It is now easy to transfer funds from one local bank to another local bank. For this round I have chosen to test the electronic fund transfer service of Unionbank to another local bank, which is BDO or Banco de Oro Universal Bank. My test was successful; I was able to move funds from my Unionbank EON account to my BDO savings account via internet banking.
Depositors now have the option to do “withdrawal” from a local bank and “deposit” this to another local bank without going to a physical branch. You only need to use the electronic fund transfer option on Unionbank’s online banking facility. But in order to do this, your account must be already registered into Unionbank online banking.
Bank to Bank Transfer
From the official website of Unionbank it says “Transfer funds from your EON account to another UnionBank account or any other bank account in the Philippines. EON is the country’s first electronic fund transfer facility among other banks. All you need to do is specify the bank, the beneficiary or account holder’s name and his /her account number and you’re all set!”
I have an EON account and have been transferring funds from Paypal to EON since 2011. EON is my first chose when it comes to Paypal to Philippine bank transfer since Paypal does not charge any fee for money transfers that’s more than Php7000. But I haven’t tried the bank to bank transfer option in EON until last January 26.
It was my first time to use the service ‘Local Peso Transfer’ – which allowed me to transfer some cash from my EON account to my BDO account. I transferred Php512 for testing purposes – Unionbank did not charge any amount for the cash transfer. Eventhough on their website it says that they will charge Php10 for outgoing remittance transactions. I don’t know if the free transfer is because the amount Php512 is very small. Anyhow I was happy about the NO CHARGE electronic fund transfer EON to BDO that I’ve experienced.
See this transaction history Unionbank EON side (outward remittance):
On the other hand, I was surprised to know that BDO charges Php200 for inward remittance. So I called up BDO hotline, and a CSR confirmed to me that indeed there is a fix Php200 remittance acceptance charge imposed by BDO regardless of amount.
My freelancer friend D regularly transfer Paypal funds to BDO, and he says that yahhh the amount he transfers from Paypal to BDO is always less Php200, to account for the bank’s inward remittance charge.
See this transaction history BDO side (inward remittance):
Required Bank Details
You need to have these details of the recipients to make a successful transfer:
Beneficiary Account name
Beneficiary Account number
Amount to be transferred
Once these required fields are filled, click on ‘Submit’. A new window will then display; it will ask you to “Confirm the Transaction”. Go over all the details, make sure that everything align. If things are all okay, click on ‘Submit’. The page will then refresh, and you will see a confirmation message that shows the details of your successful transaction, like this example below.
You have the option to save a PDF copy of the transaction. This is handy if you want to give proof to your recipient that you have indeed transferred funds to his account.
At the same time, you will get a copy of the transaction in your email. This is the email you registered with Unionbank to access their online banking facilities.
How many days will your bank to bank local fund transfer take? 1 banking day per my experience. I transferred January 26 and on January 27, the amount transferred less BDO inward remittance fee is already credited to my BDO savings account.
Bank to Same Bank Transfer
*For Unionbank to another Unionbank account fund transfer, the cash transfer is instantaneous. Your recipient will right away see the cash in his own account after you transfer.
*For BDO to another BDO account fund transfer, the recipient will also receive the amount in this own BDO account right away.
So there it is, tested and proven Unionbank Eon to BDO electronic fund transfer. Success!
TUTORIAL with SCREENSHOTS for transferring money EON to BDO –> check this new post.
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