Best exchange rates. Banks buy and sell very large amounts of currencies with many individuals and institutions, both domestic and international. As such, they can buy or sell the foreign exchange you pay for your remittance at the best rates in the market. Since banks process hundreds or thousands of funds transfers daily, they are able to take advantages of economies of scale and offer the service to you at the least possible cost. Fast and convenient.
Banks build relationships.
When you remit through banks, you can build on this relationship so that you are able to avail yourself of other banking services such as deposits, loans and other financial services. PNB New York Branch provides this service to thousands of Filipinos all over the USA on a daily basis. Others who are unable to go to the New York Branch mail-in their remittances instead. The purpose of this note is to familiarize the first-time remitter with the procedure of remitting funds to someone in the Philippines. If not, please call us and request for the form.