Transferring Funds from Bank to Bank with EON
In my quest to lessen unnecessary expenses, I had been thinking on what I’m going to do in order to cut those Electronic Fund Transfer (EFT) costs from bank to bank.
I’m planning to backpack in the long run for the long term but I still need to give my share of contributions at home. I’ve been wondering how I was going to go about paying for the these monthly bills without having to spend for the transfer. I thought about Western Union and other Money Transfer Services but that would be too costly especially when you do it on a monthly basis. As for transferring from bank to bank, the normal cost would be about 5 USD per transfer which is another expense (60USD per year).
Then I thought about accumulating at least 6 months worth of contributions and then give it in bulk to my brother (who’ll handle the house expenses) but then the risk is high. Besides, I don’t have that much money.
While thinking about other options, something hit me one fine morning. I have a BDO Payroll account and I used to have a Cash Card account where I could transfer funds from my Payroll one without any extra charges. The only thing is how I’m going to do that with my Unionbank EON Account (where I withdraw funds from PayPal).
I called Unionbank and wondered if they have another Cash Card option or any other service. A Regular Savings account would cost me 10,000 Php to maintain so that’s out of the question. Then the rep informed me that I could still set up another EON account at 350 Php per year and use that to transfer funds. I was happy that this was an available option but when the rep told me I could simply transfer money from my EON to any Unionbank account, I was ecstatic because my younger brother has Unionbank as their Payroll company where he’s currently working!
I could simply add his account through my Internet Banking access and forward some funds to him every month without any extra charges!
I still yet have to test if this facility works but this really made my day! Ah, the things that Freelancers have to worry about to cut on costs. It’s been awhile since I’ve carried this in my head and now there’s finally a solution.
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