Surprisingly, at least 1.5 million Filipinos are engaged with freelancing work according to the report by Inquirer. This number is expected to grow even further as digital access becomes more prevalent especially to those who want to be free from traditional employment. In line with this figure, it is expected that more freelancers will look for financial institutions that can help them with managing their sources of income and savings.
What You Should Look For in a Bank as a Freelancer
We’ve always thought all banks are the same. They keep your money, give you a little interest and let’s you pay for groceries. However, each one of us has a particular need based on lifestyle and work. In this aspect, it is a good idea that you choose a bank that offers the most benefits to you as a freelancer or online work from home employee. Here’s are some factors that you should consider.
Easy to use and intuitive mobile app
Mobile apps of banks have become their best service features when it comes to monitoring your account. Ensure that the bank you choose has a reliable app without frequent downtime or errors.
Easy money bank transfer and remittance
Some freelancers work online and the only way for them to receive salary is through bank remittance. Choose a bank that offers that faster money transfer from abroad so you can use your cash immediately.
Low transfer fees
To maximize your earnings, it is best to choose a bank that has the lowest transfer fees. Every peso count since you do not have a regular or fixed salary. With lower transfer fees, you get to save more on services.
Should have partnership aborad
It is quite normal for freelancers, WFH (work from home) employees and virtual assistants to use third party finance app to receive their earnings. The bank that you choose should have a wide network of tie ups with other brands abroad for smoother withdrawal. Some of them include but not limited to Western Union, PayPal, Xoom and Payoneer.
Reasonable interest rate
Bank accounts for freelancers usually serve as their payroll account. However, it should also have a good interest rate so you can maximize your earnings especially if you have a deposit account. Choose a bank that offers interest rates based on industry standards.
Freelancer Types of Jobs
Here in the Philippines, some of the most common freelancing jobs include but not limited to:
- Virtual assistants
- Customer service (call center at home)
- App developer
- Content producer or creator
- Social media manager
- Data entry, encoder
- Web developer
- Graphics designer
- Consultants of various industries
Best Bank for Freelancer
BDO
The bank has always been providing good service especially when it comes to online transactions. You can easily set up BDOs mobile app so you can monitor your salary whenever they become available. Freelancers can also enjoy withdrawing their money from other channels for example PayPal.
Website: https://www.bdo.com.ph
BPI
With BPI, online workers can enjoy reduced fees for transfers from online employers. Do you have a freelance virtual assistant work, you can have a BPI app and receive your salary through the internet. If you have other channels, the fees to transfer from US dollar to Philippine peso is minimal. In our experience, funds withdrawn in US dollar becomes available after 24 hours. But the usual time frame is 2 to 5 business days.
Website: https://www.bpi.com.ph/
Metrobank
With Metrobank, you can also use online app for transactions like money transfers. This is useful especially for local employees who work from home. The app allows you to monitor your account so you can see immediately if salary is available. You can also do online transactions like transfers and time deposit monitoring.
Website: https://www.metrobank.com.ph/home
How to Open an Account
Most of the mentioned banks have online account opening. However, it is also an option for you to proceed to a nearby branch for quick evaluation and processing. As a freelancer, you might have limited documents to show as requirements. Simply bring your ID and documents that pertain to your residence and contact details.
Leave a Reply