How to Open/Apply for a BPI Savings Bank Account ?

    Bank of the Philippines Islands (BPI) is the oldest bank in the Philippines, established in 1851. It is considered as one of the most stable and safe place to put your hard earned money.There are numerous banks now but still BPI is one of the leading and trusted bank. It already gain credibility through the years.

          In choosing at where to open a savings account, I think BPI must be on your top pick. Personally I have a great experience with BPI specially when it comes to customer support . Today, I will show you the procedure on how to apply or open a BPI savings account.

Here are the requirements and step-by-step process in opening or applying for a BPI Savings Account(ATM & Passbook Account):

1.  Go to your preferred BPI branch and bring the following requirements:

a. Two (2) valid ID's and photocopy of them.

• Passport

• Driver’s license

• Professional Regulations Commission (PRC) ID

• National Bureau of Investigation (NBI) clearance

• Police clearance

• Postal ID

• Voter’s ID

• Barangay certification

• Government Service and Insurance System (GSIS) e-Card

• Social Security System (SSS) Card

• Philhealth Card

• Senior Citizen Card

• Overseas Workers Welfare

• Administration (OWWA) ID

• Overseas Filipino Worker ID

• Seaman’s Book

• Alien Certification of Registration/Immigrant Certificate of Registration

• Government office ID: (e.g. Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs)

• Certification from the National Council for the Welfare of Disabled Persons (NCWDP)

• Department of Social Welfare and Development (DSWD) Certification

• Other valid IDs issued by the Government and its instrumentalities

Note : Bring atleast 1 photo bearing ID and another valid ID.

b. Billing Statement 

• Utility Bill

• Credit Card Bill, etc.

c. Two (2) pieces latest 1x1 photo

d. Initial Deposit 

•   500 pesos (3,000 maintaining balance) for ATM Savings Account 

•  10,000 pesos for Passbook Savings Account

2. Fill out the application forms. All the information you provided must be ACCURATE.

3. Wait for your savings account to be activated usually one day. You can go back to the bank within a week to get your opening kit if not still available during your enrollment. On my experience I already get my passbook.

4. Activate phone and online banking. 

Why you need an Emergency Fund ?

    In life we don't know what will happen next so its very crucial that we're ready for any unexpected event that will come. There are several times in our lives that emergency arises and we don't know how to deal with it, when this kind of situation occur we must have backup to support us.

What is an emergency fund?

            Emergency fund is a set aside money intended to use when unexpected situation come up like illness, job loss, car repairs and other expenses that really need to be settled. You must have easy access on your emergency fund, it's a must to consider putting it in a place where you can quickly pull your money like savings account though it offers a very low interest rate.

How much emergency fund do you need?

            In building your emergency fund it should be enough to cover any emergency that may come up. At this point you're maybe asking how much emergency fund do you need? Well, it all depends on your monthly expenses. Many says that it should be atleast six months to twelve months. I think six months will be okay but saving more than six months will gives you peace of mind and feeling of security.

           One of the most common situation one may experience is losing a job, it takes few months for an individual to get a new job. If you don't have emergency fund where will you get your daily expenses? It's not a good idea to use your credit cards or lend money from financial institutions as interest takes place. In this situation you can see how emergency fund makes a big difference in times of emergency.

Reasons Why You Need an Emergency Fund

• Job Loss
• Tax Bills
• Medical Emergency
• Home and Car Repairs
• Increase in Cost of Living
• Weather Disasters
• Moving Expenses
• Unexpected Event
• Some One Close to you Passes Away 
  
  
  

Why you should Invest for Long Term?

What Is Long-Term Investing ?

           

              Long-term investing from the word itself is a kind of investment when a person decides to set aside his money for long term goals. Long term investing is riskier than short term but when it comes to return on investment (ROI) long term investment is substantially higher.

                                                                                                                           

Here are some of the benefits you can get when you decide a long term investment:

VOLATILITY AND TIME

 

           Long term investments like 10 years or more tend to show lower volatility than those short term investments for less than 5 years period. The longer you held your investment, the bigger the chance you will absorb any loss you incur if the market is significantly low .The time is one of the factors that really affects your total earnings. 

