Cheaper Places to Remit in the Philippines

My work is sending remittances to different people to all four corners of the Philippines. And from doing it, I learned different things about those establishments, foremost of course is their charges, and how customers are served. 

These include some of the banks, and the different popular remittance shop we found around.

Banks 
Sending your remittance to a receiver through the bank, I say is the best, and is much cheaper compared to the remittance shop outside, like, Western Union, Cebuana, MLhuillier, and Palawan.

However, within the banks we want to find out which one has the cheapest, so I will enumerate those banks I only had transactions and not those banks I never made remittance transaction.

 In banks, it is required that the receiver must have a bank account on the particular bank you’re depositing the money.

Take note:  The information I have given below are all based on my own experiences and I am sharing it here for customers who want to have an idea of transferring money, locally. Thus, what's discuss here does not include remittances coming from overseas or sending remittance abroad.

Thus, it is advised that customers must ask for more information about bank policies regarding their charges, like, when the branch is located only on the other city, or if it’s located somewhere in Mindanao, or further places.

1. BPI (Bank of the Philippines Island)

Charges = it's no longer free

It used to be free. But beginning this year 2019, they started to charge Fifty-pesos(Php50)anywhere you sent in the Philippines. I just don't know if they have a bracket to base their charges. Because when I went to deposit money into the account of a friend located in Manila, they charged Php50 pesos even for the amount of Php1,850 pesos.

One thing I like about this bank is you feel comfortable waiting with their soft seats distributed around and you can cool-off if you've been stressed outside due to traffic and heat.

2. BDO (Banco De Oro)

Charges = P50 for the amount until P50, 000 pesos and there is additional charges above it. However, the bank has a program of Kabayan account, where in the deposit will not be charge. Ask the teller about it when you open your BDO account.

Areas covered = the whole Philippines

The service is good, however, if you want to avoid varicose veins try to send somebody to do the depositing for you or find out the best days wherein no line of people waiting. Standing an hour is a lot of work lost, lot of cholesterol used-up, and lot of additional age-lines if you have no patience. Just glad sometimes looking at their beautiful tellers can ease the pains on the neck.


3. PNB (Philippines National Bank)

Charges = Php100 pesos 

Areas Covered = Whole Philippines

I am glad PNB have those chairs to sit on while waiting. However, there are times bed is needed and just ask the guard to, please, wake you up when your number is called. But, if you have patience find the other smaller PNB branches where lines are short. And is it correct PNB is merging with Allied Bank? If they do, I hope that will improve their service

The main branch of PNB found at Session road, Baguio city is a large building, but can you believe it does not have comfort room for customers? Waiting an hour when people, are like having an agreement to meet at PNB on the same day and hour, can make one to feel the urge to visit that special room. So, if it happened you're troubled by call of nature get out and relief yourself somewhere - just don't forget to ask the guard to memorize your face so that when your number was passed by, you can go straight to the teller when you come back.

And they don't have utility worker/janitor, so if robbers attacked and able to get inside that's because some of the guards are busy wiping the floors when someone happened to wet it and others are guiding and helping the customers fill in the blank test questions. I believe guards are guards not utility men and assistants to tell customers how to fill up deposit slips.

4. DBP (Development Bank of the Philippines)

Charges = Php100 pesos 

Area Covered = Whole Philippines

So, far the only thing I encountered here is the teller will let you change what have you written because they don't include charges on the amount of deposit. I got used with PNB who includes charges to the amount of deposit. 5. Metro Bank

Charges = Php50 pesos

Areas covered = Whole Philippines

They work fast and systematically to avoid crowding the chairs, so if you've waited for ten minutes you can start to complain.

6. Land Bank

Charges = free to areas covered by the place they’re doing business. Ex. Enter branch deposits within Cordillera region are all free of charges. However, areas outside cordillera will be charge Php50 pesos and above, I believe depending on the amount of money.

The only time you at least scratch your head here is during paying taxes. Other than that, it seems they mastered how to dispatch customers fast like Metro Bank. However, you can't make transactions outside while you're inside the building - it's forbidden to use cellphones. Seems like their security needs upgrading, together with the other banks' security companies. They think cellphones can be an instrument to call your partners outside and rob the bank, but you never see an improvement on how they detect bad people by just looking at them.


7. RCBC (Rizal Commercial Bank of Corporation)

Charges = Free, however, I am not sure for further places because I have been depositing it to branches within the area.

The last time I used this bank was awful! I waited more than an hour. You know why? Some smart real Filipino-blooded people found ways to sneak in the line because the guard was not looking - because the guard was, again, busy helping customers to fill in the blank test papers. If we did not find out about it and complained, we could have waited ‘til closing time.

Remittance Shops

Remittance shops varies on their charges and one is cheaper and one is very expensive. Customers must be keen to see the brackets because that is where many consumers are confused. I snapped images of charges by these shops and I am giving you the work of comparing them.

Palawan Express Pera Padala
  I just saw for the first time that PEPP has branches located at Kayang Street, Baguio City.  So, I snapped an image of their updated rates as one can see below.

*NOTE:  Palawan Express updated and lowered it's charges.  Below is the new rates.

MLhuillier or ML Kwarta Padala This is the remittance place I used the most because it has the lowest rate compared to Cebuana, and Western Union. That's before I found Palawan Express Pera Padala. Another thing is MLhuillier has a shop open 24 hrs a day - just hope their internet connection is okay - and is spread all over the place 15 minutes away from each other.

NOTE:  MLhuillier  Updated and lowered remittance rates:  Below is their new rates.

Cebuana Lhuillier Money Remittance Service 

The good things about this shop is you don't have to answer a lot of questions you feel like you're taking examination on a subject you did not review. In addition to that, they have card where you can earn points and be able to use it to pay your next remittance or use it to buy load. And they have shops spread around you don't need a map to locate one.

The only thing that makes me dread using this for remittance is it has a very high rate compared to MLhuillier. Look at their rate to the amount of Php28,000 pesos. Cebuana charges Php720 pesos while MLhuillier charges Php300 pesos. You can eat with the best food in a restaurant with that amount.

Figure C1:   Old Rates (Before September 01, 2013)

Cebuana updated its charges a month after I posted this one, and I haven't used the company for a long time.  Well, I found out that they lowered their charges somewhat, though it's still high, it's no longer as sky high like the old one.  Figure C2 shows the updated charges.

Figure C2:   Updated Charges(September 01, 2013)

Western Union I used this twice to send and thrice to received, but if I have the choice, I will never use it. Their charges are ridiculous, compared to the other remittance places. Another thing is when you receive money from abroad you are charged for a service fee masked by another name. The only good thing about this shop is spread almost anywhere.