Sunday, June 14, 2015

Public Service: Transferring Money Online

Public service, dear readers. Because I love you all. Char.

Seriously, online money transfer is one of the best things about having an online account, well, aside from bills payment. This is especially helpful (and cost-saving) for me in my online buying and selling. Take BDO, for example. If you deposit over the counter to an account in another province or city, you'd be charged an interbranch fee of 50 pesos -- minimum pa lang yan; the fee increases with increasing deposit amount. Ano nga tagline ng BDO, "We find ways"? We find ways, alright, ways to get more money from you, that is. Hahahaha! Seriously, at this day and age of online transactions, naniningil pa sila ng interbranch fee? I didn't even know dati na pwede palang mag-transfer ng money to an unenrolled account using my BDO online account. I've asked BDO tellers bakit may charge ang deposit, they only say na "interbranch fee", but NOT one responded, "Ma'am, actually, you can just transfer money online for free." Buti na lang a friend told me. *Thank you, Atty. R!*

I only have three accounts, BPI, BDO, and Unionbank, so I can only tell you about these three. If any of you have other accounts, feel free to share on how to transfer online in your bank.



Unionbank:
1. Log in to your account.
2. Under the welcome messages, below "Accounts", click "Transfers".
3. You will be forwarded to the "Transfer Funds" page. Just click "To Another Unionbank Account".
4. Just type in the account data to whom you are transferring money and the amount and you'd be prompted for your transaction password. Easy peasy.







BDO:
1. Log in to your account.
2. Under the "Navigate" tag, near the bottom, click "Send Money".
3. Under "Choose an Option", click "Send Money to an Unenrolled BDO Account".
4. Just fill in the account data and amount and you'd be sent a passcode that you need to input within 5 minutes. After successfully giving the passcode, the transfer will be confirmed. So easy diba?! Sayang ang mga interbranch fees na binayad ko dati. :(


 

BPI:
Transferring money to other unenrolled BPI accounts does not work on PC-based browsers (Firefox, Chrome, IE). You have to download the app first to your phone. BPI has apps for IOS, Android, and Symbian (for Nokia phones).
1. Log in to your account.
2. Tap "Transfers" at the bottom of the screen.
3. Tap "Transfer to Anyone".
4. If you have just downloaded the app, BPI will send you an activation code that you must key in. Then you can proceed with the actual transferring of money by filing in the account data and amount and confirming the transfer.






This only works when transferring within the same bank. If you want to transfer, say, from Unionbank to BPI, there is an interbank fee and the transfer isn't real time -- it takes approximately three days for the money to be deposited to the recipient account.

So there, dear friends. Hope this helps. Let's be frugal together!

ADDITIONAL INFO FROM EKSTRANGHERO:


  • BDO (and possibly BPI) has a transfer limit of 10K daily. [I think this applies to all banks per Banko Sentral circular...something to do with preventing money laundering.]
  • Interbank transfers also work for BDO to Metrobank, and vice versa BDO and Metrobank to other banks. It has a 100-peso charge, which, as pointed out by Mr. E, is quite fair, given the time and money you're going to use to actually go to the bank.

24 comments :

  1. Padagdag lang: sa BDO [and I think BPI din] may limit na 10K daily. But other than that, it's pretty much ok. Walang fee. :-)

    Also, INTER-BANK will also work for BDO and Metrobank (though I haven't tried sa BPI yet). May charge lang na 100. But hey, it's INTER-BANK naman, wala akong reklamo dun. lalo na if kaiangan ko pa pumunta sa kabilang bayan, magbayad ng toll fee, at pumila sa branch para lang mag-deposit.

    Hello, TPS!

    ReplyDelete
    Replies
    1. Hi, P! Thanks sa info! Will add.

