Isn’t it hard to support your “bank of choice” when your payroll goes into a bank you can’t choose?

[thebackyardpreacher]

Hi PHInvest-

This question is directed towards people who are normal salaried employees (like me!).

I notice every now and then, people ask what is the best bank? Or which bank has best service, transactions, etc.

For salaried employees, I find that to be an interesting question... I find it very hard to bank with my bank of choice when my payroll goes into a bank I can’t choose!

For example; I like Security Bank. I like their service, mobile app, and their gold circle. However, my payroll goes into BPI, as mandated by my employer. Thus, the bulk of my money is with BPI and not with Security Bank, even though I HATE BPI! Basically I can’t be bothered w transferring money every 2 weeks- it’s just a pain in the ass, especially w BPI.

So I’m curious, fellow salaried employees- are you able to make the “bank you like the most” your primary bank where you hold most of your deposits? Or are you like me where you’re stuck w the payroll bank as being your primary bank?

Thanks!

 

[addiosncave]

@thebackyardpreacher GCash has a Bank Transfer feature to most of the banks. My main bank is BPI (for almost a decade now) and Payroll is BDO.

 

[afj92]

@addiosncave This. Before, I have to line up for an hour in a BPI. Now, I just wake up, salary is in BPI.

Cash In my GCash using BPI Online, then Sent to Bank to my BDO personal account. I don't think it even takes a minute to do this. Not a single centavo charged too.

Funny because I've been doing it for probably a long time I can't recall the last time I've been to a BPI. But the last time I was there, sinabihan pa ako ng teller, "Sir pwede niyo po iincrease yung withdrawal limit niyo via ATM sa BPI Online." Talk about customer service.

 

[veyhenlo]

@addiosncave is the transfer fee free or...?

 

[daniel1234]

@veyhenlo Most are free. Check your bank in their app.

 

[resjudicata]

@daniel1234 meron lang siyang 100k monthly incoming/outgoing limit so might be difficult if you have a high paying job

https://help.gcash.com/hc/en-us/articles/360021112894-What-are-my-Wallet-and-Transaction-Limits-

 

[swissmon87]

@thebackyardpreacher Hi, multiple bank account holder here.

In my case, I use GCash to transfer from one bank to another. Easy to cash in naman ang BPI to GCash. At free din bank transfer ni GCash. Conflict lang ni GCash is with BDO Savings. Medyo mahigpit kasi BDO sa mga ireregister na account nila. Tho pwede naman yun cash card nila.

I have not tried PayMaya, sorry.

 

[sisbygrace]

@swissmon87 PayMaya is not recommended because starting on march may fee na sila pag dating ng fund transfer to bank.

 

[fridil]

@thebackyardpreacher Have multiple accounts and all I can say is - GCash is life.

 

[thestoryomegatropolis]

@thebackyardpreacher Transfer via PesoNet is a thing now, although it's not cheap with other banks. What I personally do is I transfer to my EastWest bank and do the transfer from there since the fee is 5 pesos only. It's also not a "crowded" bank so I don't really spend much time going to a branch and depositing money.

Disclaimer: I am not an employee of EastWest, just a satisfied customer

PS2. Not really a fan yet of GCash, but that is a good option as well.

 

[waitin4beauty4ashes]

@thebackyardpreacher Payroll is with BDO and savings account is with Security Bank.

I'm lucky that there is a SecBank branch in the adjacent building, I just visit them every payday.

Edit: adjacent instead of adjustment

 

[joshuah0208]

@waitin4beauty4ashes Adjustment? Or adjacent?

 

[churchbuilder]

@thebackyardpreacher Basically I can’t be bothered w transferring money every 2 weeks- it’s just a pain in the ass, especially w BPI.

Laughs in 21 bank accounts.
GCash is a god send for the most part.
With BPI Direct account though, I can withdraw lots from the ATM and transfer physically around Makati as different banks are walking distance. It does help though my job does not really require me to be working/in front of/at workstation all of the time.

 

[nathanoj]

@thebackyardpreacher I use GCash and transfer money to my bank accounts.

 

[jake1999]

@thebackyardpreacher Swerte ko na pala na payroll at savings account ko ay with Security Bank. I have CIMB bank as well, and sobrang convenient ng Gcash because of Instapay. If Gcash to Security Bank free yung Instapay, pero I'm not sure if yung Cash in thru BPI ay may fee. What I do kasi is cash in via my debit card (SB atm) and free naman siya.

Check mo na lang yung website, or if tatry mo naman siya sa app lalabas agad if may fee or not.