TAX ADVANTAGE

           Frequently, long-term gains (those held more than a year) are  subject  to tax at rates below your income tax bracket while short term gains are subject to regular income tax.

           Long term investing is more likely for biggest life goals, education of your children, early retirement and other personal goals.

  

BEST LONG TERM INVESTMENTS

YOURSELF

        The best investment above all is yourself. Nurture yourself, , improve your talents and skills and be the best person you can be. The only person who know yourself best is you, know how you can maximize your individuality and make use of it in order to get better and better as time goes by. Be financial literate, you must know how to manage your wealth as it grow. There are now a lot of resources available so don't stop learning.
 

Mutual Funds and UITFs (Unit Investment Trust Funds )

           Another great long-term investment is investing some of your saved money on mutual funds or UITFs. Mutual funds and UITFs are perfect for those people that have no or little time to manage their investments but still want to receive good returns. One of the biggest advantage of mutual funds is that there are fund managers that will take care of your money and knowledgeable enough  to decide if when is the perfect time to gain profit and avoid incurring loss.You dont need to study financial statements and other factors that affecting the stocks of a certain company. There are several products under mutual funds where you can choose according to your investment personality if you're conservative or aggressive investor. 

STOCK MARKET

 

            Investing in stock market is still the best option for long term investment as it offers more gains compares to other investments. Knowing the reason that you will accumulate more gain on stock market in connection to it is the fact that it is the one of the most riskiest way of investing and need time to learn how it totally works and making the most out of it. There are different strategies stock investors uses in-order to maximize their gains and minimize losses like diversification, GARP investing strategy, market timing, buy and hold, growth investing strategy and value investing strategy. The younger you start investing the better as you have ample time to learn the market and experience as your best teacher.
 

Banco de Oro (BDO) Requirements and Peso Savings Account Types

        Banco de Oro or BDO is one of the leading and trusted banks in the Philippines. It has numerous branches and ATM machines nationwide. BDO is well known for its accessibility, convenience and credibility that's why becomes the number one bank for most of the Filipinos. If you are interested to open a savings account with BDO, like any other banks you must produce and present requirements upon application. It is also important that you know what kind of BDO savings account you are going to apply as BDO offers several savings account products, make sure to choose the one that suits your needs and reason of saving.

What are the requirements in opening a BDO savings account?

• At least two (2) valid IDs presented below (*Make sure to bring at least 1 photo-bearing ID and another valid ID.)
• Initial Deposit (depending on what peso savings account you are applying) 
• Two (2) pieces of 1x1 pictures

 

List of Valid IDs for BDO Savings Account Opening

• Passport
• Driver’s License
• School/Company IDs
• Professional Regulation Commission (PRC) ID
• National Bureau of Investigation (NBI) Clearance
• Police Clearance
• Postal ID
• Voter’s ID
• Barangay Certification
• Government Service Insurance System (GSIS) e-Card
• Social Security System (SSS) Card
• Senior Citizen Card
• Overseas Workers Welfare Administration (OWWA) ID
• OFW ID
• Seaman’s Book
• Alien Certification of Registration/Immigrant Certificate of Registration
• Government Office and GOCC ID, e.g. Armed forces of the Philippines (AFP ID), Home Development Mutual Fund
• (HDMF ID)
• Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
• Department of Social Welfare and Development (DSWD) Certification
• Integrate Bar of the Philippines ID
• Company IDs issued by private entities or institutions registered wit or supervised or regulated either by the BSP, SEC or IC

 

Types of BDO Savings Account

 

           There are several Peso Savings Account Banco de Oro offers. You are free to choose on what savings account you will be applying just ensure that it suits your banking needs and meet your goals and reasons of saving.

• Peso Passbook Savings Account (with or without ATM) – The peso passbook savings account  (Passbook with ATM )is the one I chose. Tips: if you are serious of saving I suggest to open a passbook savings account without ATM to avoid frequent withdrawal. Initial deposit- P5,000/Maintaining balance-P10,000.

• Peso ATM (without passbook) – If you frequently withdraw, this savings account suits you best. Initial deposit & Maintaining balance-P2,000.

• Optimum Peso Savings Account Personal – Offers higher interest rate compare to other products but requires bigger initial deposit. Initial Deposit & Maintaining Balance-P30,000.

