Online banking, online bill payments and online funds transfer are getting standard features among banks in the Philippines. For those who have no clue about internet stuff, don’t let lack of knowledge deter you from doing transactions online since they are safe and secure. As long as you arm yourself with basic knowledge about secure http, you won’t regret that the internet is the best thing that happened since the advent of computers!
An interesting article from eOFW.net sums up the basic services you need to manage your finances from abroad:
- First is the remittance method
- Second is a Philippine bank account with an online account – I see this as the most “in-control” way for OFWs to manage their funds.
- Third: funds-transfer or payment facilities setup with the online bank account
From the perspective of residents in the US, these are the common procedures to do it.
- Open a bank account
- Sign up with remithome.com or xoom.com (RS – remittance service)
- Link your bank account to abovementioned RS
- Transfer funds from US to Philippines via RS (direct deposit to PH bank)
Now to the second step, any major bank or your favorite bank may have online banking feature built-in so it’s just a matter of inquiring.
And to the last step, funds transfer between banks. I’ve discussed this issue before and the dilemma you will face if you will transfer funds between intra- and inter-banks. Fact is, you may also find a need to pay bills online or pay somebody offline through checks anywhere in the Philippines. Good thing there’s a bank that will do these exactly the way you want it to with Union Bank’s CyberAccount. I have never tried this one but if the bank delivers on its promises, it’s the closest thing you can get to what Bank of America or ING Direct is doing in the US.