Philippine Banks
catering to a broad spectrum of clients
Philippine banks have evolved from the traditional banking industry to modern financial institutions. Philippine banks also have a very diversified product array catering to the many needs of banking consumers.
It is a worldwide phenomenon that the global banking industry adapts to changes and developments in computer and network technologies. The Philippine banks thus, are naturally adaptive to these technological changes.
Almost all Philippine banks are interconnected with ATM networks. ATM networks enable on-line transactions but usually within ATM machines.
Several banks, however, have utilized modern ways of providing on-line banking to their clients. These modern ways include Internet banking, phone banking, and even the use of facilities that make use of mobile phones.
One limitation that is characteristic to all Philippine banks is that there are still no methods that facilitate modern and quick inter-bank fund transfers.
There are facilities for the classic inter-bank transactions though. One classic method for inter-bank fund transfer is via check transactions. These transactions usually involve 3 to 5 days clearing time.
Naturally, there is also another classical way of doing inter-bank transactions using telegraphic transfers. Telegraphic transfers, however, also take 2 to 3 days to complete, in addition to the charges that are deducted by the sender and recipient banks.
The limitation we have described involving inter-bank fund transfer between Philippine banks is not a technical issue. It is rather more of a political issue.
The issue is that the Philippine has to have modern laws that will address issues such as money laundering and fraud.
The Philippine government, however, has already come up with laws that will facilitate an easier way to do on-line banking, as well as laws that will reduce the possibilities of doing on-line fraud.
However, there is also good news. Philippine banks also provide modern ways to carry out financial transactions.
The three largest Philippine banks are Metrobank, Bank of the Philippine Islands (BPI), and Banco de Oro Unibank (BDO). All these banks provide modern ways of doing financial transactions, including Internet banking. Nowadays, it is easy to do on-line transactions. One simply has to log to the Internet in order to check account balances, transfer funds, or pay bills.
Other large players in the Philippine banking industry are Equitable PCI Bank (PCIB), Security Bank, Development Bank of the Philippines (DBP), and the Philippine National Bank (PNB).
Each of these banks are retail banks but also have investment banking arms catering to the needs of investors and corporations. These investment banking arms provide different kinds of portfolios that tailor to the needs of their clients.
Major international banks also have extensive operations in the Philippine. These banks include Citibank, Deutsch Bank, HSBC, and ABN-Amro, among others.
The branches of most Philippine banks are usually opened Monday thru Fridays from 9:00AM to 3:00PM. An exception to this time frame is Banco De Oro Unibank (BDO), which closes at 6:00PM.
However, the queues in the banks are usually long during the 15th and 30th days of the month. These days are the usual paydays in the Philippine.
It is possible to use your local bank account from some Philippine banks via ATM. There are many Philippine banks that have tie ups with global financial institutions enabling inter-country withdrawals via ATM.
Check with your local bank if their network is part of a global network also operating in the Philippine.
If so, you can do transactions with your local bank in Philippine banks that are part of the respective global network.
Global networks that have tie-ups with Philippine banks are Mastercard, Cirrus/Maestro, and Visa. Mastercard though is more commonly used in the Philippines.
A1 Permalink : Philippine Travel | Philippine Banks
A1 Permalink : Philippine Travel | top of page