Metrobank connects savings account with OFW remittance

MANILA, Philippines - The Metrobank OFW Peso Savings Account is a basic savings account that makes remittances easily available to the loved ones of overseas Filipinos workers (OFWs).

And the money can be accessible for the OFWs children’s schooling anytime, anywhere through Metrobank branches as well as BancNet, MegaLink, and ExpressNet ATMs.

No initial deposit or maintaining balance is required, and to add to the convenience, foreign currency remittance is automatically converted into Philippine pesos, thus saving your family members the trouble of having to change them to local currency.

However, if the bank accountholder wants to keep the money in dollars instead of converting them to pesos, the OFW Dollar Savings Account is available.

For beneficiaries without a Metrobank account, they can use the World Cash Card to access the remittances made by family members abroad. It is a stored cash card that allows easy withdrawals of the remitted money via ATM.

Likewise, there is no need for an initial deposit or a maintaining balance, and there are no additional charges for transactions. With Metrobank’s Cash Pick-Up services, beneficiaries without a Metrobank account can also choose to claim their remittances at over 600 Metrobank branches nationwide.

To make things even more convenient, OFWs can choose to have their remittances delivered right to their family’s doorstep. With Metrobank’s Door-to-Door Cash Delivery service, accredited couriers bring the funds for the child’s schooling needs straight to their home.

Remittances this July reached an all-time-high, when it surged to a total of $1.916 billion, a 6.6-percent increase from the recorded figure of the same time last year.

But the bulk of the money goes to a very important purpose. According to Second Quarter 2013 Consumer Expectations Survey (CES) of the Bangko Sentral ng Pilipinas (BSP), a big portion of remittances goes to education. Out of the 525 households that were polled for the survey, nearly 70 percent said they used remittances for the schooling needs of their children.