Pros and Cons of Online Banking in the Philippines

Many of us get frustrated about the long queues at the bank and sometimes hours of waiting for a single transaction. But for those who hate these things, have you ever heard or tried online banking? Online banking also known as internet or web-banking allows you to conduct banking transaction anytime anywhere via the internet at your convenience.

Online banking services is as easy as one-two-three. Using your computer, laptop, tablet or smartphone, you can check your account balance, pay bills, send money, view your transaction history, access your credit card, get electronic statement among others. These services are available 24/7 which means no more long lines!

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According to the recent Paypal survey, 25 percent of Filipino consumers are already using online payment methods in their everyday transactions. But like any other things, online banking comes with advantages and disadvantages. 

The Benefits of Online Banking

• Easy Transaction

Convenience is the main advantage of online banking. So if you are tired of long lines and outdated ATMs, your best option is online banking. All you need is a desktop, a laptop or a smartphone that is connected to the internet. With these, you can easily do basic transaction such as balance inquiries, fund transfer and bills payment without going to the nearest bank. Online banking is also ideal for an emergency transaction and you don't need to worry about transacting on weekends. 


Read: Need Money? Here are 12 Banks that Offers Best Personal Loan Rates

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• Fast Transaction

We can say that a transaction is convenient if it is speedy. With online banking, you can make an instant transaction such as fund transfer. Within seconds, you can easily check your account balance and transaction history in just a few tap or clicks. No need to wait for tellers to process your simple banking concerns—something that you can now do in seconds right on your fingertips.

Read: All You Need To Know About OFW and Personal Loan

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• Paperless Banking

Since your computer and smartphone do all the banking, there’s no need for all those paper clutter. Just have your app generate digital copies of your bank statements, invoices, bills, receipts, and other documents.

Online banking also promotes the eco-friendly lifestyle by going paperless that also prevents the senseless cutting of trees just to make more paper products.

Read: Filipinos Can Soon Open A Bank Account With Less Than P100

• Secure Banking

Bank clients main concern about online banking is security. We may ask, is it safe? Well, major banks are making sure that online transactions are secure. For starters, banking websites are equipped with Secure Sockets Layer (SSL) technology that secures the connection between your browser and the banking website. On the mobile side, apps come with security features like One-Time Password (OTP) and fingerprint login.

• Responsible Banking

You can access your bank account instantly with online banking. It means you can easily manage your money and track your expenses, earnings and all transaction in your single account. Aside from being quick, online banking is usually free of charge. There are banking apps that are also free to download for your device. And because transactions are online, there’s no need to pay unnecessary ATM fees. 

Read: How to Avail Auto, Salary And Home Loan From Union Bank
The Disadvantages of Online Banking!
Just like any other things, Online Banking comes both with pros and cons!

• Internet Access

The Philippines is still behind in terms of internet connection. So when the connection is poor in your area, online banking would be useless.

• Security Threats

Despite the best effort to secure banking websites and apps, security threats continue to arise. Most of these threats involve social engineering where users get tricked into giving their credentials to hackers. Even if online banking websites are protected by SSL, a potential victim can get duped into sharing one’s password through fake emails and bank websites. While these security threats exist, it’s important to note that there are ways to avoid these online scams.

This article is filed under online banking, banking transaction, savings account, and bills payment. 

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RCBC Offers TeleMoney Savings Account for OFWs: No Initial Deposit, No Maintaining Balance!

As Overseas Filipino Workers (OFWs), it is very important that we have a savings account where we can put our money for the future. It could be your emergency fund, savings for your dream business, for future investments or for your retirement. For OFWs, going to the bank to check your money is a bit hassle. 

This is the reason why Rizal Commercial Banking Corporation (RCBC) is offering a savings account to OFWs that is hassle-free at all times.

Read: Filipinos Can Soon Open A Bank Account With Less Than P100

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This is called TeleMoney where global Filipinos including OFWs can save their money by opening a TeleMoney Savings Account. According to its website, this savings account is easy and convenient. It comes with RCBC ATM Card and or a passbook. TeleMoney ATM account holders can also request for their quarterly Statement of Account.

