Jaz was kind enough to accompany me to Metrobank yesterday. Metrobank is located at:
2nd Floor, Danam Building
120 5-ka, Namdaemun-ro
Chung-ku, Seoul 100-704 Korea
Tel. Num.: 02-779-2751/2
If you want to send money to the Philippines, Metrobank is an option. I was surprised to see a number of Filipinas working there. In fact, the reason why I had to call Jasmine was because I asked her to introduce me to her Filipina friend who is working there.
The only time I transferred money to our account in the Philippines was in 2006. I was new here then and totally oblivious of the more practical ways of sending money back home. I went to KEB across our apartment and I was totally surprised to learn that almost USD100 was deducted from my money. The amount covered the service fee of KEB, the international processing fee and the service fee of our bank back in the Philippines. Fortunately, we didn’t have the need to send money to the Philippines after that.
With Metrobank, I would be able to save some money with their low remittance fee. I actually had the option to open an account or simply send money by just presenting my passport. I would have wanted to open an account but I learned that Metrobank does not have inter-bank online banking. I could only do online transfers within the Metrobank system. I could not do online transfers to another bank in the Philippines, which was what I needed to do. Anyhow, it is interesting to note that when you open an account here in Seoul, you are actually opening an account in any branch of your choice in the Philippines. Just inform them where you want to open the account and Metrobank Seoul will send your filled-out papers to the Metrobank branch of choice in the Philippines. Processing will take one month:-). The advantage that I see here is that money deposited is safely tucked in your Metrobank account in the Philippines. You cannot withdraw here because, in effect, this is not the branch where you opened your account. Same principle as in the Philippines, you can deposit in any branch but you can only do over the counter withdrawals in your main branch.
Even without an account, one can send money back home. It would be cheaper if you send money to a Metrobank account. You only pay:
13,000-won – for remittance up to 1,000USD
17,000-won – for remittance from 1,000USD – 3,000USD
If you send money to a non-Metrobank account, the above plus other charges apply. You have to pay an unknown amount for international processing fee (depending on the current market rate) and the service charge of the receiving bank in the Philippines. Money sent are credited on the same banking day.
I read from Asian Conqueror that there’s another way to send your money. It’s cheaper than Metrobank’s charges although the exchange rate is slightly lower. Check his post for some details and contact persons.