Internet Banking

Taking control on my hard earned money.

Before I let my sister handle my finances. Just like other OFW, every end of the month I'm rushing to remittance center to send our hard earned money to our love ones. In my case, I send my remittance on my Metrobank ATM card that I entrusted to my stister custody and every time I sent money on it, I call her and gave instruction on how she  will spent the money, but sometimes my instructions were not followed due to some reason. I realized that I should take control my owned finances if I want to spend it they way I want, and to avoid future conflict to my sister because of money matters.    

What I did is, when I went home for my vacation, I open another ATM saving account with BDO and asked my sister to have one also for her personal use. Then, I enrolled my saving account in BDO internet banking service and add the account number of my sister as third party or other person account. Here is the step on how you can add third party/other person account with BDO internet banking: 

1. Log-in to your account;

2. Click Enrollment Services, Click Other Person's Account, and lastly Click Enroll;

3. Fill up the required details and click submit button;

Note: the next step is based on old procedure and I'm not sure if it is still the same, but if not just follow the instruction on the BDO website.

4. It will show you the infomation summary of the other person's account that you want to enroll and will asked you to print it out. Then, you have to affix you signature on the hard copy.

5. Send it to the nearest BDO branch in your area, they will forward it to their head office for approval or you may sent it thru mail. Just get the address of BDO Head Office in Makati. 

Once it's approved you can start transferring funds with that account. 

Now, I send my remittance directly to my BDO account and I only transfer the amount that I promised to give them every month in my sister personal account via online transfer funds (the one I enrolled on Third party / Other Person Account). If there is some unexpected expenses that they need my assistance, they have to inform me, so that I can transfer funds to my sister account. In this way, I have the opportunity to decline some request that I feel not necessary and use the money for more important things.

As my back up plan, just in case I encounter some problem, I also open an account with BPI which is the BPInoy ATM Card and enrolled it in BPI internet banking service.  Which turned out that it was a good decision because it allow me to enjoy more features, and benefit of using internet banking.

BPInoy allow me to enjoy the following feature of their internet banking:

Time Deposit Online

I can place Time Deposit online, if I have some extra cash that I will not be needing for a period of time. You can read my earlier post entitled Time Deposit Investment click here, what I discussed there is my experience on Time Deposit. That experience was made possible by bpiexpressonline.com the internet website of BPI.

Invest on Stock Market

I choose BPI Trade as my stock broker because I already have an account with BPI which is one of the requirement in opening an account with them. I also took  consideration for easy funding on my stock trading activity via online fund transfer.

Fund Trasfer to Third Party

I linked my BPI Trade account and BPI saving account  to each other, for me to have easy way to fund my BPI Trade account with the use of fund transfer. Now, every time I have to fund my BPI Trade account, I will just log-in on bpiexpressonline account and transfer fund to my BPI Trade account. 

BPInoy saving account also allow me to choose where can I invest my hard earned money, between Stock Market or Time Deposit.

Please feel free to leave your comments!