bank started operating as SeaBank in December 2021.

7. Is SeaBank authorized to offer electronic payment and financial services?

Yes. SeaBank acquired its Electronic Payment and Financial Services license from the BSP in April 2021.

8. Is SeaBank a digital bank?

No. It’s not classified as Digital Bank by the BSP. SeaBank is a licensed rural bank that is authorized by the BSP to offer electronic payment and financial services, but it is not classified as a Digital Bank by the BSP.

It is not one of the 6 new banks licensed by the BSP as Digital Banks in 2021, as described in the BSP Circular No. 1105, Series of 2020. These 5 digital banks are Maya Bank, UnionDigital, OFBank, GoTyme, Tonik and UNObank.

9. Is SeaBank owned by Shopee? Seabank Shopee?

No. SeaBank and Shopee are sister companies. They are both owned by Singapore-based Sea Ltd.

SeaBank Philippines is majority-owned by Philippine holding company, SeaMoney Holding PH, which is owned by Singapore-based company, Sea Ltd., that owns Shopee.

10. Can Anyone Open an Account with SeaBank Philippines?

You can open a SeaBank account if:

• You are 18 years old or older
• You are a Filipino citizen
• You must not be a citizen or permanent resident of other countries, like USA, Canada, UK, Japan, etc.
• And you must have one of the following IDs:
  • UMID
  • Driver’s License
  • PhilID or National ID
  • Postal ID (Plastic card version, not laminated card version)
    • If you have none of the above, you can present one of the following IDs, but you need to present proof of address, like Meralco bill, phone bill, credit card bill, etc.
      • Passport
      • PRC ID
      • SSS ID with date of birth

11. Can an OFW Open a SeaBank Account While Abroad?

Yes. But only if you have a phone SIM card issued in the Philippines and only if it’s registered for International Roaming. Your phone must be able to receive texts from the Philippines. You need it to receive your one-time password (OTP).

Also, the front of your ID must contain your Philippine address. If not, you must be able to present proof of your Philippine address. Please see list of IDs in Question No. 10 above.

12. How Do I Open a SeaBank account?

Prepare your ID. Puedeng UMID, Driver’s License, PhilID or Postal ID na plastic card. Kung ang ID mo ay PRC ID, SSS ID with date of birth or Passport, prepare proof of address, like Meralco bill, credit card bill or phone bill.

I-check mo ang registration steps dito sa SeaBank webpage para madali na lang ang registration mo after ma-download mo na yong SeaBank mobile app.

Download the SeaBank mobile app sa Google Play Store, App Store, o Huawei App Gallery.

Dapat nasa lugar ka na malakas ang Internet signal at maliwanag para sa selfie at pag-picture ng ID. Don’t worry, malayong mabilis at madali ang process ng SeaBank kesa yong ibang app.

13. Does SeaBank Offer an ATM card? If Not, How Can I Withdraw Money from SeaBank via ATM?

Currently, SeaBank does not offer an ATM or debit card. What to do? Transfer money from SeaBank to your e-wallet or bank account that offers ATM withdrawal. Anyway, transfer from SeaBank is FREE.

14. Where are the locations of SeaBank branches?

• Head Office
  32 Rizal Street, Brgy. Poblacion II, Pagsanjan, Laguna
  Phone No: (049) 501-4213
• Sta. Cruz Branch
  Burgos St, Brgy. IV, Sta. Cruz, Laguna
  Phone No: (049) 501-0833 | (049)501-2961
• Siniloan Branch
  Fernandez St, Brgy. Burgos, Siniloan, Laguna
  Phone No: (049) 501-1207
• Liliw Branch
  Bonifacio St, Brgy. Ilayang Palina, Liliw, Laguna
  Phone No: (049) 503-3311
• Sariaya Branch
  Quezon Ave corner Dalis St, Brgy. Poblacion 5, Sariaya, Quezon
  Phone No: (042) 717-5958

15. How Can I Contact SeaBank?

Contact SeaBank for any feedback or concerns:
Email address: contact@cs.seabank.com.ph

Phone: (+632) 8891 7927
Monday to Friday: 8 AM to 10 PM
Saturday and Sunday: 9 AM to 6 PM
Holidays: Office is closed

References:

SeaBank’s Financial Statement 2021

Sea Limited Reports Third Quarter 2022 Results

BSP Directory of Banks and Non-Bank Financial Institutions, 2023

BSP Financial Statements

SeaBank History

Other Banks with High Interest Rates for Savings

 Netbank Philippines is a BSP-licensed rural bank competing with the digital banks! It’s innovative and adept in financial technology.

