Sending Money To The Philippines
by Jojo Tuvera
I used to send money to the Philippines through a "biyahero" because I did not know yet the ins and outs of sending money here in South Korea. I tried e-padala express and Metrobank. But now I'm using the ATM service.
I opened two ATM accounts at Kookmin Bank (KB). I got the card with the Cirrus/Maestro logo. This is more convenient because I can transfer money anytime. I sent one account with the card to the Philippines. I use the other to transfer money.
TNTs (tago ng tago, or in constant hiding) remit money through "biyaheros" (travelers) or those who have multiple-entry visa going back and forth in Korea. This is not safe, but TNTs have no choice. They cannot remit through or are afraid to go to banks because they have no visa.
Most of the time the money is received the next day or within 3-5 days if the traveler has capital. No or little capital takes longer to receive the money. The fee is expensive if this method is used to remit money. He earns every time he accepts money and from the peso exchange rate.
We remit money at Metrobank especially because it is open on Sunday for OFWs. Pay slip is required for sending beyond the limit of $1,000. If you give cash the money is received the next day, but if you give check it takes 2-3 days before the money is received. Metrobank charges 13,000 won.
e-padala express is through banks but door to door is possible. Charge is different for door to door. The sending limit is $2,000. This is faster than Metrobank. If sent earlier in the morning, the money is received in the afternoon. The charge is cheaper also - 11,000 won if not through Metrobank.
The biyahero will give the money in dollars if told to do so. This takes longer because he brings the money home first. If recipient has a dollar account he deposits it there and takes 2-5 days.
You can send dollars through e-padala express if the recipient has a dollar account. That's also true with Metrobank. It is also possible to send dollars through door to door. MoneyGram
is open on Sundays for OFWs. This is also fast and secure. Charge is cheaper a little. Pick up is at MoneyGram offices in the Philippines.Dom's Comments
: Thank you so much for sharing, Kuya. You covered ways of sending money to the Philippines from very unsafe (biyahero) to fast and secure (ATM service) for newly-arrived and long in time OFWs.