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What bank account is best for customers to deposit their payments in?

calnina29 · 14 · 14319

calnina29

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I am planning to start an online business where I can sell RTWs but I was wondering how my customers could pay. I have a Paypal account but the problem is not all of my customers have one. They prefer to deposit their payments in a bank account.

Do you know a bank which has an account with no inter branch deposit charges, withdrawal charges, or more preferably maintaining balance?


freelancer_babe

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For what you are asking, go for either BPI or Unionbank. Yun nga lang BPI has more branches than Unionbank.

The BPI bank I'm referring here is the regular BPI bank, not BPI Family. BPI Family has less branches.

Both banks have banking products na walang minimum maintaining balance.
BPI has that Easy Savers account, while Unionbank has EON.

Of course if you prefer to have one without maintaining balance, may catch ang mga yan (because the banks ought to make money from these products):
BPI's Easy Savers account charges around P5 for withdrawing funds in their ATMs (and of course it costs more if you withdraw on other banks). The card isn't free - will cost you P50.

Unionbank's EON, starts charging P10 on the 3rd withdrawal from their ATMs for the month. If you decide to use other bank ATMs it will cost you P12. You also need to pay P350 annual fee to maintain the account. However expensive this card maybe than BPI's, EON can be used for online purchases and swiping on counters (POS) to pay on groceries and restos as it is a VISA debit card - basta may VISA logo ang establishment, you can use that card here or abroad. BPI's ATM card, however, can just be used locally - usually you are restricted to using them supermarkets and Petron gasoline stations for that, not for restos and purchasing things online.

Those small fees do add up if you plan to use them often. Di mo rin mawiwithdraw ang butal because the ATMs dispense by the hundreds.

If you opt to have a regular ATM account (those with minimum balances) with both banks, then you wouldn't have to bother with those small fees, card fees and annual fees. Those are waived.

I'm not sure if deposits can be done in any branch can be done with a BPI Direct account (bpidirect.com). Mas mababa naman ang maintaining balance nun. I suggest you call up 89100 and ask them about this.

Usually it helps to be flexible in providing several means of accepting payments, not just Paypal or bank account. You can just choose BPI, or Unionbank, or have both accounts. Yung BPI marami kasi yan so that might just be the bank you need.
« Last Edit: Jan 21, 2012, 07:47 AM by freelancer_babe »


mxherr5

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Go for BPI, it has a lot of branches and no deposit charges.
Just go for the regular savings account.
The no maintaining balance account's fees aren't worth it
when you only need to maintain 5k.

As a customer, the fact that there's no deposit charge is
definitely a plus.


Dodong_Pobre

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I prefer BPI as well..One obvious factor, Free InterBranch transaction... Maayos pa kausap ang Call Center support ng BPI.. Libre pa tawag kahit abroad (Selected countries).
« Last Edit: Jan 21, 2012, 10:03 PM by Dodong_Pobre »


freefront

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Go for BPI, it has a lot of branches and no deposit charges.
Just go for the regular savings account.
The no maintaining balance account's fees aren't worth it
when you only need to maintain 5k.

As a customer, the fact that there's no deposit charge is
definitely a plus.

I've recently been made aware of the free interbranch deposit sa regional transactions. Maski international? The most expensive fee I encountered is 100 Php sa Land Bank of the Phils.

Sana gumaya yung ibang commercial banks,'no? Ang daming lumipat sa BDO for the extended banking hours. Sana makaramdam din yung iba if BPI steals those customers back.


freelancer_babe

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^ P100? My cousin pays P50 to Landbank deposit funds to pay me back. She is based in Manila while I am here in Baguio.

Yes competition will make bank services better. It's a good thing BPI is now trying hard to attract lots of customers. BPI should also seriously consider having extended banking hours not necessarily for all, but for a few of their branches. Not all would want to do internet banking and ATM cash deposits. Iba pa rin ang interaction with a human teller.

But then, I think their free interbranch withdrawals would attract a lot of businessmen on the go - and we know they have the money. Sa BDO, malamang lapitin naman sa empleyado ang bangko nila because of their extended banking hours.

I have also noticed that some Metrobank branches have banking hours during the weekend. I regularly go to one to help my kid deposit/withdraw her money. Mahaba ang pila sa BDO eh.


freefront

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^ 100 Php to a branch in Kalinga. It's a current acct.  I forwarded it to. Maybe that made the difference? O dahil hindi nila ako client? Na para namang distance matters anymore, tsk! Nakakatawa pa nyan, I had to deposit the whole amount dahil padala para sa pre-payment ng sanla sa lupa ng isang OFW. I had to get a taxi to transport the money( malaki). Tip sa mga nagpapalakad ng mga favors: We don't mind assisting you since it is just an exchange of goodwill, we have flexible time, we are on ground zero, but would you please put a little extra pambili ng "pepsi"? :D


freelancer_babe

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^ Hmm.. interesting. Current account din yung sa akin on a Baguio bank. Maybe there's a difference siguro doon sa charges sa Landbank sa city at sa province?

Pero oo nga, unless that person who asked you a favor will return you a favor on some other way - other than that pambili ng "pepsi". One of my friends does that to me so many times, sa ibang bagay ang favor.