It’s Netbank Mobile savings app is also offering high interest rates. If you’re hearing about Netbank only now, it’s because it just started in 2021. But the bank it acquired — the Community Rural Bank of Romblon — has been operating for many years. It started in 1973.

Netbank offers 2 savings account products: Netbank Mobile and Netbank Netizen

Just go to Google Play or Apple Store and download the mobile apps Netbank Mobile or Netbank Netizen. Then register. Prepare your ID.

Netbank Mobile

• 4% annual interest for savings account, with interest credited daily
• Free Instapay and Pesonet tranfers from Netbank
• No initial deposit and no maintaining balance requirements
• 5% annual interest for a 6-month term time deposit
• 6% annual interest for a 12-month term time deposit
• Deposits insured by PDIC for up to 500k per depositor
• Open to Filipinos and resident aliens
• Download Netbank Mobile from Google Play Store and Apple Store

Netbank Netizen for OFWs

Netbank Netizen is an all-in-one mobile banking app for OFWs. It can be used for remittance, fund transfer, bills payment, mobile reload, time deposit, savings and cash out via partners. But since it offers only a minimal interest rate for savings, I suggest you open this account only if you like to use the international remittance company WISE for remittance, and if you like high time deposit rates.

Download the app: Netizen – Bank for Pinoy OFWs

If you’re focused on savings, have the Netbank Mobile account.

To send money to your Netizen account, you can use WISE. Please see “Get-700-Pesos Promo…” below .

If you prefer to send money through your favorite remittance service, provide your Netizen account details and deposit to Community Rural Bank of Romblon Inc. or Netbank (A Rural Bank Inc.), or use the SWIFT code: CUOBPHM2XXX

Features:

• No initial deposit and No maintaining balance
• 0.25% interest rate per annum
• Interest Rate credited at every end of the month

Netbank Netizen Time Deposit Interest Rates:

• Minimum: 5,000 pesos
• Maximum: 2 million pesos
• 3% annual interest rate for a 3-month period time deposit
• 4% annual interest rate for 6 months
• 4.5% annual interest rate for 9 months
• 5% annual interest rate for 12 months

Get-700-Pesos Promo for Using Netbank Netizen and Wise for Remittance

Open a Netbank Netizen account with referral code AAAA0015. Register with WISE on the Netizen app. You’ll get 700 pesos after sending your first WISE remittance using Netizen app.

There’s a video here that shows how to register with WISE on the Netizen app and how to send money from abroad using the app.

WISE is a reputable international remittance company registered in the UK. It has remittance partnerships with banks around the world. Its exchange rate is also very competitive. It offers rates higher than many money changers in the Philippines. The only not good thing is your money is not credited to your account in real time. It takes 1 to 3 days.

How Is Netbank Philippines Different from Other Banks?

It offers a platform called BaaS (Banking as a Service) to financial technology (fintech) companies. It claims that it’s the first bank in Southeast Asia offering this kind of platform. A fintech company interested in Netbank’s BaaS can offer financial services to its own existing or new clients with its own brand or label using Netbank’s banking platform. It can offer an electronic wallet, transaction account, banking app, special banking account, loyalty program, or payroll solution using Netbank’s platform. And Netbank claims its BaaS is relatively low-cost and launched fast.

Netbank says it can help a fintech launch a mobile banking app or e-money wallet in 2 months for less than $15,000. Data as of August 6, 2023.

Netbank says that it has a strong social mission at its heart. It wants to help fintechs grow fast and reduce their costs to accelerate innovation and financial inclusion.

What are the services offered by Netbank Philippines in Romblon as a rural bank?