• Optimum Peso Savings Account Corporate– Suits for partnerships or corporations as this requires bigger initial deposit, offers higher interest rate. Initial Deposit & Maintaining balance-P50,000

• Junior Savers Account – Perfect for kids who wants to start saving. A good start for your kids to learn how to save and making it a habit. Initial deposit & Maintaining balance–P100.

• Power Teens Club Account – Suits for teenagers. Initial deposit & Maintaining balance – P2,000.

• Prime Saver's Account –  Savings account intended for those who are at least 60 years old. Initial deposit & Maintaining balance– P2,000.

•  Direct Deposit Peso Savings Account - You can receive your pension here with zero initial deposit and maintaining balance.

How to fund COL Financial account via BPI Express Online?

    After two days I sent my opening forms and requirements I already received an email confirming that my application is approved. The email contains my account number as well as some instructions that are helpful in starting COL Financial journey. In order to activate the online account and start investing it is important to first fund your account. There are several ways to fund COL Financial account. I chose BPI Express Online since I have a savings account with them and has sufficient fund to transfer to my COL Financial account.

 

Here's the step-by-step procedure in funding your col financial via BPI express online:

1. Go to BPI Express Online . Make sure that you're enrolled in BPI Online Banking for you to proceed. If not, Enroll first your BPI account. Click the personal log-in.





2. Enter your Username and Password and SUBMIT.




3. Under Payments & Reloading, click Bills Payments, then, click Enroll all other Bills.





4. Under Bill information, select COL FINANCIAL GROUP INC. (COL) as enrollee merchant. Choose from where account you're getting the funds from ( if you have multiple accounts). Then, enter the two (2-) digit Joint Account Indicator, code located at the lower right hand corner of your BPI ATM card. Enter COL Financial account number (8 digit code username sent by COL) on the space under reference number. Click SUBMIT.




5. Under Payments & Reloading, click Bills Payment, click Pay Bills Today, Under Pay, choose your COL Financial Account, Enter your desired amount and choose BPI account from where your payment will come from.





6. You will receive a confirmation email from BPI if your payment was successful. You will also receive a confirmation email from COL once they received your first fund for your COL account.

How to Enroll in BDO (Banco de Oro) Online Banking?

        Online banking is a great tool to access your bank account anytime of your will and anywhere you're in the world as long as you have internet access. No more hassle and worries about your money, in just one clink, you can check your balance, pay bills, monitor you BDO investment account/s, transfer money, load your mobile phone and other financial transactions.

It's truly a big help to enroll your BDO account to internet banking as you will make the most of the BDO services and keep updated on what's happening to your money.

 

Step-by-step procedure on how you can start using BDO online banking services:

1. Go to BDO official website. On the homepage, point your cursor on ONLINE BANKING LOG-IN and click the Not yet enroll? Enroll now !

2. You will be redirected to the terms and conditions agreement page. Read the BDO Electronic Banking Terms and Conditions of Use,  tick the box below to confirm that you have read, fully understood and agreed with the Terms and Conditions and then  click the SUBMIT button. 

3. Fill out the BDO Online Banking Enrollment Form. After you complete supplying the necessary information click the SUBMIT button.

4. If enrollment is successful, you will be directed to the BDO Enrollment Acknowledgement Page containing some information about your BDO bank account. 

Please take note of your activation code. You will also receive an email from BDO containing your activation code which will be needed in the last step and instruction on how to activate your Online Banking Enrollment.

5. Lastly, go to any BDO ATM, select "Other Services" then choose "Activate Electronic Banking" and key in your ATM Activation Code.

Note: *You can activate your enrollment within 45 days from enrollment days.

Once your account has been activated, you may enjoy stress-free banking transactions anytime, anywhere.

5 Easy Ways to Save Money

Do you have financial goals ? Is it for retirement, education, health, emergencies or other personal goals? To achieve all your financial goals start saving money and make it a habit. Saving is very essential to ensure financial security  and it ease your worries towards the future. Starting is the hardest part, you can start by saving ten percent of your income each month or if it is harder, you can start from few pennies and as time goes by, it can be your habit to save consistently. 

