Cost of Dying in the Philippines: How Much Does a Funeral Cost?
- By Moneymax
- April 28, 2021
An old saying goes that nothing can be certain except death and taxes, which are both components of a functioning society. However, talking about taxes is just natural while discussing death is considered taboo. Yes, death is a very touchy subject. But now’s the time to change how you view it. If you keep on sidetracking this subject, it will only get stuck at the back of your mind. When that happens, you won’t be able to plan for it properly, thus leading to some problems that may disrupt your family should you pass away. The best time to plan for your funeral is any time—except at the time of your wake, of course! So that you can plan things properly, you need to have an idea about the cost of a funeral in the Philippines. We got you covered. Here are some of the things you may want to take note of. Disclaimer: Prices stated in this article are just rough estimates. If you want to get specific prices, we recommend that you visit the website of your prospective provider or get in touch with its authorized representative. Costs of Treating Terminal Illnesses Usually, death is not a sudden event. Other times, it’s a gradual process that starts with a terminal disease. With that in mind, it would only be wise to start the cost calculation with the expenses that come with a terminal illness. In the Philippines, the leading causes of mortality include heart disease, vascular disease, and cancer. But how much does dealing with these diseases cost?[1]…
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Build Financial Freedom: How to Start an Emergency Fund
- By Moneymax
- April 27, 2021
By now, you already know the importance of setting aside money for savings. But what about an emergency fund? You might end up with a medical emergency, or you might end up losing your job. It’s always best to prepare your wallet for the worst. Admittedly, setting up an emergency fund is going to leave yet another dent in your wallet. But you’ll be getting financial adulthood security in exchange. If you didn’t know about this type of savings fund, you’re not alone. More importantly, it’s not too late to build one. Get started with your own rainy day fund and follow these helpful tips on how to start an emergency fund. What is an Emergency Fund? An emergency fund is a readily available source of cash for unforeseen expenses or situations. Separate from your savings and investments, it allows you to prepare financially for events like unemployment, medical emergencies, home repair, and car repair. That’s why it’s also called a rainy day fund because you never know when it will rain—just like you never know when a financial crisis will come. What is the Difference Between Savings and Emergency Fund? Savings are often used to fund a specific goal, like buying a new piece of furniture, making a down payment for a house, or purchasing airline tickets. You save for planned expenses and goals. An emergency fund, on the other hand, is used to cover major unexpected, uncommon, and urgent expenses. It’s a fund you can access so that you don’t drown in debt trying to pay for an…
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14 Pandemic-Proof Business Ideas You Can Start Today
- By Adji Hendrawan
- April 24, 2021
If there’s anything that this COVID-19 pandemic has taught everyone, it’s that an economic crisis can happen anytime and cause you to shut down the business you’ve worked so hard to build. Is your business pandemic-proof? Does it have what it takes to survive or even thrive in this pandemic? If you own a pandemic-proof business, may it continue to fare well and prosper. But if not, we’ve listed down some pandemic-proof business ideas that you can consider for your next business endeavor or for when you want to put up your own business. What is a Pandemic-Proof Business? A pandemic-proof business can withstand the shocks of a pandemic and still retain a strong position in the market. This can be achieved by having the right business strategy, introducing creative, diverse, and in-demand products and services, and using the internet to reach and engage with customers. Pandemic-Proof Business Ideas in the Philippines Despite the many challenges brought on by this pandemic to businesses, there are those that continue to thrive and operate as usual. Some are also more in demand now. 1. Online Grocery Store / Market An online grocery store or market offers convenience and speed. You don’t need to go out, walk the grocery aisles, and queue up at the counter. You can just go online, browse different product categories, add them to your cart, and check out. It saves time, energy, and money, which is why grocery store owners and market vendors have also started selling their products online. Customers can just pick what they need or send…
