Someone who looked like a messenger was standing at the door, shifting his weight from one foot to the other. I glanced irritably at my watch. I was planning to be early for my meeting..
“Ano po yun manong?”
“Nandito po ba si Salve Duplito? Meron padala sa inyo. Pwede pumasok?”
The word “padala” of course got my attention. I couldn’t turn him away, but I couldn’t let him in either.
“Sorry, manong di pwede eh. Mag-isa lang ako dito. Di po ako nagpapapasok ng ibang tao. Kunin ko na lang po sa inyo dyan sa labas.” No, I wasn’t being unkind. We almost got victimized by a gang several years ago.
After which the discussion turned very, very interesting. Mr. Manong turns to me irritably and says, “Eh, pano to, magbibilang ako ng pera dito sa labas? Baka naman kung anong mangyari pag may nakakita sa akin?” His voice was already starting to creep towards the F note.
Apparently, my senior citizen mom again did not heed my advice to go to the bank to send money for my brother in high school. She used a door-to-door service, which apparently rated poor on that word: service.
In my mind, I tell him, “I could feel for you man, I really do, but no dice. Can’t compromise my family’s security.” I ended up saying, “Sorry po.”
His face was turning as red as his very dusty shirt. In the end, he counted the wad of bills in a little corner all the while glancing at me with irritation. I was going to offer him some water, but my patience was running thin. Instead I offered him a freezing litany on poor service and a threat to contact his manager.
Whew. Too bad it had to turn ugly.
Believe me. I knew he was just doing his job. But somewhere, somehow there was a disconnect.
We got $14.7 billion remittances as of last count and I’m sure it can still go higher, but in my book, banks are not nearly doing enough to serve OFWs.
Photo: AFP
PNB has been number one in this business for many, many years, but since the other year, BPI knocked it off its perch. Other banks are raring to get a slice of the pie, indicating that this is good business for our financial system. I think that if they improve their services – and really think out of the box – more Filipinos will trust banks to bring their money home. It would, of course, be nice if they lower their fees some more.
BPI is the most transparent bank when it comes to fees. Their website shows a table of the fees and charges for remittances. I imagine that this would be very useful to OFWs trying to shop around for the best rates.
(That got me thinking, though. Do OFWs look for the best rates or is banking still a “relationship” thing? How do you decide which bank to use for your remittances?)
So far, Citibank’s Money Card is the one that appears to be very convenient and inexpensive, but its $8-per-$1,000-remittance does turn off those who send less than that amount on a regular basis. I haven’t received PNB’s official reply yet on their rates, so maybe there are better options out there. Do let us know.
Why opt for banks? Banks have an image of being unfriendly and unapproachable. Many people believe banks will lend you an umbrella but will take it away when you really need it. So, why give your money to them?
If I still remember my Economics 101, banks make money for the economy by using the country’s collective savings to lend to worthwhile businesses that produce goods and employ people…who save and the cycle begins again. That’s a worthwhile reason, isn’t it?
Banks are also well supervised and regulated, and that at least can give our OFWs some reassurance that their remittance would not used to buy someone else’s brand new cellphone, which is often the case when our beloved overseas workers ask “a good friend” to bring his money home. (padala system).
My thoughts turn back to Mr. Manong as I remember the irritating exchange. I hope next time, my mom will go to the bank instead of the door-to-door delivery.
April 21st, 2008 at 7:17 pm
Hi Raffy, your comments are much appreciated. banks do have to make money or else it won’t be able to “create” more money. but some are just too greedy, don’t you think?
April 18th, 2008 at 2:35 pm
Hi there. Try Moneytrans if you’re in Europe. They only charge 5euro regardless of amount.You can send door-to-door, to a bank account in Pinas too.BTW yes Economics 101 tells us how banks earn by “intermediating” the money of savers to borrowers (loans). If you notice however, the difference between savings account deposit rates and loan rates, it’s too much.Banks earn much this way and normally double-digit growths in gross value added of the financial industry, also in profits. Not contented, banks developed products that are backed by mortgage. To their undoing and being too-smart than the rest of us, we now have the credit crisis brought by the sub-prime mess.
November 21st, 2007 at 10:25 pm
from hongkong i had pnb pangarap acct.
since 2000 but i could not contenue to save because nothing branch here in nova scotia canada.
i was heard from my friend that a lot of branches in toronto but how?
anyway is not really matter
i like pnb coz i can save money i wait that i be back in phils.to withdraw
i really appriciete is very good idea
thanks you so much!
July 18th, 2007 at 12:55 pm
I used a remittance center when I was in Doha and they charged lower for the service that takes longer to reach the recipient account. But it’s only for 3 days and you save half the cost than when your ‘rushing’. Salve, this blog was nice, funny and very helpful.
April 26th, 2007 at 3:16 pm
Our NEDA Regional Office 9 is preparing a Framework on tapping funds for investment in Zamboanga City (initially) for devt. we would like to ask for help if we can request Zamboanguenos overseas Filipinos to help us establish a database. we hope to have info on their whereabouts, associations, etc.
thanks a lot.