 

Here are simple ways on how you can save money and achieve your financial goals:

1. Make a Budget - First thing to consider in making a budget is to record your expenses to have a basis on how you will budget your money every month. Try recording your daily expenses for one month and organize it per category like groceries, utilities, personal and other expenses. It will help you track all your expenses and when it comes to budgeting this will be a great help in avoiding overspending and cutting the unnecessary costs. After creating your budget stick-to-it or if necessary make some adjustments that will not affect your goal to save.

2. Buy Items that Only Needed - Plan your purchases in advance. It is advisable that you listed all those items that you most needed to avoid overspending and getting impulse purchases when going to grocery. When you know and created a list in advance, it will be easier for you to get all items you needed as you will go directly to the grocery section where the items are located and not be tempted to buy other items which are not on plan. Also, it help to save time which you can use to other productive things. In buying items you can purchase those that can last longer, on sale or discounted and buy in wholesale if possible.

3. Collect your excess coins - This is one of the best ways to start saving. This is the first way I personally practice to save money. Every time I have an excess coin on my pocket I put it on a jar and after a long run without noticing it you already save a reasonable amount of money were you can buy items you needed or add to your savings account. If you have kids you can teach them to collect all their excess coins everyday, this will be a great way for them to know the essence of saving money and how it can affect their lives in the future. That's why I am grateful that my mom taught me that simple technique of saving.

4. Automate your savings - Online banking is really a big tool that many banks offers, aside from the fact that you can check your accounts anytime you want, transfer funds, pay bills and other financial transactions, good news you can now automate your savings. I find this product very useful as you can schedule an automatic transfer every payday. It's a great way to save as you can forget your savings and can only remember during emergencies. A very convenient way of saving !

5. Utility Savings - Utility expense is one of the portion of our budget that sometimes unexpectedly eats most of our monthly budget, the good thing is that we control this to happen. We can use and apply a lot of tips and tricks to cut our utility expenses and save more. Some just need common sense like turning off the lights when not in use, unplug all those stuff that you're not using, don't use your air-conditioning that much and try to figure out what consumes the most and utilize it.

Photo Courtesy: Pictures of Money

Opening a BDO Savings Account (ATM and Passbook)

     Banco de Oro or BDO Unibank Inc. is one of the largest and trusted banks in the Philippines with several branches nationwide. It's very accessible knowing that almost every mall has BDO and thru the years BDO already received several awards and recognitions that builds their credibility. If you want your money to put in a safe and secure place, its a good idea to open or apply for a BDO savings account.

            BDO is not actually my first bank to open an account. I find several good reasons to open a savings account with them like extended banking hours, open even Saturdays, numerous ATM machines and branches and most specially they have online banking for easy access to your account anytime. The bad side is the long lines when making transactions and poor customer service unlike the other big banks.

            It's very easy to open a BDO savings account. On my experienced I just finished it almost two hours though I need to comeback after a week to get my ATM card. 

 Here are the Requirements :

a. Two (2) valid (with your name, picture and signature, it should be clear.)

• School or company ID
• Driver's License ID 
• NSO Birth Certificate
• Barangay or NBI Clearance 
• Police Clearance 
• Postal or Voter's ID
• Passport
• Unified ID (SSS, GSIS or Philhealth)
• any other valid IDs issued by the Government.

*Make sure to bring one photo bearing ID and another valid ID.

b. Initial Deposit 

• 2,000 pesos for ATM without passbook
• 5,000 pesos for passbook with ATM 

c. Two (2) pieces recent 1x1 colored pictures
* In my case the staff just took a photo of me on their camera.

 

Step by step Procedure: 

1. Go to your preferred BDO branch and proceed to the New Accounts inside the bank. Make sure that you bring your two (2) valid IDs ( original and photocopies) and your initial deposit.

2. Fill out the application forms. All the information you will provide must be ACCURATE.

3. Provide the required initial deposit for your chosen account. Keep the deposit slip for claiming your ATM or passbook.

4. Come back to the bank after 5-7 working days to claim your ATM/Passbook kit. I already get the passbook after I submitted all the requirements and the ATM card after 5 working days.

5. Activate Phone and Online Banking. For easier access to your account it's a must to enroll your account for both phone and online banking.


Check my article here on how to enroll in BDO Online Banking.

How to Open an Account with COL Financial ?

