MANILA, Philippines – China Bank seeks to expand its retail business as it launched an array of “highly competitive” remittance, savings, investment and consumer loan products targeting overseas Filipinos and their beneficiaries.
“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,” China Bank remittance business division head Jose Cifra said in a press statement Tuesday.
China Bank’s “On-Time Remittance,” “Overseas Kababayan Savings” (OKS) Account, OKS WealthPlus, OKS HomePlus, and OKS AutoPlus, make up the menu of Overseas Kababayan Services. Apart from the bank’s continued efforts to expand its remittance network worldwide, China Bank said these new services attest to its “commitment to the welfare of overseas Filipinos.”
As remittance is a critical service to overseas Filipinos, China Bank said its “fast, secure and affordable” On-Time Remittance service allows funds to be transferred electronically from anywhere in the world in seconds through China Bank’s remittance tie-ups. 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. They may also be picked up in any branch of domestic remittance partners like M. Lhuillier, Cebuana Lhuillier, One Network Bank, Palawan Pawnshop, and SM Global Pinoy Center.
To encourage overseas Filipinos 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 OKS account allows 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 OKS account comes with an automated teller machine card and it may be enrolled in China Bank Online for free for easier monitoring anywhere in the world.
A regular savings account is seen as “a good way to build a nest egg, but for potentially higher returns than regular savings,” China Bank said it’s offering OKS WealthPlus, a range of unit investment trust fund (UITF) options that suit various risk profiles and investment horizons.
“Through the UITFs professionally managed by China Bank Trust Group, 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 bank said.
Meanwhile, China Bank’s OKS HomePlus home loan and OKS AutoPlus car loan seek to make it easier and more affordable for overseas Filipinos to own a home and a vehicle for the family’s use or for business.
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. For this product, China Bank is offering to lend at an interest rate of 6 percent per annum fixed for the first year. It also offers low fixed rates up to the 20th year of the loan, protecting borrowers from future rate increases.
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, the bank said.
“China Bank is keen on further improving its services and expanding its remittance network to provide a better banking experience to OFW families,” the bank said.
The bank is capitalizing on its distribution network of over 300 branches and more than 500 ATMs nationwide. It has likewise built a remittance network of over 4,000 branches and partner cash payout outlets in the Philippines, complementing over 1,200 locations worldwide where Filipinos abroad can send their remittances.