In the bustling city of Dubai, where a significant number of Filipinos reside and work, accessing financial services tailored to their needs is crucial. This article shines a light on the financial institutions from the Philippines operating in Dubai, offering services ranging from remittances to loans and savings. We aim to dissect the offerings of these institutions, presenting their advantages and disadvantages to help Filipinos make informed decisions.

Filipino Money Lenders in Dubai

1. Bank of the Philippines Island

Address: Shop No. 1, Al Diyafah Bldg (same side with Carrefour opposite Hana Center), Al Mankhool Rd, Dubai, United Arab Emirates
Telephone: +971 4 354 2977

Description

  • Established in 1851, it’s one of the oldest and most trusted financial institutions in the Philippines.
  • Provides a comprehensive suite of financial products including savings accounts, loans, and investment options.
  • Caters specifically to the needs of Overseas Filipino Workers (OFWs) with dedicated services for remittances.

Pros & Cons

Pros Cons
Extensive array of financial products catering to both personal and business needs. International transaction fees can be relatively high compared to other options.
Robust online banking platform for easy management of finances from abroad. Branch accessibility in Dubai might be limited, necessitating reliance on online services.

Verdict

The Bank of the Philippines Island emerges as a stalwart in providing reliable and comprehensive financial services for Filipinos in Dubai, ideal for those seeking a one-stop-shop banking solution with a rich history of trust and service.

2. BDO Unibank

Address: G2 Dutco House Building No. 44, Al Ittihad St., Port Saeed, Deira, Dubai, United Arab Emirates
Telephone: +971 4 591 0292 / +971 50 798 2668

Description

  • Widely recognized for its extensive network and accessibility, offering a full range of banking services.
  • Emphasizes on facilitating the financial transactions of OFWs with specialized services like easy remittance channels.
  • Boasts a strong presence in the Philippines, making it convenient for transactions between Dubai and the Philippines.

Pros & Cons

Pros Cons
Offers specialized OFW accounts, making it easier for expatriates to save, send money, and invest. Service fees and exchange rates for international transactions might not always be competitive.
Accessible customer service with a focus on the Filipino expatriate community. Some customers may find the documentation and application process for certain services to be extensive and time-consuming.

Verdict

BDO Unibank stands out for its targeted approach towards Filipino expatriates, offering tailored services that address the unique financial needs of OFWs. It’s a formidable choice for those looking for efficient remittance services and specialized accounts.

3. Philippine National Bank

Address: Reef Mall, Salah Al Din St, Deira, Dubai, United Arab Emirates Telephone: +971 4 336 5940

Description

  • A premier government-owned bank with a focus on providing secure and efficient remittance services to Filipinos worldwide.
  • Offers a broad spectrum of financial services, including loans, deposits, and foreign exchange.
  • Has a strong international presence, facilitating transactions between Dubai and the Philippines with ease.

Pros & Cons

Pros Cons
Known for its reliable and fast remittance services, ensuring that money reaches loved ones promptly. While it excels in remittance services, it might not offer as diverse a portfolio of financial products as other banks.
Benefit from the assurance and security of a government-owned institution. Physical branch locations in Dubai may be limited, which could necessitate a reliance on online banking solutions.

Verdict

For Filipinos prioritizing remittance services, the Philippine National Bank offers a blend of reliability and security underpinned by government ownership, making it a prime choice for sending money back home efficiently.

4. Pag-IBIG Fund

Address: Street #2C, Beirut St. (near Al Qusais Police Station), Al Qusais 3, Dubai, United Arab Emirates Telephone: +971 50 652 6626

Description

  • A government-owned corporation that provides affordable housing finance and savings for the Filipino workers.
  • Enables Filipinos living abroad, including those in Dubai, to avail themselves of housing loans and save for the future.
  • Offers a voluntary savings program that yields higher dividends than regular savings accounts.

Pros & Cons

Pros Cons
Encourages investment in real estate with favorable loan terms and conditions tailored for OFWs. Primarily focused on housing and savings, with limited offerings in other financial services.
Competitive dividend rates on savings, making it an attractive option for securing funds. The process for loan application and savings withdrawal may require navigating bureaucratic procedures.

Verdict

Pag-IBIG Fund is an excellent avenue for Filipinos in Dubai to invest in their future, particularly in real estate back home, offering beneficial terms and a secure savings scheme.

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