One of Small World’s partners, Banco de Oro (BDO), has reopened all of its branches following the recent Covid-19 related closures. This is great news for Small World customers who transfer money to The Philippines, especially those that choose cash pick-up.
Cash pick up is one of the most popular way to send money to The Philippines. However, the closure of BDO branches has made this difficult. According to The Oxford Business Group, Filipinos have been moving towards digital money services in The Philippines since the end of last year.
My beneficiary doesn’t have access to the internet – what then?
There is one very real barrier to digitalization [of money] in this part of the world, though. The Oxford Business Groups estimate that 29m Filipinos do not have access to the internet. Therefore, for some, digital money transfer to The Philippines is not possible.
The main issues are for those that want to connect via broadband or mobile data are: affordability, availability and speed of internet services.
The impact of Covid on transferring money to The Philippines
Yet the restrictions being placed on businesses in response to COVID-19 have brought about an increased demand for electronic payment. This includes every day services like food delivery and utilities as well as a more general move towards internet banking.
In an article for Euromoney, Edwin Bautista, president and chief executive of UnionBank of The Philippines, said: “This pandemic... amplifies the need for all banks to go digital now. In terms of consumer behavior, Covid-19 has forced more Filipinos to do more online banking.”
Sending money to The Philippines via bank deposit? Here’s how
Making a money transfer to a bank account in The Philippines is simple, safe and straightforward. It can be made through a Small World agent, Small World app, or from your Small World online website account.
Your recipient must have their own bank account and opening a bank account in the Philippines can require a lot of documentation. It can also be expensive.
However, this is not the case with a new bank account offered by Small World partner, BDO: the BDO Kabayan Savings account.
How easy is it to open a bank account with BDO?
Making a transfer directly to a bank account is one of the fastest, cheapest and safest ways for Overseas Filipino Workers to send money to the Philippines.
The money appears almost instantly into your beneficiary’s bank account in the Philippines. And, the good news is, your beneficiary can easily set up an account the next time they visit BDO for a cash pick-up.
Introducing the BDO Kabayan Savings Account
The partnership between Small World and BDO means better access to bank accounts for Filipinos. It aims to make sending money home that bit easier. The BDO Kabayan Savings has been designed specifically for those who receive remittances from abroad. It is a savings and deposit account and requires only one valid form of documentation.
Open an account in any BDO Unibank branch The BDO Kabayan Account is not only easy to open in terms of ID, it also requires an initial deposit of just PHP 100.00. It doesn’t ask for a maintaining balance, so long as one remittance is made into the account every two years.
Small World and BDO are working together to make it easy, safe and secure to send money to The Philippines.
Send cash to The Philippines
For those still struggling with internet connection and internet banking, though, the fact that BDO has reopened nationwide is welcome news.
The BDO Remit Cash Pick-up service has resumed at all BDO branches nationwide and Small World customers can now claim their remittance at any BDO branch in The Philippines.
Ways to send money to The Philippines:
- Bank deposit
- Cash pick-up
- New cash card
- Cash card reload
- Home delivery
Our main partners in The Philippines are BDO, BPI, Filremit, Metrobank, PNB, LANDBANK, EastWest.
How to Send money to The Philippines
The usual Small World standards apply:
Your first transfer is fee FREE online
Philippine Pesos or USD are deposited directly into a bank account in minutes
Money can be collected at over 11,861 locations across The Philippines