ABS-CBNNews.com Report: Remittances hit monthly record high in Oct

Taken from ABS-CBN Online News:

MANILA, Philippines - Money sent home by Filipinos abroad grew 6.7% to $1.5 billion in October, the highest monthly remittance level recorded so far, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.

The October figure was equivalent to a 3.7% growth from the previous month's remittance level of $1.446 billion. It also brought the country's total remittance inflows to $14.3 billion for the first 10 months of the year, a 4.5% increase year-on-year.

The surge in October remittance to the Philippines may be attributed to the seasonal semestral education related expenses of Filipino families and the assistance from abroad to those affected by damages brought about by Ondoy and other natural calamities.

Overall, the IMF and BSP separate forecasts for growth in remittances should boost the local consumer spending, to offset the negative impact of recent typhoons.

What does this report tells us? To those who send money to the Philippines, it means that the government continues to depend on foreign remittances to support the economy. This should lead to easier and cheaper ways to send money to the Philippines and more government programs to protect and help the families of Filipinos working or migrating abroad.

Deposit Foreign Bank Cheque to Philippine Banks

The Philippines, with its friendly people and nice tropical weather, has become one of the leading destination for retiring foreign nationals and Filipino returnees (Balikbayan). There are thriving expat communities in the suburban areas of Subic, Tagaytay, Davao, and Cebu even in the busy cities of Metro Manila. Most maintain foreign bank accounts or fund source that goes through foreign banks. Otherwise, you would have to go through popular way of sending money using money transfer services from reputable agents.

If you belong to these group of people, you may want to consider using your foreign checking accounts to fund your expenses here in the Philippines. Once you are established in the Philippines and pretty well know you monthly expenditures, simply deposit dollar checks into your Philippines dollar bank account (or even peso account) for the average monthly disbursements. It takes roughly 3 weeks to clear. This is could be the least expensive way of sending money to the Philippines, as there are no wire transfer fees or internet transfer fees, depending on the local banks which you might have to confirm individually.

You may be required to more diligently manage your checking accounts, check book inventory and monthly expenses. You also have to be aware of bank foreign exchange rates in order to maximize your money's worth and value in the Philippines.

No Bank or Credit Accounts? Use MoneyGram International.

It maybe hard to believe that an adult in this day and age does not have a bank or credit card account to his/her name, but it is possible and is perfectly understandable. A lot of people, and clever ones I think, are investing/re-investing their money instead of putting them in savings accounts. Investments provide far greater return than interests earned from regular bank savings accounts. On the other hand, credit cards, when used uncontrollably, will give more harm than good and convenience to its user.


So if you are this kind of person, or simply does not want to provide access to your accounts to send money internationally to the Philippines, you may use the money transfer service providers like MoneyGram International. Similar to Western Union, the sender goes to an authorized agent, fill out some forms, add complimentary message -I suppose to make the transaction more personal, and in few minutes, your recipient may go to his/her local agent and cash out the money and receive your message.

Location and Operating Hours Convenience

MoneyGram International have a variety of agents that provide services at convenient locations and may in fact offer extended operating hours. Just like any other money transfer service providers, MoneyGram conforms to international anti-money laundering laws and guidelines. As a sender, you must provide proper identification by bringing with you ID cards to an agent. In the same way, the recipient must have valid ID with him/her and the correct reference number from the sender, in order to receive the money.

In the Philippines, the recipient may receive money at branches of Allied Bank, Banco De Oro, Cebuana Lhuillier, KwartaGram, M. Lhuillier, Philippines National Bank, RD Pawnshop, SM Mall and many other locations where you see the MoneyGram sign. Please check the list regularly to see growing parter agents of MoneyGram and information on receiving money sent to the Philippines.

MoneyGram Agent Locator - more information on MoneyGram Locations in the Philippines

Home Delivery

Sending from select countries, MoneyGram can also deliver directly to a home address, through its partner networks. Together with LBC, leading player in home delivery in the Philippines, MoneyGram offers one of the largest money transfer networks in the Philippines – providing this service to the majority of cities and municipalities. Just call the following LBC numbers in select countries to pre-register to the home delivery service.

Brunei	673 222-1270
Canada	1866 869 0159
Cyprus	0080016122031079
Greece	210 898 2848
Hong Kong	28727600
Norway	00 19150
Singapore	8001011764
US	1866 869 0159
Philippines	853 0012

You may visit, http://www.moneygram.com for more information.