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How Contactless Payment Works and Why It’s a Necessity Today
- By Moneymax
- April 22, 2021
Most Filipinos use cash for transactions, but more people are now embracing contactless payment. Almost eight of 10 Filipinos plan on using their cards for payments instead of cash, according to data from the 2018 Visa Consumer Payment Attitude Study[1]. The COVID-19 outbreak has also made establishments switch to contactless transactions. Because this method doesn’t require entering a PIN or using a pen for signature, physical contact is minimal. Contactless payments are not new but are becoming more significant in the world we live in. Keep on reading to know how this payment option works, why it’s important today, and what contactless payment options you can use for products and services in the Philippines. What is Contactless Payment? Contactless payment is a type of payment available in credit cards and debit cards. With this method, you can pay for services and goods by simply holding the card near a payment terminal or a Radio Frequency Identification (RFID) reader. Such terminals process the payment through a chip card. This payment method has been around since the 1990s, with only a few establishments using the technology at the time[2]. Nowadays, more merchants and retailers offer contactless payment for their customers around the world. Other contactless payment solutions that are becoming more widely used are digital wallets such as GCash, PayMaya, and GrabPay. These options require using a mobile app to pay for products and services. How Do Contactless Payments Work? To pay using your contactless credit card or debit card, tap the card on the merchant’s payment terminal. The terminal will beep…
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Grow Your Money Faster with These High-Interest Savings Accounts
- By Moneymax
- April 15, 2021
Most savings accounts from major banks in the Philippines grow funds at a measly rate of 0.10% to 0.25% per year. It is good enough to keep your money for daily expenses but not for other financial goals in which you need to grow it faster. Good thing, there are quite a handful of high-interest savings accounts, offered by both traditional and digital banks, that provide faster returns on deposit. These bank accounts earn seven to 10 times higher interest rates than the regular ones. You can even open a high-interest savings account in the Philippines in the comfort of your home. High-Interest Savings Account in the Philippines: 17 High-Yield Options Here are 17 peso savings accounts to consider if you want to grow your funds faster in a bank. 1. Tonik Bank Stash Interest rate: 4% (Solo Stash) / 4.50% (Group Stash) Initial deposit: Not required Maintaining balance: None Interest-earning balance: None Tonik, the first digital-only bank in Southeast Asia, has just been launched in the Philippines this year. Other than convenience, Tonik offers the highest interest rate savings account in the Philippines, particularly its so-called “Stashes.” The bank describes Stashes as separate savings pockets for different goals and items. Solo Stashes can yield 4% interest per year. But you can earn up to 4.50% interest when you start a Group Stash, which allows you to save money together with at least two of your family or friends. When you open an account with Tonik, you’ll be given five Stashes. This means you can save up for multiple goals at a…
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[Battle of the Brands] PayMaya vs GCash: Which Mobile Wallet App is Right for You?
