Payday is one of the best days for Filipino Workers who are working abroad. It is not just the best days for OFWs but also for families who are waiting for the "padala" at home.
But don't you know that there are OFWs having a hard time sending remittances at home?. There are long queues in the bank while other traveled far to the nearest remittance center to send their hard-earned money to the family.
To make OFWs life simple, a phone transaction service in sending money is a great help. And this kind of transaction service will be incorporated in the much-awaited OFW Bank.
The goal? To have a faster and more convenient remittance at a minimal charge of OFWs and Overseas Filipinos (OFs).
With the phone banking system, beneficiaries of OFWs and OFs in the Philippines will receive the remittances in a matter of seconds and they will be informed via an auto-text alert.
Aside from mobile transaction services, OFWs may apply for a loan too in the OFW Bank according to Land Bank of the Philippines President and CEO Alex Buenaventura.
(Watch:Secretary Bello Speaks About OFW BANK)
He added, the bigger the amount, the longer time will be given for the OFs to pay for their loans. The bank also plans to give a volume discount to lower interest.
In United Arab Emirates (UEA) the OFW bank is said to be operational this September and target to be opened in Satwa or Deira.
Buenaventura also disclosed that acquisition process of the Philippine Postal Savings Bank to have it converted into the OFW Bank is now in its final stages.
“By September 2017, the acquisition will be completed and the bank will be renamed OFW Bank. It will not be merged with Land Bank. It will be a separate entity. Fully owned subsidiary of Land Bank,” Buenaventura said, adding that the new bank will be partly owned by OFs.
In UAE, Buenaventura said the center will deliver banking services for Filipinos in Dubai so they will have a cheaper option for their remittances.
Aside from this, they are hoping to give the services for as low as Dh10 or around P130 charge to make it competitive with prevailing charges of existing remittance centers.