Almost every activity, every interaction, and every communication are done mostly online. Brand new technologies and innovations have been giving people the convenience of doing everything by just opening your smartphone. Compared to ten years ago, you wouldn’t even imagine that someday in the year 2022, you can now purchase goods online and have it delivered to your doorstep without even stepping an inch out of your house. There are tons of things that you can do digitally that you would normally do outside of the comfort of your home. With the help of recent innovations, you can now go grocery shopping without even driving to a grocery store, you can satisfy your food cravings without going to your favorite food place and eating in public, you can even book a flight in ten minutes without going to the necessary places that you would traditionally do, and most importantly, the new digital age has made it possible to make online banking as smooth as possible. Online banking is one of the most essential invention specially to working Filipinos. Most people own multiple bank accounts and sometimes transferring money from one bank to another can be sometimes discouraging because of transfer fees. But fear not, all problems have solutions, and working around annoying transfer fees is not as hard as you thought it would be. Here are some ways on how to transfer money online without paying for transfer fees, so read along.
What are Transfer Fees?
Before we continue talking about the fastest way to transfer money between banks and by finding your way around transfer fees, let’s talk about what even are transfer fees? Transfer fees are the fees or charge that a bank account owner must pay when transferring money from one bank to another. Transfer fees might seem only a small amount to be noticed but if you’re one of the hundreds of thousands of Filipinos who transfer money a lot from bank to bank then you know that the accumulated total of transfer fees that you pay is a lot! Transfer fees differ depending on the charges that the bank imposes. A lot of people realized how much money they are losing just because of transfer fees that’s why people are looking for ways to completely avoid them. Although the process of avoiding transfer fees might seem to add more steps to the usual way of transferring from bank to bank online but it helps you save a lot of money, so a few additional clicks surely wouldn’t hurt.
How to Transfer Money Online Without Transfer Fees?
Say goodbye to the times when we used to be stuck in long queues that seem to not move for hours since mobile banking is the most common way of banking nowadays. Imagine doing your necessary banking routine on your bed and not having to go through the process of falling in long lines and filling up countless forms, life doesn’t get any easier than this. Since a lot of people are leaning towards online banking, the new antagonist are the transfer fees. Here are some steps that you can do to work around them or avoid them completely.
Transferring money through GrabPay
GrabPay is a rising channel for cashless payment methods. It is developed by Grab and is widely used today in the Philippines. With GrabPay, you can link your credit or debit card, this allows you to make GrabPay Wallet your own mobile wallet that you can use to purchase goods and other stuff and services online. GrabPay, powered by InstaPay, is not only amazing in cashless payments and smooth transactions but it also one of the fastest ways to transfer money between banks and with zero transfer fees! But how do you use GrabPay for transfer free transactions?
Here are the steps to follow:
- Create your own GrabPay account.
- Top-up your GrabPay Wallet by linking your credit or debit cards to your account. This is not the only available method for topping-up because you can also link other payment methods such as PayPal. Cashing in via BDO, BPI, and UnionBank is free.
- Transfer your desired amount to the bank that you wish to transfer funds to.
Transferring funds through ShopeePay
ShopeePay is the official digital wallet of Shopee. ShopeePay users are given the ability to make secured and cashless payments through this digital wallet. ShopeePay is great for making online transactions, especially with Shopee, like buying the stuff that you’re interested in, purchasing mobile load, and paying your bills. Not only that, ShopeePay is also an amazing channel for transferring funds from one bank to another. Using ShopeePay is definitely one of the fastest ways to transfer money between banks.
Here are the steps to follow:
- Create a Shopee account and register for a ShopeePay account.
- Add funds to your ShopeePay digital wallet by linking your debit or credit cards. You can also top-up funds to your ShopeePay digital wallet through existing e-wallets such as GCash, which is one of the most used e-wallet nationwide.
- You can now transfer funds from one bank to another.
Take note that ShopeePay allows you to cash in or receive an amount of up to fifty thousand pesos (Php 50,000) if your account is unverified, and up to one hundred thousand pesos (Php 100,000) for verified accounts.
Recommendation: Intrabank Transfers
If you feel like these suggested methods are too much for you then the most obvious and best way to avoid transfer fees is by transferring money within a single bank. Of course, opening accounts to a bank of your choice is a topic for another day but opening one on a bank that you think would be suitable for your lifestyle is an easier task in the long run. Not to mention, intrabank transfers guarantees that you won’t ever hear about transfer fees again.
If you’re not aware, ever since the pandemic, a lot of banks have postponed charges until specific dates so you might want to take the opportunity of this while you still can. Go ahead and make sure that the bank that you are using are charging transfer fees, you might be surprised that your bank might be one of the many banks who are postponing charges until the last day of December of this year.
Everything is going digital nowadays, from shopping to banking, everything can be done in your smartphone, you don’t even have to step out of your house! Amazing, right? Technology had been helping us to make our life easier especially in this fast-paced world. One of the best things that you can now do online is looking for your dream house and lot! Bria Homes offers a wide variety of affordable house and lot and condominium properties that you can browse online through the Bria Homes website. What’s great about this is that everything is organized that you can browse properties by type or location so it’s easier for you to find the right property for you and your family. Not only that, you can avail these properties through bank loans from banks of your choice. So, what are you waiting for? Go ahead and browse, your dream home might be just a few clicks away.
Written by R.M