Transferring hundred K of money

[jazeps]

Hi, any suggestion sa dilemma ko. I have 911k sa BDO, I have 100k sa gotyme. What i am planning is transfer the 900k to gotyme and leave 11k as maintaining balance.

Gotyme otc cash ins are 10k per txn lang. Tranferring by instapay will be long and with added expenses sa transfer fees. How can i transfer this 900k effectively? The reason on why I wanted to transfer is para mamaximize yung interest rate ni gotyme.

Ps: this money may soon be used to buy a car, so this has to be disposable and cannot be invested nor locked.

 

[yeshuabride]

@jazeps Go to your BDO branch of account and request for an RTGS transfer. I can’t remember exactly how much the fee was. I think it was around P500.

 

[yeshuabride]

Btw, there’s a cut-off of 12NN

 

[jazeps]

@yeshuabride Ah, never heard of this.. ty

 

[jswish89]

@jazeps I don't think it's a good idea to transfer that huge amount so sudden. Knowing digi banks your account might get locked. Why don't you spread it on multiple digital banks instead? You can do instapay or pesonet transfer instead.

 

[stepmominpain]

@jswish89 Agree with OP, dame reklamo that their digital bank account got locked after having a certain amount. Ginagamet lang kase pang-entice ng digibanks yung higher interest nila, pero yung iba e di nila kaya panindigan so basta na lang iko-close account mo para di na mag-earn ng interest. Well, mababalik naman money if ever, pero di ka na yata pwede mag-open ule.

 

[jazeps]

@stepmominpain May nakita nga ako sa fb group ng gotyme na lock yung account. I'll try asking gotyme customer service and see whats their input

 

[cskim86]

@jazeps Allowed yan sa pesonet.

 

[resjudicata]

@jazeps Use pesonet. Dadating agad kinabukasan. Minsan same day.

 

[ectolite]

@jazeps Pede mo hatiin sa 2 cimb 5% din walang cap or 3 digital banks. Unobank time deposit pero 3 months lang 6.5%.

 

[jazeps]

@ectolite I opened a cimb account long ago pero hindi ko na pinansin since, try ko balikan. As much as possible kasi i want it centralized, though i know na dapat distributed baskets dapat

 

[ectolite]

@jazeps Check seabank 5% dati un ewan ngayon. Nagbababaan na ng interest rate mga digital banks ngayon I think magiging normal nyan 3.5-4% which is not bad.

 

[jazeps]

@ectolite Ok, i will check. Expected na bababa ang interest rates as soon as simulan na ni BSP mag cut down.

 

[whyneedaname]

@jazeps What is the advantage of Gotyme vs a traditional bank like BDO? I’m seeing a lot of posts on digibanks but I’m wary. I’d like to be educated on this. TY!

 

[daexorcist]

@whyneedaname It's mostly because of interest. Digital banks offer 4.5% to 6% interest p.a. (some have promos up to 12% occasionally pa like CIMB)

 

[whyneedaname]

@daexorcist Oh wow that’s pretty high. What’s the catch?

 

[jcreek]

@whyneedaname Usually time limited and may amount limit like 100k lang ung 12% pa or something.

 

[whyneedaname]

@jcreek Oh I see. Thank you both for the info

 

[bobrobert]

@whyneedaname No physical branches, lesser cost = higher interest rate offer. That's the advantage of Digital banks vs Trad Banks.

 

[ectolite]

@whyneedaname 900k may 3k monthly ka sa gotyme