I never experienced sending money to the Philippines until last year. Luckily, one of my friends is working for Metrobank in Seoul.
It is so easy to find Metrobank. It is located on the second floor of DanAm Tower Building in Namdaemun. Get out from exit 4 of Seoul Station and it’s only a five-minute walk. From the bus stop outside DanAm, you could take the 402 or 405 blue bus to the Philippine Embassy, just in case you need to do something there.
I don’t remember seeing a signage of Metrobank outside the building. I had to ask the guard where Metrobank is located. He said to take the stairs on the left to the second floor. It is located beside Hana Bank.
Metrobank is located just beside Hana Bank when you take the stairs. Their office is pretty big, and it looks like an office in the Philippines. You’ll be greeted by a Korean guard, but most of the staff are Filipinos.
Since it was my first time to send money to the Philippines, my friend guided me on what to do. I signed two documents ~ one is designating Metrobank as my FX or foreign exchange bank and the other is a waiver of secrecy.
Here are some things to remember when sending money back to the Philippines through Metrobank:
~ To send money abroad, you have to designate a bank first AND you cannot use another bank to send money abroad unless you cancel your current FX bank.
~ The limit of money that you can send in one year is US$50,000 only. If you need to send more, you will need to supply additional documents to support your remittance.
~ There is no other fee (aside from the remittance fee) for Metrobank to Metrobank transactions.
~ The exchange rate posted at the bank is the basic rate BUT you can get a better rate if sending more money 😀
~ The remittance charge is as follows: less than 1,000 USD – 13,000 won; 1,001 to 2,000 USD – 18,000 won; 2,001 – 5,000 USD – 23,000 won; more than 5,000 USD – 28,000 won.
~ The recipient in the Philippines immediately receives the remittance sent to them.
Here is a copy of the remittance receipt when I sent money last year:
In the future, I will try to post about my experience sending money to the Philippines through Hana Bank 😀