Netbank offers these only to customers in the province of Romblon:

• small business loans (for businesses on Romblon Island, no collateral, up to 6 months, weekly payment)
• salary loans (no collateral, salary deduction, selected employees of registered businesses on Romblon Island)
• SME loans (for businesses in the province of Romblon, real estate collateral, up to 3M, up to 3 years in term)
• time deposit account for individuals and businesses, up to 5% interest rate
• simple transaction account for residents in the town of Romblon, Romblon

Address and contact info:

Bagong Lipunan, Street corner Governor Perez St
Romblon, Romblon 5500
Contact No: 09173148853
Business hours: Mon-Fri 9am – 5pm

Who owns Netbank Philippines?

It’s majority-owned by Netbank’s co-founder and chairman Angus James Poston, (Gus Poston) founder of private equity fund Bridge Digital Investments and board member and investor in 1st Valley Bank. Netbank’s co-founder and president David Paulo Dela Paz is also an owner.

What’s Netbank’s latest financial performance?

As of June 2023, Netbank Philippines has 1.2 billion in total assets, 76M in total equity and 2.6M in net profit, as announced on their Facebook page, Netbank Mobile facebook.com/netbankmobile

It ranked #56 in the March 2023 rural bank ranking by assets, with 913.7 million. But with its assets of more than 1 billion in the 2nd quarter, it could be now among the Top 50 rural banks in the Philippines. That’s an achievement for a rural bank that started as Netbank just 2 years ago.

Social Pages of Netbank Philippines

Facebook page: facebook.com/netbankmobile

Facebook group: facebook.com/groups/5143297755705907 Name of group: NETBANK MOBILE & NETIZEN BANK FOR OFWs

For Netbank Philippines inquiries:

Go here to submit your Netbank Mobile, Netbank Netizen and BaaS inquiries.

Based on my experiences, WISE and XOOM (US dollar to dollar) are the two best ways to send money to the Philippines from other countries. I can say this with certainty because I’ve been constantly checking over the years the best ways to receive my salary from my US-based employer and money from overseas relatives.

Why WISE?

• WISE gives the highest US dollar-to-peso exchange rate. Check for yourself. Receive money via WISE, then compare with the rates offered by banks and money changers.
• If you’re the Sender, WISE shows you the exact amount of pesos the Philippine recipient will get before you press SEND.
• WISE charges competitive remittance fees. The Sender sees the amount of the fees before sending. WISE claims it’s 5 times cheaper than banks. Again, check for yourself. See bottom chart for WISE fees.
• WISE now sends money almost real time, unlike in the earlier days of WISE operations.
• WISE sends only to your recipient’s bank account. Your money is safe. The money is ready for your transfer to other banks and money apps or for payments.
• WISE is reliable. It’s licensed in the UK where it operates its headquarters and is registered and regulated in Australia, Belgium, European Economic Area, Brazil, Canada, HongKong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, Philippines, Singapore, United Kingdom and the United States. It has been remitting money since 2011.
• WISE has become a $5 billion money-transfer fintech
• More than 16 million people are using Wise.
• Notice: WISE will require additional verification if you’re sending large amounts of money for the first time. This is to comply with Anti-Money Laundering regulations.

WISE is launching its Wise Account and Card in the Philippines! This May 2024.
You can now send money abroad from the Philippines.
What’s more? You can now get paid in over 9 currencies. See more info here: WISE Account

Why XOOM (US Dollar to US Dollar Option)?

• Use the XOOM (US Dollar Account to US Dollar option). Can be cash pickup of US Dollars, or Deposit of US Dollars to a US Dollar Account. The amount of US dollars you send is the same amount of US dollars your receiver will get. Do not use the US dollar-to-peso option; the exchange rate is not favorable.
• XOOM sends real time. Your remittance is immediately posted onto your receiver’s bank account a few minutes after you press Send.
• If the Sender sends US dollars, the Receiver can get the money in US dollars over the counter. If the Receiver has a US dollar account, he or she can withdraw the money in US dollars.
• XOOM was founded in 2001 in California, and has been owned by Paypal since 2015.
• Notice: XOOM will also require additional verification if you’re sending large amounts for the first time.