Xoom.com Online Money Transfer to the Philippines

Another popular way of sending money to the Philippines online is through Xoom. You may send money online by signing up and charge your remittance to your U.S. Bank account, Paypal account or credit cards. Joining Xoom is free and safe. Recipient in the Philippines may pickup cash from Xoom's local partners; or receive through Philippine bank Peso or Dollar accounts; or receive money right at their doorsteps.



Picking up Cash

Xoom has one of the largest receiving network through its local partners that include 24x7 businesses, SM Malls, Globe Telecom Centers, major banks like BDO, many rural banks and major pawnshop franchises like M. Lhuillier, Cebuana Lhuillier, Villarica, and Tambunting.

To pick up a money transfer, your recipient goes to a Cash Pickup agent and shows the agent a Xoom Tracking Number and valid I.D. A lot of agents are conveniently located with many open day and night and on weekends.

You, the sender, authorizes a Xoom transaction after choosing Cash Pickup as your disbursement mode.
You will see a Xoom Tracking Number on the receipt page. You will also get a receipt email from Xoom that includes your Tracking number. At this point, Xoom is processing your payment.

Next, you will receive a Ready For Pickup email. Please read this email carefully. Give your recipient the Xoom Tracking Number and any other details from the email required for a successful cash pickup.

When your recipient arrives at the local bank branch or retailer, your recipient will be required to fill out a simple form with the Xoom Tracking Number and I.D. The teller or agent will confirm the Xoom Tracking Number, verify your recipient’s identification, pay out the transfer, and provide a receipt to confirm payment.

At this time, your transaction will be updated to "Completed" and you will receive an email notification confirming that your recipient has successfully picked up the money. The email notification may arrive shortly after the money has been paid or on the next business day.



Bank Deposit

Validated transferred money may be deposited to any Philippine Peso or Dollar accounts in the Philippines. From its bank affiliates, deposits through select banks are fast. Deposits are reflected in minutes to Philippine National Bank (PNB) and in just a few hours to Metrobank, Bank of the Philippine Islands (BPI) and Banco de Oro (BDO). You will need your recipient’s bank account information to use this service.

You authorize a Xoom transaction after choosing Bank Deposit as your disbursement mode.

You will see a summary of your transaction on the receipt page. You will also get a receipt email from Xoom that includes this information. At this point, Xoom is processing your payment.

Next, you will receive a Deposit in Progress email. This email is sent when the transaction has been forwarded to the recipient's bank for deposit. You may want to contact your recipient to inform them of this status.

Your transaction will be updated to "Completed" when the money has been deposited.


Home Delivery Service

With Home Delivery Service, Xoom through trusted partner local courier service in the Philippines, will send money safely to the specified delivery address. Your recipient simply waits at home for the delivery.

You authorize a Xoom transaction after choosing Home Delivery as your disbursement mode.

You will see a summary of your transaction on the receipt page. You will also get a receipt email from Xoom that includes this information. At this point, Xoom is processing your payment.

Next, you will receive a Ready for Delivery email. This email is sent when the transaction has been forwarded to our delivery courier in your recipient's country.

When the courier arrives at your recipient's home, your recipient will be required to fill out a simple form with the Xoom Tracking Number and provide a valid I.D. The courier will confirm the Xoom Tracking Number, verify your recipient's identification, pay out the transfer, and provide a receipt to confirm the money has been delivered.

At this time, your transaction will be updated to "Completed", and you will receive an email notification confirming that your recipient has received the delivery. It is not uncommon to receive the email notification 1-2 days after the delivery due to the distance of the delivery.

Sending Money Through Smart Money Padala International Remittance Service

Smart Money through its domestic agents, that may include local retail stores, barber shops, convenient stores, pharmacies and small businesses and the convenience of access to cellphone transactions provide opportunity to reach most Pinoys for remittance transactions.

SMART Padala, is the world’s first international cash remittance service linked to a mobile phone. Now, sending cash from abroad to the Philippines has never been more convenient and affordable – and all at the speed of text.

SMART Padala is available in select countries through SMART Remittance partners: (Link: List of Foreign Remittance Partners)

How does Smart Padala work?

For senders abroad:

1. Go to any Smart Padala remittance partner.

Withdrawing Money from Paypal in the Philippines

How do you withdraw funds from my PayPal account? In the Philippines, you only have two options: one is to transfer your Paypal funds to your local bank account; another is by requesting for Paypal to issue check in your name.

Transfer Money to Your Bank Account

First, you need to add your bank account in your Paypal account before you can transfer money.


If you haven't done it so, here's a simple guide for you.

