Banks Processing Fees for Remittances Reduce Cost
There is good news for OFWs sending remittances to their loved ones. The Bangko Sentral ng Pilipinas (BSP) and the Association of Bank Remittances Officers (ABROI) have agreed in principle to reduce fees on fund transfers. The BSP has signed an agreement in principle with banks to standardize and reduce their back-end processing fees which will lead to the signing of MoA by the end of this year. The result of these discussions will bring down the costs of remitting funds.