Practical reasons why I prefer online banking

Working in the bank for 5 years made me aware of how time-consuming it can be to go to the branch to do banking transactions. The moment digital banking services became available, I embraced the technology without hesitation.  The lockdown because of the pandemic has made me appreciate online banking more than ever. All I need to do is make use of the feature that meets my banking needs and it's as good as visiting the branch without the hassle of leaving home.

When I opened my BDO Savings account almost a decade ago, I also enrolled in online banking. It indeed has perks and risks but I am very certain that the benefits exceed the danger as long as you have a secured password and know how to protect yourself from scammers. 

Here are the practical reasons why I prefer online banking:

I can bank conveniently whenever I need.  

Whether you have a 9-5 job or working freelance like me, it is very difficult to set aside time to visit the branch. When I was still in the corporate, I would use up my lunch break queueing to deposit money or pay my bills via the teller or ATM. Although freelance work gave me work hours flexibility, I don't want to waste my time traveling to the bank and then waiting in line for my transaction to be processed.

I can pay my bills any time I want by accessing my account on my laptop or via BDO mobile banking app. Always forgetting to pay on the due date? You can schedule your bills payment or opt for an auto- debit arrangement. BDO partner billers include credit cards, utilities, insurance, schools, loans, real estate, transportation, and many more.

And here's how convenient it can get. Did you know that you can also open an account online? You can open a BDO account online in just 4 easy steps. 

It makes doing business easier.

I love online shopping. Most merchants I have done business with prefer BDO account for bank payment. I can directly deposit the payment and the seller can instantly check the transfer and have access to the fund. Many small entrepreneurs also rely on online banking to keep their businesses running smoothly.

I can transfer across different accounts.

I am a freelance writer. I have international clients who send payments through online money transfer  fintech companies such as PayPal. I can transfer the money free of charge to my BDO Peso account (3-5 banking days) or have it available instantly at a minimal fee. 

If you need to send money to your parents in the province or want to donate to support a cause, it is free if transfer is BDO to BDO. But you can also do interbank transactions and the fee is nominal. 

I can cash in to partner apps.

I need to have my GrabPay wallet always funded. I don't drive anymore and I don't cook most of the time. I rely heavily on GrabCar and GrabFood delivery. Drivers and riders usually don't have change and I usually don't have bills and coins. I linked my BDO account to GrabPay wallet to easily cash-in. The minimum cash in is 200 Pesos. 

And of course, online shopping! You can top-up and shop without sharing the details of your BDO debit or credit card. Your data privacy is also safe because BDO does not share your account number details to Lazada. You will also receive notifications to your registered email and mobile number every time an account is linked.  

I can monitor my account.

Online banking allows me to monitor my savings account any time I want. I'm an accountant and I always check if the transactions are properly recorded. There are times when I'm not sure if the transaction went through because of poor internet connection or the system shut down. Mistakes and errors happen and as an account holder, I am also responsible for making sure that there are no irregularities. Should there be any, I can immediately notify the bank. 

It saves me money and energy.

Although there are online transactions that have a processing fee, it is way cheaper compared to my transportation and meal expenses because I always eat when I go out. And I don't get tired! A few clicks on the online website or mobile bank app doesn't even require me to dress up. 

Online banking makes my life easier. It helps me manage my finances and offers a solution that meets my specific banking needs. If you are still doing the traditional way of banking, you'll definitely love the benefits of online banking once you've experienced it.