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Showing posts with label expat remittances. Show all posts

Saturday, May 19, 2018

Make Your Money Grow With Chinabank Overseas Kabayan Savings!

One of the best banks in the Philippines that offers a good option to Overseas Filipino Workers (OFW) is the Chinabank through its Overseas Kabayan Savings. By opening this savings account, you can start saving money for your future or retirement as OFW at the same time, send money to your family in the Philippines. Having a savings account for OFWs is very important because working abroad is not permanent.

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So, what are the features of Chinabank Kabayan Savings?

No initial deposit

No maintaining balance

ADB to earn interest P1,000

Interest rate 0.25% p.a

ATM card

What are the basic requirements when opening the account?

Two (2) 1x1 ID Pictures

Original/s and clear copy/ies of at least one (1) of the following valid IDs*:

Passport
Driver’s License
Professional Regulations Commission (PRC) ID
National Bureau of Investigation (NBI) Clearance
Police Clearance
Postal ID
Voter’s ID
Barangay Certification
Government Service and Insurance System (GSIS) e-Card
Social Security System (SSS) Card
Senior Citizen Card
Overseas Workers Welfare Administration (OWWA) ID
Overseas Filipino Worker (OFW) ID
Seaman’s Book
Government Office and GOCC ID [e.g. Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs]
Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
Department of Social Welfare and Development (DSWD) Certification
Integrated Bar of the Philippines ID
Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC
School ID, duly signed by the principal or head of the school (for students who are beneficiaries of remittances or fund transfers who are not yet of voting age)

*Please note that China Bank may require you to present additional IDs to establish and verify your identity.

Aside from the above-mentioned benefits of opening a Chinabank Kabayan Savings, you can also ask the bank to send you your monthly statement of account. This is optional but you can request so that you can track your transactions.

You can also access your account through branch ATMs, TellerPhone, China Bank Online or BancNet POS.

For more information, you may visit the nearest China Bank in your area!

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Overseas Filipino Workers (OFWs) need to save while earning big from working abroad. As OFWs, saving money for an emergency, for our family's future or for our retirement is important. Opening a savings account in a bank that you trust and gives value to your money will inspire you to save more. Bayani OFW Savings from Sterling Bank of Asia is a savings account that comes with no maintaining balance and for as low as P2,000 pesos in your account, your money with grow with interest.

For minimum wage earners, there are times that it is hard to apply for a loan even in government financial institution, how much more in private. If you are receiving around P10,000 a month salary, it is really hard to apply for a loan, since your payslip is number one requirements to know your capacity to pay.

Will you apply for this work just in case the Philippines will lift the ban on Filipino domestic workers in the United Arab Emirates? According to Philippine Overseas Employment Administration (POEA), Administrator Bernard Olalia there is a possibility that the imposed ban will be lifted soon.

www.jbsolis.com

Monday, April 02, 2018

Remittance Fees To Be Imposed On Kuwait Expats Expected To Bring $230 Million Income

A new bill will surely affect every expatriate in Kuwait including thousands of overseas Filipino workers (OFW) as Kuwait’s parliamentary financial and economic affairs committee has approved bills imposing fees on expat remittances which are expected to bring in over $230 million in revenue to Kuwaiti government, according to the state-run Kuwait News Agency (KUNA).
According to the laws, the fees imposed on expats earning KD 90 dinar ($300) salary category would be at 1%, 2% for the KD 100-200 ($333-$667) earners, 3% for those with salaries of KD 300-499 ($1,000-$1,664) , and 5% for the KD 500 to 1,664 ($1,667-$5,550) earnings in salary per month.

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The Kuwait parliament’s financial and economic affairs committee has given its stamp of approval to a bill stipulating fees on overseas workers’ remittance fees abroad.

This comes after two-thirds of the committee approved the piece of legislation, on the premise that the taxes to be imposed to money transfers of expatriates must be low, Kuwait News Agency quoted MP Salah Khorshed as saying.

Once the bill has been passed into law, Khorshed says that they expect to gather KD 19 billion (approximately $63 billion) in a year out of the fees from money transfers.

The bill is proposing for the imposition of different fees for various salary categories: KD 90 at one percent remittance fee, the KD 100 to 200 segment at two percent, the KD 300 to 499 category at three percent and the KD 500 to 1,664 segment t five percent.

Meanwhile, commission rapporteur Saleh Ashour for his part said that they are currently in talks with legal experts over issues that may arise once the new legislation is passed into law.

Meanwhile, the deployment ban of OFWs in Kuwait stays in spite of the arrest of the former employers of Joanna Demafelis, an OFW who's body was found inside a freezer on an abandoned flat formerly occupied by her Lebanese and Syrian employers.