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BPI Online Transfer Funds Option


Fish Sandwich

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Fish Sandwich

I will be leaving for a couple months and want to setup a bank account for my gf to take care of her and my expenses while I'm gone. However, the ultimate goal is to be able to transfer money into her account each month and as expenses arise. The other goals are to minimize transfer fees and to be able to do this through an online interface.

 

I currently have a BPI bank account and see they have a online transfer funds option in the online banking interface. Does anyone have any experience with this? Are there fees to do the transfer?

 

It appears I need to link two accounts in my BPI online interface in order to use this option. So, I would guess both accounts need to be in my name in order to link them? Having the second account in my name is not the end of the world as I can just give her the atm card. However, I was hoping to put the bank account in her name.

 

Are any of you aware of any other mechanisms I can use to transfer money online between two bpi accounts and for minimal costs?

 

I'm aware of xoom and similar mechanisms.

 

Thanks!

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Yes I am referring to a joint account similar to what we have in the west but not exactly the same since we are talking about the Philippines. Recently my wife opened a joint account with a nephew in

Thanks a million, including the balance locking tip! That's perfect.

I am with BDO and have a cash card without any name written on it which I gave to my girlfriend and I also have it linked to my BDO online banking so can transfer funds instantly.   Best thing about

Skywalker

I have a BPI account, and another account in a friends name, that I just transfer funds to for free. The friends account had to be added by my manager if I remember correctly, and I can't see his account, I can only transfer funds in.

 

Works very well.

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Fish Sandwich

I have a BPI account, and another account in a friends name, that I just transfer funds to for free. The friends account had to be added by my manager if I remember correctly, and I can't see his account, I can only transfer funds in.

 

Works very well.

 

You mean you can't see how much money is in his account? But, you can see his account number somehow in order to transfer to it?

 

I ask because when I click on the Funds Transfer option I get the message, "You have no other accounts available for Funds Transfer."

 

You have your own account manager?

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I will be leaving for a couple months and want to setup a bank account for my gf to take care of her and my expenses while I'm gone. However, the ultimate goal is to be able to transfer money into her account each month and as expenses arise. The other goals are to minimize transfer fees and to be able to do this through an online interface.

 

I currently have a BPI bank account and see they have a online transfer funds option in the online banking interface. Does anyone have any experience with this? Are there fees to do the transfer?

 

It appears I need to link two accounts in my BPI online interface in order to use this option. So, I would guess both accounts need to be in my name in order to link them? Having the second account in my name is not the end of the world as I can just give her the atm card. However, I was hoping to put the bank account in her name.

 

Are any of you aware of any other mechanisms I can use to transfer money online between two bpi accounts and for minimal costs?

 

I'm aware of xoom and similar mechanisms.

 

Thanks!

 

We have BPI accounts and I have found the easiest way is to open another account in your name and their name in the same branch and then you will be able to see their account online as well as your own. Second best which has also worked for us was giving someone an ATM card for an extra account we opened in our name, so we can see it online and transfer into that account instantly while also being able to see the transactions from the account. In both cases be sure to have the bank manager lock the minimum p3000 balance so they do not over draw the account and it ends up closed. I had to learn that the hard way when a nephew ended up closing the account by sucking it dry as did one of my friends whose lady cleaned out the account even when he had warned her not to go below the p3000, he now has to pay to send her money

(I would have dumped her).

 

The last thing you can do is have them open a BPI account and then link it to your account and you can transfer money to it that way. In order to do that you would have to go into the bank and sign the papers if the account is in the same bank, or print the form online and sign it and bring it into your bank and within a few days you will then be able to see the account is linked to your account but not see the actual account balance. IMHO the first two ways are much better because the transfer is immediate whereas the online transfer to an outside account has taken up to one day before our niece was able to withdraw the money.

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Fish Sandwich

Thanks a million, including the balance locking tip! That's perfect.

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Buko Beach

We have BPI accounts and I have found the easiest way is to open another account in your name and their name in the same branch and then you will be able to see their account online as well as your own.

Are you talking about what's known as a 'joint account' in the west (IE- husband and wife) are both listed as clients on the account and have access? Sorry if my question seems simple, I just want to clarify.

 

Second best which has also worked for us was giving someone an ATM card for an extra account we opened in our name, so we can see it online and transfer into that account instantly while also being able to see the transactions from the account. In both cases be sure to have the bank manager lock the minimum p3000 balance so they do not over draw the account and it ends up closed. I had to learn that the hard way when a nephew ended up closing the account by sucking it dry as did one of my friends whose lady cleaned out the account even when he had warned her not to go below the p3000, he now has to pay to send her money

(I would have dumped her).