    There's a lot of ways on how we can save or invest, it can be through banks, mutual funds or stock market. Many of young one's today are not yet interested on building their wealth and insuring their future because there are still a lot of things to consider first while still young like buying the new release gadgets and following the latest fashion trends. I believe that it's a smart move to start investing at a young age, I started investing into stock market when I was 20 which I believe a good age to invest to have enough time to learn all the fundamentals of investing.

I really have no idea on where to put my hard-earned money whether to a mutual fund or stock market. It took me a year to open an account to Col Financial which is one of the best stock broker in the Philippines

 

Here are the steps on how to open a Col Financial account :

1. Go to ColFinancial.com and choose what account type you prefer.

 

• In starting your stock market journey with Col Financial you must first consider on what type you will choose. As a beginner I choose the starter account, if you are also a beginner I highly suggest to open the same. Stock market needs time and knowledge to succeed !

2. Download and fill out the application forms or you can just fill out the Customer Account Information Form and print for the specimen signature.

Note: Use the latest Application Forms issued in December 21, 2014, older application forms issued before this date will no longer be accepted.

You need the following forms:

                                a. Customer Account Information Form (CAIF)

                                b. Online Securities Trading Agreement

                                c. Specimen Signature Card

3. Prepare the additional requirements.

 

         a. Accepted ID's are the following :

                                - Passport

                                - Philippines Driver's License

                                - SSS ID ( 1999 Credit Card type ONLY)

                                - Professional Regulation Commission (PRC)

                                - Comelec Voter's ID

         b. Billing Statement/ Bank Statement - recent, no more than three (3) months past.

4. Submit all the requirements to Col Financial.

                        

                                Complete Address below:

                            2403- B East Tower, PSE Centre

                            Exchange Road, Ortigas Center,

                              Pasig City, Philippines 1605

Ways to send your forms:

         a. Go personally to Col Financial Office if you're near or have time to visit their office,

         b. Scan the necessary documents and email them,

         c. Ask for Col Financial assistance and request one their messenger to pick your documents from your office (if within NCR), or

         d. Send via courier

If you are approved you will receive an email conformation containing your Col Financial account number. Your account number will serve as one of the log-in requirements for your Col Financial account online.

5. Fund your Account.

        a. The most convenient and easiest way is paying online through BPI, BDO or Metrobank.

        TUTORIAL : How to fund Col Financial Account via BPI Express Online?

        b. If you don't have online banking you can do it over the counter.

        c. For overseas, thru iRemit.

Create Your Financial Bucket List

    I know that everyone has their own bucket list specially when another year folds. A bucket list of dreams, goals, feelings, thoughts and visions. A financial bucket list focuses on money matters like saving for your dream travel vacation or early retirement. Which of these are on your list? 

1. Become a Millionaire - It's everyone's big dream to become a millionaire. There's several possible ways on how you can achieve this wild dream, you can start investing into stock market. The earlier you start to invest the more likely you will become a millionaire in couple of years. Start your own business, why not start producing additional income out of your passion or hobby. If lucky enough, you can play lottery and become an instant millionaire.

2. Start Saving Money - The foundation of financial success is by saving money. There are tons of tips and tricks available for free online on how to start and improve your saving habits so it's a great idea to educate yourself in terms of personal finances. Start from small and make it as your habit to save to achieve your financial goals.

3. Grow an Emergency Fund - You should expect the unexpected ! An emergency fund is an accessible money that you have set aside to cover any unexpected expenses that may occur. A fund that you will only use in case of emergency. Ideally, emergency fund can be equal to your six months salary.

4. Pay off Debts and be Debt Free - Before planning your retirement and spending a lot we must prioritize on paying off all our debts, start from those with high interest rates before paying those with low interest rates. It's way better to live a life without debt and just focusing on building your wealth.

5. Early and Comfortable Retirement - Are you planning to retire early? Are you worried of retiring uncomfortably? I think it's time now to add this on your financial bucket list. Many says that it's important to focus on today, but its more essential to be prepare about the future. Time flies really fast and maybe one day you will just open your eyes a year before your ideal retirement and still financially unsecured. You can start now investing into stocks, mutual funds or trust funds.

Photo Courtesy : David