Fund Transfers between KOMO, ING, CIMB, and BDO (MY REVIEW)

[savedinchrist]

TLDR: Komo is the best digital bank to transfer to/from a traditional bank (if you plan to use only 1 digital bank). ING wins if you plan to use all 3 popular digital banks. InstaPay is formidable but Dragonpay isn’t that bad.

(ING)

• BDO to ING - 8/10 - InstaPay | P25 fee, no alert
• ING to BDO - 9/10 - InstaPay | free, no alert
• ING to KOMO - 10/10 - InstaPay | free, with alert
• ING to CIMB - 4/10 - PESONet | 1 day, free, w/ alert
• AVERAGE RATING - 7.75/10

(KOMO)

• BDO to KOMO - 9/10 - InstaPay | P25 fee, with alert
• KOMO to BDO - 9/10 - InstaPay | free, no alert
• KOMO to ING - 9/10 - InstaPay | free, no alert
• KOMO to CIMB - not available
• AVERAGE RATING - 6.75/10

(CIMB)

• BDO to CIMB - 7/10 - Dragonpay | surprisingly real-time but procedure is long, free, with alert
• CIMB to ING - 5/10 - PESONet | 1/2 day,free,w/ alert
• CIMB to BDO - 4/10 - Dragonpay | 1day,free, w/ alert
• CIMB to Komo - 1/10 - PESONet |2days,free,no alert
• AVERAGE RATING - 4.25/10

NOTES:

1) All InstaPay transactions are real-time.

2) I have only chosen 1 fund transfer service per transaction which I think is the fastest considering the limitations of the sending bank.

3) For ING, I used the Pay account because Save account doesn’t have InstaPay.

4) All transactions have been made after 5pm on a weekday. This is the most realistic time for most people because of work.

5) WITH ALERT means I have received a notification that the transferred fund has reflected in the account of the receiving bank.

6) NO ALERT means I did not receive any notification of receipt.

7) Notifications from sending banks confirming successful transaction is immaterial in this review.

8) I think the ALERTS I received from Dragonpay is due to my registration to their separate app. I also enrolled their receiving BDO account number in my online banking. Maybe all these factors led to the helpful notifications.

 

[resjudicata]

@savedinchrist NOTE: If you had your CIMB connected with GCash, everything’s smooth.

• ING to CIMB: ING to GCash to(free) CIMB
• KOMO to CIMB: KOMO to GCash to(free) CIMB
• CIMB to BDO: CIMB to(free) GCash to BDO
• CIMB to ING: CIMB to(free) GCash to ING
• CIMB to KOMO: CIMB to(free) GCash to KOMO

All are realtime.

Despite having all of these CIMB, KOMO, ING and Diskartech (which OP didn’t include), i choose CIMB as my main account.

Why CIMB? because i had it connected with my GCash and i use GCash for everything:

• Buy load (has promos and cashback)
• Send money to other GCash users
• Pay bills
• Can send to any other bank
• Free ATM withdrawals at any ATM no limit
• More interest p.a. (4%)
• MOST RELIABLE OF ALL

I agree with OP’s result but also remember that free transfer is not the only factor you should consider and shouldn’t be the only basis to choose to bank with. I have chosen my reasons already as indicated above, and mainly because of RELIABILITY and CONVENIENCE.

Take note that CIMB is most effective when it is connected to your GCash, otherwise, it’s not any more convenient than other options.

Here’s my own rating in terms of reliability:

CIMB

No issues since my 2 years of banking with them. I transact twice a month.
Rare mentions of issues of CIMB on various FB groups for digital banks, esp. on their own group. Issues arises are like signing up, slow card delivery, not loading, etc..

Floating transactions is quite rare here if not non-existent.

8/10

KOMO

See for yourself, you’ll get lucky if you won’t encounter a floating transactions atleast once. And try joining various digital banks PH groups as well as Komo centric groups in FB.
80% of the posts are

• “ilan days ma reresolve floating transactions nio?”
• “nag transfer ako kanina pero ngayun di na daw nag rereflect”
• Nakuha nio na ba yung refund from failed trans from x days ago?”

That kind of questions. Tingan nio comments it’s mostly “Lipat na kayo from Komo”.
Well OFC all floated transactions will eventually be returned within days but no kidding when you actually need the money.

Also only 3 free ATM withdrawals on non-Eastwest ATM per month.

3/10

ING

My 2nd main acc aside from CIMB which is my main.
No issues encountered yet and reliability wise can be as good as CIMB. Their customer service responds well (they have live chat in app).

On ING centric fb groups, no failed transactions issue posted so far. All posts are about debit card on who gets it and who doesn’t (they’re randomly giving it for now, which i received one earlier morning).

They have lots and lots of promos too, recent one (last week) was free 3k for new accounts. Only selected were given this promo.
Last year nov - dec was 5% cashback on all debit transactions online. Got a lot of cashback on my christmas purchases on Shopee using my ING Pay. Before that there were loads too like randomly giving out 500 to anyone.

7.5/10

Diskartech

Have frequent issues posted by users but not as much as Komo. I encountered one floating transactions once (i don’t often use Diskartech).

A seller once gave me wrong account number and they only realized it the day after i paid to the wrong one. On my own intuition, i contacted Diskartech about how i transferred funds to a wrong account number. I just tried despite knowing they won’t acknowledge because it’s the recipient’s fault, not Diskartech’s. I was surprised it was reverted back 3 days later to my account.

May have issues but you can rely on their customer service more than any other digital bank.

7/10

I advise you to research on your own for your own sake. Try all digital bank to see which fits you. This is why i opened all possible digital banks i can.

I’ll try Tonik Bank next month once they go public, a promising new digital bank here in PH.

I’ll try Uniok Bank soon too, i heard that their’s is the most reliable (no downtime, from a respective bank, and their mobile app is top notch out of all digital bank apps). Only downside is it has an annual fee.

 

[savedinchrist]

@resjudicata These are very good points! And helpful as well. Indeed, GCash with CIMB does great things.

 

[gwpreb03]

@resjudicata Same here! Got ing, cimb and komo. Most of my funds ay nasa cimb. Habol ko din ung free insurance hehe

 

[resjudicata]

@gwpreb03 Oh yes i forgot pala about the free insurance haha.

 

[tentgal]

@resjudicata Been using UB's mobile app for a week now and I can say it is a pleasant experience so far. Nagkadown time lang un app mga 2 beses pero after 2 minutes na access ko na agad. Quite impressed on how easy it was to open an account and fund it. Activated nadin agad sya. Altho 15php un bank transfer fee nila (UB to other banks) but i used my security bank payroll wc offers free bank transfers- then instapay- to UB so no charge muna.
So far UB is slaying it in the tech front, it has the most reliable mobile app so far. (Compared to other PH banks)

 

[resjudicata]

@tentgal When signing up for online, did you choose PlayEveryday card?

And is there an annual fee?

i can see there is but no idea how much haha

oh i see it, it’s 500/year which is manageable.

i’ll open one haha

edit: btw how much play points to waive the annual fee?

 

[lovingfaith]

@resjudicata Why PlayEveryday? When you can easily get Loyalty Card Plus from a PAG-IBIG branch.

 

[resjudicata]

@lovingfaith Am planning to get a loyalty card plus one soon too if am able to.

And playeveryday because that’s the only card i can choose when creating a union bank online. Or are there other cards i can choose?