Best US Dollar Account to Receive XOOM Remittance

It’s BDO Kabayan US Dollar Savings Account. You only need an initial deposit of at least US$10 and latest receipts of remittance from countries sending US dollars. Of course, your valid IDs. Some BDO branches might ask for proof of address, like Meralco, water or phone bill.

Best Bank to Exchange US Dollars

Eastwest Bank gives the best US dollar-to-peso exchange rate among banks, based on my monitoring. Even higher than popular money changers like Czarina or Sanry’s. Please comment if there’s another bank that gives a higher exchange rate.

Disclosure: I’m an affiliate of WISE. Pero kahit affiliate ako ng WISE, hindi ko sinasabing highest ang exchange rate ng WISE dahil affiliate ako, totoo talaga na WISE gives the highest US dollar to peso exchange rate, compared sa lahat ng money changers or banks. Makikita mo rin kapag magpadala ka na ng US dollars.

3rd Best Way: US Dollar Check

This is one of the cheapest ways, if not the cheapest way, to send US dollars to the Philippines. However, this takes time. And this is usually done by people in close relationships.

As the receiver in the Philippines, you deposit a US dollar check (issued by Sender’s bank in the US) into your US dollar account. Then you wait for check clearing in the US, for about 3 weeks to a month. So this process needs advance planning.

How you get the US check depends on your planning. Your Sender, while vacationing in the Philippines, can give you a bunch of signed blank checks that you can deposit one at a time upon the Sender’s instructions.

WISE and XOOM Fees in US Dollars (on April 23, 2024)

For Wells Fargo Account Owners, ExpressSend Might Work Best for You

If you have a Wells Fargo account, and you have time to visit your branch, the Wells Fargo ExpressSend remittance service might also be a good option to send money to the Philippines. The remittance fee is only $4 for any remittance amount from $25 to $3,000.

And their US dollar to peso exchange rate is not bad. For smaller remittances, ExpressSend could be okay for you, as you already have a Wells Fargo account. On April 23, 2024, their exchange rate was 56.92, the same day BDO’s exchange rate was 57.15 and WISE’s exchange rate was 57.39.

You can send dollars to your receiver’s peso account in BDO, BPI, Metrobank and BPI, up to $3,000 a day, with a total monthly limit of $12,500. You can send up to $1,000 a day for cash pickup at MLhuillier and Cebuana Lhuillier.

By the way, you can not use your mobile phone for this ExpressSend transaction. Use your Wells Fargo online banking via your laptop or desktop computer.

Are You Looking for Other Money Transfer Companies in the USA?

 An HEIR’S BOND is a financial guarantee. It is required by lending banks when the Spouse of the Owner of the collateral house and lot is Deceased. Or if the Title has an annotation of Section 4 of Rule 74 of the Rules of Court.

Bago kayo bumili ng property from an Individual Seller using a bank loan or Pag-ibig loan, tanungin nio muna kung kaninong pangalan ang nasa Title, kung married, at kung parehong Buhay (Living). Kapag ang owner ay Deceased na, or kapag ang spouse ng Owner ay Deceased na, mas magasto at mas matagal ang processing. Isa dito ang pagbili ng Heirs Bond. As of May 2024, around 20,000 pesos ang Heirs Bond for a 2 million-peso loan. At hindi lang basta-basta ang pagbili. Maraming required documents, katulad ng co-signers with income and real estate properties, at kelangan ang latest ITRs nila or copies of titles.

Sa Pag-ibig, ang requirement nila is Surety Bond, hindi Heirs Bond, although pareho lang naman ang purpose.

The Heir’s Bond will protect the lending bank from loss in case legitimate heirs or unpaid creditors have been excluded from the settlement of the Deceased’s property, which was used in the home loan as collateral. And these heirs win their lawsuit to claim their share of the property.

An Heir’s Bond (or Heirs Bond) is an agreement among 3 parties:

• the insurance company which issues the bond and will pay court-declared valid claimants
• the home loan borrower who pays the bond
• the lending bank that gives the home loan

The borrower is called the Principal or Obligor; the lending bank is called the Obligee or Bond Beneficiary.

