Here's another one that I thought of starting on the blog: the HOW-TO series! I noticed that I tend to search for blogs and articles when I need to get more information about a certain topic. Sometimes I find the answer, but sometimes I don't really get the exact answer I was looking for. So I have no choice but jump headfirst into the matter and just learn how things go on-the-fly. Once I earned the lesson through experience, I thought why not share it also on the blog? It might help others who also will need to find the answer in the future.
So here's the first one, enjoy!
Here are some fast facts about over-the-counter funds transfer (based on my experience in BDO):
- Over-the-counter funds transfer is done if you want to conveniently transfer an amount from a BDO (your own account) to another BDO account (owned by another person). This is very convenient especially if you don't want to carry cold cash around. Plus, it makes more sense to go for this kind of transaction especially if both the source and target accounts are BDO accounts anyway.
- This can be done in any BDO branch.
These are the items you'll need to prepare:
- The numbers of the source and target accounts
- A valid ID
- PHP100 transaction fee
Most BDO branches already have an electronic queueing system. We will be having two transactions in total: withdraw and deposit.
- Select Cash > Withdraw > Input your account number and the amount
- Add another transaction
- Select Cash > Deposit > Input the other person's account number and the amount
The machine will then give you your queue number. When called, the teller will ask you to fill out some transaction slips and will ask for your ID and the payment for the transaction fee.
I found this process very convenient. At least I don't need to withdraw cash from the ATM and then bring it to the teller to deposit. 😀
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