:-D


freefront

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^ Mamiebabe, ingat ka  :D :hihi: Nagdemanda ang Tabuk para lang maging city sila :rofl:


angeljme

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@freefont & freelancer_babe

AFAIK, its 50pesos per 10,000 deposited to SA or CA account if that account is on a different province from where you're depositing the money.  so, it's gonna be 100pesos if you're gonna deposit 10,001.

calnina29, here's your option:

BPI - open a BPI Easy Saver Account for only 200pesos. no maintaining balance, no inter-branch deposit charges. ATM based and can be enrolled to express online.

BDO Cash Card - open a BDO Cash card for only 100pesos. no maintaining balance, no inter-branch deposit charges. ATM based and can be enrolled to online banking.

SMART Money Card - just check how to open one at smart.com.ph
card is only 100pesos. 3pesos per withdrawal/transaction at any BDO ATM machine

The 1st 2 are the best, kasi no extra charge for the customer and maraming branches everywhere.


vicces

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i'd prefer BPI (P500 lang opening for express teller; P200 for easy saver -- pero may P5 charge yan when you withdraw from BPI ATM, and more if other ATMs) and BDO (para sa extended banking hours).


Dodong_Pobre

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Weigh the benefits and advantages against the other.

BPI - Free Interbranch deposit (will save you 50 to 100PHP) per transaction.
        Open only during Mondays to Fridays
        With maintaining balance for regular savings (5,000PHP).
        Lower maintaning balance for easy saver but withdrawal charges 5.00 to 15.00.
BDO - Extended banking hours on branches located on SM Malls.
       - With Interbranch charges (50php-100php)
        


warlocksfs

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I believe BPI wont charge you if your acct will be inactive for long time as long as its within AMB. And with low average maintaining balance (expressteller savings =1,000php?? :o)

Majority of my acct are in Chinabank... malingat ka lang bilis magbawas ng 200php every month.


freelancer_babe

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Nawala ata ang comment ko, anyway here it is again.

^ Mamiebabe, ingat ka  :D :hihi: Nagdemanda ang Tabuk para lang maging city sila :rofl:

Yikes, city na pala. Demandahan lang pala ang katapat.

@freefont & freelancer_babe

AFAIK, its 50pesos per 10,000 deposited to SA or CA account if that account is on a different province from where you're depositing the money.  so, it's gonna be 100pesos if you're gonna deposit 10,001.
2 are the best, kasi no extra charge for the customer and maraming branches everywhere.

Malaki pala ang pinapadala ni freefront, kaya pala.

calnina29, here's your option:

BPI - open a BPI Easy Saver Account for only 200pesos. no maintaining balance, no inter-branch deposit charges. ATM based and can be enrolled to express online.

BDO Cash Card - open a BDO Cash card for only 100pesos. no maintaining balance, no inter-branch deposit charges. ATM based and can be enrolled to online banking.

SMART Money Card - just check how to open one at smart.com.ph
card is only 100pesos. 3pesos per withdrawal/transaction at any BDO ATM machine

The 1st 2 are the best, kasi no extra charge for the customer and maraming branches everywhere.

There a catch with the BPI Easy Saver account, which I mentioned in my post above.

BDO Cash card and Smart Money card aren't deposit accounts. They are prepaid debit cards. Mas lalong mas maraming maliit na fees rin ang prepaid debit cards (banks just have to earn from them), don't earn interest (because they are not bank accounts), not insured with PDIC, very limited statements or charge for requesting statements and most importantly, have card load limits. Yung BDO Cash Card maliit pa nga ang loading limit - nasa P10k yung pre-embossed at P25k ang retail embossed (don't ask me what they are). Smart Money is higher at P50k, pero loading and withdrawing money from the card would cost a few pesos (again, you can just withdraw by thousands and hundreds via ATMs).

Not too mention rin na mahaba ang pila sa Smart Money center. But then some could have Smart Money accounts anyway so they could transfer right away sa Smart Money account mo...

BDO - Extended banking hours on branches located on SM Malls.
       - With Interbranch charges (50php-100php)

That's only the advantage of BDO. Extended banking hours. Extended lines too.

Some Metrobank branches are regularly open during weekends. I find their service better than BDO's and don't impose a lot of service charges. Shorter lines too. It's a stable bank anyway and still within the top 3 banks. They could be a good alternative.

I believe BPI wont charge you if your acct will be inactive for long time as long as its within AMB. And with low average maintaining balance (expressteller savings =1,000php?? :o)

Majority of my acct are in Chinabank... malingat ka lang bilis magbawas ng 200php every month.

Yun ang gusto ko sa BPI. They don't just close the account agad. Happened to me. Now I'm sort of returning the favor. Most of my savings are in their bank.

BDO is quick to charge fees if you are not careful with your bank account. Ang mahal pa ng service charges nila compared sa ibang banks. If the ATM is depleted to Php 0, closed automatically ang bank account. You will need to open a new bank account and send requirements again, and then wait for the personalized card.

Ganun din pala sa Chinabank. Sabagay, iisa lang kasi ang may-ari ng BDO at Chinabank.


 


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