Tag: e-wallet

Where to deposit your excess Peso coins while you are in Alabang

Where to deposit your excess Peso coins while you are in Alabang

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If you are constantly present here in Alabang in Muntinlupa City, and if you have an excess number of Peso coins that you want to have deposited for safekeeping or for personal use, then you should visit the coin deposit machine (CoDM) of the Bangko Sentral ng Pilipinas (BSP) located inside Festival Mall in Filinvest City.

To be more specific, the BSP CoDM inside the said shopping mall is located on ground floor very near the escalators which itself is in close proximity to the following ground floor businesses: SM Savemore grocery, Saibachi Japanese Restaurant and Café BLK & BRWN (this one is just steps away from the machine).

This is the BSP coin deposit machine inside Festival Mall in Alabang.

Before you join the line for depositing your coins at the BSP’s coin deposit machine, you must have a valid GCash account (to receive the value of the coins successfully deposited). If you don’t have a GCash account, you can still have the value of the deposited coins converted into SM shopping vouchers (accepted by The SM Store). There is also a Maya option available.

Still before joining the line, you must make sure that your Peso coins are not dented/damaged, and each coin is loose (meaning not taped together as a bundle). Obviously, foreign coins, tokens and demonetized Peso coins (Peso coins that are outdated) will be rejected. These tips are to ensure that the coins will be counted by the machine once deposited. To learn more, watch the video below and pay close attention to the details…

Once you join the line, you will need to be patient not simply because there could be several customers ahead of you but also because there will most likely be other customers ahead of you who brought at least one large container of coins with them for depositing which can take some minutes to be deposited into the CoDM (note: there is always a BSP assistant who will help and occasionally troubleshoot the machine whenever it malfunctions).

Do not be surprised to see other customers ahead of you who brought multiple plastic containers of coins to be deposited. Based on my personal experience depositing coins at the machine inside Festival Mall, I noticed that more families and local businesses are having their idle coins put into the CoDM. There was a time when one customer ahead of me deposited coins from four large containers and it took several minutes for the machine to count them all and this includes moments when the machine malfunctioned and the BSP assistant had to do some fixing on the spot.

Once you start your turn to deposit at the CoDM, let the BSP assistant guide you. There will be buttons on the machine for you to press before you start putting your coins into the receiving mechanism. From time to time as coins get counted, there will be a few coins that the machine will reject and will instead fall into the lower part where you can reach into and collect. You can try depositing the uncounted coins until it gets counted. As mentioned earlier, foreign coins, tokens and demonetized Peso coins will be rejected.

Once your deposit is successful, you can decide whether to have the counted value transferred into your active GCash account or into an SM shopping voucher. Receipts will be issued from the machine which you must always keep to yourself. Do not throw away the receipts.  

Read the details closely.
Another look at the BSO CoDM inside Festival Mall located near the escalators at the ground floor..

I hope this post will be helpful to you and your effort to deposit excess Peso coins into the BSP DoCM inside Festival Mall. In my experience, the lines range from very short (1 or 2 customers ahead of me) to long (8 customers ahead of me). There will be customers who will be depositing a small amount and there are others who brought so much coins as the BSP coin deposit project has attracted a lot of attention locally. You will need to be patient and manage your time when you join the line for the CoDM. To learn more about the coin deposit project, click https://www.bsp.gov.ph/Pages/CoinsAndNotes/CDM.aspx

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, have you deposited your idle Peso coins into the BSP CoDM inside Festival Mall? If you were able successfully deposit your coins, how long did you wait before your turn happened?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Almost P90 million worth of coins deposited through BSP’s machines

Almost P90 million worth of coins deposited through BSP’s machines

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Do you have an excessive amount of coins with you right now? In recent times, the Bangko Sentral ng Philippines (BSP) launched their project to give people opportunities to deposit their coins through coin deposit machines (CoDMs) that were installed in a few locations. According to a report by GMA Network, almost P90 million worth of coins have been deposited.

To put things in perspective, posted below is an excerpt from the GMA News report. Some parts in boldface…

Nearly P90 million worth of coins have been deposited through the Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines (CoDMs).

Since its launch on June 20, over P87.4 million worth of coins were deposited through CoDMs from more than 20,000 transactions as of September 22, 2023.

The CoDMs were launched in a bid to encourage the public to make use of their idle coins.