      Delete
  2. My colleague who teaches in Grad. School once had a student working in BDO. My colleague shared her experience with the student in the hope of receiving some action and apology, I guess.. Turns out, the student said.. "mam, we never claimed to find solutions. we just find ways." Ktnxbye, pero sige na, correct na si student dun. wag daw mag over-assume. haha

    I'm a BDO client ever since I was 7 years old. :) Junior Savers Club pa nun, then I upgraded my account to regular savings. Same account, same name for decades! {Oh BDO, wala ba tayong pa-pizza dyan? hahahaha}

    I have a BPI account too (may online din) pero I prefer the interface of BDO. Saka I'm starting to appreciate their security feature re: text password. Yun lang minsan, bad trip kapag nasa dead spot ako.

    As for inter branch fee, yes medyo bad trip yung sa BDO. This is One thing naman I appreciate about BPI. I remember my friend who lives in boundary ng Antipolo - Marikina. May BDO sa 2 kanto lang ang distance. Eh since maikli pila sa Antipolo, she went to Antipolo. Sh*t may transaction fee na. provincial rate na daw Antiplolo hahahaha Nagsisi ang lola... sayang daw transaction fee, pang meryenda na haha

    Sa BPI naman naalala ko, I love their queueing system online. I can make deposit and pay bills, without making antay sa pila. (conyo teh? haha) When my colleagues discovered that I have online facility sa BPI, ayuuun dyosko.. ano ako? pambansang queuing system?

    I planned to open a Union Bank account, for the purpose of withdrawing my paypal earnings. Sila lang kasi yung may facility and zero transaction charge. Unlike BDO and BPI, Php 250 agad bawas sa withdrawal. Yun lang, hindi ko na mahanap branch nila sa marikina.

    ReplyDelete
    Replies
    1. I find BPI the most convenient dahil dun sa online queuing nila, plus may couch sila sa branches. Sa BDO, they make people queue, kung minsan parang takilya sa hit na hit na pelikula...nakakainit ng ulo. Parang is it too much na bumili ng couch and automated number calling? Wala akong maramdamang pagmamahal ng BDO sa clients. Isa pa ang Metrobank. Naku...huwag na nga lang, iinit lang ulo ko eh Lunes na Lunes.

      Delete
    2. Honeypie3:47 PM

      Kala ko dito lng samin na bdo branch yung nakatayo ang mga tao meron din pla sa ibang branch. Sa dami ng nacocollect nilang pera sa mga depositors di maayos serbisyo nila. Nung tumawag nga ako sa customer service nila nung biglang nagka-otp ang paglogin sa online eh wla nman nagtetext sa cp ko, aba ang solution nya eh bumili daw ako ng ibang sim card!! At binabaan agad ako ng phone eh nagtatanong pa ako.

      Delete
    3. Honeypie, sinabi mo pa. I don't feel any "love" from them, given that sa depositors nanggagaling pang-invest nila. Nangyari na sa akin yan, I received OTPs sa online log in, eh hindi naman ako nag-log-in, tapos paulit-uli. Parang may glitch system nila and they had to suspend my online account while they were investigating it, which took them a month. Lahat ng branches nilang napuntahan ko walang couch. Puro pila. Herded like cows ang customers.

      Delete
  3. Thanks for this, TPS! I bank online with BDO but I didn't know this until today. Nag-enroll pa kami ng sister ko para makapagtransfer sya ng money sakin. :)

    ReplyDelete
  4. I have BPI, BDO, and Unionbank and trulyly, I love the convenience of online banking! I just learned though that you can easily transfer na from BDO even if you haven't enrolled the account yet. Dati kasi you have to register the account you're going to transfer the funds to before you can do the transfers. Yay! I learned something new today :) Salamat sa tip!

    ReplyDelete
  5. Edel and Kaith, ako rin ang tagal na ng BDO ko and kelan ko lang din nalaman na pwede pala yung send to unenrolled accounts. Laging sa "financial transaction" lang ako pumupunta, and hindi ko napansin yung "send money" na option. Now we know. Yay. Sayang kaya ang 50 per transaction. :)

    ReplyDelete
  6. Kapag ba BPI payroll card pwede ding magkaron ng online account?

