Avoid Mobile Banking Scams with These 9 Helpful Tips
- By Adji Hendrawan
- March 9, 2018
This article was published on March 9, 2018 and was updated on April 11, 2020. Amid the terrible Metro Manila traffic and long bank queues, about three in four Filipinos with smartphones turn to mobile banking. A Visa Consumer Payment Attitudes study [1] found that 80% of Filipinos preferred to perform banking transactions through a mobile app than visiting a physical branch. Mobile banking is a convenient alternative to traditional banking. It allows access to your bank accounts 24/7 anywhere in the world, as long as you’re connected to the internet. You can view your balance, pay bills, transfer money, and even reload phone credits with just a few taps and swipes of your smartphone. But just as there are pros to mobile banking, it also comes with some risks. Outsmart the scammers—practice secure mobile banking to avoid fraud that may compromise your bank accounts. Get started with these dos and don’ts. 1. Make Sure to Download the Bank’s Official Mobile App Before downloading a banking app, confirm first if it’s legit. Check your bank’s official website for instructions on downloading its app. Some banks like BPI provide mobile app download links on their website. Also, check if the app carries the bank’s official name and logo. For example, the official BDO mobile banking app has the name “BDO Unibank, Inc.” under the app’s thumbnail. 2. Protect Your Phone and Mobile Banking App with Strong Passwords Are your smartphone and banking app password protected? If not, you’re putting yourself at risk, especially when you lose your phone. Without a password, another person can…
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The Current State of LTE in the Philippines
- By Moneymax
- March 3, 2018
You’ve probably heard or read about LTE. In early 2016, major telecommunication companies such as Smart and Globe ramped up their advertisements to encourage their customers to switch to this progressive technology. Ads were posted almost everywhere, offering LTE-ready sim cards to postpaid and prepaid subscribers. Despite having poor LTE signals in the country (the Philippines’ LTE connection ranked 85th on a global report from OpenSignal[1]), switching to LTE is undeniably a better option than suffering from 3G, or worst, 2G internet speeds. Are you on LTE? If not, are you planning to make the switch? Inform yourself of this wireless technology so you can maximize its capabilities. Here’s a quick lowdown of LTE in the Philippines. What is LTE? LTE or Long Term Evolution is a wireless technology that allows devices to process high-speed data and content. It is a 4G wireless broadband standard and is currently the fastest wireless network for smartphones and mobile devices. LTE connection in the Philippines can reach a maximum average speed of 9.49 Mbps. This, however, is only possible when in LTE-powered areas. What’s the difference between 3G, 4G, and LTE? When you enable your phone’s mobile data connection, an internet signal will appear on the topmost part of your screen. This signal could be 3G (or H+), 4G, or LTE, depending on your location. What are these signals and how do they affect your internet use? 3G is the third generation of mobile network technology. It replaced the 2G system and is also faster than EDGE. In the Philippines, 3G comes in…
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Free Financial and Business Planning Learning Resources for OFWs
- By Adji Hendrawan
- March 2, 2018
An Overseas Filipino Worker (OFW) turned entrepreneur, Ronelyn Achacoso suffered cruel treatment from her employers while working as a housekeeper in Brunei. Despite her difficult situation, she managed to rise above it. When Ronelyn returned to the Philippines, she started her own handicraft business in Davao City. She learned how to run a business by attending trainings by the Overseas Workers Welfare Administration (OWWA). Her enterprise has grown and now supplies products to local department stores. Another inspiring OFW success story is that of Rodolfo Valenzuela, a former hardware salesman in Saudi Arabia. He now owns two hardware stores in Quezon City where he’s applying his learnings from his work experience abroad. In a documentary by the National Reintegration Center for OFWs[1], Rodolfo shares simple advice with fellow OFWs who want to open a business in the Philippines and stay home for good. “Kung may ipon na kayo, kahit maliit lang na pera, ‘wag kayong matakot na umuwi. ‘Yung iba sa inyo, natatakot na pagdating dito, walang maisip na magandang negosyo. Ang negosyo rito ay napapag-aralan naman.“ (Return home as soon as you’ve saved enough, even if it’s just small. Don’t be afraid that you wouldn’t come up with a good business idea. Running a business can be learned anyway.) Indeed, learning financial and business management can help OFWs build their life anew when they go home for good. Putting up a successful business doesn’t happen overnight—it has to be planned and prepared thoroughly. Want to settle down in the Philippines to become your own boss? Before setting up a…
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5 Ways OFWs Can Prepare for Medical Emergencies in the Family
