LATEST UPDATE: June 20, 2016
Hello there fellow Uber partner! If you are looking for the best bank to receive your Uber Payout, this article is for you! Have you experienced receiving your payout in your bank account but short of a few hundreds? It may be because of the remittance charges of your local bank.
SEE ALSO: List of Supported Banks in Uber Manila
When someone electronically remits to your account from a foreign account, there are different charges involved.
First, there’s what we call wiring fees; which based on our assumption is shouldered by Uber.
Second is the fee charged by the receiving bank, this amount/ rate varies per bank, type of account, sometimes even on the amount.
The fees add up if remittance is on a weekly basis since you’ll have to multiply the remittance expenses by 4. (If you’re asking if Uber can make the payouts less frequent than weekly, they CANNOT we’ve already asked again and again). The extra expense can sum up to Php 400-800 per month just for remittance fees. Then you’ll have to think about your data plan expenses for your device, call and text load, car maintenance, etc.
So we’ve compared different banks in the Philippines in the search for the lowest receiving charges and the best bank to receive your Uber Payout. Here’s what we found out:
- BPI charges Php 150 per remittance regardless of amount.
- BDO charges Php 200 per remittance regardless of amount.
- Security Bank charges Php 200 per remittance
- PNB charges Php 170 per remittance according to other partners.
- Chinabank charges Php 200 per remittance according to other partners.
- RCBC charges Php 110 per remittance according to other partners.
- AUB charges Pho 100 per remittance . AUB has a starter saver account for only Php 100. However, they charge Php 5 per ATM withdrawal for this type of account.
- Unionbank EON card does not charge a remittance fee. However, there’s a P350 annual fee. You can refer to their website for more information.
- Eastwest Bank also does not charge a receiving fee. We signed up for their basic debit/ATM account with an opening fee of just Php 100.
- When you open a Debit Visa Account with Eastwest, you DON’T need to tell Eastwest that you’ll be using it for Uber because they will require a lot of different things from you which will complicate the process. Just open the account and enroll in your Uber Vault (here’s a tutorial how) and you’re good to go. Just make sure you input the correct details. We’ve never had a problem in our 2 years of operating with Uber.
- As per Uber’s Payment system upgrade last May 1, 2016, PS Bank is NOT any more listed in the list of supported banks. Refer to this article to see the full list of supported banks to receive your payout.
**If you want to know when the payouts are credited to your account per bank, refer to this payout schedule**
What is the Best Bank to Receive Uber Payout (in our experience)?
Right now, we prefer using Eastwest Bank for our Uber payout since opening an account is very easy and minimal. You just need (2) two valid IDs, ID picture of any size, and Proof of Billing. There’s no withdrawal fees if you withdraw in an Eastwest Bank ATM. You can also enroll your debit account for online banking so you can monitor when payouts are credited.
TIP: When you open a Debit Visa Account with Eastwest, you DON’T need to tell Eastwest that you’ll be using it for Uber because they will require a lot of different things from you which will complicate the process. Just open the account and enroll in your Uber Vault (here’s a tutorial how) and you’re good to go. Just make sure you input the correct details. We’ve never had a problem in our 2 years of operating with Uber.
Have you tried other banks? Let us know your experiences re payouts in the comments below.
DISCLAIMER: This post is not in any way sponsored by any bank or Uber. The information presented here are by NO means guaranteed; these are based on our first hand experiences as Uber Operators.