With the rise of digital banking, transferring money from one account to another has become easier and more convenient. If you are looking to transfer money from CIMB to BDO account in the Philippines, this article provides a comprehensive guide to help you do it. Whether you are transferring money for personal reasons or for business purposes, this guide covers everything you need to know to make the transfer as smooth and hassle-free as possible.
Step-by-Step Guide To Transfer Money From CIMB to BDO Account
1. Determine the Transfer Method:
Before you transfer money from a CIMB account to a BDO account, you need to determine the transfer method that is right for you. You can choose to transfer money through an online banking platform or through a physical bank transfer.
2. Prepare the Necessary Information:
Once you have decided on the transfer method, you need to prepare the necessary information. This includes your BDO account number, your CIMB account number, your BDO account name, and your CIMB account name.
3. Log in to Your Mobile Banking Platform:
If you choose to transfer money through an online banking platform, log in to your CIMB mobile app account and navigate to the transfer money section.
4. Transfer Amount:
After clicking on Transfer amount then click on To Other Banks then select Pesonet. You can also transfer via Instapay.
Note:- Transfers placed after 3;45 PM will be settled within two business days.
5. Sender & Receiver Information:
From:- Select your account from the drop-down menu (UpSave Account).
Recipient Bank:- Choose Banco De Or (BDO).
Amount:- Enter the amount you will transfer.
Recipient Account Number:- Write the recipient 12 digits BDO account number.
Account Name:- Recipient Name.
Description:- Why do you want to send the amount?
Then click Next.
6. Review the details.
Double-check all details then click confirm.
7. MPIN Number
You need to enter your six-digit MPIN number and click continue.
You have successfully transferred the amount from CImb to BDO.
Frequently Asked Questions
Q: How can I transfer money from CIMB to BDO?
A: There are several ways to transfer money from CIMB to BDO, including:
- Online banking: If you have access to online banking for both CIMB and BDO, you can transfer money from one account to the other using their online platforms.
- Over-the-counter (OTC) transfer: You can visit a CIMB or BDO branch and request for an OTC transfer. The bank representative will assist you in completing the transaction.
- Mobile banking: Most banks in the Philippines have mobile banking applications that allow you to transfer money from one account to another. Simply log in to your mobile banking app and initiate a transfer.
Q: Is there a fee for transferring money from CIMB to BDO?
A: Yes, there may be a fee for transferring money between different banks. The fee amount varies depending on the bank and the type of transfer you choose. It is recommended to check with your bank or check their website for updated information on transfer fees.
Q: How long does it take for the transfer to be completed?
A: The time it takes for a transfer to be completed can vary depending on the type of transfer you choose. OTC transfers are usually completed on the same day, while online and mobile transfers may take a few hours to a day to be completed. It is recommended to check with your bank for more information on the estimated time for a transfer to be completed.
Q: Can I transfer money from CIMB to BDO on weekends or holidays?
A: This can vary depending on the bank and the type of transfer you choose. OTC transfers are not available on weekends and holidays, while online and mobile transfers may still be possible. It is recommended to check with your bank for more information on their operating hours and transfer availability.
Q: Do I need to have an account in both CIMB and BDO to transfer money between the two banks?
A: Yes, you will need to have an account with both CIMB and BDO to transfer money between the two banks. You will also need to have access to online or mobile banking or visit a branch to initiate an OTC transfer.
In conclusion, transferring money from CIMB to BDO is a straightforward process that can be done through various methods such as online banking, mobile banking, or visiting a bank branch. Whichever method you choose, it is important to ensure that you have all the necessary information and that the process is done with proper security measures to protect your funds.