- By Adji Hendrawan
- February 28, 2018
Working abroad away from one’s family is tough as it is for any OFWs. It gets more painful when a family member back home gets sick. There are the times when you wish you had an OFW medical assistance plan for your folks back home. While stressful situations like this are sudden and unexpected, you can at least do something ahead of time to avoid financial disasters caused by the expensive hospital and medical bills. Be proactive rather than reactive—prepare for any family medical emergency as early as now. Here are five ways to better formulate an OFW medical assistance plan for your family. How to Set Up Your OFW Medical Assistance Plan 1. Update Your PhilHealth Membership and Contributions If you’re a PhilHealth member who recently started working overseas, start working on your OFW medical assistance plan by updating your Member Data Record (MDR) to reflect your new status. This also ensures that all your qualified dependents will receive the same PhilHealth benefits[1] as you do. Who are Qualified Dependents of an OFW? Updating your PhilHealth membership records also enables you to add more dependents for no added cost, such as when you have a newborn in the family. All your qualified dependents can avail of a separate PhilHealth coverage of up to 45 days every year. Non-PhilHealth member, legal spouse (a common-law partner can’t qualify as a dependent.) Unmarried and unemployed children below 21 years old, whether legitimate or illegitimate Children aged 21 and above with congenital or acquired disabilities Non-PhilHealth member parents aged 60 and above Parents…
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The Best Promos to Boost Your Home Broadband
- By Adji Hendrawan
- February 24, 2018
For anyone who can’t live a day without internet, having a good home broadband plan isn’t enough. There will be times you go over your data cap, which could either lead to a painfully slow connection or worse, no internet at all, depending on your service provider. Or you have fast internet speed at home, but your Wi-Fi signal gets weaker the moment you take your laptop to the dining room or bedroom. But what could be more frustrating than getting a consistently slow internet everywhere at home? Your connection is so bad you’re seriously considering to change your broadband plan or provider. Solve these common internet woes with home broadband promos. These can help you increase your data allowance when you need it, maximize your internet connection around your home, and make it cheaper for you to switch to a new provider. Here are some of the notable home broadband promos currently available in the Philippines. 3 Best Home Broadband Data Promos Ever experienced running out of data just when you’re sending an important email? Or when you’re having a video call with a loved one from abroad? Avoid such a hassle. With a data promo from your broadband provider, you can add more data to your existing monthly allocation before it’s fully consumed. Home broadband data promos cater to different budgets and data volume needs. 1. HomeSurf Promos for Globe Prepaid WiFi For only PHP 15, Globe Prepaid WiFi users can get an additional 1 GB data that can be consumed for three days at most. Smart has a…
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Use Your Mobile Number Forever with the Lifetime Cellphone Number Act
- By Moneymax
- February 23, 2018
It’s always a hassle to switch mobile numbers. Apart from having to update your friends and relatives, you also need to update select documents to ensure that important parties can still reach you. Switching from Globe to Smart, or Sun to Talk ‘N Text, and vice versa seems like a tedious task we just don’t want to go through. The Lifetime Cellphone Number Act Senator Sherwin Gatchalian, fortunately, understands this inconvenience. Last February 20, “The Lifetime Cellphone Number Act” or Senate Bill No. 1636 was approved by the Senate, with a unanimous 20 affirmative votes. Sponsored and authored by Gatchalian, the act “would let consumers keep their mobile numbers for life even if they switch to another service provider, change subscription plans, or switch between prepaid or postpaid.” In addition, the act encourages “mobile number portability” and will “give consumers the freedom to choose the provider that will give the best value for their money without having to lose or change their mobile numbers.” The Role of Telcos Of course, this newly approved bill seeks the cooperation of local telecommunication companies such as Globe, Smart, Sun, TM, and Talk ‘N Text. Under the bill, telcos must adhere to the following: Allow subscribers to switch providers without having to change their number and without having to pay a fee. Remove interconnectivity fees or fees that charge subscribers for calling or texting across different networks. Provide subscribers with information on how to avail mobile number portability, including application requirements and the porting process. Telcos who fail to carry out the bill will…
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LTE Broadband Plans in the Philippines: What are Your Options?
