by Felixberto Tero II 

 

It’s quite inspiring to finally see banking technologies reach the outskirts of key cities in Mindanao.  Indeed, ATM (automated teller machine) technology is slowly finding its way towards far-flung municipalities and into the lives of Mindanaoans residing in these areas. Mind you, these ATMs are reliable and also work as good as the machines installed in more urbanized locations. In fact, ATMs are now altering the conventional practices in many remote communities, in terms of banking, company payroll and the way cash moves around or how it is accessed in the mainstream.      

 

So the next time you take a bus ride to Mlang in North Cotabato or perhaps join a retreat in Lanipao at upland Maragusan in Comval Province, don’t be surprised to find ATMs working in these areas or in other areas  you won’t actually expect to find them. Instead, think about the convenience you’ll get from having these technologies just about anywhere in Mindanao. 

No need to bring cash along!  Imagine the risks you’ll take traveling along with a few thousand pesos in your pocket just because the municipality of your destination does not have a local bank. Knowing that there’s an ATM nearby, operating at least 8 to 10 hours a day if not 24/7, will surely help secure your money and especially YOU during travels.

 Easy and low-cost transfer of funds.  There are money transfer services operating in municipalities, right?  And these services are usually provided by pawnshops, banks, couriers and even by informal channels. But then again, using these services would cost you fees or charges— at least P100 I think for transferring more than a thousand pesos from a key city to a municipality and vice versa. 

It’s always better to bring along with you your plastic ATM card on these trips.  Withdrawing your money from the local ATM will only cost you inter-branch and/or network charges at a measly P10, more or less. Said services will even come free if you use your own bank’s ATM.

 If you often send money elsewhere in Mindanao or even the Philippines, whether for business or personal matters, the ATM will surely work to provide you with the conveniences of a quick and safe money transfer while allowing you to save on transfer fees. 

More on this and other ATM tips in my succeeding blogs.

  

TRIVIA

 It’s incorrect to use the term “ATM machine”

Why? Because the “M” in ATM stands for machine; thus Automated Teller Machine and adding the word “machine” makes it totally redundant.