Post Dated Checks

[Jollygoodfellow]

1 hour ago, Gandang Smile said:

PesoNet is free. From my banking app instructions:

Strange. It says to me fee of P25 but is instant transfer when I send to another bank. No matter the time of day for example I often transfer from BPI to Unionbank. 

[baronapart]

20 hours ago, Mike J said:

I wrote a check on my USA account, deposit it into my Philippine dollar account.  I did contact the bank and let them know I would be writing a check for X dollars so it would not arouse suspicion and cause a delay on their end.  Wait about 30 days for the funds to "become available" here in the Philippines.  Transfer the money from the dollar account to the peso account.  Pay for the house with a check drawn on the peso account.   

Thanks Mike....

[Shady]

4 hours ago, Gandang Smile said:

PesoNet and Instapay are private payment gateways but they are, effectively, the only conduits for bank-to-bank transfers in the Philippines right now.

 

But why would you need them if you can just log into your bank, and add another bank as a payee to transfer funds?

I thought Instapay was used to move funds from your bank to third party wallets like Gcash, Grab, PayMaya, etc, which can then be used to pay bills or transfer to another bank account.

[hk blues]

10 hours ago, Gandang Smile said:

Manager's cheque, I suppose?

Sorry, I should have been more specific - yes, manager's cheque. To be fair, it's a perfectly adequate arrangement as long as your bank and where the cheque is going are close enough.

[hk blues]

5 hours ago, Shady said:

 

But why would you need them if you can just log into your bank, and add another bank as a payee to transfer funds?

I thought Instapay was used to move funds from your bank to third party wallets like Gcash, Grab, PayMaya, etc, which can then be used to pay bills or transfer to another bank account.

Maybe they have higher transfer limits and are free? If someone has already set up the gateways and uses them to do other stuff it makes sense to keep everything in one place if you like. 

I suppose I'm saying why not?

[Gandang Smile]

7 hours ago, Shady said:

But why would you need them if you can just log into your bank, and add another bank as a payee to transfer funds?

I thought Instapay was used to move funds from your bank to third party wallets like Gcash, Grab, PayMaya, etc, which can then be used to pay bills or transfer to another bank account.

That's the thing, there are no other "direct" bank-to-bank transfer methods available than Pesonet, Instapay and the dollar one. Gcash, Grab and PayMaya are e-wallets, so they effectively work like virtual bank accounts.

I am not too familiar with PayMaya but every time I used GCash and Grab, the fund transfer from my Unionbank account was effectively a top-up via debit card. I can't be 100% sure but it looked like it was done via the Visa network.

 

 

[Gandang Smile]

1 hour ago, hk blues said:

Sorry, I should have been more specific - yes, manager's cheque. To be fair, it's a perfectly adequate arrangement as long as your bank and where the cheque is going are close enough.

Thanks for being more specific. Yes, manager's cheque are the best type of cheque when exchanging something of very high value, like a property. All parties have the contract signed and the seller walks away with a cheque that guarantees that the funds are available and have been "earmarked" for that transaction.

The one time I advocate the use of cheques in this country 

 

 

[Shady]

5 hours ago, Gandang Smile said:

That's the thing, there are no other "direct" bank-to-bank transfer methods available than Pesonet, Instapay and the dollar one.

That would be a reason, if the local banks can't.  HSBC PH can transfer directly to banks though, that's why I've been wondering about third parties.

5 hours ago, Gandang Smile said:

 every time I used GCash and Grab, the fund transfer from my Unionbank account was effectively a top-up via debit card.

If you check Grab "Cash In", adding a debit card is actually one bank funding option, along with InstaPay transfer from the major local banks, and then direct transfer from your bank to Grab (either your Grab, or someone with Grab you want to pay).

 

[Gandang Smile]

17 hours ago, Shady said:

That would be a reason, if the local banks can't.  HSBC PH can transfer directly to banks though, that's why I've been wondering about third parties.

Oh I see, good to know. With the HSBC app you can transfer direct to other banks without Pesonet/Instapay? I don't know if the Philippines have an official clearing house though. Perhaps there are BSP (Philippine central bank) approved gateways we don't know about. 

  

17 hours ago, Shady said:

If you check Grab "Cash In", adding a debit card is actually one bank funding option, along with InstaPay transfer from the major local banks, and then direct transfer from your bank to Grab (either your Grab, or someone with Grab you want to pay).

That's true. All in all, gone are the days where people had to send their errand boys to wait in line at the branch, with a bunch of cheques in their hands.