Read: 10 Best Banks to Open Savings Account in the Philippines

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Product Feature:

Minimum Initial Deposit 

• Peso ATM Savings Account — 0
• USD Passbook Savings Account — USD100

Minimum ADB Requirement*

• Peso ATM Savings Account — 0
• USD Passbook Savings Account — 0

Minimum ADB to Earn Interest 

• Peso ATM Savings Account — P10,000
• USD Passbook Savings Account — USD1,000

Interest Rate

• Peso ATM Savings Account — 0.15%
• USD Passbook Savings Account — 0.125%

Both accounts can be accessed through the over-the-counter transaction and RCBC Online Banking. 

Note: *Zero maintaining balance status can be maintained with at least one remittance a year.

Read: Open Metrobank OFW ATM Savings Account With No Deposit and Zero Maintaining Balance

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Requirements for Opening an Account:

One valid photo-bearing government-issued identification card and proof of address

Read: PNB's OFW Savings Account/Special ATM for Beneficiary Zero Opening & Maintaining Balance!

List of acceptable IDs

• Passport
• Driver's License
• Professional Regulations Commission (PRC) ID
• National Bureau of Investigation (NBI) clearance
• Police Clearance
• Postal ID
• Voter's ID
• Tax Identification Number (TIN)
• Barangay Certification
• GSIS e-Card
• SSS Card
• Senior Citizen Card
• OWWA ID
• OFW ID
• Seaman's Book
• Government Services and Insurance System (GSIS) e-Card
• Social Security System (SSS) Card
• Philippines' Unified Multi-Purpose ID
• Senior Citizen Card
• Philhealth Health Insurance Card ng Bayan
• Overseas Workers Welfare Administration (OWWA) ID

Read: PNB's OFW Savings Account/Special ATM for Beneficiary Zero Opening & Maintaining Balance!

If you are interested in this savings account, visit the nearest RCBC branch in your area. 

This article is filed under savings account, best bank for savings account, bank loan, saving account interest, RCBC, banking, and online banking. 

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How to Apply for OFW Savings Account in Metrobank?

Every Overseas Filipino Workers (OFWs) should save money for emergencies, retirement or for starting a new investment or small business for families to have a stable income at home. Saving money in the bank is very important to protect your money from thieves and from unwanted expenses. Aside from this, your money in the bank will grow with interest as the time goes by. We all know that working abroad is not forever and saving for the future is a must.

 

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If you are looking for a bank that will value your money, consider Metrobank's basic savings account that will ensure your money in an accessible way plus it will earn interest. You can track your balance through passbook and your foreign currency remittance is converted into Philippine pesos. No more hassle for your family to change money into local currency.

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OFW PESO Savings Account

OFWs may choose what kind of deposit — passbook or ATM. Both can be applied with zero initial deposit as well as zero maintaining balance, provided there is at least one valid remittance transaction made to the account within a 12-month period.

Balance to Earn Interest — P10,000

Interest Rate — 0.25% per annum

Read: 10 Best Banks to Open Savings Account in the Philippines

OFW Savings Dollar Account

This is passbook savings account with zero initial deposit and zero maintaining balance — provided that there is at least one valid remittance transaction made to the account within 12 month period.

Your dollar account needs to have $500.00 to earn interest of 0.125% per annum.

Read: This Savings Bank Offers Free Opening Account and Free Accident Insurance

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How to Open an OFW Savings Account in Metrobank?

Just visit the nearest Metrobank branches in your area and present a one valid government ID!

Read: Filipinos Can Soon Open A Bank Account With Less Than P100

Metrobank's ATM can be accessed anytime and anywhere in the Philippines via BANCNET ATMs, or abroad via MAESTRO-CIRRUS ATMs. You can also manage your transaction through online banking or MetrobankDireck such as balance inquiry and bills payment.

This article is filed under savings account, best bank to open a savings account, investment, time deposit, deposit account, new investment, and online banking.

