Jul 21, 2011

Transfer Money from Unionbank EON to Other Bank Accounts

I've just discovered a great feature in Unionbank's EON online banking system: It lets me transfer from my Unionbank account to other bank accounts such as BPI, BDO, Metrobank, Citibank, etc.

Why am I so happy about this? Why, it means I can now buy anything I want from eBay without having to leave the house! (Well, theoretically, anyway, he he he.)

Once upon a time, I could only buy from sellers who accepted Paypal and Gcash payments because it wasted so much time for me to have to go out and make a bank deposit. (When you're a freelancer whose pay is based on output, you gain a whole new appreciation of the adage "Time is gold.")

But with this Unionbank feature that lets me transfer to other banks, I can shop all I like!

Now all I need is the money to shop with.

How to use the local bank transfer feature

Truth is, I'm not sure if this is a new feature. It may have been right under my nose all along, but I didn't know because the first time I clicked on Unionbank's "Transfers" link, the only option it gave me was "To another Unionbank/EON account."

But the other day, seredipitously, I noticed the "Requests" link in my EON online portal. I clicked on it and saw this link: "Local Bank Transfer Request."

And there it was! The key to transferring to external banks!

I clicked on "Local Bank Transfer Request," filled out the form, waited three days, and the rest, as you know, is written in the first few paragraphs of this blog article.

And that ends my story. As usual, if you have any questions, feel free to ask.

Now if you'll please excuse me, I need to go to eBay and search for lovely things I could now buy -- if only I had the money! (Ha ha ha.)

PS: I tried testing it just now and discovered that the minimum transfer amount to other banks is Php500. You also have to wait three days before your transfer is reflected in the other account, and there is a cut off time of 1:00 p.m. Manila time. (It's pretty much like depositing a cheque.)

UPDATE: Banks charge various amounts to receive your transfer. This is true even if the banks' customer service officers say they don't.

For instance, if you send P1,000 to BDO, the amount that will be reflected will only be P800. BDO deducts P200 to receive your transfer. BPI charges P150. Metrobank charges P78. I'm not sure how much the other banks charge.

What about you? Have you used this Unionbank feature before? Do tell us about your experience!

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