Latest central bank data revealed that the coins deposited into the machines were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.

In June, the BSP deployed two CoDMs at the SM Mall of Asia in Pasay City, one at Festival Mall in Alabang, Muntinlupa City, and another at Robinsons Place Ermita in Manila.

Moreover, the BSP installed additional coin deposit machines at Robinsons Place Galleria in Ortigas, SM City North EDSA, SM City Fairview in Quezon City, SM City San Lazaro in Manila, SM City Bicutan in Parañaque, and SM City Bacoor in Cavite, bringing the total CoDMs count to 10.

The BSP’s CoDMs accept all denominations of the BSP Coin Series and the New Generation Currency Coin Series launched in 2018, ranging from a centavo to as high as P20.

Through the CoDMs, customers can deposit legal tender coins and have the equivalent amount credited to their GCash accounts. The BSP said it is also working to onboard Maya to provide more e-wallet options to the public.

In using the machines, the central bank urged customers that coins to be deposited must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers, and must be gently placed in the coin slot in handfuls.

Being based in Muntinlupa City, I myself managed to deposit coins into the BSP machine located inside Festival Mall in Filinvest City in Alabang. I really liked the convenience of having the amount of my deposited coins transferred electronically into my GCash account and without any technical or convenience fees charged. I can only hope that the BSP will come up with options for coin depositors to transfer the collected value directly into bank accounts without charging any fees.

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your coins at a BSP machine near your local community? Do you think this project by the BSP will help prevent coin shortages from happening? If you have an excessive amount of coins in your household right now, would you be willing to deposit them all into a BSP machine?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

GCash will start collecting P5 cash-in fee from those who use BPI and Union Bank in the 4th quarter

GCash will start collecting P5 cash-in fee from those who use BPI and Union Bank in the 4th quarter

carlocarrasco

GCash, a very popular electronic wallet (e-wallet) here in the Philippines, will soon be charging a fee of P5 each time a user cashes in (loading money into his or her GCash account) via the Bank of the Philippine Islands (BPI) or Union Bank of the Philippines, according to a business news story by the Philippine Star. For the newcomers reading this, GCash users can put money into their respective accounts in other ways such as doing it over-the-counter at recognized convenience stores, the cash-in kiosks and other types of businesses that accept GCash cash-in.

To put things in perspective, posted below is an excerpt from the Philippine Star business news report. Some parts in boldface…

E-wallet giant GCash will start charging a convenience fee of P5 for every time a user cashes in from its major partners Bank of the Philippine Islands (BPI) and Union Bank of the Philippines in the fourth quarter.

In an interview with reporters, GCash president and CEO Martha Sazon said the convenience fee remains to be one of the lowest compared to the transaction charges imposed by traditional banks that run as high as P25.

“As GCash continues to scale, we still subsidize most of the charges as well as heavily invest on upgrading our infrastructure and reinforcing security services,” Sazon said.

Sazon said GCash has to slap a convenience fee for cashing in to cover its rising costs. However, Sazon said the fee only reduces the subsidies that GCash pays to keep its financial services affordable.

“This also ensures that our operations will remain seamless for all customers. Even with this fee, we will continue to subsidize part of the operating cost for our cash-ins as we remain committed to keeping our services affordable to many Filipinos,” Sazon said.

Sazon is encouraging GCash customers to compute how much they have to spend for every time they load their accounts through BPI and Union Bank.

For instance, Sazon said a user can cash in P10,000 in one go rather than top up P500 in tranches to minimize getting charged P5 every time.

Users can add cash to their GCash platform by linking it into their bank accounts. Likewise, they can cash-in via convenience stores, dedicated machines, department stores, gas stations, sari-sari stores, among others.

Last week, GCash announced that it would waive for the rest of the year the transaction charges on merchants for payments accepted through QR Ph. The e-wallet leader expects that through this, micro, small and medium enterprises will book extra earnings from cashless transactions.

GCash offers merchants access to e-wallet with a limit of up to P500,000 per month, waiving the transaction fee of 1.5 percent for P100,000 in gross sales.

GCash is one of the largest finance apps in the Philippines with a nationwide presence in more than 1,600 billers.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a GCash user who often loads money using the respective apps or systems of BPI and Union Bank, does the above business story discourage you a lot?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco