When will real Online Banking happen here?

August 9, 2006 · Posted in Mike's Blog 

I wonder when online banking here in the Philippines will become real online banking…  By that, I mean having the capability of having interbank transfers and the likes.  As of now, only one bank supports that - Unionbank of the Philippines.  However, the problem is that if you transfer funds to a different bank, the receiving bank imposes a charge.  I find this charge that is imposed by the receiving bank to be totally silly.  They got the money, why do they charge for it?  Aside from Unionbank, I know of no other bank here in the Philippines that supports interbank transfers.  Banking in the Philippines is too backward.  If I need to move money from one bank to another, I will still have to travel to one bank to another and make the deposit myself - over the counter or via ATM.  Still tiresome to do for a person like me who performs all my business online.

Anyway, I do hope that the Philippines catches up with this…



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