- By Adji Hendrawan
- April 10, 2021
PayMaya and GCash are the biggest rivals in the Philippine mobile wallet market today. These e-wallet apps enable Filipinos—especially those without bank accounts and credit cards—to make cashless transactions. These apps have been popular over the past few years, as more Filipinos have embraced online shopping.[1] A lot of online retailers and shops have also decided to include mobile wallets in their payment options. Add to that the fact that the pandemic has forced people to stay home, which means that going online and cashless is the safest way to transact. If you have never used a digital wallet but want to try one, you’re probably searching for a PayMaya vs GCash comparison review online to know which is the better mobile wallet app. This Battle of the Brands edition looks closely at the difference between PayMaya and GCash, the two leading mobile money services in the Philippines. Mobile App Usage and Ranking Which mobile wallet is used more in the Philippines? While having more users doesn’t make an app superior to the other, it does speak about the app’s popularity and to some extent, trustworthiness. If an app has garnered lots of users, it may mean that people have found something useful and helpful in it. A lot of these users have even shared the wonders of the said app with their family and friends, thus resulting in more users. At the end of 2020, the number of registered GCash users has grown to over 33 million. This is 65% higher compared to its 20 million users back in…
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Digital Banking in the Philippines: Everything You Need to Know
- By Ricky Publico
- March 29, 2021
“The reality is that nobody wants to spend time on banking, especially when it means taking time to visit the bank branches and waiting in line,” ING Bank’s Head of Retail Banking Mohamed Keraine said in an interview [1]. This is where digital banks in the Philippines come in. In a recent McKinsey study, researchers found that only 14% of Filipinos with bank accounts are taking advantage of their respective banks’ online capabilities. The researchers attributed this to the country’s lack of initiative in providing a digital banking experience. But banking institutions should stay optimistic. In the same McKinsey study, they found that 65% of the respondents will consider opening an account with a trusted digital bank. While traditional banks relied on online banking websites and apps to make banking easier, they are without their limitations. These limitations brought us to the technology we have right now: digital banking. As a flashy new tech, digital banking will definitely be a challenging concept to explain to the common Filipino. To help educate the masses, here’s a primer on how digital banks in the Philippines are changing the way we bank. What is Digital Banking? In a nutshell, fully digital banking allows you to do all banking transactions right on your smartphone. It sounds too simple, but that’s pretty much what it is. Download the bank’s app, open a bank account, deposit money, and manage your account at the comfort of your home. By containing the entire banking process on a single app, digital banking aims to make banking more accessible than ever….
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Should I Borrow Money from Private Lenders?
- By Moneymax
- March 10, 2021
Looking for private lenders that offer personal loans in the Philippines? When times are hard and cash flow is a problem, it’s helpful to know what options are available to you. But before you borrow from a private lender, you have to know first what you’ll be getting into. What are Private Lenders? Private lenders in the Philippines are non-banking companies or individual investors that provide short-term personal loans, mostly catering to OFWs, small business owners, and car buyers. Filipinos who can’t qualify for bank loans often turn to these money lending companies in the Philippines to cover their urgent financial needs. Is it really better to get a private loan from such entities than from a bank? Consider the pros and cons of getting personal loans from private lenders to make the right decision. Advantages of Borrowing Money from Private Lenders Private lending institutions in the Philippines attract borrowers because they offer easy access to funds by simplifying their loan application process. Below are some advantages of borrowing money from a private lender. 1. Fewer Requirements and Restrictions Compared to banks, private money lenders in the Philippines require fewer financial documents and are more relaxed in their conditions for loan approval. When you apply for a personal loan with a private lending company in the Philippines, you’ll be asked to submit only a valid ID or two, proof of billing, and proof of income such as latest payslips or income tax return. 2. No Credit History Check A borrower’s credit history and credit score are a big deal with…
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The Importance of Vaccination and Prices of Vaccines in the Philippines
- By Moneymax
- March 6, 2021
