Category: Finance

Categories
Business Finance

List of SWIFT Code of Philippine Banks

Whenever you are sending and receiving money from overseas from family, friends, and clients, transacting with money remittance and wire transfer; you will need to know your bank’s SWIFT code.

WHAT IS SWIFT CODE?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is an international code used by financial institutions worldwide.

WHAT IS THE PURPOSE OF SWIFT CODE?

It is to confirm that the transaction between banks is safe and secure.

Also known as BIC (Business Identifier Code), BIC code, SWIFT-BIC, or SWIFT ID.

SWIFT Code contains eight to 11 characters format:

  • Bank Code – Four letters
  • Country Code – Two letters
  • Location Code – Two letters or two digits
  • Branch Code – Last three characters
BANK NAMESWIFT CODE
Asia United Bank Corporation (AUB)AUBKPHMM
Australia and New Zealand Banking Group LimitedANZBPHMX
Bank of America, N.A. ManilaBOFAPH2X
Bank of CommercePABIPHMM
Bank of the Philippine Islands (BPI)BOPIPHMM
BDO Unibank, Inc. (BDO)BNORPHMM
BPI DirectBPDIPHM1
BPI Family Savings BankBPFSPHM1
BPI Globe Banko Inc.BPGOPHM1
China Banking Corporation (China Bank)CHBKPHMM
China Bank Savings, Inc.CHSVPHM1
CIMB Bank Philippines, Inc.CIPHPHMM
Citibank, N.A. – Makati BranchCITIPHMX
Citibank, N.A. – Manila BranchCITIPHMXTSU
Citibank, N.A. – Cebu BranchCITIPHMXCBU
Deutsche Bank AGDEUTPHMM
Development Bank of the Philippines (DBP)DBPHPHMM
EastWest BankEWBCPHMM
Globe Telecom, Inc. (GCash)GLTEPHMT
HSBC Savings Bank (Philippines) Inc.HBPHPHMM
ING Bank N.V.INGBPHMM
JPMorgan Chase Bank, N.A., Manila BranchCHASPHMM
Land Bank of the PhilippinesTLBPPHMM
Maybank Philippines, Inc.MBBEPHMM
Metropolitan Bank and Trust Co. (Metrobank)MBTCPHMM
Philippine Bank of Communications (PBCOM)CPHIPHMM
Philippine Business BankPPBUPHMM
Philippine National Bank (PNB)PNBMPHMM
Philippine Savings Bank (PSBank)PHSBPHMM
Philippine Veterans BankPHVBPHMM
Philtrust Bank (Philippine Trust Company)PHTBPHMM
Rizal Commercial Banking Corporation (RCBC)RCBCPHMM
Robinsons Bank CorporationROBPPHMQ
Security Bank CorporationSETCPHMM
Sterling Bank of Asia Inc.STLAPH22
Tonik Digital Bank, Inc.TODGPHM2
Union Bank of the PhilippinesUBPHPHMM
Categories
Finance

5 Income Streams in the Philippines

5 Income Streams in the Philippines - Life Guide PH

Image by Angie Reyes via Pexels

Are you looking for a different source of income?

Don’t worry we’re not here to sell you something but we want to guide you in looking for an income source that could work for you.

Millennials to Gen Z have been exposed to the hustle culture of today and it seems it’s the new norm for some to have a full-time job in the morning (at the same time trading stocks) or some work part-time in the evening. While others are doing online selling as a side hustle to earn extra.

We now live in an age where one income cannot suffice our needs alone and if you have a family that relies on you for their survival more likely you need to have a higher income. We compiled 5 common income streams in the Philippines.

1. Earned Income

Usually the main source of income for most people in the country. This is what you earn from working a job whether it is a full-time or part-time job.

2. Profit Income

If you engage in buying and selling products you get what is called profit income. The best example of this is online selling on platforms like Facebook, Instagram, Shopee, and Lazada.

3. Interest Income

This income comes from lending out your money at interest. It could be placing your money in bonds for years or if you like to take risks and you have trusty friends you can lend your money to them at an interest rate.

4. Capital Gains Income

If you have bought land 5 years ago, chances are the land value has increased by now and it is what is called capital gains income. It could also be in stocks but it is more volatile depending on the turns of the market.

5. Dividend Income

In the stock market, if you have a stock of Company A, they give annual dividends to their shareholders but it will be based depending on the number of shares you own and this income is called dividend income.

