The way we shop is quite different these days, and you can’t just invite your friend to the mall to figure out what to get him or her for Christmas.
If you want to be practical and just give cash as a gift, here are 2 ways you can do that without either of you leaving the house.
Via mobile wallet
If you both use the same mobile wallet, you can just get your friend’s details (usually just the account number and registered mobile number) and send your gift straight to them. Some services may allow for a personalized touch, such as putting the money in an e-card or allowing you to send your holiday greeting.
If your mobile wallets are different, then select Bank Transfer in your app and choose your friend’s mobile wallet under the options. Then, put in the amount and the details of your friend’s account, and tap Send.
You can also send to a bank account from your mobile wallet. Just use the same Bank Transfer method as above.
Via bank
If you both have an account at the same bank, it’s easy to use the bank’s mobile app to send the money. You just need to have your friend’s account number or registered mobile number (this varies according to the bank; some can even make a unique QR codes in the app that you can scan for a faster money transfer).
If you use different banks, you can use the PESONet or InstaPay service that most banks offer. These are both Electronic Fund Transfer (EFT) services under the government’s National Retail Payment System, or NRPS.
The basic difference between the two is that the former can be processed by the next day (if you transfer past the cut-off period, which is set by the bank). PESONet also does not have a set limit, although your bank may impose a cap on the amount of funds that you can transfer in a day.
Sending a money gift from your bank account to the person’s mobile wallet is easy, too. Choose Bank Transfer, input the amount and their account details, and tap Send.
More than money
If you want to send a gift that might mean a lot more than just money, consider giving an investment instead. That way, the person will receive something that could be even more valuable in the future.
For younger friends or siblings, you can give their investment portfolio a head start with PSEi Index-tracking UITFs, mutual funds or ETFs. Older people, or even your parents or grandparents, might appreciate receiving dividend income from preferred shares or stable dividend-yielding common stocks.
This is the kind of gift that can potentially keep on giving over the long term. Reach out to the customer service channel of your investment solution partner and ask how you can give investment credits as a gift for your loved ones.