As cliché as it may sound, health really is wealth. But the sad thing is that no matter how much we take care of our health, we’re still not 100% immune to diseases. We can still get sick, and we don’t know how sick we can get. This is why it’s important to take extra measures to protect ourselves. Aside from living a healthy lifestyle and having a balanced diet, getting vaccinated should also be on top of the list. Increase your protection from the get-go. In this Moneymax guide, learn how vaccines work against diseases and how much you’ll spend to get the necessary shots. How Vaccines Work: A Brief Explainer The World Health Organization explains vaccines as a simple and effective way to protect people from harmful diseases — even before they come in contact with them. It uses the body’s natural defenses to resist certain infections and strengthen the immune system.[1] Vaccines have the same germs that cause illnesses and diseases. For instance, measles vaccines contain the measles virus. But because traces of the virus have already been killed or weakened, they’ll no longer make you sick. Some vaccines also contain only a part of the disease germ.[2] Through the introduction of the weakened type of viruses or germs to your body, your immune system will be able to recognize a specific virus should an active version of it attack you in the future. Your immune system will react to the vaccine by producing antibodies, which are proteins organically produced by your body to fight diseases. Your…
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Craving Samgyupsal? 12 Affordable Korean BBQ Restaurants in the Philippines
- By Moneymax
- March 5, 2021
The hallyu or Korean wave has not only brought K-Pop and K-dramas to our shores. The Korean barbecue, which many thought would be just a fad, has already become a fixture in the local culinary scene. Who couldn’t resist the sizzle of the griddle, the mouthwatering scent of the meat being grilled to your liking, and the fresh flavors of the banchan or side dishes? And after all the meat madness, you can wash down the feast with soju or finish the meal on a sweet note with a bungeoppang (the fish-shaped ice cream)! Filipinos have undoubtedly fallen in love with the flavors of Korean barbecue. It’s no wonder that unlimited samgyupsal restaurants are everywhere. The choices can overwhelm you, but we’ve come up with a list of affordable “unli samgyup” restaurants, so you can easily plan your next food trip with your family and friends. Note: Due to the pandemic, some restaurants may close earlier than expected. The prices may also change without prior notice. Thus, we recommend that you contact your preferred restaurant before heading there. 12 Unlimited Samgyupsal Restaurants 1. UKB199 Unlimited Korean BBQ prices: Unlimited samgyupsal: PHP 199 Unlimited pork and beef: PHP 299 UKB199 is the cheapest unlimited samgyupsal restaurant on this list. For only PHP 199, you’ll enjoy unlimited servings of pork with generous helpings of 18 side dishes. The pork slices even come in five flavors, such as original, curry zest, barbecue, spicy, and pepper lime. You’ll surely have fun mixing and matching these pork flavors with your sides. Just remember that a…
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What is the Best Life Insurance in the Philippines?
- By Adji Hendrawan
- March 2, 2021
Congratulations on making that decision to get a life insurance plan! As a breadwinner, being insured means sparing your loved ones from financial burden when something unexpected happens to you. When life throws a curveball, you can lose your investments. Your savings can also run dry. Everything you’ve worked so hard to achieve can be quickly wiped out by an accident, permanent disability, critical illness, or death. So it just makes sense to know your options and get the best life insurance in the Philippines. But before you sign up for a policy, compare life insurance options just like you would compare credit cards and other financial products. You’ll be spending your hard-earned money on insurance, so make sure that your choice will be worth paying for. What is Life Insurance in the Philippines? Life insurance is a contract between the insurance company and the insured. It guarantees a sum of money that will be paid to the insured or their beneficiaries when the insured meets an accident, suffers an injury, or dies. In exchange, the insured pays premiums for a certain period to enjoy insurance coverage. Read more: What Is Microinsurance? Do I Need it? 4 Compelling Reasons to Get Life Insurance for OFW Why Compare Life Insurance? In the Philippines, you’re typically approached by an insurance agent who can be your relative, friend, or colleague. Nothing wrong with that—it’s good to know your options from someone you know and trust. However, it also pays to do your own legwork. Identify your life insurance needs, actively shop around, compare…
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CIMB Online Banking: Beginner’s Guide to Account Application and Using CIMB App
- By Moneymax
- February 26, 2021
Convenience is among the things that banks promise or sell to their customers. However, only a few actually deliver. This is because a lot of banks still have complicated bureaucracies and unnecessary processes, which undeniably make banking a burdensome chore. If you’re after total convenience when it comes to banking, going digital is a great choice. In case you’re looking for a bank whose operations are completely online, CIMB Bank is worth considering. Here are all the important things you need to know about CIMB Bank, particularly how to use the CIMB Online Banking app, from opening an account to carrying out some basic banking transactions. What is CIMB Bank? CIMB Bank Philippines[1] is a completely digital and mobile-first bank. It is part of the Malaysian universal bank CIMB Group Holdings Berhad. CIMB stands for Commerce International Merchant Bankers. Related: Fully Digital Banking: What You Need To Know About the Future of Banking Is CIMB Bank Legit? Since its establishment in the Philippines in December 2018, it has already onboarded more than three million customers. Through this, CIMB Bank PH has become the most awarded digital bank in the country. It bagged 21 awards including the International Finance’s 2020 Best New Digital Bank Philippines. It also received recognition and accolades from Finance Review.[2] How Safe is CIMB Bank? CIMB Bank has tight security features to protect its clients from fraud and identity theft. Here are the app’s security features: MPIN: Also known as mobile PIN, MPIN is a combination of six digits that is sent to you only when you…
