Mobile Banking Hacks: 6 Ways You Can Avoid Bank Transfer Fees

Gone are the days we’d have to line up at the bank each and every time we’d have to pay for an online purchase or send money to a loved one. Thanks to mobile banking, our money can get to where it has to be within just seconds. The downfall, however, is that most banks now charge interbank transfer fees — and when we deal with transaction after transaction, these little fees end up piling up. As someone who believes that every peso counts, I’ve looked for the best ways to help avoid bank transfer fees.

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Easy mobile banking tips

Before we get down to the nitty gritty, though, here are the simplest ways to avoid bank transfer fees. These no-fuss tips will come in handy to those who usually just pay the extra fees without a second thought!

1. Opt for intrabank transfers

When dealing with online payments, this is the easiest option: Choose a bank where you already have an account. For most of us, this is a no-brainer; but just in case this isn’t such an obvious choice, we’ve chosen to make this tip number one.

2. Stay updated: Some banks still currently waive transfer fees!

Now that we live in the age of mobile banking, many of us have multiple bank accounts. Be sure to stay in the know of which banks don’t charge fees for interbank transfers! You can check out our regularly updated list of banks with no transfer fees here.

Skip the fees: that will help you avoid bank transfer fees

Image credit: martin-dm via Canva Pro

Now, here’s where things get a little trickier. We’ve come up with a few hacks that will prove especially useful to those who have multiple bank accounts and e-wallets. As it involves a lot of transferring from one account to another, take note that this will require a bit of patience. But if you’re hell-bent on saving money, then they’re 100% worth the effort.

For high priority transfers

Our first set of hacks are for high priority transfers — meaning, for funds that you prefer to transfer in real-time. Take note that for real-time payments, transfers powered by InstaPay should be your go-to!

1. Interbank transfers via GrabPay

Not only does GrabPay provide a seamless, cash-free payment for your courier needs; it doubles as an excellent e-wallet as well, and an underrated one at that. Powered by InstaPay, GrabPay offers free transfers to other banks for the time being. Whether or not you’re a regular Grab user, you should definitely sign up for an account — especially if you’re set on cutting extra costs!

Below are the steps:

1. Register for a GrabPay account.

2. Cash in via your desired method. (Personally, I choose to do so via a linked bank account: This option is available for BPI, BDO, or UnionBank. Cashing in via these accounts is free!)

3. Transfer the necessary funds to your bank account of choice.

Note: GrabPay’s policies and partner banks may change, so always double-check their official app or website for the latest transfer fee updates.

2. Check to bank via ING

![Image credit: AndreyPopov via Canva Pro]

ING first rose to fame among Pinoy digital bankers because of their fairly high interest rates — but one of the things that really set them apart was their check deposit feature. This proved especially useful to those who received check payments during the pandemic. Now, you can easily transfer funds from your check to your desired bank account without having to step out of your house.

However, ING has since exited retail banking in the Philippines. If you’re looking for similar features, Maya Bank and Tonik now offer competitive savings accounts and free interbank transfers via InstaPay and PESONet. (UPDATED)

Below are the general steps (for banks offering check deposit or similar fund transfer features):

1. Register for a digital bank account.

2. Follow the app’s instructions for depositing or encashing checks.

3. Once the funds are credited, transfer them to your preferred account via InstaPay (for real-time transfers) or PESONet (for same-day crediting if made before cut-off time). (UPDATED)

For low priority transfers

The we list below are ideal for low priority transfers: Payments that don’t need to come in immediately. These interbank transfers are usually powered by PESONet or DragonPay — services that usually operate based on banking days and hours.

So, take note that depending on the day and time you make your transfers, it could take hours up to a few days for your payments to get through. 

1. GCash to bank or interbank transfer via ShopeePay

Shopee isn’t just one of our go-to apps for affordable online shopping. It works as a great “middleman” for payments between different mobile banking accounts, too!

Below are the steps:

1. Register for ShopeePay.
2. Top up your account via your chosen debit card or e-wallet.

3. Withdraw your desired amount to your registered bank account

2. GCash to bank via CIMB

If you’re a regular GCash user, then chances are high that you have a GSave account. And if you don’t — then it’s about time you registered for one, especially since their interest rates are higher than your average bank’s.

To maximise your GSave account even further, it’s recommended that you open a CIMB account and connect the two to each other. CIMB currently still waives fees for their interbank transfers, which are powered by PESONet.

Below are the steps:

1. Register for a GSave account.
2. Register for a CIMB account, then connect the two.
3. Deposit the necessary funds from your GCash to your GSave account.
4. Log in to your CIMB account and transfer the amount to your bank account of choice.

Also read: Digital Banks in the Philippines That You Can Open Virtually

Some of these may require a little extra effort, but they will certainly help you save a significant amount in the long run. If you have any other hacks to share, we’d love to hear all about them — let us know in the comments section!

Featured image credit: DragonImages via Canva Pro