5 Things To Consider When Choosing The Best Bank While You’re Overseas

Leaving the country for bigger salary and being away from your family are some of the most difficult things you need to do. But hey, everyone need to make sacrifices to ensure the future, right? That is why it is important that you have the right partners that will give you peace of mind even if you are thousands of miles away.

One of them is your bank.

Having a bank is crucial in your OFW life because it will serve as your “delivery man” for your hard-earned money. You also need to make sure that your remittance will reach your family.

Before you leave the country, here are some of the things you need to look into when it comes to your bank:

The Type Of Bank

Did you know that there are different types of bank in the Philippines? In fact, they are classified into:

  • Universal or Commercial – This type of bank provides a variety of financial services to consumers. Aside from savings account, you can also apply for a loan, pay bills, start an investment, and even get a credit card. BDO, Metrobank, and BPI are some examples of universal or commercial bank.
  • Rural or Cooperative – These are small banks that are usually located in provinces. They offer basic financial services and more personalized customer service. However, financial services are limited to savings and checking account only, which means sending money from overseas could be an issue.
  • Thrift Bank – It offers higher interest rate for savings account and initial deposit is lower but unfortunately, they are limited to cash deposits only. Withdrawing via ATM may be challenging as well since branches are limited.
  • Digital Bank – Online banking are becoming popular these days, which makes financial transactions easier and more convenient. You can open an account, transfer funds, and pay bills among others using your mobile app. Interest rate and fees are also competitive. Sadly, there is no physical bank and face-to-face interaction is limited.

Services Offered

It’s not enough that you have a savings account, although having one is already a good start. You also need to know what other products and services can they offer that will make your life easier.

Since you are working overseas, you need to inquire about their online facility. Is online money transfer available? Can you pay your bills online?

Aside from this, ask for other products such as loan and investment. If they have a credit card as well, then go for it. Usually, you will have a higher chance of loan approval or getting a credit card if you are already a depositor of that particular bank.

Bank Fees

Another aspect you should look into is the fees charged by banks. How much is the penalty fee in case of delayed payment? How much will be charged on your account if your account is below the minimum maintaining balance? How much is the fee for balance inquiry or if you withdrew money from ATM that is not from your bank?

These are some of the fees you need to ask before you say yes to one bank.

Accessibility And Convenience

This is important. You are working overseas and sending money back home, which means accessibility and convenience is a MUST.

The bank must be accessible to your family to make it easier for them to withdraw money. An online facility is also a must since this will make remittance easier and more convenient as well. ATMs are also crucial since this will make banking more convenient.


This is important. More than anything else, you need to know that your bank of choice will safeguard your hard-earned money. At the same time, the bank should assure you that your information is protected.

Identity theft and digital hacking are common these days. Your preferred bank must give you a peace of mind that your information and money is safe and secured at all costs.

Does your preferred bank met all of these requirements?

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