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16 Savings Accounts with No Maintaining Balance
- By Adji Hendrawan
- February 15, 2021
The Philippines is still a largely unbanked country. Data from the latest Bangko Sentral ng Pilipinas financial inclusion survey[1] show that 77% or 52.8 million adults don’t put their money in a formal bank account. Out of those who are unbanked, 60% said they didn’t open an account due to lack of money. This is a common misconception about having a savings account in the Philippines. In fact, Filipinos have many affordable banking options at their disposal. There are bank account types that make saving easy through no or low maintaining balance and initial deposit. No need to worry about not having enough money and having your account closed. You just need to know where to look for savings accounts with no maintaining balance. Here are the banks with no maintaining balance in the Philippines. All accounts listed below are insured by the Philippine Deposit Insurance Corporation (PDIC). Savings Accounts with No Maintaining Balance 1. ING Savings Account ING Philippines makes saving more affordable and rewarding for Filipinos. It offers a savings account that has one of the highest interest rates in the country. More importantly, it doesn’t require a maintaining balance and initial deposit. Being a fully digital bank, ING enables banking transactions, including savings account opening, through its mobile app. Clients may even deposit a check via the ING app. 📌 ING Savings Account Features: Account type: Digital Initial deposit: None Interest rate: 2.50% per annum Interest-earning balance: None Read more: Online Banking in the Philippines: The Benefits of Going Cashless 2. GSave Account Run by CIMB Bank Philippines,…
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Filipino Financial Bloggers You Should Follow in 2022
- By Adji Hendrawan
- January 29, 2021
One of the best ways to handle your finances better is to learn from the experts and follow the journey of those who are on their way to financial freedom. There’s no shortage of good financial blogs and you can learn a lot from top financial bloggers in the Philippines who offer their knowledge, experience, and advice for free. So who are the best financial bloggers that you should follow this year? We’ve handpicked the best personal finance blogs in the Philippines that are worth bookmarking, as well as vloggers and influencers in the personal finance niche. 1. Fitz Villafuerte of Ready To Be Rich One of the first and top financial bloggers in the Philippines, Fitz Villafuerte started his career as a civil engineer and left the corporate world to become a freelancer. Now a full-time entrepreneur and registered financial planner, he has been named as among the 12 most influential people in personal finance, along with the late Senator Edgardo Angara and former Bangko Sentral ng Pilipinas Governor Amado Tetangco. Fitz shares his tips on business, investments, and saving money on his blog, Ready To Be Rich[1]. It won the Best Business Blog at the Philippine Blog Awards in 2010. His personal finance blog enjoys high engagement from followers (mostly Filipino young urban professionals), as his older posts have garnered hoards of comments. Fitz usually replies to comments on his blog. It also has over 100,000 followers on Facebook. 2. Tyrone Solee of Millionaire Acts Blogger Tyrone Solee has an inspiring financial journey. Fresh out of college, he started saving…
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7 Financial Goals to Aspire to Before You Turn 30
- By Ricky Publico
- January 28, 2021
So how does being young feel like? You’re probably fresh out of college or maybe you’re in the middle of your 20s. But at the same time, being in your 20s is also the perfect opportunity to make financial goals because let’s face it, you’re not getting any younger. Have you got any financial goals by 30? Start planning your future with these goals in mind. 7 Ideal and Realistic Financial Goals By 30 Maintain a Monthly Budget What you can and can’t do in life will be determined by how much your budget for anything is. That’s why as early as now, you should familiarize yourself with budgeting your expenses. Start small if you have to, as long as you get the basics[1]. Remember what the anime SlamDunk taught us? Rebound controls the game. Likewise, budgeting controls the game of life. Add this to your financial goals by 30 as well as other healthy money habits. Build an Emergency Fund It’s one thing to save up for the future, it’s another to save up for the near future. For the uninitiated, an emergency fund is reserved for unforeseen situations like a medical bill, job loss, or house repair. The rule of thumb for an ideal emergency fund should amount to 3-6 months worth of your salary. But in reality, you can just set aside whatever amount you can, as long as you build enough funds to shoulder an unexpected purchase. Start a Small Investment Investing your money is a great way to generate passive income. Imagine receiving money for…
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What is a Credit Score and Why Should I Improve It?