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5 Easy Steps to Enroll BDO Online Banking for OFWs Abroad

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Of course, all of us wants a convenient way when it comes to handling our personal finances. With the birth of online banking, this is very much possible even you're in other countries.

Aside from convenience, online banking also offers both innovation and style. With your smart phone and fingertips, you can log in online and get banking transaction done, whenever you are at your most convenient time. 

With banking online, you don't need to wait in line, you don't need to rush in a bank that is only open from 9 in the morning till 5 in the evening.

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With online banking, you can keep track of your money much easier because your account information is available anytime online. The paperless transaction comes with online banking where you can pay our bills.

But the question is, how about Overseas Filipino Workers (OFWs) abroad? Is online banking available abroad? With BDO Online Banking, the answer is 'Yes'.

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First of all, you need Overseas BDO Online Banking Account to sign-up for Online Banking. Here's what you need;

• An Active Email Address
• BDO Account Details
• Preferred Log-in Username and Password
• An Active Mobile Number

Simply follow five steps to enroll your BDO account to Online Banking while abroad

STEP 1:
Visit the Official BDO Website at www.bdo.com.ph. Make sure you have reliable internet connection

STEP 2:
Look for the "Enroll Now Button". Hover your mouse "Online Banking Online" to see the following;

• BDO Online Banking
• Not yet enrolled? Enroll now!
• What is a One Time Password (OTP)?Since you are not enrolled, click on the "Not Yet Enrolled" button to sign up.

STEP 3:

After clicking, your will be redirected to a page where it displays information about online/electronic banking terms and conditions of use.

Read and click the “I have read, fully understood and agreed to the Terms and Conditions.”

Click SUBMIT after ticking this box.

STEP 4:

Another page will appear that will require you to input some of your personal information such as the following:

• Account Type

For OFWs of Filipinos residing abroad, select option "Outside the Philippines"

• Online banking information: User ID, Password, Mobile number and Email Address.

Challenge Questions and provide correct answers. This is relevant in securing and in ensuring that you are the sole person who can access this account.

Ensure that you correctly copy the captcha

STEP 5:
After you finished with your information, all you have to do is to wait for the confirmatory message to be sent to your email address provided in the enrollment process. 

A bank representative may call you're to verify your online enrollment within five banking days.

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Important Steps To Stay Safe When Using Online or Mobile Banking

ONLINE BANKING
Before mobile banking, online banking - through the use of a computer - is the most modern way to do banking. One simply has to login to the bank's website and do transactions as needed (except to withdraw or deposit money, of course). Granted the convenience, internet banking has it's own share of risks. Because a computer is vulnerable to hacking, phishing, virus, trojans and other means of attacks, here are the things you must take note to keep safe.

USE ON-SCREEN KEYBOARD:

This would be the easiest way to protect your password from being recorded by key-loggers, especially when using computers in a public setting - internet cafe or offices.

A key-logger, can be hardware or a software installed on the computer. It records the keyboard entries you make. Using this information, it would be easy to find your username and password. While software loggers are hard to spot, hardware loggers will have to be an attachment to the terminal. However, know that an on-screen keyboard is not fool-proof by itself.

DO NOT FOLLOW LINKS:

Always type in the web address (URL) to access your bank's website. Never click on a link from an e-mail you get, even if it looks like it came from the bank. That is how 'phishers' work, they re-direct you to a fake website site resembling your bank's website and use the information provided by you (username and password) to access your account. 

The login page of bank website is secured through an encryption process, so a locked padlock or unbroken key symbol should appear in your browser window when accessing your bank's site. 

Also, the beginning of your bank's internet address will change from 'http' to 'https' when a secure connection is made. Be wary of suspicious pop-ups that appear during your banking session. Log out immediately. Don't, in response to any mail, provide your banking user ID, passwords or credit and debit card numbers.

CLEAN YOUR CACHE: 

Browsers save pages you have viewed on your computer so that it can be accessed quicker if you wish to view it again, such as when you use the 'back' button. By clearing your browsing data or cache after visiting your net banking account, you make sure no one else can view the confidential information you have viewed. 

