Mobile Banking Hacks: 6 Ways You Can Avoid Bank Transfer Fees

Gone are the days we’d have to line up at the bank each and every time we’d have to pay for an online purchase or send money to a loved one. Thanks to mobile banking, our money can get to where it has to be within just seconds. The downfall, however, is that most banks now charge interbank transfer fees — and when we deal with transaction after transaction, these little fees end up piling up. As someone who believes that every peso counts, I’ve looked for the best to help avoid bank transfer fees.

Also read: Here’s Why We Should Shift Toward Cashless Payments

Easy mobile banking tips

Before we get down to the nitty gritty, though, here are the simplest ways to avoid bank transfer fees. These no-fuss tips will come in handy to those who usually just pay the extra fees without a second thought!

1. Opt for intrabank transfers

When dealing with online payments, this is the easiest option: Choose a bank where you already have an account. For most of us, this is a no-brainer; but just in case this isn’t such an obvious choice, we’ve chosen to make this tip number one.

2. Stay updated: Some banks still currently waive transfer fees!

Now that we live in the age of mobile banking, many of us have multiple bank accounts. Be sure to stay in the know of which banks don’t charge fees for interbank transfers! You can check out our regularly updated list of banks with no transfer fees here.

Also read: 8 Mobile Banking Apps Every Pinoy Should Have

Skip the fees: that will help you avoid bank transfer fees

Now, here’s where things get a little trickier. We’ve come up with a few that will prove especially useful to those who have multiple bank accounts and e-wallets. As it involves a lot of transferring from one account to another, take note that this will require a bit of patience. But if you’re hell bent on saving money, then they’re 100% worth the effort.

For high priority transfers

Our first set of are for high priority transfers — meaning, for funds that you prefer to transfer in real-time. Take note that for real-time payments, transfers powered by InstaPay should be your go-to!

1. Interbank transfers via GrabPay

Not only does GrabPay provide a seamless, cash-free payment for your courier needs; it doubles as an excellent e-wallet as well, and an underrated one at that. Powered by InstaPay, GrabPay offers free transfers to other banks for the time being. Whether or not you’re a regular Grab user, you should definitely sign up for an account — especially if you’re set on cutting extra costs!

Below are the steps:

1. Register for a GrabPay account.
2. Cash in via your desired method. (Personally, I choose to do so via a linked bank account: This option is available for BPI, BDO, or UnionBank. Cashing in via these accounts is free!)
3. Transfer the necessary funds to your bank account of choice.

2. Check to bank via ING

ING first rose to fame among Pinoy digital bankers because of their fairly high interest rates — but one of the things that really sets them apart is their check deposit feature. This has especially come in handy to those who’ve received check payments during the pandemic. Now, you can easily transfer the funds from your check to your desired bank account without having to step out of your house.

One of this digital bank’s new features includes the ING Pay account, which allows you to pay bills and transfer funds to other banks and e-wallets via InstaPay and PESONet. This is not to be mixed up with the ING Save account, where you can earn interest monthly.

Below are the steps:

1. Register for an ING account.
2. Follow ING’s instructions for depositing checks.
3. Once the funds have come in, transfer them from your ING Save account to your ING Pay account.
4. Send your desired amount to your bank account of choice via InstaPay (for real-time transfers) or PESONet (for same-day crediting if transfer is made before 3.30pm on a banking day).

Note: Funds for check deposits will come in by 10am the day after you make your deposit.

Also read: 12 #Adulting Apps Every Pinoy Millennial Should Have

For low priority transfers

The we list below are ideal for low priority transfers: Payments that don’t need to come in immediately. These interbank transfers are usually powered by PESONet or DragonPay — services that usually operate based on banking days and hours.

So, take note that depending on the day and time you make your transfers, it could take hours up to a few days for your payments to get through. 

1. GCash to bank or interbank transfer via ShopeePay

Shopee isn’t just one of our go-to apps for affordable online shopping. It works as a great “middleman” for payments between different mobile banking accounts, too!

Below are the steps:

1. Register for ShopeePay.
2. Top up your account via your chosen debit card or e-wallet.
3. Withdraw your desired amount to your registered bank account.

Also read: How to Pay Bills on Shopee With Coins & Vouchers

2. GCash to bank via CIMB

If you’re a regular GCash user, then chances are high that you have a GSave account. And if you don’t — then it’s about time you registered for one, especially since their interest rates are higher than your average bank’s.

To maximise your GSave account even further, it’s recommended that you open a CIMB account and connect the two to each other. CIMB currently still waives fees for their interbank transfers, which are powered by PESONet.

Below are the steps:

1. Register for a GSave account.
2. Register for a CIMB account, then connect the two.
3. Deposit the necessary funds from your GCash to your GSave account.
4. Log in to your CIMB account and transfer the amount to your bank account of choice.

Also read: Digital Banks in the Philippines That You Can Open Virtually

Some of these may require a little extra effort, but they will certainly help you save a significant amount in the long run. If you have any other hacks to share, we’d love to hear all about them — let us know in the comments section!

Featured image credit: DragonImages via Canva Pro