OFWs, Parents, Take Advantage of Free Internet Banking to Manage Your Children’s Weekly Allowance
Updated June 22, 2011
If you’re a parent whose high-school or college-age kid is living in a dorm or studying in another city or an OFW who likes to control your child’s weekly allowance, take advantage of free Internet banking services offered by local banks.
Most large banks now in the Philippines offer free Internet banking, and they offer lots of services that prompts you to say Wow.
However, in this article, I would describe only two, BPI Express Online and My BDO Internet Banking, because they’re the ones I use.
1. If you already have accounts with BPI and/or BDO, then you’ve
done the first step. Your savings account or checking account
would become the wallet from which you would get money to give
to your child weekly.
2. Next is to get an ATM card for your child, or ATM cards if you have more than one child to support.
If you get a regular ATM card, you are required to maintain a balance – 2,000 for a BDO account; 1,000 for a BPI Family account or 3,000 for a BPI account.
For most children, this maintaining balance is a temptation — a cake on the table ready to be consumed.
So the best option is to get a BPI Express Cash Card or a BDO Cash Card. Both of these ATM cards do not require a maintaining balance.
You can get a BDO Cash Card for only 120 pesos or a BPI Express Card for only 120 pesos also. (Update for BPI Express Card: There’s now a 15-pesos fee for ATM withdrawal and a withdrawal amount minimum of 500 pesos.)
If you like to know other cash cards, go to this post: Best Savings Accounts for Students in the Philippines.
For OFWs, a better account is available — BDO Kabayan Savings. It only has a 100-peso maintaining balance, and it has other benefits too. Info on BDO Kabayan savings account.
OFWs can also get a BDO Remit Cash Card.
Other banks also offer accounts for OFW remittances.
3. Then enroll your BPI savings or checking account with BPI Express Online or your BDO account with MyBDO Internet Banking. You enroll online and then print the filled-out form for submission to your BDO or BPI bank branch.
Just prepare your user name and password and be ready with your account number and your BDO or BPI cash card numbers.
4. After your Internet banking account is activated, you can plan and schedule when and how much money to put into your child’s cash card.
If your child needs 200 a day, you can reload your child’s cash card 1,200 or 1,500 every week. Just adjust the amounts when your child needs to pay the dorm or buy something.
Just tell your children that the minimum withdrawal for BPI Express Cash is 500 pesos and for BDO Cash Card, it is 200, (changed to 100 pesos as of March 2011). Tell them to withdraw, if possible, only from these banks’ ATMs to avoid other banks’ ATM fees (about 10 to 12 pesos for each withdrawal).
5. For OFWs, Internet banking can save you remittance costs and at the same time prevent your children from having access to large amounts of money, which can be tempting. One-day millionaires among OFW children are common.
You don’t have to send money every month or every week, so you’ll save on remittance fees. Just remit an adequate amount to your own savings account and then transfer controlled amounts to your kids’ accounts through your Internet banking account as often as you like, as there’s no transfer fee.
Related Articles:
OFWs Can Send Money to the Philippines Thru BDO Remit
List of Banks in the Philippines — Universal Banks, Commercial Banks
Cheapest Checking Account in the Philippines
BDO Kabayan Savings, BDO Remit Cash Card for OFWs
BPI, BDO, or Metrobank Fees — Why Keep Paying Them?
Savings Accounts in the Philippines with the Lowest Maintaining Balances
Comments
Whether in ENGLISH, TAGALOG or TAGLISH, your comments are well-appreciated, but please, not pure TEXT SPEAK, kasi matagal intindihin. Thanks a lot.
8 Responses to “OFWs, Parents, Take Advantage of Free Internet Banking to Manage Your Children’s Weekly Allowance”
Leave a Reply
-
Custom Search
yes internet banking is very helpful especially in watching your personal finances. i teach this to my ate who is currently working in dubai. she finds it very helpful because she don’t have to pay extra fee for money transfer. heheheh
BDO is autodebit is also very awesome.
[...] OFW Parents: Take Advantage of Free Internet Banking to Manage Your Childrens Weekly Allowance BPI and BDO Internet Banking — Free and Quick Ways to Send Your Children’s Allowance Savings Accounts for OFW Remittances Savings Accounts in the Philippines with the Lowest Maintaining Balances Cash Cards for OFW Remittances to the Philippines List of Banks in the Philippines — Universal Banks, Commercial Banks Top 27 Savings Banks in the Philippines — or Top 27 Thrift Banks OFWs Can Send Money to the Philippines Thru BDO Remit var addthis_config = {"data_track_clickback":true}; [...]
[...] OFW Parents: Take Advantage of Free Internet Banking to Manage Your Childrens Weekly Allowance var addthis_config = {"data_track_clickback":true}; [...]
[...] Articles: Savings Accounts for OFW Remittances OFW Parents Take Advantage of Free Internet Banking to Manage Your Childrens Weekly Allowance Savings Accounts in the Philippines with the Lowest Maintaining Balances Top 20 Banks in the [...]
how can i cheânge my benefeciary in my account i want to change to my daughters name im in abroad how can i do it and how to check my balance in my account ?
i have one daughter shes in college how can i trantsfer money from my account thrugh her account every month for her budget like for ex. 10.000 a month
Hi Emerita, transferring money to your daughter’s account is easy if you have enrolled your Philippine bank account in Internet banking. Is your account with BDO? I knew someone in Saudi who enrolled his BDO account in Internet banking, but it took him time. You fill up the enrollment form online, download the form, print it, sign it, and then send it thru FedEx or DHL to your BDO bank branch. Remember to also enroll your daughter’s account in the form as a third-party account.
By the way pala, hindi ko na sure kung puede pa palang mag-enroll in Internet banking while abroad, kasi iba na pala ang pag-validate ngayon ng enrollment, which is to go to the bank’s ATM and validate the enrollment thru the ATM card. How can access a BDO ATM when one is abroad pala?
Emerita — email your bank and ask if you can change your beneficiary thru email as you are abroad. Ask also if you can know your account balance thru email. If your bank is not BDO, ask also if you can enroll in Internet banking while you’re abroad.