Internet banking is increasingly being discovered by OFW families as a great tool to send or receive money to or from their loved ones.
They can open more than one bank accounts in the same bank, enroll these accounts in the Internet banking system of the bank, and then connect them. The OFW holds the mother account, funds it from time to time, and then transfers money from it to the accounts of his or her loved ones.
Ideally, the cost would be zero. But because bank policies vary, and the locations of the banks are a factor, there could be costs, but surely the costs would be much cheaper than through bank wire transfers or through remittance services. The costs could be:
- the ATM withdrawal fee in the Philippines if the ATM card was sent from abroad
- the transfer/deposit fee if the money was sent from abroad and deposited to the account
According to a study by the worldbank.org, the five countries with the highest amount of remittances received from workers abroad are:
- India
- China
- Mexico
- Philippines
- France
Read more: Internet Banking for OFW Families in the Philippines