Online Banking Comparison (BDO, BPI and Metrobank)

Online banking allows the customer to conveniently transact anywhere an internet connection is available. While I enjoy this convenience from three of the major banks in the Philippines, namely Banco De Oro, Bank of the Philippine Islands and Metrobank, some are more convenient than others.

One of the differences in the online processing of the three banks involves the OTP or one-time password. The one-time password is sent via SMS to the customer's registered mobile number. Some online transactions cannot proceed without the OTP.

For BPI, the OTP is only used for online purchases. The OTP is not required for balance inquiry, online payments and fund transfer.

For Metrobank, the OTP is used for online purchases and fund transfers for over PhP20,000 even if you are moving funds between your accounts. Their system should only require the OTP if funds will be transferred to a third party's account. The OTP is not required for balance inquiry and online payments.

For BDO, all online transactions will require an OTP, including balance inquiry. The OTP is required immediately upon logging in BDO online. You either key in the OTP or answer security questions.

While the OTP adds another layer of security, it may also introduce unnecessary inconvenience. Telco services is very unreliable in certain areas of the Philippines. This will prevent the customer from receiving the OTP via SMS on time. The same is true for Filipinos abroad who would rather not avail of the roaming services.

There are also a lot of Filipinos who are not post-paid subscribers. Losing a phone may add to the inconvenience of having to update the bank in case the customer has to change her prepaid number.

Of the three banks mentioned, only BPI does not require an OTP for most online transactions. They only require the OTP for online purchases. BDO, on the other hand, requires the OTP for all online transactions making their transactions not really online, but mobile-online. I think it's silly to always have a mobile phone in hand while doing online bank transaction.

How To "Withdraw" From Your Paypal Account Free of Charge in the Philippines

Take note of the quotation in"withdraw". By that, I mean covert your Paypal money to cash without going through the hassle of going to the bank and paying transaction fees of around $5 or PhP250.

First things first. I don't have an active Paypal account yet. So why the hell am I posting this? I don't know if anybody has thought of it but it would sure help people with and without Paypal.

I wanted to buy from an international seller. Of the payment options given by the seller, Paypal was the only option available for me. Since I don't have a Paypal account, I have to look for somebody trustworthy enough (trustworthiness: one important factor) who I can pay to make the payments on my behalf. Luckily I have a friend who has enough funds on his account. He made the payment and I paid him in peso using the current conversion rate. I sat beside him as he transferred the funds just to be sure.

It's a win-win situation. I get to buy stuff via Paypal without the hassle of having my own account and verifying it. My friend gets to convert his Paypal funds to cash without any fees!

I wonder why people haven't thought of this as a business. This could be an added service to internet shops, don't you think?