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BPI Online Transfer Funds Option


Fish Sandwich

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Fish Sandwich

Ok, I may have wrote a little too soon...

 

So, I've been clicking on the Funds Transfer option for the last couple days and continually getting the same error. However, I noticed an option today that says "Enroll Other Accounts" under "My Portfolio." I then tried the first enrollment option:

 

-Savings and Checking Account (with ATM card or Info Card) ....denied, due to it not being my account or something along those lines.

 

However, the error told me to use the "Other Accounts" (second enrollment option) - "Other Deposit Accounts" for which it took my gf's account number and told me it would take 3 more days to process. Ugh! It also seems like this field would probably take any random characters.

 

Does this sound correct to any of you guys? Am I going to be transferring money soon? Mr. Lee? Skywalker? Anyone?

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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

Ok, I may have wrote a little too soon...

 

So, I've been clicking on the Funds Transfer option for the last couple days and continually getting the same error. However, I noticed an option today that says "Enroll Other Accounts" under "My Portfolio." I then tried the first enrollment option:

 

-Savings and Checking Account (with ATM card or Info Card) ....denied, due to it not being my account or something along those lines.

 

However, the error told me to use the "Other Accounts" (second enrollment option) - "Other Deposit Accounts" for which it took my gf's account number and told me it would take 3 more days to process. Ugh! It also seems like this field would probably take any random characters.

 

Does this sound correct to any of you guys? Am I going to be transferring money soon? Mr. Lee? Skywalker? Anyone?

 

The bank employee was supposed to take care of that part. Go back into the bank or call them because it should have just showed up on your account when you went to transfer funds. Go to the top to fund transfer and then on the page it goes to, pull down the account you want it to go to and it should show up her account if the bank set it up correctly. Once it shows you can then rename it if you prefer.

 

The part you are now doing is what the person in the bank should have already done. In order to have an account set for transfer documents will need to be signed, so either you have to print them and bring them to the bank or the person in the bank should have already had you sign them.

Edited by Mr. Lee
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Fish Sandwich

Ok, I definitely filled out the form and signed it when we setup her account. They also definitely said it was linked when I left. It's definitely not working. So, I'll drive over there and follow up...

 

Thanks again for your help!

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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!

 

I may be asking a question that has already been asked and answered - I am old and slow...

 

How are you going to fund your account when you are out of the country?

 

Will you be in the US or another Country (Including Canada)?

 

If in the US I have found Remithome to be fairly inexpensive and very easy - you can transfer up to $1000/Day for $10. Funds are transferred in Pesos, unless you ask that they be in Dollars (for an additional fee), you will be charged an exchange rate that is competitive. Todays XE Rate is 41.19 Remithome will give 40.45

 

If you live in Australia and it may be available in other Commonwealth Countries - there is another service (Sorry I can't remember the name) is very attractive and wish it were available in the US - but works somewhat the same way.

 

At the beginning of the month I Transfer from my Checking Account at my Credit Union to my wife's BPI Account, enough to cover our monthly expenses. Using my Debt card throughout the month, I pay for groceries and other miscellaneous purchases - I am charged a 1% Transaction fee that is a lot less than an ATM Fee.

 

Of Course my monthly income is deposited into my credit union accounts - if you deposit directly into your BPI account, then what I have suggested is meaningless.

 

Setting up accounts that you both have access to with the amount that your G/F can access from your account is a good idea - once you tie the knot you can re-look at that if you desire.

Edited by mpt1947
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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

 

Regarding Post Dated Checks -

 

How did you negotiate the check at the Washington State Bank? If you deposited it into an account, you are right - the High Speed Optical Sorters don't look at the date of the check - if you look at your agreement with the bank it will indicate that you, the depositor, takes responsibility for transactions that are deposited. If you go to a teller and present a post dated check and you know it is post dated and the Teller Accepts it, you might just find yourself charged with fraud if there is a problem in collecting that transaction.

 

In the Philippines the rules of banking are pretty much the same as the US, since the system is based on the Federal Reserve Banks Guidelines. But a Philippine bank like any bank in Canada or the US is not going to give you access to funds until they are collected.

