(If you want a quick guide for beginners how to start investing in the Philippine stock market, you can download your free ebook here.)
First Metro Securities, the stock trading brokerage arm of giant local Philippine bank Metrobank now allows funding of your trading account through other competitor banks. The best thing is that it’s all free, with no transaction fee, for other big banks in the Philippines including BDO and BPI!
Before, you could only fund your First Metro Sec account directly from Metrobank’s online banking facility Metrobank Direct. This of course greatly limits your trading account funding options to one, and would certainly require additional steps needed on your end should your source of capital come from your account in banks other than Metrobank.
And so for someone like me who has accounts in multiple banks, this new development is therefore a great news for an easier utilization and rotation of my funds with just a matter of clicks. It’s convenient, safe and fast, and especially useful for our OFW’s.
If you actually think about it a level layer, this raises the possibility of moving your money from one bank to a different bank through your broker account.
If you use a different account as your beneficiary account, say using your Metrobank payroll account with your FirstMetroSec trading account, and you receive funds in other banks like BDO or BPI, then all you need to do is to do funding of your trading account through BDO/BPI and request for withdrawal once the money is available for withdrawal. While this option may not always remain fee-less, this can save anyone for now from charges who need such a set-up.
Of course, you can still choose to invest anytime that money you just added to take advantage of opportunities in the market. The bottomline is – there’s less and less borders as to harnessing the potential of your money placed anywhere and make your hard-earned money work for you through investing in Philippine stock market and even in Philippine mutual funds.
With the Philippine stock trading sector becoming more and more flexible for its investors, only one thing remains to make all these news become beneficial to you – and that’s YOU ACTUALLY START INVESTING. Start making your 2018 better taking charge today and consistently doing one easy step moving forward.
Happy investing (and funding!),