 

The last thing you can do is have them open a BPI account and then link it to your account and you can transfer money to it that way. In order to do that you would have to go into the bank and sign the papers if the account is in the same bank, or print the form online and sign it and bring it into your bank and within a few days you will then be able to see the account is linked to your account but not see the actual account balance. IMHO the first two ways are much better because the transfer is immediate whereas the online transfer to an outside account has taken up to one day before our niece was able to withdraw the money.

 

Some good info posted by Mr. Lee, thanks. :)

 

Also thanks to Fish Sandwich for posting this topic, I'm in the same postion you are (wife needs funds while I am away) so the answers come at a good time.

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aussiekangaroo

I am with BDO and have a cash card without any name written on it which I gave to my girlfriend and I also have it linked to my BDO online banking so can transfer funds instantly.

 

Best thing about it is there are no charges and no mininum balance needed to be kept in it however they did start a new 2 peso fee everytime you withdraw from a BDO atm last month.

 

Check with BPI if they have a similar set up.

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Are you talking about what's known as a 'joint account' in the west (IE- husband and wife) are both listed as clients on the account and have access? Sorry if my question seems simple, I just want to clarify.

 

 

 

Some good info posted by Mr. Lee, thanks. :)

 

Also thanks to Fish Sandwich for posting this topic, I'm in the same postion you are (wife needs funds while I am away) so the answers come at a good time.

 

Yes I am referring to a joint account similar to what we have in the west but not exactly the same since we are talking about the Philippines. Recently my wife opened a joint account with a nephew in the branch of BPI we use and she got an ATM card in her name and he got one in his name and since she was the main person opening the account, the account is listed online with our other accounts but only we can see them since he is not on any of the other accounts.

 

The only problem we had once by giving one of our ATM cards (with our name only on it) to a niece, was that she put in the wrong pin number a couple or a few times and the machine ate the card and since we were out of the country at the time, we had to go to the issuing bank which was down in Cagayan de Oro when we got back in country to get another card. The nieces and her families loss.

 

BTW, even if you have different accounts in different BPI banks nationwide, you can still see them all online in one online session as long as they are all set up by the same owner and arrangements are made at the bank setting them up. We have accounts in Cebu and CDO since we spend a lot of time in both and I move the money back and forth online only when needed.

 

Always happy to help people whenever I can, you are welcome.

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You mean you can't see how much money is in his account? But, you can see his account number somehow in order to transfer to it?

 

I ask because when I click on the Funds Transfer option I get the message, "You have no other accounts available for Funds Transfer."

 

You have your own account manager?

 

At BPI it is called a linked account and set up by the person at your bank, be it the manager or the clerk and yes you can see the account number and can change it to whatever title you wish to give it but you cannot see the balance that way.

 

@ aussiekangaroo and for others, BPI I believe is still a minimum of p3000 in ATM accounts and I never heard of the cash card, so thanks for posting it, I will have to ask BPI if they have one the next visit to our branch of BPI.

Edited by Mr. Lee
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Monsoon

BPI has a prepaid card product as well. They keep sending me annoying marketing messages about it via Email.

 

Don't they know my days of giving ATM cards to girlfriends are over???

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Davaoeno

In Canada a bank will not negotiate a post dated check before the date on the check. In the US [ at least in Washington state] they just ignore the date [ I learned that one the hard way !!]

 

I dont know what the banks do here in the Phil

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Davaoeno

BPI has a prepaid card product as well. They keep sending me annoying marketing messages about it via Email.

 

Don't they know my days of giving ATM cards to girlfriends are over???

 

 

insert speculation as to why Monsoon no longer gives his girlfriend money here ! :yahoo:

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Fish Sandwich

We signed up today and it was painless. We actually got her the BPI Express Saver account which has no minimum balance and no maintenance fees but a p5 withdrawal fee. She can run the account all the way down to p1 and not be penalized. According to two different reps, it otherwise carries all the same features as any other account. I tried to convert my account to that one, but turns out I'll have to create a new one if I want the Express Saver account. We almost did the joint account, but they said we'd have to wait 4-5 days for the cards. She wanted her own account anyway, and I prefer that, so the choice was obvious.

 

As others mentioned, to link her account to mine, I had to fill out a form and they completed it right then and there with the completion of her account. Now we wait 24 hours to see it all come together...hopefully.

 

I asked them about the 24 hour funds transfer delay between an account without my name on it (mentioned earlier in the thread) and I was told the process should be the same as two accounts with my name on it. I will have access to her account for the time being, so we shall test that theory. But, even if it is 24 hours, that's acceptable to me.

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Monsoon

 

 

 

insert speculation as to why Monsoon no longer gives his girlfriend money here ! :yahoo:

 

Well, officially it's because I got married. Now she has credit cards and ATM cards of her own.

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