Warning! Before you buy an Heirs Bond, ask your lending bank if the insurance company you are planning to buy from is Acceptable to them.

How much is Heirs Bond?

About 1% of the home loan amount. For a 2 million-peso home loan, the heirs bond cost is around 20,000 pesos. The quotes I got from several of the following do not differ much. Mga few hundreds lang ang difference.

Ang tingnan na lang is yong requirements, at yong bilis ng pag-process nila ng application. Almost lahat ay nagre-require ng co-signers with real estate properties and ITRs. Yong iba, kelangan pang notarized. Meron akong nakitang 3 na nagpa-process ng bonds sa Facebook. Ang partner insurers nila ay Travellers, Pacific Union, at Alpha Insurance. Mas mahal nga lang kasi siempre they’re helping you expedite the process. In case you decide to hire their service, make sure you’re depositing or transferring your payment to the bank of the insurance company, and not to the agent’s bank account.

As of now, ang pinagpipipilan namin ay BPI MS at Oola Insurance, kasi sa BPI kami nag-apply ng home loan. Oola naman has the least documentary requirements and offered a fair price.

BPI MS Insurance (owned by the Bank of the Philippine Islands and Mitsui Misutomo Insurance of Japan)

Website: bpims.com

Requirements:

• BPI MS Individual Information Sheet (by applicant and all heirs)
• Deed of Extra Judicial Settlement or Self-Adjudication
• Certificate of Publication of the Deed of Extra Judicial Settlement or Self-Adjudication
• Death Certificate of the deceased person whom the property is inherited
• Loan Approval
• Old Title
• New Title
• Deed of Absolute Sale (if there was a sale of the property used as collateral for the loan)
• IDs of borrower and all heirs and co-signers and spouses, if applicable (photocopy on bond paper and 3 signatures)
• Indemnity Agreement (to be signed by applicant and all heirs)
• Proof of heir’s relationship with the deceased. Submit what is applicable:
  • Marriage certificate
  • Birth certificate of deceased
  • Birth certificate of child/children
  • Certificate of No Marriage of the Deceased (if not married)
  • Death certificate of deceased’s parents and/or siblings (if heirs are siblings and nephews/nieces)
  • Birth certificate of deceased’s siblings and/or nephews/nieces (if heirs are siblings and nephews/nieces)
• If there’s only one heir, or if not all heirs are available to sign the bond and indemnity agreement, submit the following:
  • SPA in favor of applicant or heir as Attorney-in-fact
  • Co-signer’s Information Sheet (with marital consent if married; co-signer must have real estate properties or liquid assets worth double the bond amount)
  • Photocopies of bank deposits or land titles of real estate properties declared by co-signer

AXA Philippines

Website: axa.com.ph

Requirements:

• AXA Client Information Sheet
• Co-signer Statement Form (at least 2 co-signers)
• Co-signers’ latest ITRs, or certificate of time deposit from Metrobank
• AXA Indemnity Agreement
• Deed of Absolute Sale
• Extrajudicial Settlement of Estate or Affidavit of Self-Adjudication or Deed of Partition
• Affidavit of Publication of Extrajudicial Settlement of Estate or Affidavit of Self-Adjudication or Deed of Partition
• Death certificate of Deceased
• Proof of relationship of heirs: Marriage certificate for surviving spouse, birth certificate for children or siblings of deceased
• Bank’s Appraisal Report
• At least 2 valid government-issued IDs

Commonwealth Insurance Co.

Website: cic.com.ph

• Duly accomplished Bond Application form, co-signer’s statement & employer’s Statement together with the copies the latest ITRs of the signors.
• Copy of Extra-Judicial Settlements/partition among heirs
• Copy of Death Certificate
• Affidavit of Publication and proof of Publication
• Copy of Title and/or Bank Book
• Note: ALL the heirs of the deceased should sign the Indemnity Agreement (including their spouses).