Categories
Finance

How to Open SeaBank Account in the Philippines

How to Open SeaBank Account in the Philippines - Life Guide PH

Seabank is the newest addition to digital banks in the country. If you want your money to earn a 4% – 6% interest rate compared to a traditional bank that only offers 0.75% – 1% interest rate.

According to their website “SeaBank is a mobile banking application for your daily financial needs. Earn more interest daily with attractive interest rates, while enjoying seamless transactions on your mobile phone anytime, anywhere.”

They currently offer 6% p.a. Interest Rate (starting June 1, 2022 to September 30, 2022) at no minimum balance, no deposit cap, and no lock-in period. It took me only 10 minutes to open an account with SeaBank.

Requirements for SeaBank Account

  • Phone number or verified Shopee Account
  • Valid government ID
  • Email address

Valid ID that are accepted by SeaBank

  • UMID
  • Driver’s License
  • PhilID (National ID)
  • Postal ID
  • Passport
  • PRC ID
  • SSS ID

*If you select to submit an ID without an address (example: Passport, SSS ID, PRC ID). They require you to submit alternative proof of your residential address.

Steps to Open an Account at Seabank

  1. You can register using a mobile number or a verified Shopee account.
  2. If you use a phone number, enter the mobile number and One-Time Password.
How to Open SeaBank Account in the Philippines - Life Guide PH 1

3. If you use a verified Shopee account it will ask for permission to connect SeaBank with your account.

How to Open SeaBank Account in the Philippines - Life Guide PH 2


4. Start the registration process by undergoing the following:

5. Facial Verification

How to Open SeaBank Account in the Philippines - Life Guide PH 3

6. Upload your valid government-issued ID

How to Open SeaBank Account in the Philippines - Life Guide PH 4

If you have uploaded one of the following: Passport, SSS ID, PRC ID. You will need to present a Proof of Residential Address.

How to Open SeaBank Account in the Philippines - Life Guide PH 5
How to Open SeaBank Account in the Philippines - Life Guide PH 6

7. Fill out your personal details.

How to Open SeaBank Account in the Philippines - Life Guide PH 7
How to Open SeaBank Account in the Philippines - Life Guide PH 8

8. Next is review and agree with the Terms and Conditions and set up 6 digit PIN.

How to Open SeaBank Account in the Philippines - Life Guide PH 9

9. You have successfully opened an account for SeaBank. You need to wait for 1 working day for them to verify your account.

How to Open SeaBank Account in the Philippines - Life Guide PH 10

REVIEW OF SeaBank

PROS

  • No-fuss registration process
  • Interest rate: 6% p.a.
  • Daily payout of interest
  • Free PesoNet and InstaPay bank transfers
  • PDIC Insured and regulated by BSP

CONS

  • No virtual card as of now

For more information about SeaBank, you check their website’s FAQ or you can contact them thru their customer service hotline and email address

  • (+632) 8891 7927 (Local Hotline)
  • 1800-1-110-2957 (Local Toll-Free for PLDT Landline and Smart Mobile)
  • [email protected]
Categories
Finance Life Hacks

How to Transfer Money for Free in the Philippines

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:

In a month P60 x 4 = P240
In a year P240 x 12 = P2880

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

How to Transfer Money for Free in the Philippines - Life Guide PH

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.

Categories
Business Finance

Instapay and Pesonet Bank Transfer Fees Philippines 2022

Instapay and Pesonet Bank Transfer Fees Philippines 2022 - Life Guide PH

Image by mohamed_hassan via Pixabay

These days most payment transactions are now done online. Back then, it was a different process and a lengthy one, you need to go to Bank A to get your cash thru over counter or ATM withdrawal and deposit it to Bank B. Now thanks to the advancement of electronic fund transfer services we now have Instapay and Pesonet in just one tap you can transfer your money to another bank account.

Here is the full list of all convenience fees published by Bangko Sentral ng Pilipinas (BSP) for bank transfers for Instapay and Pesonet.