1. Login to your PayPal account and go to Profile > Add or Edit Bank Account.
2. Add your bank details. The Bank Code is a unique 9-digit number. You may find a list of PayPal Bank Codes in the Philippines on a separate blog post.
3. Review your bank information and click Add Bank Account to confirm.

Here's how you transfer money to your bank account:

1.Log in to your PayPal account and click My Account.
2.Click Withdraw at the top of the page.
3.Click Withdraw funds to your bank account .
4.Enter your information and click Continue.
5.Click Submit.

Request for Paypal Check

Here's how to get your money by check:

1.Log in to your PayPal account and click My Account.
2.Click Withdraw .
3.Click Request a check from PayPal .
4.Enter your information and click Continue.
5.Click Submit.



Take note that you need to wait for a few days to a couple of weeks to receive your Check and additional waiting time for your bank to clear Paypal Check.


See Related Posts:
Sending Money Through Paypal
Paypal Philippines Bank Codes

Paypal Philippines Bank Codes

Below is a list of updated Paypal Philippine Bank Codes

Philippine Bank Name with Paypal Bank Code

ALLIED BANKING CORP 010320013
AUSTRALIA NEW ZEALAND 010700015
ASIA UNITED BANK 011020011
BANGKO SENTRAL NG PILIPINAS 010030015
BANGKOK BANK 010670019
BANK OF AMERICA 010120019
BANK OF CHINA 011140014
BANK OF TOKYO 010460012
BANCO DE ORO (& EQUITABLE PCI BANK) 010530667
BANK OF COMMERCE 010440016
BANK OF THE PHIL ISLANDS (BPI) 010040018
CHINA BANKING CORP 010100013
CHINA TRUST COMML BANK 010690015
CITIBANK N.A. 010070017
DEVT BANK OF THE PHILS (DBP) 010590018
DEUTSCHE BANK 010650013
EAST WEST BANK 010620014
EXPORT & INDUSTRY BANK 010860010
FUJI BANK 010640010
HONGKONG AND SHANGHAI BANK (HSBC) 010060014
INTL COMML BANK OF CHINA 010560019
INTL EXCHANGE BANK 010680012
JP MORGAN CHASE BANK 010720011
KOREA EXCHANGE BANK 010710018
INTL NEDERLAND BANK 010660016
LANDBANK OF THE PHILS 010350025
MAYBANK OF THE PHILS 010220016
METROPOLITAN BANK & TRUST CO 010269996
PHIL BANK OF COMMUNICATION 010110016
PHIL TRUST COMPANY 010090039
PHIL NATIONAL BANK (PNB) 010080010
PRUDENTIAL BANK 010150018
PHIL VETERANS BANK 010330016
RIZAL COMML BANKING CORP (RCBC) 010280014
SECURITY BANK & TRUST CO 010140015
STANDARD CHARTERED BANK 010050011
UNITED COCONUT PLANTERS BANK 010299995
UNION BANK OF THE PHILS (UBP) 010419995
UNITED OVERSEAS BANK 010270189

See Related Posts:
Withdrawing Money From Paypal
Sending Money Through Paypal

Sending Money Through Paypal Account

To send money through Paypal, the sender and the receiver must have separate Paypal accounts. As a sender, you must have the email address of the party to whom you wish to send money via PayPal to. Make sure you have the necessary funds to cover the amount you are going to send to another Paypal account.

What is Paypal? 
PayPal is an e-commerce business allowing payments and money transfers to be made through the Internet. PayPal serves as an electronic alternative to traditional paper methods such as checks and money orders.

Western Union Money Transfer to the Philippines

With the growing number of Western Union agents around the Philippines, there's no question, going through Western Union service is one of the most convenient way for a lot of Filipinos to receive money. More and more Internet Cafes, Pharmacies, Forex traders, Groceries, Post Offices, Banks and Pawnshops are becoming agents of Western Union. To receive money, one only needs to present valid identification and the MTCN (Money Transfer Control Number).

Philippine Banks Swift Code: Sending Money to Philippine Banks

SWIFT or Bank Identifier Codes (BICs) are codes used when transferring money between banks, particularly international wire transfers. It is in the standard format ISO 9362, as approved by the International Organization for Standardization (ISO) handled by the The Society for Worldwide Interbank Financial Telecommunication (SWIFT).

In sending money to the Philippines through local banks, you need the following information:

(1) Recipient's Bank Account Number
(2) Name of Philippine Bank
(3) SWIFT Code or Bank Identifier Code.


List of Philippine Banks and SWIFT Code

Allied Banking Corporation – ABCMPHMM
American Express Bank Philippines – AMEXPHMM