- By Adji Hendrawan
- January 19, 2021
Do you know what your credit score is? You may not realize it, but this number can make or break your finances. Let’s say you’re applying for a loan to start a business. You’re confident that you’d be approved because you met all the qualifications and submitted all the requirements. Your income documents also prove that you can repay the loan. Much to your surprise, the bank denied your application. What could be wrong, you wonder. Banks consider a variety of factors to decide whether to lend money to someone or not. Apart from the financial information submitted via a loan or credit card application, banks also use a borrower’s credit report and credit score to gauge his or her ability to pay back a debt. “Banks lend other people’s money to borrowers. Therefore, they’re accountable. People should understand that banks cannot just lend to anyone without any basis,” said Credit Information Corporation Board Member Suzanne Felix in an ANC interview[1]. Keeping track of your credit score in the Philippines is crucial to managing your personal finances. It’s important to understand what it is, how it works, and why you need to check yours. What is a Credit Score and How is It Computed? Your credit score is a three-digit number that represents your creditworthiness or ability to pay off a loan based on the information in your credit report. What is a Good Credit Score? A credit score in the Philippines ranges from 300 to 850, with 850 being the highest rating. The higher your credit score, the better….
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5 Best Reasons Why OFWs Should Invest in Real Estate
- By Moneymax
- January 13, 2021
While Filipinos are known to be tight-knit, one cannot deny the fact that a lot of us need to leave home to seek greener pastures. Overseas Filipino Workers or OFWs are indeed modern-day heroes as they sacrifice a lot of things to give their loved ones a comfortable life. Some will miss their kids growing up while waiting for their contracts to be over before they can finally fly home. OFWs have to brave loneliness and homesickness to secure their family’s future. And because the future is at stake, they plan things carefully to make sure that the money they send does not go to waste. OFWs like you have surely been thinking of investing. Chances are, you have already put your money in investments such as mutual funds, VUL, stocks, bonds, and even dollar funds. But if you’re looking for another long-term investment, you have to consider buying a real estate investment in the Philippines. When you buy a house and lot or a condominium, you are not just buying an asset. You are actually getting an investment, knowing that the value of these properties appreciates given favorable market conditions. If you want to know more about why real estate makes a great investment choice for OFWs, we’ve got you covered. Why Consider Real Estate Investment in the Philippines? Real estate is considered as one of the top assets to invest in. Your parents and even relatives might have been reminding you to prioritize securing a property for good reason. Filipinos in the United Arab Emirates and the Gulf…
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Quick Guide on How to Load Your PayMaya Account
- By Adji Hendrawan
- January 9, 2021
Find out where and how to load PayMaya in this nifty guide. Since it’s a very popular mobile wallet, you can benefit from its many features and offers of convenience. Even before the COVID-19 pandemic, PayMaya has been a hassle-free option when it comes to paying bills, shopping online, withdrawing and transferring funds, booking flights, and many more. Moreover, there’s even a physical PayMaya card that you can use to pay for in-person purchases. In case your PayMaya balance is running low, we have listed down the easiest ways to add money to your wallet. So read on to find out how to top up your PayMaya wallets using different channels. Where to Find a PayMaya Loading Station Convenience stores: 7-Eleven Ministop Alfamart Pay&Go self-service kiosks at: Mercury Drug Super 8 Lawson Landers Touchpay eTap Zoompay Top up at the following department stores: Robinsons Department Store The SM Store