It is hard to imagine a typical Overseas Filipino Worker not incorporating the idea of having to learn the ropes about remittances or its alternatives as a means of sending money back home.
For these people who are deemed both a hero of the country—primarily as a result of their remittances which therefore benefits the economy—as well as their family who lived off from their hard-earned money, overseas Filipino workers, whether we like it or not, are the country’s money-making machines abroad, thereby making the means of remittances a mandatory learning for them.
Given today’s sophistication in technology and the use of more efficient and effective ideologies, sending money from across the globe are not just restricted to certain methods like wire transfer or use of remittance centers. Both of which are known to be costly depending on wherever the sender may be in the world.
Modern innovations had already acknowledged the problems that may still be attributed to these popular methods, which gives the power of banking directly at the palms of your hands – introducing you the mobile banking system.
Mobile Banking as a Means of Remittance
Yet, one of the best things about mobile banking among people who work abroad is having the ability to send money back home all while using one’s own smartphone and the application which facilitates mobile banking in place of going to the bank for the same function.
Doing so is relatively simple:
- Using your mobile device (iOS or Android), download your bank’s mobile application.
- Once fully downloaded and installed, run the application. Note: Each application may vary from one bank to another and not necessarily have to look the same i.e. BPI’s mobile application may not look similarly as BDO’s or any other bank, et cetera.
- Register for your own online account using valid information which usually links to your existing bank account.
- Login to your account to validate or confirm your online banking enrollment.
- Once confirmed, you may now start using the mobile application for your needed banking transactions such as checking your account’s remaining balance or transferring money to other accounts.
Benefits of Mobile Banking
Perhaps the primary benefit of mobile banking for its users is giving you control over your finances without having to go to the bank. This defines convenience for users when doing their banking transactions such as checking their account balance as well as transferring money to other accounts.
Imagine an emergency situation where you having to transfer money is a necessity yet do not have the means to go to the bank. It could be about you forgetting to give your child the money to pay for school fees, or a spouse who need to spend on something immediately but ran out of cash, or you yourself are the one in need and getting it remotely is the best of many options.
Indeed, the possibilities of mobile banking as a needed feature among bank account holders are vast and timely.
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