Is it Cheaper To Send Money Through The OFW Bank?

Bangko para sa mga Pinoy abroad, bubuksan na sa Enero https://t.co/sDo55hwVGt pic.twitter.com/MA5vWxC8SN

— CNN Philippines (@cnnphilippines) 24 October 2017

Buenaventura also added that sending money is faster and cheaper through the OFB.

Overseas Filipinos will be charged $5 per $100 sent, he said. This is almost the same as the rates of private remittance companies.

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Labor Secretary Silvestre Bello III said the OFB can even offer free service for overseas Filipinos. The government also eyes low interest rates for loan packages, possibly at 2.5 percent per year.

The OFB will have representative offices in various consular offices in the world. The first to open will be in Dubai in January 2018. However, the representatives are there not to do any transactions but to market their products (deposit/remittance products, loans, investments, and savings program) to the OFWs.

He also said that OFWs can buy  preferred shares, a kind of stock ownership which allow them to earn more.

Meanwhile, some  OFWs are doubtful that sending money through  the OFW bank will be cheaper based on its $5 for every $100 rate.

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Source: CNN Philippines

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2 Comments
  1. Lee Canete October 24, 2017 Reply
  2. Lee Canete October 24, 2017 Reply

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