Have you heard that you can automate your bank transfer?

There are two banks in the Philippines that are offering automated transfers but they usually call them as scheduled transfers. We tried and test it with BPI and Unionbank. It’s only P10 with BPI and free with Unionbank with PesoNet.

This feature is a lifesaver so you won’t need to redo this every payday to make sure you are putting money into your savings account and emergency fund. Automating this task so you can do this once and it can save you time in the future.

Here are the steps:

BPI Scheduled Transaction

1. Log in to your BPI account

2. On the left side select other services.

3. Under transactions, choose managed scheduled transactions and create scheduled transactions: transfer money.

4. You will be shown three (6) fields that you need to fill out:

• Transfer from: (select the account)
• Transfer amount
• Transfer to: (transfer to own or 3rd party)
• Frequency: (one time, monthly, quarterly)
• Start date:
• Number of transfer

NOTE: This is a real time fund transfer.

Unionbank Scheduled Transfer

1. Log in to your Unionbank account

2. On your dashboard tap to send money.

3. Choose the type of bank and send money via PesoNet (cut off):

4. You need to fill out:

• Bank Name (choose from the list of banks available)
• Bank Account Number (type-in your account number *not the card number*
• Bank Account Name
• Amount
• Date
• Repeat and Frequency: (daily, weekly, every 2 weeks, monthly, quarterly, semi-annually, annually)
• End date: (never or select a particular date)
• Purpose

5. Tap on transfer

NOTE: Unionbank offers free fund transfers and same day crediting before 3PM on banking days with Pesonet. Transactions done after 3PM or on weekends or holidays will be processed on the next banking day.

Most online bank transactions have convenience fees now. Sometimes you need to be mindful of how you spend your money. There are times that a small amount could accumulate into a big expense. Lucky for us there are still free bank transfers in the Philippines.

Example:

You have 6 online transfers every week for your grocery, deliveries, and others paying a convenience fee of P10 per transaction depending on your bank’s Instapay and Pesonet fees.

Let us, calculate it:

Here’s a way how you can skip the bank fees every time you transfer money.

1. Banks

As of June 2022, here are the list of banks with waived INSTAPAY and PESONET fees

INSTAPAY

• Equicom Savings Bank (retail clients)
• Rural Bank of Guinobatan
• ING Bank, N.V.

PESONET

• Equicom Savings Bank (retail clients)
• Rural Bank of Guinobatan
• Bank of China
• CIMB Bank Philippines
• East West Bank
• HSBC (retail clients)
• ING Bank, N.V.
• Philippine Business Bank, Inc.
• Tonik Digital Bank, Inc.
• Union Bank (retail clients)

2. Shopeepay

Shopee is now offering bank transfers in their Shopeepay via PESONET for free. Usually, it takes 1 or 2 working days for the amount to be credited to the nominated bank account.