 

Again, if you knowingly deposit a transaction that is post dated, you may be subject to bank fraud, if there is a problem in collecting that transaction.

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A_Simple_Man

I opened account with ATM card on Bancnet system. GF opened account with ATM card on Bancnet system AND gave me her pin number. That means I can go on line with my card number and pin plus her card number and pin anywhere, any time and transfer money to her. Takes seconds. She keeps the actual card so she can take the money out any time anywhere there is an ATM machine

 

Biggest problem whenever we go for 6 months without her using her account they close it on her automatically and she has to go reopen it. I tell here to take a little money out once in a while to keep the account active but she don't listen

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Fish Sandwich

I may be asking a question that has already been asked and answered - I am old and slow...

 

How are you going to fund your account when you are out of the country?

 

Will you be in the US or another Country (Including Canada)?

 

If in the US I have found Remithome to be fairly inexpensive and very easy - you can transfer up to $1000/Day for $10. Funds are transferred in Pesos, unless you ask that they be in Dollars (for an additional fee), you will be charged an exchange rate that is competitive. Todays XE Rate is 41.19 Remithome will give 40.45

 

If you live in Australia and it may be available in other Commonwealth Countries - there is another service (Sorry I can't remember the name) is very attractive and wish it were available in the US - but works somewhat the same way.

 

At the beginning of the month I Transfer from my Checking Account at my Credit Union to my wife's BPI Account, enough to cover our monthly expenses. Using my Debt card throughout the month, I pay for groceries and other miscellaneous purchases - I am charged a 1% Transaction fee that is a lot less than an ATM Fee.

 

Of Course my monthly income is deposited into my credit union accounts - if you deposit directly into your BPI account, then what I have suggested is meaningless.

 

Setting up accounts that you both have access to with the amount that your G/F can access from your account is a good idea - once you tie the knot you can re-look at that if you desire.

 

I'll only be gone through the USA holidays, so I have enough in my BPI account to float her money until I get back. However, If I had to fund my account here from the USA, I would use Wells Fargo Express Send ($5 to send $2500/day) or possibly Xoom if everything else failed. I find both of their exchange rates acceptable.

 

I've recommended this before, and don't mind again, if you go with an online bank like TDAmeritrade or Charles Schwab, you can get a free debit card and avoid all atm and foreign transaction fees anywhere in the world. You also get free wire transfers from TDA to and from your other banks. If you use Citibank here in the Philippines, it has no atm fees as well, so you're essentially getting your money with no fees from an ATM machine. This is how I funded my BPI account as my TDA card actually expired in August of this year. If it hadn't expired, I probably wouldn't have setup the BPI account and just sent my gf money through one of the services mentioned above. One catch, I think there is a minimum balance for TDA Ameritrade or they will cancel your debit card (this is what happened to my friend, but he went with Charles Schwab and everything is ok).

 

Thanks for the info, I'll investigate Remithome. I'm always looking for ways to move money around for next to nothing.

Edited by Fish Sandwich
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Fish Sandwich

Biggest problem whenever we go for 6 months without her using her account they close it on her automatically and she has to go reopen it. I tell here to take a little money out once in a while to keep the account active but she don't listen

 

Wait, so the account expires and they keep her money? This sounds like a pretty good solution otherwise.

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musicman666

 

 

I'll only be gone through the USA holidays, so I have enough in my BPI account to float her money until I get back. However, If I had to fund my account here from the USA, I would use Wells Fargo Express Send ($5 to send $2500/day) or possibly Xoom if everything else failed. I find both of their exchange rates acceptable.

 

I've recommended this before, and don't mind again, if you go with an online bank like TDAmeritrade or Charles Schwab, you can get a free debit card and avoid all atm and foreign transaction fees anywhere in the world. You also get free wire transfers from TDA to and from your other banks. If you use Citibank here in the Philippines, it has no atm fees as well, so you're essentially getting your money with no fees from an ATM machine. This is how I funded my BPI account as my TDA card actually expired in August of this year. If it hadn't expired, I probably wouldn't have setup the BPI account and just sent my gf money through one of the services mentioned above. One catch, I think there is a minimum balance for TDA Ameritrade or they will cancel your debit card (this is what happened to my friend, but he went with Charles Schwab and everything is ok).

