It’s been less than two months since the ECQ (enhanced community qurantine) started so we need to get used to “The New Normal” because there’s no guarantee that the GCQ (general community quarantine) will have any difference when it comes to safety guidelines.
GCash has been around since 2015 but a lot of Filipinos are not yet aware of its bank transfer function. Almost 15 years ago, we can do online bank transfer through the Bancnet website but that service stopped sometime in 2007. Some banks do not allow interbank fund transfer through the ATM so what I do is to deposit the money through the cash deposit ATM—- PHYSICALLY!
Now, transferring funds to another bank is possible using a financial application software like Gcash and Paymaya. Since I am more familiar with Gcash, I cite it as an example on the poster that I prepared above.
If you are not comforable in transferring big amount of money in a single transaction, my advice is to break it down to smaller amount. For now, Gcash and Paymaya do not charge transaction fee. Even if they do, the comfort of an online transaction is a big relief for us.
November will end by tomorrow and the e-give cash feature of Security Bank online is still not working. It has been down for three weeks now and it’s causing me a lot of hassle. For me, this feature is heaven-sent because I get to send money online anytime and anywhere.
The send money feature is down but the receiving of e-give cash is still working though. Of course, these transactions were done prior to the disabling of the e-give cash send feature.
As they say, one of the perks of owning a business is getting a better hold of your time. You can sleep, eat and wake up anytime you want. You can go on vacation without worrying about whether your boss will approve your vacation leave or not. You won’t face the hassle of trying to be friends with your meanest co-worker. You won’t need to obey rules and regulations. After all, you only live once, right?
To each his own but I don’t think that I’m gonna do all of the things that I mentioned above. I think owning a business, specially during the start-up, requires more time and sacrifice. Owning a business means being more responsible and determined to produce profit and gain more customers. Running a business means taking into consideration the customers’ needs. Therefore, you can’t just open and close your business unless you are ready for non-repeating customers.
I therefore conclude that whether I am working or owning a business, my dedication will just be the same (or even greater because that’s my investment). A dedicated businessman delays pleasure over hard work.
I am back to using egivecash since March 2020. So far, all the problems that I mentioned in my 2017 post have been addressed. Happy banking!
Being a busy person that I am, I pay my bills through Security Bank Online; I have been doing this for 11 years. For local remittance, I learned about the egivecash feature of Security Bank. This feature was heaven-sent for me because aside from charging a remittance fee of only PhP20.00, I didn’t have to go to a money-transfer agent, thus saving me gas and time!
To those of you who are not aware; the egivecash feature of Security Bank is a cardless transaction wherein a 16-digit code is generated and sent to the intended recipient as his account number. Then, a 4-digit passcode is sent to the sender and the sender then sends it to the recipient as his PIN to proceed with the withdrawal.
It sounds easy and practical, isn’t it? However, since July 2017, egivecash has been giving me headaches! First off, my recipient could not withdraw if the money that I transferred was not divisible by 500 pesos. My second issue happened in October 2017 when despite the unfulfilled transaction of my recipient, I was debited and the transaction was tagged as “fulfilled.” Security Bank credited back the amount three banking days later. The 3rd issue happened on the same month and it was just the same issue of being debited the amount despite my recipient’s unfulfilled transaction.
The 4th, 5th and 6th issue happened this morning, December 2017 when all three egivecash purchases were labeled as “suspect” transaction! Worse, the amount was debited for two of the three transactions that I made. Per the customer service, it would take at most 5 banking days to investigate this issue. Wow! Five banking days is TOO LONG for a customer who is not even at fault for their shortcomings!
With all these bugs happening, I suspect that the IT department of Security Bank is TRYING HARD to secure their system to the point of mistakenly securing some codes meant for cardless transaction.
For the meantime, I will patronize Western Union because they offer the lowest rates among money-transfer agents in the Philippines.
I threw an old piggy bank last Saturday in my AIM to start thinking BIG when it comes to saving and earning money. Money is limited and how I wish that I could just buy all the things that I fancy about! How I wish that I could help more, give more and share more of my blessings to those in need!
Saving money is not foreign to me. I started saving when I was in grade school and spending them on good causes were the sweetest things that I remember until now. In my adult years when I became the front-liner in the economic battlefield, I had gains and as well as losses but I never stopped fighting for what I believe every man should aspire—FINANCIAL FREEDOM.
Money is limited and we are not born into wealth but it doesn’t mean that we will live from payslip to payslip forever. I attached a sample computation of how compounded interest works. I assumed a 2% interest rate, 2000 pesos as initial deposit and 12,000 pesos yearly deposit. By the end of the 15th year, I would have PhP210,216 in the bank. Therefore, to be able to hit a certain target savings on a particular target year, I would just manipulate row D5 and onwards to input how much should I save per year. I agree that banks do not offer the best “earnings” out of the money that we put into them but MOST of the people in the Philippines would rather do banking than investing their money somewhere else.
Saving and investing is the right formula to financial freedom and it works for most people I know. As soon as they build their target savings, they invest their other money on stocks, mutual funds or business venture to maximize the return of their passive income.
The key here is to create a VISION of how much money you would like to have after X number of years and everything will fall to its proper places later. Because a person who has adapted a culture of financial awareness will be more conscious about his cash flow, what his priorities are and how to earn more money.
Money is limited but as Bo Sanchez says, if we believe that we have unlimited sources of it, then we will attract it. I call this one “money vibes.”