Tag Archives: Metrobank

AXA and Metrobank Card launch MSwipe

01 Wednesday May 2013

Posted by in Business and Economic News

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Today, AXA Philippines and Metrobank  launches MSwipe, the country’s first mobile insurance payment system. MSwipe allows AXA customers to make real-time credit card payment transactions using mobile devices such as smartphones or tablet devices, giving them an innovative, convenient and secure means of paying their life insurance premiums anytime, anywhere according to a report made by GMA Network.

mswipe

Photo Credit: AXA Philippines

This new innovation called, MSwipe will enable AXA financial advisors to use their registered smartphones and tablets to receive credit card payments for their customers’ premiums.

A good news for AXA customers since they will not need to carry cash or checkbooks in paying. But credit card users, needs to make sure that they will have to pay their credit card payment on time or else, this system will make them into debt if not handled properly.

It always good to have a new technology but users need to be aware on how to use it properly.

Invest Through SSS Flexi Fund – Know Its Advantage & Disadvantage (Exclusive for OFW)

01 Monday Apr 2013

Posted by in Personal Financing

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Yesterday, when I was browsing SSS Website, I came to know about the SSS Flexi Fund. Here is an idea about the Fund.

The SSS Flexi-fund is a voluntary provident fund for Overseas Filipino Workers (OFWs). It is an additional of the SSS on top of its regular OFW membership. The program gives OFWs the opportunity to set aside part of their earnings abroad and maximize the return on their Flexi-fund contributions, thus providing good security for their future.

SSS Flexi-fund is a risk free investment that is being invested in government securities, with Interest earnings are computed based on the average 91-day Treasury bill rate, thus ensuring a transparent, high yield and risk-free investment of members’ hard-earned income abroad.

 

Metrobank

Metrobank

It’s a good time to invest through SSS flexi fund due to the fact that we recently have an investment Grade from Fitch.

SSS Flexi Fund, is any amount beyond Php 200 from the maximum monthly SSS payment. As of this time, the maximum payment or contribution for OCW Members is Php 1,560 monthly. So if you pay Php 2,000, the Php 440 will automatically go to SSS Flexi Fund, which could be withdrawn anytime, should you need money.

Here are the list of bank that could receive payments.

  1. Allied Bank
  2. Asiatrust Bank
  3. Bank of the Philippine Islands (BPI)
  4. Equitable PCI Bank
  5. International Exchange Bank
  6. Land Bank of the Philippines
  7. Metrobank
  8. Philippine National Bank (PNB)
  9. Rizal Commercial Banking Corporation (RCBC)
  10. Security Bank
  11. Luzon Brokerage Corporation (LBC)

According to the SSS website:

Interest under the SSS Flexi-fund is. . .

  1. Tax-free
  2. Based on prevailing 91-day Treasury bill rates, quoted on a per annum basis
  3. Subject to quarterly re-pricing, to make it more reflective of current market conditions
  4. Computed at actual date of payment of Flexi-fund contributions, and posted to individual accounts at the end of the month.
  5. Compounded monthly, such that earnings at the end of each month are taken into account in the computation and application of earnings in the succeeding months.

I am paying my SSS via Metrobank Online banking System. I have also accessed the SSS Online portal by using the “Host Server Number” that was provided by Metrobank upon online payment in replacement for the SBR number which is a requirement for accessing SSS Online Monitoring System.

Updates : At this time since the prevailing rate of T-Bill is only 0.4%, I am not recommending investing in SSS-Flexi Fund, however keeping your SSS payment up to date is  I belived a necessity for every Filipino.

How to Add Funds to Your Stock Broker?

07 Thursday Mar 2013

Posted by in Daily Dose, How To

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First of all, stock broker is the agency who buys stock for us, investor. I have an account with COL Financial and therefore the instruction mentioned herein is based on my experience with COL Financial.

I have told you before that I am an OFW, in Saudi Arabia whenever we send money to Philippines in a single account we have to pay SAR 18 (Approximately Php 200) so if we are not wise enough and we will send our funding through this method we will already loose some of our capital.

So how do I send funds to my COL Financial account? It’s easy I use online banking from my bank in the Philippines. In my case I am using Metrobank as my financial hub. I send money to my Philippine Bank Account (Metrobank) and from there I will distribute my remittances, credit card payment, including funding to ColFinancial. So in this case I am only paying once in sending money from Saudi Arabia to Philippines. But there is a catch, In Saudi Arabia, there is a certain limitation on the amount of money that we can send to Philippines depending on our work permit. In my case I don’t have problem since my visa category have high limitation.

We have also checked the BPI Pinoy online banking and I can confirm that they have the capability of sending funds to COL Financial.

For COL Financial users, you just have to get your user id and place it in the space provided by Metrobank (Subscriber/Account No.) . After your first transaction it will now be located in your banks dashboard and all you have to do Is just to choose this in the option.

So here is the guide:

1.) Press Pay Bills

2.) Go To Special Bills

3.) Look for Col Financial Group Inc. and Enter your account number

4.) Enter your desired amount

5.) Put your phone number and then wait until it will appear in your Col Financial Dashboard (Better expect the transfer to be done within one day)

It would be faster if you will inform Col Financial and send them a screen copy of your payment.

You may also want to check my post in my other blog: How Online Banking System Can help OFW

Metrobank

Metrobank Screen Capture

I have been doing Internet banking for more than 9 years and I could say that I did not face any problem with Metrobank. They are strict when it comes to adding beneficiary since you have to do it on your local branch. But in funding your COL Financial you don’t have to go to the branch in order to add them in you bills payment.

For those asking about bank charges, I have not seen any deduction in any of my transfer to COL Financial.