How does LTE in the Philippines fare nowadays? It lags behind most countries worldwide in terms of availability (63.73%) and speed (9.49 Mbps), based on OpenSignal’s State of LTE report[1] released in February 2018. Ironically, the Philippines has had this wireless broadband technology for over half a decade now (starting in 2012, according to OpenSignal). Nonetheless, LTE broadband plans are good alternatives to wired connections for people who live in areas with strong signals and lack of DSL or fiber coverage. LTE broadband plans in the Philippines promise high-speed internet connection, with advertised maximum speeds ranging from 3Mbps to 50Mbps. This could mean movie streaming and online gaming without lags and even downloading large files within seconds. Read more: Internet in the Philippines: Why Is It Slow and Expensive? Globe LTE Broadband Plans Globe At Home LTE Broadband Plans Globe launched two types of LTE broadband plans starting at PHP 1,299 for speeds of up to 5 Mbps with a 400 GB monthly data cap. LTE installation costs PHP 1,000 payable in three months. There’s also a PHP 1,200 fee for LTE Super Home Phone activation (PHP 200 initial cash-out + PHP 1,000 payable in 5 months). Included in all Globe LTE broadband packages are the following: Four-port Wi-Fi router Landline phone with free calls to Globe and TM for 24 months 6-month Netflix and Disney Channel app subscription 2-month HOOQ subscription Globe Plan Monthly Service Fee Advertised Maximum Speeds Monthly Data Limit Monthly Data Allocation Plan 1299 PHP 1,299 5 Mbps 400 GB 100 GB for YouTube + 300 GB for internet data…
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Your Guide to Choosing the Right Globe Broadband Plan
- By Adji Hendrawan
- February 22, 2018
Hate it or love it, Globe remains as one of the Filipinos’ top-of-mind broadband service providers. The telecom giant’s home broadband business enjoys steady sales growth, currently serving 1.3 million subscribers in the Philippines. Globe At Home postpaid broadband plans are not exactly the cheapest and fastest, but Globe provides customers with flexibility in customizing broadband deals according to their needs. It’s in choosing the right Globe broadband plan where you can get value for your money and avoid overspending. Overwhelmed with the plenty of choices? Read on to find out which home broadband plan will work best according to your budget and needs. Common Features in All Globe Home Broadband Plans Standard Add-Ons Just as no two plans are the same, there are freebies common to all Globe broadband deals. These are standard add-ons to every postpaid broadband plan. This means you’ll have those freebies whether you like them or not, and you can’t choose to remove one from your package to reduce your monthly fees. A four-port Wi-Fi modem is included in all DSL, fiber, and LTE broadband plans. New subscribers also get a free landline telephone with unlimited calls to Globe and TM for 24 months. However, if you are always on-the-go, you can try Globe’s pocket Wi-Fi. All broadband deals come with a free subscription to Netflix and Disney Channel app for six months and HOOQ for two months. Customers can extend their subscription to these entertainment apps at an additional monthly cost: PHP 460 for Netflix, PHP 129 for Disney, and PHP 149 for HOOQ….