Also, don't select the option on the browser that stores or retains user name and password, i.e. auto complete or auto save password. It wouldn't take too long for a program to get that information from your browser. Or worse, the guy who will use your computer next can login to your account because you saved the password in the internet browser.

UPDATE AND BE SECURE: 

Keep your operating system and browser up-to-date with the latest security updates. Install these only from a trusted website or let the application update automatically by schedule.

Also, a computer running on a big network, is likely to be much safer than your home PC. Its level of security can be measured by how strict the limitations are on its use. However, you will have to trust your network manager to not access records of your online activity. 

MOBILE PHONE BANKING:

CHECK THAT APP:
Download your banking application on the mobile device instead of using the mobile browser to conduct mobile banking. If your bank's app is not available, use a secure browser, especially on Android phones. Also, get software updates to avoid exploitation of software loopholes.

Some malware may pose as a legitimate bank application. Make sure you are using the official one, by comparing with friends, or inquiring at the bank itself. Most banks provide a guide or link to their official app on the bank's website itself.

CHECK YOUR OTHER APPS:
Be wary of the apps you keep on your device along with your banking apps. Check the app permissions in the application settings to be sure that other apps, especially free ones, are NOT getting unnecessary access to your smart phone. Here's how you do it in Android and iPhone.

NUCLEAR OPTION - WIPE!
Ensure that your mobile device has remote wipe installed or enabled. This is so that if your phone gets stolen or you lose your phone, you can delete all information you had stored within - including your banking application. Notify your bank about the situation so that no texts or mails will be sent to your mobile device.

LOCK OR SWIPE?
Always lock your phone when not using it to prevent unauthorized user access. Even a child fiddling your phone can cause problems with your banking app. Check your phone settings and enable the auto-lock feature. Put a pin or pattern, or enable the fingerprint lock/unlock feature to secure the device from others. This will also buy you some time in case your phone gets stolen.

GENERAL SAFETY:

FREE WIFI!
Refrain from using public wireless networks to do your banking, whether via laptop or smartphone. They are unsecured and hackers often lay traps using such networks. Connect only through secured or private wireless network. Also, do not connect your phone to another device when banking.

S+R0nG P@ssWoRdS: 

Use a combination of random letters and numbers because password-cracking programs check for dictionary words, names and phrases. One way to create a strong yet easy to recall password would be to remember a familiar sentence and use the first letter of each word to form the password. Try using a sentence that can have a number in between. 

For example, the sentence my car Toyota Fortuner is a model '16 will give you a password of mcTFiam'16 . You can use any sentence that is not generic. Try inserting symbols and capitalizing some letters (not necessarily the first) to improve password strength.

There are other ways of creating strong passwords, like Character Substitution - replacing the alphabet with familiar characters: @ = a, 8 = b, 1 = l, 5 = s, and so on.

5@mp1e = sample

Change your password using a secure computer (at home) is a good practice if you just recently used a public computer to access you online accounts. If you want to check the strength of your password, check it up here!

PRIVACY:

Do not disclose your personal information to anyone, including your account numbers, your parents' middle name (a common security question in phone transactions), your mobile number, or your ID numbers - unless the person is from the bank whom you called (not the other way around).

A new form of hackers called "social hackers," gather sensitive information by calling people, pretending to be from the bank or any other institution with interest in your finances. Once they get enough information, they will use your identity to steal your money from the bank.

STAY ALERT:
Be aware of your surroundings. Never do online banking transactions in an internet cafe, or even at Starbucks. They may be secured by the shop, but who knows if there is someone using the same WiFi network and skimming the information from other users.

Always check your banking transaction history and account statements on a regular basis. Check for unauthorized transactions or transactions that you do not remember doing. Inform the bank about irregular things that you notice, even if you are unsure.

INQUIRE and SUBSCRIBE:
Inquire and subscribe to Two-factor Authentication or One-time-password facility whenever possible, be it to change your net banking pin, make a transaction or add a third-party account. This would require you to enter a one-time code, usually sent via sms to your registered phone, whenever you login and transact online.

source: Business Today, BBC

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