Stronghold Insurance Company

Requirements:

• Application for Bond (to be notarized, with community tax certificate no.)
• Photocopy of contract or agreement that needs a bond
• Co-signer’s Information Sheet (2 co-signers, to be notarized, with community tax certificate no., co-signers must own clean-titled real estate properties worth double the bond amount (market value), with marital consent if married)
• Photocopies of titles and tax declarations of real estate properties declared by the applicant and co-signers in the bond application
• Indemnity Agreement* (to be notarized, to be signed by applicant and co-signers with residence certificate nos.)
• ITRs of co-signers, with supporting financial statements, if any
• Photocopies of government-issued IDs of applicant and co-signers (2 IDs each)
• Special Power of Attorney, if applicable

*Indemnity Agreement: The applicant and co-signers agree to indemnify the insurer for payments, costs, damages, charges, penalties, expenses, and any losses that the insurer may incur arising from the surety and to pay attorney’s fees.

The Premier Life and General Assurance Corp.
(formerly The Premier Insurance & Surety Corp.)

Website: premierlifeandgen.com

• Bond application with 2 valid xerox ID with specimen signature
• AMLA
• Co-signer’s solvent with ITR and 2 copies of xerox valid ID with specimen signature
• Extrajudicial partition or Settlement
• Notice or Affidavit of Publication for Extrajudicial (3 consecutive weeks)
• Waiver of Rights, if applicable
• Title of property
• Death certificate
• Marriage Certificate
• Birth certificate
• Indemnity Agreement

Standard Insurance

Website: standard-insurance.com

When I called them, they instructed me to go to their branch nearest my residence. They have 14 branches in Metro Manila, 34 in Luzon, 10 in Visayas and 12 in Mindanao.

Unfortunately, when I went to their nearest office, the bond officer there said it should be the heirs requesting or purchasing an heirs bond, not their buyers. I tried my best to explain, but oh well, that’s their statement.

But anyway, they gave naman a list of requirements:

• Title, photocopy
• Extra-Judicial Settlement, photocopy
• Publication, photocopy
• Bond Application form
• Co-signor’s Statement (2 co-signors)
• ITRs of co-signors
• Titles of assets owned by co-signors, photocopies
• Indemnity Agreement (to be notarized)
• Government IDs of applicant and co-signors, 2 IDs each
• SPA, if applicable

Prudential Guarantee Insurance Inc.

Website: prudentialguarantee.com

AlliedBankers Insurance Corp.

The non-life insurance company of the Lucio Tan Group and the non-life insurance product provider of PNB Bancassurance.

Website: alliedbankers.com.ph To request a quotation, kindly email sales@alliedbankers.com.ph

Pacific Union Insurance Company

No. 16 based on Net Worth in 2023 (2.24 Billion Pesos); No. 29 based on Assets in 2023 (3.69 Billion Pesos)

Requirements:

• Application Form (Individual)
• Co-signer’s statements (2 co-signers, to be notarized)
• Extrajudicial Settlement
• Copy of Publication and Affidavit of Publisher
• Death certificate
• Marriage or Birth certificate (if the deceased is survived by a spouse)
• Copy of the TCT (Sec 4 Rule 74)
• Loan approval (REM)
• Company documents if applicant is a company

FPG Insurance

Requirements:

• Deed of Extra-Judicial Settlement or Self-Adjudication  
• Certificate of Deposit/s with Account Number  
• Publisher’s Affidavit of Publication of Deed of Extra-Judicial Settlement or Self-Adjudication  
• Death certificate of the person whose estate is for distribution
• Certificate of No Marriage (CENOMAR), if the deceased is single  
• Proof of filiation to the decedent of the applicant such as Marriage and Birth Certificate  
• Latest ITR of the applicant/s, payslip or source of living if unemployed  
• 2 valid IDs of all heirs  
• Completed, dated and signed Bond Application Form and KYC Form  
• 2 co-signer’s with 2 valid ID’s and latest ITRs 
• If you have an existing FPG Insurance account, please provide ANY of the following information:
  Policy Number and Assured Name

Website: ph.fpgins.com

FPG Heir’s Bond Application Form

Liberty Insurance Corp.

