Who is the best bank in the Philippines? This is one of the common question we hear when someone are trying to review a local bank when they have plan to open a savings account or do other transactions.
It is common to most of Filipinos to validate information and follow recommendation from friends, relatives and others but sometimes, expectations still failed.
On this short article, I will share 5 simple tips that can help you decide which is the best bank in the Philippines for you. Let’s go!
5 Simple tips when choosing bank in the Philippines
1. Customer service
On my own opinion, this is still the first consideration we need to look when we are choosing which bank should we open an account or do our transaction. Some of the local banks are known for good customer service while others are not.
I experienced some of the ‘inconvenience‘ before due to poor customer service on one of our local banks here. To me, this is my first and most important aspect when choosing a bank.
Online and offline customer service is very important, we should highly consider it!
Another good thing to consider when choosing which is the best bank in the Philippines for you is your convenience. Better to choose those who are always available and near to you so you can do your transaction without hassle.
Additionally, it can help you save time and money if your chosen bank is near at your place.
Security is another important factor to consider. Fraud and identity theft are scattered all over the Philippines and personal banking is one of the major targets.
When you choose your bank, make sure online and offline security are being considered. OTP or one time password is a great security feature for an online banking facility while secured locations of ATM machines are also needed for offline security.
You can also check my previous article that share 6 practical steps for a secured online banking.
Of course, if you’re putting your hard-earned money on the banks(emergency fund) it is also good thing to consider about their stability. I’d rather choose those major banks than those who didn’t yet established a good banking history.
Although most of the depositors are insured almost the same way with one another (P500,000 with PDIC) in almost all local banks, it is still good thing to keep in mind that major banks are the ones can cope up during downtime and fluctuation of the economy.
One last tip I would like to share in choosing the best bank in the Philippines for you is the rewards, interest or whatever you call it.
Though we need to make sure that the banks we chose is really helping us to achieve our financial goals, it is also important thing to consider what rewards or how the banks going to rewards our ‘business’ with them. Remember that you are the customer and you are the one doing favor on those banks.
Interest rates, rebates, reward points, reward gifts are other considerable things when choosing which is the best bank in the Philippines.
The 5 simple tips mentioned above are just from the top of my head. It is a personal list. I know there are other things need to consider but these are what I can share for now. If you have something in mind, please share it here so we can inform others.
Every other banks has their own advantages and disadvantages. Each of them has their own strength and limitations. Choosing which is the best bank for you is really a personal preference though the 5 simple tips above can provide you suggestions.
We should always remember that whatever banks we chose, it should help us achieve our financial goals.