 

Thanks for the info, I'll investigate Remithome. I'm always looking for ways to move money around for next to nothing.

 

No fees but if your getting pesos do they screw you on the exchange rate?

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Fish Sandwich

No fees but if your getting pesos do they screw you on the exchange rate?

 

No, it's basically the same as any other atm withdrawal, which is generally the best exchange rate. I used to print my receipts from the atm and compare to what google said the exchange rate is, it was always pretty close and most definitely better than Western Union, Xoom, Express Send, etc. The catch is, the transaction doesn't show up for a couple days in online TDA. So you have to record the exchange rate on the same day you do the transaction for later comparison.

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A_Simple_Man
Wait, so the account expires and they keep her money? This sounds like a pretty good solution otherwise.

 

No, they don't keep her money. It goes into some kind of 'sleeper' account until she goes in, in person, and claims it. Thats when she opens a new account. We use that system, mainly, when I go on my visa runs and she needs emergency cash.

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No, they don't keep her money. It goes into some kind of 'sleeper' account until she goes in, in person, and claims it. Thats when she opens a new account. We use that system, mainly, when I go on my visa runs and she needs emergency cash.

 

There seems to be a fairly simple solution to Fish Sandwich's problem. Hopefully the GF's account is actually in both names. If not, he should have the account closed and reopen it in both his name and your girlfriend's name. Ask for two ATM cards (one in each name). Then, just withdraw a little bit once in a while, so the account stays active. Simple. It sounds like she can't remember she has an account until after it closes, but Fish Sandwich does remember. So, if he pulls out 100 pesos once a month, the account will stay active, and the problem will be solved.

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Fish Sandwich

There seems to be a fairly simple solution to Fish Sandwich's problem. Hopefully the GF's account is actually in both names. If not, he should have the account closed and reopen it in both his name and your girlfriend's name. Ask for two ATM cards (one in each name). Then, just withdraw a little bit once in a while, so the account stays active. Simple. It sounds like she can't remember she has an account until after it closes, but Fish Sandwich does remember. So, if he pulls out 100 pesos once a month, the account will stay active, and the problem will be solved.

 

We didn't do the linked/joint account for two reasons:

 

1) BPI said it would take 4-5 days to get the ATM cards, and I really didn't want to go back there. Looks like that backfired in my face.

2) She wants her own account/independence...which is fine by me. I will have access to the account as long as I'm sending money to it.

 

Anyway, we're going to head over there today and see what the deal is.

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Fish Sandwich

So we went to BPI yesterday and I told the girl my situation. She got on the computer and did some 10 second keyboard magic and then said it would be ready today. I just tried it and it works! Also, after the transfer, I immediately logged out of my account and logged into hers and the money is there already. So, not sure why Mr. Lee and maybe others have experienced delays on accounts with dissimilar names. Maybe due to different BPI branches?

 

Anyway...Thanks for all the help!

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So we went to BPI yesterday and I told the girl my situation. She got on the computer and did some 10 second keyboard magic and then said it would be ready today. I just tried it and it works! Also, after the transfer, I immediately logged out of my account and logged into hers and the money is there already. So, not sure why Mr. Lee and maybe others have experienced delays on accounts with dissimilar names. Maybe due to different BPI branches?

 

Anyway...Thanks for all the help!

 

Glad it worked for you. Yes my nieces account is in Davao and our accounts are in Cebu and Cagayan de Oro, so from either it took until after noon the next day for it to be available to her and a few others we did it with. Maybe it has more to do with the BPI branch they do business with rather than our branch sending it, or maybe it is because yours is in the same branch.

 

Did you check to see if the money shows in her account as available and not just in the account. In BPI I have even made dollar deposits that were not available for a week but showed in the account and while my niece told me the banks said the money was there, they told her it would not be available to after noon the next day.

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