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14 Spots in Metro Manila With Free-Wifi
- By Moneymax
- February 20, 2018
Good internet connection is now a necessity and not merely a need. It’s where we work, talk with our family and friends, and read the latest news. However, sometimes, we still find ourselves with no load and mobile data, making it harder for us to stay online. If this is your worry because, really, #InternetIsLife, fret no more because here are 14 spots in Metro Manila that offer free Wi-Fi. MALLS Ayala Malls If you regularly shop in Greenbelt, Glorietta, Alabang Town Center, or TriNoma, then you probably know about Ayala Malls’ free Wi-Fi. Their internet connection is pretty fast and stable, allowing mall-goers to surf and download for one hour. Simply search for “AyalaMalls_FreeWi-Fi” and register your device to connect. SM Supermalls SM Supermalls also offer free Wi-Fi to mall visitors. To connect, just search for “SM Free Wi-Fi” and register your number. Surfing time is also limited to one hour so make sure to get all your browsing done before it ends. EDSA You read it right. There is free Wi-Fi along EDSA[1] and it is provided by the government. On June 13, 2017, the Department of Information and Communications, along with Globe and Smart, launched a free Wi-Fi service on all stations of the MRT-3. The connection can accommodate as much as 3,000 users at a time, with registered speeds of 200-300 megabits per second. Not bad, right? CAFES Bo’s Coffee Bo’s Coffee is one of the many coffee shops that offer free Wi-Fi to customers. With stores scattered all around Metro Manila, Bo’s is the ideal…
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9 Apps That Can Help You Save Mobile Data
- By Moneymax
- February 15, 2018
Do you know that 87% of the Philippine population[1] are mobile users? Mobile dominates not only the way we communicate but also the way we work. Businesses big and small strive with the help of mobile, allowing them to earn and engage with diverse markets. With mobile comes connectivity. Filipinos on the go subscribe to mobile data so they can connect with their loved ones wherever they go. Individuals on postpaid typically have a mobile data plan on their subscription, while those on prepaid subscribe to a variety of affordable data plans offered by their provider. Whether you’re on postpaid or prepaid, what’s important is that you don’t exceed your mobile data limit to prevent high subscription costs. If you can’t track that yourself, below are nine apps that can help you do the job. Datally Google is one with us when it comes to saving mobile data. In November last year, the company introduced Datally[2], an app designed for smartphone users who want to limit their mobile data use. Datally allows you to track your data usage and identify which apps are using the most. It also has a Wi-Fi finder that can show you the nearest Wi-Fi spots. YouTube Go Addicted to YouTube but worried about the data it consumes? Download YouTube Go, another data-saving app from Google LLC. Users can control their mobile data usage by previewing videos before watching them and by choosing how many MBs it should consume. You can also download and share videos, even with a limited subscription. Price: Free | Download for…
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Best Reloadable Prepaid Cards in the Philippines
- By Moneymax
- February 11, 2018
You’ve probably seen it offered by banks and mobile providers, mostly advertised as a better way to carry cash. And with an appearance comparable to a credit and debit card, it can be difficult to distinguish it from those types of cards mentioned. But just what is a prepaid card and how exactly does it differ from other cards used for cashless purchases? What is a Prepaid Card? A prepaid card is a card that you can use for purchases after you deposit money onto it. It is classified into two types: non-reloadable and reloadable. The former is disposable and cannot be used again once consumed, while the latter can be used as long as you continuously load credits onto it. This article will talk about reloadable prepaid cards and the best ones available in the market. In the Philippines, prepaid cards can be bought in retail locations, banks, and certain mobile service providers. These cards typically bear either a Mastercard or VISA logo and may be used anywhere these brands are recognized. Prepaid cards can be used the way one would use a debit or credit card, but they are not the same as the two types of cards mentioned. Prepaid Card vs. Debit Card vs. Credit Card The main difference between a prepaid card and a debit card is that the former is not connected to a bank account. Also, you have to load the funds you are going to spend in advance. And typically, you won’t be able to spend more than the money you’ve loaded onto it. On the other…
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Who Will Challenge PLDT and Globe in the Telco Market?
