EFT Elektronikong Pondo Padala (e-fund transfer) | FAQs p.1

magnabashmagnabash Swaying person. PEx Influencer ⭐⭐⭐
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  • tiara_18tiara_18 0916-442-5405 PEx Veteran ⭐⭐
    edited August 28
    NEED INFORMATION.

    GrabPay - 8837117
  • Ice BurnIce Burn Conflicting Karma PEx Influencer ⭐⭐⭐
    edited October 8
    FUND TRANSFER (CASH-IN) USING CREDIT CARDS:
    As of September 20, 2019, 12:00AM

    With Fee
    -AMEX* (tagged as Cash Advance)
    -BANKARD (with 1% Quasi Fee)
    -BDO Visa (tagged as Cash Advance)
    -CBC/ChinaBank (as Quasi transaction)
    -DINERS* (tagged as Cash Advance)
    -EWBC/EastWest (tagged as Cash Advance/Quasi)
    -HSBC (tagged as Cash Advance)

    Without Fee
    -BDO MasterCard* (including debit cards)
    -BOC
    -BPI
    -BPI Family
    -Citi
    --EWBC/EastWest*
    -MCC/Metrobank
    -PNB
    -RBank
    -SBCC/Security Bank
    -UBP/UnionBank

    *some cardholders reported they are not charged.

    DISCLAIMER: These reports are based from the replies in this discussion. Try at your own risk.


  • LudeSER13LudeSER13 I'm a Flip PEx Rookie ⭐
    edited August 31
    From HSBC T&C:

    "CASH ADVANCE” – Refers to:
    • The facility which allows YOU to withdraw cash using YOUR CARD from any designated
    Automated Teller Machine (ATM) and your assigned Personal Identification Number (PIN) by
    HSBC.
    • QUASI-CASH TRANSACTIONS and related fees and interest charges.

    “QUASI-CASH TRANSACTIONS” – Refers to transactions representing a purchase of foreign currency or items (including but not limited to, gaming chips, money orders and lottery tickets) which may be convertible to cash, and may also include transactions such as the transfer of funds under a wire transfer money order, the funding of accounts and such other transactions as determined by the relevant card association from time to time."
  • wazdogwazdog Strip, Strap & Straddle PEx Veteran ⭐⭐
    edited August 26
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    edited August 31
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  • magnabashmagnabash Swaying person. PEx Influencer ⭐⭐⭐
    edited August 27
    Page 96

    ISSUE: FREQUENCY OF ELECTRONIC FUND TRANSFER, PATRONAGE OF PROMOTIONS, 
    AND ANTI-MONEY LAUNDERING ACT.

    gibsonfan said:
    ehleesyan said:
    Dahil usong-uso na nga ang electronic fund transfer, at quasi-banks ngayong digital age... at maging ang mga bank card promotions....


    MONEY LAUNDERING kayang maituturing kung lagi nating tinatangkilik ito o sa ibang tawag ay pang-aabuso ang mga ganito?


    Wikipedia says, the term "money laundering" has become conflated with other forms of financial and business crime, and is sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions.[2] Most anti-money laundering laws openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system

    Philippine Anti-Money Laundering Act of 2001 (RA 9160) says the "Covered transaction" is a single, series, or combination of transactions involving a total amount in excess of Four million Philippine pesos (Php4,000,000.00) or an equivalent amount in foreign currency based on the prevailing exchange rate within five (5) consecutive banking days except those between a covered institution and a person who, at the time of the transaction was a properly identified client and the amount is commensurate with the business or financial capacity of the client; or those with an underlying legal or trade obligation, purpose, origin or economic justification.

    MISUSE kayang maituturing ang pagtangkilik ng maraming ulit sa mga bank-cards at EFT promos?
    Hindi ito misuse nor ML issue, Papa Strong.

    Para kasi masabing ML ito, dapat marumi or questionable iyong source ng pera. In this case, galing sa credit line mo or bank mismo, so not applicable.
    misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency) - napakalawak na usapin.

    Ano ano nga ba ang mga saklaw na makakapagsabi na inaabuso ang paggamit/pagtangkilik sa mga bank cards?
    Definitely not illegal - as long as your source of funds is legit. That does not mean, however, na "odd" behavior such as this cashing in and cash out agad will not raise a few red flags if done frequently enough and in big quantities. Again, walang mali, pero baka silipin ka kasi hindi nga ito "normal" behavior. Surefire way rin ito kasi for fraudsters to cash in stolen ccs kaya sketchy na to begin with. 

    I think what people should be worried about instead is if this will cause problems with your cc issuer. Abroad, "manufactured spend" in this manner can get you kicked out of your CC's rewards program. Fully traceable ang transactions mo eh so it wouldn't be hard for banks to crack down on this. If you're also currently on any active promo like spend promos, this can also lead to forfeiture of those rebates. Pagdating sa CC rewards, I'd really rather not risk that. Unless 6 digits pataas gawin mo (highly suspicious dahil sa amount), wala ka rin naman masyado makukuha from it.
    SANA NGA.
    sei20 said: I Dont think it is MISUSE if you use it aligned to the terms and conditions. :)
    I agree with IHJ, hindi nga talaga ito money laundering. Pero tama rin si gibsonfan, the "odd behavior" such as this cashing in and cash out will not raise a few red flags if done frequently enough and in big quantities pero baka masilip pa rin ng Philippine banking system kung ito ay hindi pangkaraniwan sa anumang financial account.

  • JeffreywJeffreyw Member PEx Veteran ⭐⭐
    edited August 26
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    edited August 26
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    edited August 26
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    edited August 26
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    edited August 26
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  • magnabashmagnabash Swaying person. PEx Influencer ⭐⭐⭐
    edited August 26
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    edited August 26
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    edited August 26
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    edited August 26
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    edited August 26
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  • King_DragonKing_Dragon One More Round PExer
    How can i open a Paypal account here in the Philippines? Coz right now i'm using Visa Electron and it's limiting my options to shop online.

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