INSTAPAYFEES
AllBank, Inc.P15
Asia United Bank CorporationP8
Bank of CommerceP15 – P25
Bank of the Philippine Islands (BPI)P0 – P25
BDO Unibank, Inc.P25
BanKo, A Subsidiary of BPIP0 – P25
Card Bank, Inc.P12
Cebuana Lhuillier Rural Bank, Inc.P15
China Bank Savings, Inc. P10
China Banking CorporationP10 – P25
CTBC Bank Philippines Corporation P15
DCPay PhilippinesP10
Dungganon Bank, Inc. P10
East West Banking CorporationP10
East West Rural Bank, Inc.FREE
G-Xchange Inc. (GCash)P15
Land Bank of the PhilippinesP25
Malayan Savings Bank P15
Maybank Philippines, Inc.P10
Metropolitan Bank and Trust Company (Metrobank)P25
Philippine Bank of Communications (PBCOM)P20
Philippine National Bank (PNB) P15 – P20
Philippine Savings Bank (PSB)P15
Rizal Commercial Banking Corporation (RCBC)P8 – P25
Robinsons Bank CorporationP10 – P25
Security Bank CorporationP20 – P25
Standard Chartered BankP25
StarPay Corporation P15
Sterling Bank of AsiaP15
Sun Savings BankP10
Union Bank of the PhilippinesP10 – P30
Wealth Development Bank Corporation P15
Zybi Tech, Inc. P8
PESONET FEES
AllBank, Inc.P25
Asia United Bank CorporationP8
Australia and New Zealand Banking Group, Ltd.P0 – P400
Bangkok Bank Public Co. Ltd.P150 – P250
Bank of America, N.A.P20 – P2,100
Bank of China, Ltd. Manila BranchP30
Bank of CommerceP15 – P25
Bank of Florida, Inc.P50
Bank of Makati, Inc.P50 – P300
Bank of the Philippine Islands (BPI)P0 – P50
BDO Unibank, Inc.P0 – P50
BDO Network Bank, Inc.P100 – P500
BanKo, A Subsidiary of BPIP0 – P50
Camalig Bank, Inc.P20 – P500
Cathay United Bank Co., Ltd. Manila BranchP200
Cebuana Lhuillier Rural Bank, Inc.P50
China Bank Savings, Inc.P20 – P50
China Banking CorporationP20 – P200
CIMB Bank Philippines, Inc.FREE
Citibank, N.A.P100
Country Builders Bank, Inc.FREE
CTBC Bank (Philippines) CorporationP25
DCPay Philippines, Inc.P0 – P5
Deutsche Bank AGP10 – P2,000
Development Bank of the PhilippinesFREE
Dungganon Bank, Inc.P10
East West Banking CorporationFREE
East West Rural Bank, Inc.FREE
Equicom Savings Bank, Inc, P0 – P15
First Consolidated Bank, Inc.P15 – P550
HSBC Savings Bank, Inc.P0 – P1,500
Industrial Bank of KoreaP200
ING Bank N.V. Manila BranchFREE
Innovative Rural BankP150
JP Morgan Chase Bank, N.A.P0 – P125
KEB Hana Bank – Manila Branch$5 (PHP equivalent)
Land Bank of the PhilippinesP15 – P150
Malayan Savings Bank, Inc.P50
Maybank Philippines, Inc.P30
Mega International Commercial Bank Co., Ltd.$10 (PHP equivalent)
Metropolitan Bank and Trust Company (Metrobank)P50
Mizuho Bank, Ltd. – Manila BranchP50
MUFG Bank, Ltd.P250 – P350
Philippine Bank of Communications (PBCOM)P15 – P500
Philippine Business BankFREE
Philippine National Bank (PNB) P20 – P50
Philippine Savings Bank (PSB)P50
Philippine Trust CompanyP50
Philippine Veterans BankP500
Producers Savings Bank CorporationP100 – P500
Rizal Commercial Banking Corporation (RCBC)P10
Robinsons Bank CorporationP20 – P100
Rural Bank of Guinobatan, IncFREE
Security Bank CorporationP15 – P50
Shinhan Bank ManilaP100
Standard Chartered BankP50
Sterling Bank of Asia, Inc.P15 – P30
Sumitomo Mitsui Banking Corporation – Manila BranchP250
Tonik Digital Bank, Inc.FREE
Union Bank of the PhilippinesP0 – P100
Wealth Development Bank CorporationP30 – P100
Yuanta Savings Bank Philippines, Inc.P100
Zybi Tech, Inc.P30

List banks with waived INSTAPAY fees

Until June 30, 2022

  • Equicom Savings Bank (retail clients)

Until July 22, 2022

  • Rural Bank of Guinobatan

Until December 31, 2022

  • ING Bank, N.V.

List banks with waived PESONET fees

Until June 30, 2022

  • Equicom Savings Bank (retail clients)

Until July 22, 2022

  • Rural Bank of Guinobatan

Until December 31, 2022

  • 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)