- By Moneymax
- February 10, 2018
“The President has instructed the DICT (Department of Information and Communications Technology) and National Telecommunications Commission to ensure that the 3rd telecom provider will be up and about by the first quarter of 2018.” These words uttered by presidential spokesman Harry Roque on December 19[1] may have flown past you in the time before Christmas. However, they send a very important signal. The addition of another player to stir up the telecom market in the Philippines seems closer than ever. The two telco giants, PLDT and Globe, have had a strong grip on the entire mobile market for many years. A market shakeup has been hoping for a long time, though skeptics may point out the failure of comparable projects in the past[2]. Despite these past missteps, as of now, it looks like the addition of another major player is imminent. Both PLDT and Globe have been implementing strategies to drive their growth and strengthen their market positions. Of course, they seek to gain an edge on each other, but they too know that it won’t be for long until they face a new competitor. PLDT is spending at record levels[3], seeking to expand and improve its infrastructure for mobile networks. This would place them as a premier provider in terms of the range and serviceability of modern mobile internet networks. Read more: List of PLDT Fibr, DSL, and Home Wifi Plans Globe, on the other hand, has chosen to divest from their tower assets[4]. This strategy hints strongly towards a growing expectancy of another player in the market. This will allow third parties to…
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Documents to Secure When Applying for a Postpaid Plan
- By Moneymax
- February 9, 2018
Getting a postpaid plan is a smart move, especially if you regularly make calls and subscribe to mobile data promos. Applying for one, however, isn’t that easy as you need to compare your options and secure the required documents. Make the application process easier by being prepared beforehand. Here are the documents you need to secure when applying for a postpaid plan with Globe, Smart, and Sun. Globe ThePLAN There are three ways to apply for a Globe postpaid plan: online, through their sales hotline, or by visiting the nearest Globe Business Center. Globe postpaid plans range from PHP 599 to a whopping PHP 7,999. Here are the Globe plan requirements: Proof of Identity – Submit a copy of any of the following IDs: Company ID, Driver’s License, Passport (with signature), SSS/TIN/GSIS ID, PRC/IBP ID. Proof of Billing Address – This should be under your name and should be the latest issued copy. Accepted documents include public utility bills (electric, water, or cable), notarized contract of lease, and airway bill. Proof of Financial Capacity – Provide a latest copy of your proof of income, which can be in the following forms. Computerized 1-month payslip Certificate of Employment and Compensation ITR with BIR or Bank-received Stamp (form 1700) W-2 (form 2316) Credit card (swipe to charge advance monthly service fee) 3-month Certificate of Allotment plus Employment Contract (for overseas workers) If you don’t have a proof of income yet, you can choose to do at least one of the following: Pay a 1-month monthly service fee in advance via your credit card…
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How the TRAIN Act Affects Our Food
- By Moneymax
- January 31, 2018
The Tax Reform for Acceleration and Inclusion (TRAIN), which took effect earlier this year, is one of many tax reform measures of the current administration. Also known as Republic Act 10963, the newly imposed law aims to create a “more just, simple, and effective tax system” by lowering the personal income tax of all taxpayers except for the richest or those whose annual taxable income exceeds PHP 8 million a year. While primarily focused on personal income taxes, the TRAIN act also affects Filipino consumers[1], specifically those who purchase petroleum and sugar-sweetened beverages on a regular. Let’s look at the changes. Read more: How to Get Your TIN in the Philippines: Requirements, Steps, and Fees to Know Petroleum Excise Tax To address environmental and health concerns, TRAIN increases the excise of petroleum products such as LPG, Diesel, and Kerosene. “By taxing dirty fuel correctly, we are also investing in a more sustainable future for our country,” stated by the Department of Finance[2] on their website. Here is the new excise tax for specific fuel products: Sugar-Sweetened Beverage Tax An increase on the price of petroleum products will not only affect transportation fares but also the cost of food. Restaurants as well as carinderias will be forced to increase the price of their meals to keep up with the cost of LPG, which they use to operate cooking equipment. Food businesses also need to transport products and supplies, ultimately affecting the cost of delivery. The price of soft drinks will increase as well to curb the consumption of sugar-sweetened beverages in…
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Planners That Will Help You Achieve Your Financial Goals
