This is what the digital life is like for me. I do not leave the house to pay bills, deposit checks, or transfer money between banks. It’s an imperfect setup, as you’ll see as my resources transfer from app to app, but it’s never been as easy to do so as it is now.
WHERE MY RESOURCES FOR DAY-TO-DAY ARE
Graphics c/o Pexels
My resources are spread across 2 traditional banks (BPI and BDO), 2 digital banks (Tonik and ING), and 1 mobile wallet (GCash).
- ING: I mainly use this to deposit checks, though it has a decent interest rate 2.5%. Transfer to BPI (and other banks) is currently free, though you must wait (though within the day) for your money to be credited.
- Tonik: My money does end up here because it currently has the highest interest rate (6% p.a. for a time deposit). Transfers to here from BPI and BDO are currently free.
- BPI: It starts here because my payroll account is here. Transfers are at ₱10 for BPI to BPI and ₱25 for BPI to other banks. The trick for free BPI to BPI transfers is through enrollment (definitely do this for family members, other BPI accounts that you often transfer to) OR through the use of QR codes which are free transfers. I can pay some of my bills through here.
- BDO: I keep this bank because of convenience from ubiquity of ATMs, banking hours (some of their branches are open on Saturday), and because a lot of sellers have a BDO account. BDO to BDO transfers are free for now.
- GCash: Many sellers and billers open up to you through GCash. Transfers are free from BPI.
In general, the BPI to BDO transfer is the transaction that has transfer fees. Because of the promo periods of ING and Tonik, transfers to and from are still currently free.
HOW I PAY
- Electricity: This is free of payment fees through BPI and most banks, you just have to enroll as a biller. On special occasions, watch out for promos on mobile wallets or online shopping sites like Lazada and Shopee.
- Water: This is also free of payment fees through BPI and most banks, you just have to enroll as a biller. On special occasions, watch out for promos on mobile wallets or online shopping sites like Lazada and Shopee.
- Homeowners/ Condominium Association Dues: I pay mine through BDO transfer (one of the reasons I keep that account) because my homeowners association uses that bank.
- Pag-ibig: I pay this through BPI’s e-gov (₱7 convenience) or Gcash (₱5 convenience fee). See this post for more information about setting up a Pag-Ibig MP2 account.
- Internet and Telco Fees: This is free of payment fees through BPI and most banks, you just have to enroll as a biller. On special occasions, watch out for promos on mobile wallets or online shopping sites like Lazada and Shopee.
- Credit Card Fees: I pay this through GCash because my credit card cannot be enrolled in BPI as a biller. I incur no transfer fees or convenience fees.
- Online shopping: Lazada and Shopee have made it that using credit cards and debit cards are all free of any convenience costs. In my case, since I mostly use Lazada, I have a self-imposed rule to only buy using the Lazada wallet. I use GCash to load my Lazada wallet (I don’t like linking my credit card or BPI account to Lazada for budgeting reasons). I go this roundabout way for the following reasons. First, I have accepted that I buy a lot of things from Lazada, so I use the wallet as my limit. I try not to spend any more from the wallet, and if I am to go over, I wait until my next replenishment schedule. Second, the roundabout way makes it more difficult for me to pay: this is a psychological thing for me to give me more time to really examine my purchases. Lastly, Lazada often gives discounts for wallet loads (their balloon blast), it’s random but reliable. I usually get ₱30 rebate on a ₱1000 load, but I got ₱500 rebate on a ₱5000 load once.
So in summary, paying my bills and other spending is free of any convenience fees through the apps (except for my Pag-Ibig MP2 Savings).
THE VERDICT
■■■□ Pwede na
First let’s talk number of jumps. My longest process is the BPI > GCash > Lazada Wallet> Lazada Payment, but that’s largely self-imposed. The BPI > BDO > Assoc Dues Payment or BPI > GCash > Credit Card Payment are the usual longest ones. To be honest this is okay for me.
Next, let’s talk about number of apps. Payment wise, I’m looking at 4 apps (BPI, BDO, GCash, Lazada), but there are many supporting apps (Pag-Ibig website, Meralco, Globe One, myPLDTSmart, Credit Card, etc.). I have to say, this can be overwhelming at times.
But honestly, despite the many apps, many jumps, and even the convenience fee, this is already very convenient for me by the very fact that I have not lefty my house to do any of this. Generations before have queued up at different lines for the many utilities, but I just need to switch through apps.