    --

    nhengswonderland.blogspot.com

    ReplyDelete
    Replies
    1. Yes, Neri. Mine used to be a payroll card. Just enroll it online, pero you need to confirm the enrollment yata sa ATM.

      Delete
  7. my savings account is with BPI. i also have a prepaid debit card with them and yes, i swear by the convenience of their online banking system. i pay our household bills through it. i also deposit through their ATM kasi real-time naman yung credit and so far i haven't experienced any problems. *knocks on wood*

    ReplyDelete
    Replies
    1. Laking convenience ano? Kaya love na love ko ang Internet.

      Delete
  8. I have an online account at BPI lang. May bad experience na ako sa BDO cos hindi nila ako sinabihan na nag-increase na pala sila ng minimum maintaining balance. Yung account ko dun pang eBay lang so I don't really monitor it. When we were at Greenhills some months ago, naisip ko lang na mag-deposit ng P2k sa account ko to prevent it from being dormant. Imagine may surprise when I found out na-deduct na pala ako ng P1,200 or P300/month cos nag-below maintaining balance na raw ako. So kesa maglagay pa ako ng P2k dun, sinara ko na lang yung account ko. I asked for proofs na na-mail yung mga sinasabi nilang letters sa house namin cos wala ako nare-receive sa kanila. Palibhasa hindi malaking account yung sakin, so they didn't offer any logical explanation and mind you, hindi sila nag-apologize.

    Pinaka-okay pa rin sakin ang BPI although hassle lang yung hindi pag-accept ng deposit ng Family Bank sa account an under Savings Bank, and vice versa.

    ReplyDelete
    Replies
    1. Grabe yan ha?! Toldya, "We find ways" [to get your money]. Hahahaha!

      Delete
  9. Correct ka dyan, Mother. Quantity over quality ata sila eh.

    ReplyDelete
  10. Oops! The interbank that I was saying is for BDO and for Metrobank --- BDO to any bank, as well as Metrobank to any bank. Hehehe.

    ReplyDelete
  11. Anonymous9:03 PM

    Hi I use BDO online banking for sending money in PH. Does this "send money to unenrolled BDO account" free of charge? Kasi when I'm sending to other local bank or cash pick-up at BDO, there's a transaction fee of Php 100.00.

    ReplyDelete
    Replies
    1. It's only free of charge when both the sender account and the recipient account are BDO. All others have fees.

      Delete
    2. same time rin po ba mapopost sa acct. tulad ng enrolled acct. immediate po transfer ng pera

      Delete
    3. Edward, within the same bank, real time; one bank to another, ~3 days.

      Delete
  12. koykokix872:26 AM

    Halos mag ka pareha tayo ng bank accounts, BPI, BDO at Unionbank

    Para sa akin, dito sa Iligan City. Mas mabilis talaga sa BPI mag deposit dahil sa kanilang ATM deposit machines. I have two accounts with them already. Kahit OTC deposit mabilis with their queuing system.

    Sadly, wala silang available Saturday banking sa branch namin same goes to Unionbank. Wala rin atang facility si BPI to transfer money to other local banks. (I'm not sure about this)

    Habang sa harap ng BPI branch si BDO open kahit Sabado until 5:30 PM. Kaya napilitan akong mag open ng account sa BDO at yun din ang kanilang "policy" nila na tila pipila kang nakatayo para mag OTC transaction for 10-30 minutes. Kainis!

    Si Unionbank din tatlo ang teller station sa branch ko pero dalawa or isa ang active lalo pag lunch break. Bagal pa naman ng systema nila. Kung hindi lang sa kanilang EON at new debit card na GetGo points sa Cebu Pacific malamang matagal na akong nag lipat.

    ReplyDelete
    Replies
    1. Totoo 'yang sinabi mo! Especially with BPI's online queueing.
      Ang convenience lang talaga sa BDO is yung weekend business hours nila, pero hindi talaga ako masaya having to stand and queue. Don't get me wrong, I'm all for queueing and discipline, pero as a customer, I feel I am entitled to a little bit of dignity than being herded like a cow para maka-deposit lang.

      Delete

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