Gaisano Add money to your PayMaya account at these remittance centers: Palawan Express Tambunting Pawnshop RD Pawnshop Pera Hub Load up online via InstaPay: Not sure where to load PayMaya online? Download these mobile banking apps and bookmark these sites: Metrobank Unionbank RCBC AUB PSBank PNB RCBC CIMB Bank Philippines China Banking Corporation Land Bank of the Philippines EastWest Bank Maybank Philippines PBCom UCPB Robinsons Bank Bank of Commerce Security Bank Cebuana Lhuiller Rural Bank China Bank Savings BPI BPI Direct Banko Bpi Family Savings Bank Equicom Savings Bank Sterling Bank of Asia Sun Savings Bank Cash in via PesoNet: East West Bank of China Citibank CTBC Bank Development Bank of…
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10 Best Investments for Magastos Millennials
- By Moneymax
- January 8, 2021
Adulting is tough, more so for young adults who spend beyond their means. Easier to be magastos than matipid, right? Are you a 20- or 30-something who’s struggling with finances? A recent study[1] noted that Filipino millennials aren’t saving and investing enough, even if they’re aware of their future needs. You may have heard it from baby boomers already, but it’s worth emphasizing this financial advice: don’t just save—invest your money! If you’re not sure what to invest in your twenties or thirties in the Philippines, here are 10 investments for millennials. Best Investments for Millennials 2021 1. Investing in Yourself Your own skills and knowledge are your greatest assets besides money. So it makes sense to begin your investing journey from within. Learn new skills or pursue higher education related to your field to prepare yourself for career growth. Surviving the cutthroat competition in the corporate world is difficult as it is—growing professionally will give you a competitive advantage. With career growth, better income opportunities will open up for you. It’s one of the best investments for millennials because you learn something new and meet people who can help you with your goals, too. If you need some ideas on where to invest 10k pesos in the Philippines right now, start with yourself first through the following: Take a graduate degree if you can get a scholarship. Take online courses for free or a minimal fee. Enroll in a professional certification program. Attend seminars and workshops on topics that will boost your career or investments. Watch video tutorials on…
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Everything You Need to Know About Checking Accounts in the Philippines
- By Moneymax
- December 21, 2020
Even though banking has gone digital these days, traditional financial products like checking accounts are still common in the Philippines. Some businesses and lending institutions even prefer payments in checks that serve as tangible proof of transaction. For regular folks, the need for a checking account in the Philippines may not be as urgent as that of a savings account, except for borrowers who are required by lenders to issue post-dated checks.[1] Want to know what are the requirements and how to open a checking account? Here’s everything you need to know about checking accounts in the Philippines. What is a Checking Account? A checking account, also called current account, is a type of bank account that enables the holder to make over-the-counter deposits and withdraw funds through writing checks and/or using a card. Aside from a checkbook, many checking accounts nowadays come with an ATM or debit card for withdrawals, point-of-sale (POS) transactions, and online payments. Some even include a passbook for transaction monitoring. How Does a Checking Account Work? What is a Checking Account Used For? The ability to write checks is what defines a current account. But since account holders can also use a debit card, a checking account in the Philippines can be used for a wide range of financial transactions, including the following: Monthly payments for a personal loan, car loan, housing loan, or life insurance premium by issuing post-dated checks [1] Payment for credit card bill Car insurance premium payment Utility bills payment Payment for rental fee, tuition, and large-amount transactions Payment for various business expenses…
