China Bank launches new services for OFWs
MANILA, Philippines - China Banking Corp. has launched a new menu of services to cater to the needs of overseas Filipino workers (OFWs) and their families.
Dubbed as the Overseas Kababayan Services, the program consists of an array of reliable, secure and highly competitive products and services for the remittance, savings, investment and consumer loan needs of migrant and working Filipinos abroad and their beneficiaries.
China Bank remittance business division head Jose Cifra said they have expanded their product offerings to OFWs to provide them with accessible financial solutions that will help them make the most of their hard-earned money.
“Through the Overseas Kababayan Services, we are making it easier and more affordable for OFW families to save and invest to expand their earnings, and to help them acquire their very own home or vehicle,” said Cifra.
The Sy-led bank is capitalizing on its vast distribution network of over 300 branches and more than 500 ATMs nationwide, and is continuously entering into new remittance tie-ups and building more synergies with the SM Group and other partners.
China Bank now has a remittance network of over 4,000 branches and partner cash payout outlets in the Philippines, complementing the over 1,200 locations worldwide where Filipinos abroad can send their remittances to their loved ones in the Philippines.
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Specifically, the new menu of services include On-Time Remittance, Overseas Kababayan Savings (OKS) Account, OKS WealthPlus, OKS HomePlus and OKS AutoPlus.
Remittance sent from anywhere in the world through China Bank’s remittance tie-ups is transferred electronically to the Philippines in seconds.
The funds may be for direct credit to the beneficiary’s China Bank account or account in other banks, loaded in a China Bank On-Time Remittance Card or China Bank Smart Money Card, sent via door-to-door delivery, or picked up in cash from any China Bank branch, or from any branch of the bank’s domestic remittance partners: M. Lhuillier, Cebuana Lhuillier, One Network Bank, Palawan Pawnshop and SM Global Pinoy Center.
To encourage OFWs to open a basic bank account to improve their money management skills as well as make sending money to the Philippines easier and safer, China Bank offers the Overseas Kababayan Savings (OKS) account, a zero initial deposit and maintaining balance account. Deposits of at least P1,000 in the OKS account earn interest to promote the concept of saving and not withdrawing the whole remittance that gets credited.
The account comes with an ATM card and it may be enrolled for free in China Bank Online for easier monitoring anywhere in the world.
China Bank also offers OKS WealthPlus, a range of unit investment trust fund (UITF) options that suit various risk profiles and investment horizons. Through the UITFs OFWs get to invest in assets that may normally be inaccessible to them, like expensive stocks or high-yielding corporate bonds typically offered only to institutional investors.
The OKS HomePlus home loan and OKS AutoPlus car loan, meanwhile, make owning a home and a vehicle for the family’s use or for business easier and more affordable.
OKS HomePlus loan is for the purchase of a lot, a house and lot, a townhouse, or a condominium unit. It is also available for house construction, renovation, or to refinance an existing loan with another bank. China Bank is offering very low interest rates—six percent per annum fixed for the first year—and other low fixed rates up to the 20th year of the loan, protecting borrowers from future rate increases.
On the other hand, OKS AutoPlus loan is for the purchase of brand new and second-hand vehicles, or to reimburse the cost of a brand new vehicle purchased within 30 days. OFWs can avail of the loan for as low as 20 percent down payment and terms of up to 60 months