- By Moneymax
- January 29, 2018
We have our different reasons for getting a planner like jotting down notes, organizing your calendar, journaling etc. Some of you might be seeking a sense of accomplishment from getting a limited edition planner from a well-known brand. For some people who are determined to improve their financial situation this year, here are some 2018 planners that can help you achieve that goal. Belle de Jour Power Planner[1] Planner Price: Php 598.00-Php 720.00 One of the most well-known planner brands is the Belle de Jour Power Planner. It was established by Darlene Ty when she was in search of a perfect job and a perfect planner. Since then, it has become a lifestyle brand for go-getter women that chase after their goals and dreams. They promote reaching your financial goals through including financial goals through their various section dividers and introduction pages of the 2018 Belle de Jour Planner. It would be a great reinforcement for people who are reaching a higher savings goal this 2018. It also includes discount vouchers from partner establishments that you can use to get big discounts. Some events of Belle de Jour are free for planner owners so you can also learn for free from experts. Young Adult Planner Planner Price: Php 350.00 #Adulting has become a big pop culture movement of actual adults trying to accomplish tasks that come with age such as paying bills and taking care of one’s health. The Young Adult planner aims to help their users to do this with their no-nonsense planner. The Young Adult Planner has a spreadsheet for your #IponGoals for the…
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The Problem with the New 5-Peso Coin
- By Moneymax
- January 16, 2018
Change is good, especially if it means improving our daily lives. However, there are some changes we deem unnecessary. These are the changes we can live without, the changes that make us go “What? The old one’s better.” If you’re familiar with this scenario, know that this is exactly how we feel about the new 5-peso coin. The New 5-Peso Coin In November 29, 2017, the Bangko Sentral ng Pilipinas (BSP) announced a new design[1] for the 5-peso coin. It features Filipino revolutionary leader Andres Bonifacio as to commemorate his 154th birthday. The newly designed coin is under the New Generation Currency (NGC) Coin Series, a project launched by the BSP in 2010. Weighing 7.5 grams, the obverse of the coin bears the inscription “Republika ng Pilipinas” and the name and profile of Andres Bonifacio. The reverse features a Philippine plant called “Tayabak” and the BSP logo. It boasts of “corrosion resistance” abilities to prevent forgery. Compared to the old 5-peso coin, the new coin looks simpler and more up-to-date. If you can remember, the old singko features General Emilio Aguinaldo on the obverse and the BSP logo on the reverse. It is primarily made of nickel-brass, a compound that contributes to its yellow-gold hue. Related Articles: Top 3 Money Problems of Filipinos and How to Solve Them Money Tips for When You Need to #Adult So What’s the Problem with This New Coin? When the new 5-peso coin circulated this year, it garnered different-yet-mostly-negative reactions from netizens. Many Twitter and Facebook users found it extremely similar with the 1-peso coin due to its…
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Old ATM Cards Will Be Discontinued. Here’s How You Can Switch to an EMV Card
- By Adji Hendrawan
- January 15, 2018
Have you received a message from your bank reminding you about changing your existing ATM or debit card to an EMV card? Well, it’s for your own protection. Over the past few years, there have been increasing ATM fraud incidents, particularly ATM skimming. You don’t want to be part of the statistics, right? So, to avoid losing the money you’ve worked so hard for, one of the things you must not delay is changing your existing card to one that’s EMV enabled. What is EMV? EMV—named after its developers Europay, Mastercard, and Visa—is the global standard for debit, prepaid, and credit card payments using chip card technology. A card equipped with EMV technology has a computer chip (that looks like a SIM card) embedded on its front side. Why Upgrade to an EMV Card? “My old card works just fine. Why do I need to replace it?” You probably wondered when you received a message from your bank asking you to have your magnetic stripe card replaced. EMV debit, prepaid, and credit cards offer greater security features than traditional magnetic stripe cards. Their microchip contains encrypted cardholder’s data that are almost impossible to copy or fake. Traditional magnetic stripe cards are prone to ATM fraud because they contain unchanging information, which hackers can easily steal using skimming devices. In contrast, EMV chip cards generate a unique code for every transaction that cannot be reused. Even if scammers steal chip information from EMV cards, they won’t be able to use the data again for fraudulent activities. In the United States, EMV…
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Savings Account vs. Current Account: What are the Pros and Cons?
