Renz is a digital technology enthusiast. He devotes his time to studying how these platforms can help make things work for us.
Money mobility is becoming very vital nowadays especially that almost everything is going digital. Thankfully we have a lot of apps on hand that can be utilized to facilitate such mobility. One of them is CIMB's digital banking app, which allows you to move around funds between accounts as well as to other banks.
What Is CIMB?
CIMB stands for Commerce International Merchant Bankers, a bank originating in Malaysia. In 2019, CIMB started its banking presence here in the Philippines as one of the pioneers of digital banking. As a digital bank, CIMB allows you to open an account without being physically present, since the submission of documents and the entire know-your-customer (KYC) process can be done via its app.
CIMB received attention when it partnered with GCash, one of the country's popular apps for digital wallet. With its Save Money feature, GCash allowed users to create a CIMB savings account (also known as GSave account) and to start saving with just a few taps on the app.
As a digital enthusiast, I was able to immediately try the feature as soon as it was launched, and with over a year of experience, I'm sharing with you the ways to move money from CIMB to another bank in the Philippines.
Two Methods for Transferring Money From CIMB
In this article, two (2) methods of transferring money from CIMB to other banks will be described.
1. The first method (which is via GCash) is only available to those who opened a CIMB account using the GCash app.
2. Otherwise, you have to use the CIMB app to do the transfer.
Method 1. Transferring from CIMB to Other Banks Via GCash
There is a certain convenience when you open your savings account through GCash. First, given that the app has numerous cash-in options, you can easily transfer funds from another bank to your CIMB account. Second, since it works both ways, you can easily draw out the money out of your CIMB account back to your GCash wallet. Everything is done within the app. Third, GCash has a built-in feature of allowing you to easily transfer to another bank. This transfer is made via Instapay, and just as the name suggests, any transfers are credited almost instantly.
Here's how to do it step-by-step. However, for your convenience and for better flow of information, let me split this further into two parts. The first is taking your money out of CIMB back to your GCash wallet. The second is the transfer of the funds to another bank account.
Feel free to browse through the photo as this will guide you in the process. Navigate through the thumbnails.
Step One: Moving Money From CIMB to Your GCash Wallet
- Begin by accessing the Save Money feature of GCash. This will take you to your CIMB savings account where you can see your balance.
- Tap on Withdraw.
- Notice the information on Savings and Transactions Limit. Take note of this, but we shall discuss it later. For now, key in the amount of money you wish to transfer, and then hit Next.
- You will be asked to review your transaction. Press Confirm.
- You will need to key in the One-Time Password (OTP) to be sent in the mobile number you used to register for a GCash account. Key in the 6-digit OTP and hit Submit Code.
- Success! Tap OK, and you will be redirected to the home page where the balance should reflect the withdrawal.
Step Two: Transferring Funds from GCash to Another Bank Account
For recap, the first part allowed us to transfer the money from your CIMB account to your GCash wallet. However, the ultimate goal is to have the funds transferred to another bank account. This will be covered by the second part.
- Notice that the amount has been updated with the amount withdrew from the first part. Refresh the page if it fails to do so. Then, tap on the Send Money icon.
- There are multiple ways to which you can transfer your GCash funds. However, our focus is to transfer to another bank. Hence, select Send to Bank among the options.
- Tap on the bank to which you are planning to transfer the funds to. For this illustration, I selected Metrobank.
- You will be asked to enter the amount you wish to transfer followed by the details of the account to which the money will be sent (i.e. account name and account number). Then, click Send Money.
- Review the transaction. Double check the spelling of the name as well as the account number. Once done, press Confirm.
- You will be directed to a message saying that the bank transfer is being processed. Once there are no errors in the Instapay system, the transfer shall instantly reflect on your bank account. Click OK. You are done!
Transaction Limit Under GCash
While you can conveniently move funds back to GCash from your CIMB savings account, it often puts a strain on your monthly limit within GCash.
Do you remember the notice regarding Savings and Transactions Limit? Any withdrawals from your CIMB savings account to your GCash wallet shall be recognized as an "inflow." Verified GCash users are subject to an inflow limit of Php100,000 per month (cumulative of all transactions made within a calendar month). Hence, doing withdrawals frequently may rapidly max out your limit. Once it happens, you can no longer cash-in (in any form) nor receive transfers from others. Any withdrawal attempts will be put on hold.
This is why the second method may come handy. All you need to do is to download the CIMB app, and link your GSave account. To do this, you may want to follow this guide.
Method 2. Transferring Funds to Other Banks Via the CIMB App
The CIMB app, unlike GCash, is not subject to a monthly transaction limit. However, it is subject to a maximum fund transfer limit of Php50,000 per day. Here's how to do the transfer:
- On the home page of CIMB app, tap on Transfer.
- Among the options, tap To other banks.
- Click PESONet among the two options as this give you more bank options.
- Select the account you wish to source the fund from.
- For the Recipient Bank, a drop down list will appear where you can select the bank with which you want to transfer money to.
- Fill in the needed details such as the amount, account number and account name. Tap on Next.
- Review the details of the transfer. Click Confirm.
- Transfer successful!
It is important to take note that transfers made via PESONet are not credited instantly to your recipient bank. Rather, they are batch-processed and reflected at approximately 5:00PM (may extend until 11:00PM of the same day), provided you were able to make the transfer before the cut-off time of 1:15PM.
Author's Tips and Recommendations
- If you will be needing the funds right away, I suggest you make the transfer via GCash app. Otherwise, you may want to use the CIMB app, especially if the amount will be large (although subject to a cap of P50,000).
- As previously mentioned, the option to transfer via GCash is limited to those who opened their accounts via the said app. However, there's a workaround for this. What you can do is to open a GCash account and then. link it to your CIMB app. That way, you can transfer funds from your existing CIMB savings account to GSave (i.e. the account made via GCash), and then follow the procedures detailed in Method 1.
If you have any problems, comments or suggestions regarding the topic, just feel free to drop some comments below, and I'll try to help you out the best way I can. You may also use the Q&A feature below.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2020 Renz Kristofer Cheng
Prateek Jain from Madhya Pradesh, India on April 02, 2020:
very informative article sir, i must recommend everyone to read it once. this will give readers an insight over the matter.