I would have done this review of Landbank's Mobile Banking app earlier except that my smartphone ran out of internal memory and the external memory I added was useless, so I couldn't download the app. I resigned myself to the fact that I would have to make do with Landbank iAccess using my desktop and really, it wasn't such a bad deal because iAccess addressed most of my banking needs, except for the interbank fund transfer.
But just recently, an officemate downloaded the Landbank mobile app and I was ecstatic to discover that interbank fund transfer was possible using the app! And so I reassessed the existing apps on my phones and deleted the ones I didn't use (I'm talking about you Grab...) and also deleted photos and other nonsense that my phone would automatically save. To make a long story short, I now use the Landbank Mobile Banking app and it has made my banking chores so much easier.
To be able to use the mobile app, you have to have an existing Landbank account and then have your online banking account with iAccess activated too. After this, download the mobile banking app using Google Play or Apple App Store. Here's what the app landing page looks like:
It has 8 options but let's just explore Mobile Banking for now because that's the only feature that is currently useful to me. Tap on Mobile Banking and you'll be led to the sign-in page where you will input the same username and password you have for iAccess.
Once you're in your personal page, tap on the upper right corner to access the menu of available features for mobile banking.
Let's explore Transfers because that's what attracted me to the app in the first place and what the desktop version is sorely lacking. After tapping Transfers, you will be led to the Fund Transfer page and look at the bottom option, it says "Transfer to Other Bank"! Hooray!
Tap on the arrow after "Transfer to Other Bank" and you'll be prompted to enter the One Time Password emailed to your registered email address. After entering the password, you'll need to input the following details:
Choose the account you want to transfer funds from. In my case, that would be my payroll account.
For the JAI or joint account indicator, you can find that on the right side of your ATM card:
The ATM PIN is the same PIN you use for your ATM card.
Here are the Destination Banks you can transfer funds to:
My beloved Metrobank is one of the recipient banks so this really cuts down on my banking chores. Hallelujah!
Enter the account number of your Destination Bank and the amount you want to transfer. Once you fill in all the blanks and tap Submit, your funds are immediately transferred to your Destination Bank.
There is a transfer fee of Php25.00 per transaction and at first I was upset because I'm repulsed by any form of banking fee and for a split second, I considered boycotting the app altogether and just continuing with my usual banking practices. But when I started to think about the dearth of Metrobank cash accept machines near my house and office, I began to rethink my boycott.
If I wanted to use the Metrobank cash accept machine near my house, I would have to drive to the bank, pay for parking, and probably even end up eating out to make the most of my trip. It's the same story of inconvenience with the Metrobank cash accept machine near my office. I would have to walk about 2 kilometers to get to it and 2 kilometers in downtown Manila is not the most pleasant of activities. Long story short, the Php25.00 fee is reasonable and worth it considering the circumstances.
Sadly though, the two big banks, BDO and BPI are not part of the interbank fund options.
My husband, an IT consultant (email me if you're interested in his services!), warns me about being too dependent on mobile banking apps since they're prone to hacking. He says that such programs/apps are a come-on for hackers so that I should take every safety precaution possible to safeguard my money. He suggests having a separate phone or desktop devoted exclusively to online banking transactions. I think I'll have him write a guest post on this so that he can explain himself more fully.
But going back to Landbank Mobile Banking, I am again impressed at how customer oriented Landbank is. From iAccess to its Mobile Banking, Landbank has managed to pinpoint the common banking issues that its customers have to deal with and provide practical and effective solutions. This totally overhauls my image of it as an outmoded, tita-ish bank that only manages to survive because it's a government bank. I'm so glad to be proven wrong.
* Please click here for my earlier post on Landbank iAccess.