Website: libertyinsurance.com.ph

Travellers Insurance Surety Corp.

Website: triscoph.com

Since 1964. Info on Heirs Bond

In a Facebook group related to real estate, an agent says he can help process an Heirs Bond from Travellers Insurance in one day. He also said that there are only a few required documents:

Alpha Insurance & Surety Co.

Website: alphainsurancesurety.com

Alpha Insurance is No. 19 based on net worth in 2023 (2.06 billion pesos) and No. 33 based on assets in 2023 (3.2 billion pesos)

Requirements:

• Bond Application (Individual)
• Co-signer’s statements (to be notarized, 2 co-signers)
• Co-signer’s IDs, ITR, residential tax certificate, and TCT of real estate properties owned, if any (photocopies)
• Extra-Judicial Settlement (EJS) (photocopy)
• Publication of EJS (photocopy, and/or most probably Affidavit of publication)
• Title (photocopy)
• Death certificate (photocopy)

Cocogen Insurance Inc.

Website: cocogen.com

Requirements:

• Deed of Extra Judicial Settlement or Affidavit of Self-Adjudication
• Editors’ Affidavit of Newspaper Publication for 3 consecutive weeks
• Death Certificate
• Tax Clearance /Tax Receipts from BIR
• Marriage Contract
• Cocogen Application Form, signed by applicant and 2 co-signers with their respective ITRs and photocopy of any government-issued ID
• Photocopy of declared properties of co-signers
• Copy of the Title
• Birth Certificate (If the surviving heirs are children of the deceased)
• Special Power of Attorney ( if applicable)
• Deed of Absolute Sale
• Appraisal Report

Western Guaranty Corp.

Website: westernguaranty.ph

Oona Insular Insurance Corp. (MAPFRE)

Oona is No. 21 based on assets in 2023 (4.6 billion pesos) and No. 46 based on net worth in 2023 (1.34 billion pesos)

Requirements:

• Application Form (with TIN no. and tax certificate no., to be notarized)
• Co-signer’s information sheet (with marital consent, tax certificate no. and TIN no.)
• Extrajudicial Settlement
• Death certificate
• Affidavit of publication
• Documents related to the property being covered (Title, Tax clearance, Tax declaration)
• Government IDs of all signatories and their spouses

GSIS (Government Service Insurance System)

Website: gsis.gov.ph

Ask your lending bank if it accepts a GSIS Heirs Bond. Baka puede lang ang GSIS Heirs Bond sa Pag-ibig home loan o sa bond requirement ng Register of Deeds. Hindi ko rin sure kung nag-a-accept ang GSIS ng Heirs Bond application for a home loan, kasi itong list of requirements nila is for bank account. But somebody on reddit philippines suggested GSIS in reply to someone asking about heirs bond for a home loan.

Latest ranking of non-life insurance companies that offer Heirs Bond

Paymaya vs Bayad apps — Which is better in paying bills online?

Or is your online banking or mobile app much better than either Bayad or Paymaya?

By the way, Bayad is previously known as  Bayad Center.

Yes, your mobile app or online banking is better, as paying with either of them is faster. Your funds are already there in your online or mobile account. You just login and go to your Pay Bills option.

The problem with online or mobile banking is many of the companies you need to pay are not in the list of billers. Even if you have accounts in 3 or more banks, there are a lot of billers missing. Mostly also, SSS, Pag-ibig, Philhealth , NHMFC are not in the list.

I have a Metrobank Mastercard credit card, and it’s not in the BDO, BPI and Eastwest list of billers.

Now, let’s compare the Paymaya vs Bayad apps.

1. How easy it is to load money into the apps online?

Easier: Paymaya
Paymaya is a participant of the Instapay transfer system, so when you want to fund your Paymaya, just go to the Transfer Money or Send Money function of your online banking/mobile app, and use Instapay, and the transfer is instant!
Of course, if you can wait, you can use Pesonet, so you don’t have to pay a fee.
I have an Eastwest Bank account, so it’s not a problem for me, as its Instapay fee is only 5 pesos! Thank you, Eastwest!

Slower: Bayad 
Reminder: You need pen and paper to write the reference numbers.

Bayad is not an Instapay participant, so you use its partner, MultiPay, to load your Bayad app. And MultiPay is neither an Instapay partner! It’s a biller, a company to be paid. In certain banks, it’s a bank account to send money to. So online loading is not direct from your bank to Bayad or to MultiPay.

You can’t also go immediately to your online banking/mobile app and pay or send money to MultiPay. For Metrobank and Easwest, you use Bills Payment. To pay a bill, you need a reference number. So you first login into Bayad app, click Load, click Bills Payment, choose your bank, then generate a reference number. Take note of this reference number.

Then login into your online banking/mobile app, go to Pay Bills or Bill Payment, and Pay MultiPay. Use the reference number you got from Bayad app. After paying, you’ll get your payment reference number. Again, take note of this reference number. Go back to Bayad app and enter this reference number. Then wait for the amount to get credited to Bayad. It might take 24 hours, but for my recent transactions, it took just 5 to 8 hours.

If you load using BDO, you use Send Money. You send money to the BDO account of Multipay. But you don’t go immediately to your BDO system and Send Money. First, login to Bayad app, choose Bank Transfer, take note of the account number of Multipay and get your reference number. After you get your reference number from BDO, go back to Bayad app and enter this reference number.

2. How Fast Does SSS Payment Get Posted with SSS?

Instant: Bayad
The SSS promise of instant posting with the use of PRN is fulfilled with Bayad. And the process of paying is quick.

Not Posted: Paymaya, 38 days today and not yet posted
The paying process is longer; it involves the SSS website.

What’s frustrating is the tiring process that will get my Paymaya payment posted with SSS. The advice I saw at the Facebook page of SSS is that I need to download an SSS verification form, print it, fill it up, print my Paymaya proof of payment, then go to SSS and submit my documents. Whew! Kaya ka nga mag-online para hindi ka na lalabas.

I so regret using Paymaya for paying my SSS. On Facebook, I also read about many others who had the same problem, having paid SSS through Paymaya months before, and not seeing their payments posted.

3. How many billers can you pay?

Bayad — 1,000 plus
Paymaya — 100 plus

4. SSS, Philhealth, Pag-ibig, NHMFC, etc.

Bayad — Pag-ibig, NHMFC, SSS contributions only and not loans, Philhealth, DFA passport, POEA OEC, NHA, NBI Clearance
Paymaya— Pag-ibig, NHMFC and SSS contributions (SSS website integrated in the process), DFA passport, POEA OEC, BIR, PRC

5. Banks/Credit Cards

Bayad — BPI, Metrobank, RCBC Bankard, Sterling Bank, Equicom Savings, Tanay Rural Bank,
Paymaya — BPI, Equicom, Equicom Savings, Sterling Bank, Card Bank, Card MRI, Card SME, CTBC

6. Rebate/Cashback/Discount

Bayad — Rebate of 1 peso per 1 transaction, any amount
Paymaya — Lots of 50-peso and 100-peso cashbacks and discounts
Be updated with promos so you can take advantage

7. Rebates on phone loads

Bayad — Instant 4% rebate on each load amount
Paymaya — Instant 5% rebate on each load amount
20-load costs 19 pesos
50 costs 47.50
100 costs 95
200 costs 190
300 costs 285
500 costs 475

8. Online Funding Fee

Bayad: Usually 5 pesos
Paymaya: 5 to 50 pesos (Instapay)
— Free if PesoNet, but not instant
Eastwest — 5 pesos (Instapay)
BDO — 50 pesos (Instapay)
BPI — 50 pesos (Instapay)
— Instapay is free during the covid-19 crisis

Paymaya vs Bayad — which is the winner?

Walang clear winner.
Download them both and use whichever is better for a particular biller.

By the way, who owns these apps?

Yang Bayad, pamangkin niya si Paymaya. Or puede ring magpinsan sila.

Paymaya is owned by Voyager Innovations, the digital company of PLDT and Smart.
Bayad is owned by Meralco.
PLDT, Smart and Meralco all belong to MVP Group of Companies.