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CBS Remittance Flashcards

1
Q

It is a money sent from one party to another, typically across borders

A

Remittance

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2
Q

True or False: Amount sent will be in the currency of the country it was sent.

A

True

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3
Q

True or False: Service and Exchange rate is not usually not known to the sender.

A

False: It is usually known to the sender

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4
Q

True or False: The funds received in the remittance will always be in Pesos

A

False: Funds received is normally in Peso already unless specified that remittance will be in the USD.

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5
Q

True or False: Many Filipinos choose to work abroad for a higher-paying employment, leaving their homeland to work as OFWs.

A

True

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6
Q

According to PSA, how many Filipino’s were deployed abroad?

A

2.3M Filipinos were deployed

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7
Q

What countries are the top 5 recipient countries in terms of Remittances?

A
  1. India
  2. Mexico
  3. China
  4. Philippines
  5. Egypt
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8
Q

Remittances in the Philippines covers by how much of its GDP in 2023?

A

8.5%

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9
Q

What are the top 5 region with the highest distribution of overseas Filipinos?

A
  1. Calabarzon
  2. Central Luzon or Region III
  3. Western Visayas or Region VI
  4. National Capital Region
  5. Ilocos Region or Region I
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10
Q

In 2022, according to PSA, what are the top 3 continents that covers majority of Filipino OWFs?

A
  1. Asia
  2. Europe
  3. North & South America
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11
Q

For CBC’s OFW Remittances as of 2023, what’s the total volume?

A

USD 1.32B

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12
Q

For CBC’s OFW Remittances as of 2023, how many is the total number of transactions?

A

1.95M

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13
Q

CBC’s Cash Pick-up Anywhere transactions covers by how much by percentage VS that of CBC Branch Pick-up Transactions?

A

Cash Pick-Up Anywhere Transactions at 61%:
USD 347 | 1.18M

Branch Pick-Up Transactions at 0.09%:
USD 9.82 | 10,602

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14
Q

What’s the OKS account holders for gender ratio?

A

65% Female; 35% Male

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15
Q

With CBC’s total OKS account holders, how many indicated that its their first account with the bank; Maintains account/s other than OKS; and how many has online access?

A

98% has OKS as their first account with the bank
5% maintains account/s other than OKS
7% has online access

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16
Q

As of December 2023, what’s the total number of OKS?

A

138,536 (1,106- DOB)

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17
Q

How much is the total ADB of OKS as of December 2023?

A

Php 313M (Php 6.2M- DOB)

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18
Q

How much is the total ADB for OKS Dollar as of December 2023?

A

USD 1.89M (Where south Luzon covers 718.50 and North Luzon covers 207.10)

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19
Q

It’s primary role is to provide remittance services to customers primarily Overseas Filipinos. Remittance may be defined as the transfer of money by any individual or corporate entity to another to cover payments.

A

Remittance Business Division (RBD)

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20
Q

Under the consumer banking segment, RBD is under what group?

A

Payments Business Group

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21
Q

Who is the division head for the Remittance Business Division?

A

Marlon B. Hernandez

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22
Q

Who is the Department head under the Domestic Market Department?

A

Rolando V. Cinco

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23
Q

They are responsible for the development and enhancement of domestic strategic alliances in order to contribute to the attainment of the business goals and objectives of the division?

A

Domestic Market Department

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24
Q

They are responsible for expanding the Bank’s remittance business by forging and maintaining tie-ups with various financial institutions and remittance centers based abroad?

A

Overseas Tie-ups Department

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25
Q

They are responsible for supporting the remittance business requirements in terms of marketing, compliance, governance, systems, and other administrative functions that will help attain RBD’s target?

A

Business Support Department

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26
Q

They explore and develop cross-border payment products and services utilizing new technologies such as but not limited to, Ripplenet, Stellar, and other blockchain, and payment network solutions?

A

Corss-Border Payment Development

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27
Q

They are CBC’s partners to process seafarer’s allotments and remittances. They can issue referral letters on the endorsement of their crews and staff to open OKS account in all of China bank branches.

A

Shipping Companies/ Manning Agencies

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28
Q

As part of RBD’s Financial Literacy Programs, they have partnered with them to tackle on the financial segment segment of the training seminar which requires attendance of all Filipinos leaving for abroad.

A

PDOS Centers

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29
Q

What are the different CBC’s remittance mode of payment?

A
  1. Credit to Chinabank Account
  2. Credit to Other Bank Account (including E-wallet top up)
  3. Cash Pick-up Anywhere
  4. E-Gov Payments
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30
Q

It is processed payment wherein they conveniently send money in the Philippines through direct credit to their own.

A

Credit to Chinabank Account

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31
Q

What are the different Chinabank accounts wherein the sender can credit it directly to their own

A
  1. OKS (Php & USD)
  2. China Bank Peso Account
  3. China Bank US Dollar Account
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32
Q

True or False: The amount sent to Chinabank Account (Credit to Chinabank Account) crediting time is Real-time to within 24 hrs.

33
Q

It is a mode of payment wherein it accepts remittances for credit to remitters’/beneficiaries’ accounts with any universal, commercial, thrift or rural bank and known e-wallets.

A

Credit to Other Bank account

34
Q

The Transfer channels for Credit to Other Bank Account is:

A
  1. Instapay
  2. PesoNet
35
Q

True or False: The crediting to other bank account is real time to within 24hrs including amounts more than Php 50k will be credited within the day.

A

False. More than Php 50k will be credited the next banking day.

36
Q

How many locations are CBC’s cash pick-up network in the Philippines?

37
Q

True or False: Cash pick-up outlets in the Philippines is available for pick up real-time to within 24 hrs.