- By Adji Hendrawan
- December 27, 2017
Each time you use an ATM, it prompts you to choose between a savings account or a current account. You’ve probably wondered how different they are from each other. Savings and current accounts are two basic types of deposit accounts, each serving different financial needs of different kinds of consumers. In this article, let us determine the pros and cons of having a savings or current bank account. Key Difference Between Savings and Current Accounts The most common and typically the first bank account that Filipinos open, a savings account is used to save money for meeting short-term or long-term financial needs, such as for investments, emergencies, and future purchases. On the other hand, a current account (also known as checking account) is used for regular and frequent money transactions like paying bills, tuition, and rent. Government agencies and commercial banks in the Philippines require this type of bank account for repayment of personal loans or housing loans through post-dated checks. Businesses and non-profit organizations also use it to manage their cash flow efficiently. If you’re going to open a bank account and you’re exploring your options, know the benefits and drawbacks of a savings account vs. a current account. This will help you decide which type of bank account suits your requirements, so you can save more and spend less. Advantages of a Savings Account Ability to earn interest A savings account allows you to earn interest on your savings. Interest rates for savings accounts in the Philippines range from 0.10% to 1.75%. Although these rates are lower than those of other…
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10 Payroll Accounts for Small Businesses in the Philippines
- By Adji Hendrawan
- December 21, 2017
Staying on top of your business expenses is key to sustaining your small or medium enterprise. Presumably, you have a separate bank account for your business apart from your personal bank account. In addition, it makes sense to open a dedicated bank account for payroll, which comprises a big chunk of your business expenses. Using payroll accounts makes paying employees easier, more organized, and more secure than lumping payroll with other expenses in one main bank account. This way, you can be sure that your workers will always get their salary on time via ATM withdrawals. Besides, manually distributing salaries in pay envelopes or checks is outdated, risky, costly, and inefficient. With small and medium enterprises (SMEs) employing more than 60% of the Filipino workforce, several banks in the Philippines offer financial products to help SMEs manage their payroll. Here is a roundup of the 10 payroll bank accounts for small or medium business owners. BDO Savings Account Payroll Designed for micro, small, and medium enterprises, BDO’s payroll product comes in a cash card or a regular savings account that facilitates secure, automatic payroll processing and crediting. Features: Employees can access their salaries from some 3,700 BDO ATMs nationwide No initial deposit and maintaining balance required Minimum balance to earn interest: P5,000 Interest rate: 0.375% Withholding tax for interest earned: 20% Account closure fee (within 30 days of opening the account): P300 BPI Salary and Benefit Disbursement Facility BPI has an online payroll facility that allows employers to pay salaries, commissions, allowances, and other employee benefits through a BPI deposit…
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7 Payment Collection Apps for Pinoy Freelancers
- By Moneymax
- December 14, 2017
A silent revolution is going on in the global workplace. Thanks to the ongoing campaign for a better work-life balance, more people are discovering better ways to earn money while keeping their personal lives enriched. While some venture into entrepreneurship, others try their hand at freelancing. Whether you’re a photographer, writer, developer, or designer, there’s always a lucrative market waiting for you in this field. One of the main reasons people are drawn to freelancing is that they don’t have to report to anyone but themselves. They get to manage their time, set their rates, and choose what projects they want to work on. Sounds good, doesn’t it? It sure does—until you realize that if you are your own boss[1], you’re also your own accountant and payroll officer. Oops. Before you get overwhelmed, you should know that this isn’t really as big an inconvenience as it looks. Maybe you’re forgetting that we live in a rapidly modernizing world that bears constant witness to the expansion of the Internet. In this landscape, global online trading is just as common as going to work every Monday at nine in the morning. The online space is teeming with payment providers and applications that enable freelancers and independent contractors to manage their cash flow and track their payments. Below are some of those apps. Apps to Help Freelancers Manage their Cash Flow 1. Paypal For years, PayPal has been freelancers’ best friend. As one of the first apps of its kind to occupy the marketplace, it has been tried and tested for suitability to…
