Online-only banking can work in the Philippines


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Security is one of the top priorities of the fintech industry not just in the Philippines, but in the world. When a bank focuses too much on security, one facet is usually being left out and that is introducing features that make banking very convenient. Today’s fintech industry seems like display of the tug of war between security and banking convenience.

ING App Review4

The first time I saw ING’s all-digital banking promotions on social media, I found myself skeptical about how they are going to transform banking in a very financially traditional country such as the Philippines. It was almost like too good to be true when I saw their promotion that all it takes is to take a photo of your check, and eventually get it cleared in 1-2 banking business days. Color me impressed a month later when I deposited my own check without leaving home. Revolutionary is an understatement for this money management tool.

ING App Review1Here’s the drilldown of what happened from my perspective as a depositor, and tell you thoughts about it.

  • Sign up for ING account:Signing up is quick and easy. It only took me less than 15 minutes to sign up! There are, of course, several things that you need to prepare when signing up – at least one of these 3 government issued ID – Driver’s license, UMID, Passport, a blank coupon bond (where you sign and take picture of) and a black ballpen. Freshen up too as the ING app will need to take a photo of you for records purposes, also “liveness capture”. It is also a way of the app to check your “liveliness”, thus calling it as such. Remember that everything will be done anywhere, but having all these requirements are crucial in your registration process.Just so you know: When you sign up for an ING account, they have a system of KYC or Identity Verification in place (as mandated by banking regulations), thus the requirements of preparing IDs, signature and photos. I found this an ingenious concept, and the fact that this was approved by Central Bank of the Philippines make it a feat not just for ING, but for the entire banking industry in the Philippines. ING has just set a gold standard and I, for one, am looking for the future of the industry in the Philippines.
  • On transferring money:When you have available balance, you can transfer your money through the app. You need to know the account name of recipient, account number and the amount you want to transfer. I tried this, and it will take ING to transfer the money for around 1-2 banking days. I had a chat with one of their agents, and asked about how long the transfer to be posted. They answered right away and advised me that funds should be credited by the of day for transfers on or before 3:30pm cut off. She, however, told me that the bank where I transferred money to may have a different turnaround time.Just so you know:ING’s app has a 24/7 chat support so you can ask them anytime and anywhere if you have any concerns about your account or previous transactions.

  • On depositing a check: I deposited 2 checks to my ING savings account. Regardless of amount of my balance, I am guaranteed 2.5% per annum, which is more competitive in the current market even when compared to some time deposits in the Philippines. Depositing a check is available in-app from 1:00am to 3:30PM during banking days. Check deposits should be posted 10AM of the next banking day.
    It is required that you write ING/ING Bank, ING account number, date of deposit and signature at the back of the check.

    Just so you know:  ING Philippines advocates forced savings. While most insurance companies are replicating this type of investment through their regular or ordinary plans, ING Philippines does this by encouraging you to deposit your money and earn better interest rates than other banks regardless of maturity date and amount. Just in case you wish to use some of it, you can simply do so by transferring from your ING account to your other bank quickly and comfortably at your home. And before I forget, there is no lock-in period too and maintaining balance. Although if you wish to enjoy high interest rate, you better think deeply of leaving some of your money in your account.

  • About your security: ING is regulated by BSP and PDIC. This means that whatever is going on with their app, and the transactions you will be making – including the processes involved – are regulated by the 2 government bodies. You are actually transacting with a bank without you going to walk your way out to their branch.

It’s been a month since I got an ING Savings Account, and using their all-digital banking app helped me change the way I see banking in the Philippines. It is impressive to see how this bank prioritizes my time by coming up with an app that lets me “visit” and transact in my bank without having to leave the house. It’s highly innovative, and I don’t see any reason why you shouldn’t try it.

Try it today! You can download ING’s app via these links: iOSor Android.

Giancarlo Viterbo is a Filipino Technology Journalist, blogger and Editor of, He is also a Geek, Dad and a Husband. He knows a lot about washing the dishes, doing some errands and following instructions from his boss on his day job. Follow him on twitter: @gianviterbo and @gadgetpilipinas.

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