38
Q

True or False: CBC does not offer E-Gov payment services.

A

False. CBC offers e-Gov payment Services

39
Q

What are the various government transactions CBC offers:

A
  1. SSS
  2. PhilHealth
  3. Pag-ibig
40
Q

True or False: Depositors can now send money to anyone in the Philippines thru CBC Mobile App using Real time cash pick-up.

41
Q

The CBC mobile Pay to Cash includes what certain feature wherein both mobile user and non-mobile user can inquire their remittance.

A

Remittance Inquiry Function

42
Q

True or False: In opening an OKS account wherever you are in the world- all you need is 2 valid IDs.

A

False. You only need 1 Vaild ID

43
Q

True or False: OKS Account opened thru the branches required a minimum initial deposit of Php 1000.

A

False. Only Php 100

44
Q

True or False: OKS Php Account opened thru START app requires no initial Deposit.

45
Q

How to open an OKS account online:

A
  1. Download Chinabank Start App
  2. Complete Information
  3. Take picture of valid ID
  4. Take a selfie
46
Q

It is the manning capital of the world.

A

Philippines

47
Q

They can remit real-time to a Chinabank account through any of their outlets nationwide.

A

MLHUILLIER and LBC

48
Q

A remitter can simply go to MLHUILLIER and LBC and just present:

A
  1. Valid ID
  2. Fill up form
  3. Pay corresponding fee

to send a remittance for credit to Chinabank account

49
Q

True or False: OKS (Peso Account) maintaining balance is waived.

50
Q

True or False: OKS (Peso Account) opening of account must be a Filipino Citizen and 21 years old.

A

False. One can open at 18 years old.

51
Q

True or False: Dormancy for OKS account is for 12 months consecutive no financial activity.

A

False. 24 months

52
Q

True or False: The Philippines has been the world’s main supplier of seaman since 1986 and the manning capital of the world.

A

False. Not 1986 but 1987.

53
Q

How many Filipino seafarers deployed in 2023?

A

490k which accounts for 32-38% of the world’s mariners.

54
Q

How much is the total amount of Seafarer’s remittance which is equivalent to 20.48% of the total cash remittance volume.

A

USD 6.86 Bn

55
Q

We can receive the __________________ from the shipping companies or principals for the account of the local manning agency through a large global network of correspondent banks.

A

Foreign Inward Remittance
**Inward remittance is only USD 3.

56
Q

Chinabank will quote ________________ for the purpose of exchanging your USD to PHP. If rate is acceptable, you will confirm to Chinabank acceptance of rrate. Upon receipt of confirmation will debit your USD account and credit the corresponding amount to your PHP account with CBC.

A

Preferential FX rates

57
Q

What is OKS dollar features?

A
  1. USD 10 initial deposit
  2. No maintaining balance
  3. Low minimum balance to earn interest
  4. PDIC coverage
58
Q

It a service wherein CBC will a pay period to be used for crediting of salary wages of of your employees to their respective account, either maintained with the bank if the employees have an existing payroll account or with other banks, via Cash Pay-out or Doo-to-Door delivery.

A

Payroll Services

59
Q

Payroll services is also known us as:

A

Allotment Distribution

60
Q

It is an offer of CBC to seafarer’s and their beneficiaries for the purpose of accepting salary or remittances from the Client.

A

Allottee Accounts

61
Q

The client would just need the _______________ to inquire his/her remittance through Chinabank Website or Mobile App.

A

Reference Number

62
Q

A section in OKS wherein the most recent advisories, news, FAQs, and upcoming events related to remittance are shared:

A

OKS Remittance Business Division SharePoint page.

63
Q

Has been implemented to automate the processing of remittances coursed through our foreign and domestic partners which are intended for beneficiaries here in the Philippines.

A

Carnelian Remittance System
CRS user access: Processor and Approver

64
Q

What to ask when client inquire about the remittance?

A
  1. Reference Number
  2. What country it was sent?
  3. Which remittance partner was used?
65
Q

For logon ID Request of branch processor and approver, coordinate with_______________.

A

PCCI (SAMU)

66
Q

For CRS Branch Guide and Cash Pick Up Matrix, you may refer to ______________.

A

RBD’s SharePoint Page

67
Q

True or False: Turn down and do not refer the client to the nearest CBC branch or cash pick up outlet.

A

False. Do not turn down and refer.

68
Q

They will process the remittance upon submission of the claim form and ID to CBC- Remittance Group Email.

69
Q

What are the different Marketing Initiatives of RBD?

A
  1. Remittance Promos
  2. Educational Campaigns
  3. Signing Events
  4. Overseas Visits
  5. Domestic Roadshows
  6. Overseas Marketing Events
70
Q

CBC Remittance Partners for Asia:

A
  1. Hongkong
  2. Japan
  3. Philippines (Domestic)
  4. South Korea
  5. Singapore
  6. Taiwan
  7. Australia
71
Q

CBC Remittance Partners for Europe:

A
  1. Italy
  2. Spain
  3. United Kingdom
72
Q

CBC Remittance Partners for North Amera

A
  1. Canada
  2. United States
73
Q

CBC Remittance Partners for Middle East and Others

A
  1. Saudi Arabia
  2. UAE
  3. Qatar
74
Q

CBC Domestic Remittance Partners

A
  1. CBS
  2. Cebuana Lhuillier
  3. MLhuillier
  4. LBC
  5. Palawan Express Pera Padala
  6. Amanah Islamic Bank
75
Q

Who is the department head for Business Support Department?

A

Katherine S. Diamante

76
Q

Department head for Cross-Border Payment Department

A

Royce C. Galang

77
Q

Department Head for Overseas Tie-ups

A

Alejandro F. Santos

CBC (7 decks)

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