Welcome fellow Uber Cebu partner!
If you are a new partner, one of the critical things you need to consider is choosing the best bank to receive your payouts. A quick reminder that Uber pays our trips weekly and they remit it in our nominated banking accounts in the Partner Dashboard. That means we’ll be receiving four (4) payouts in a month.
When we started, we experienced receiving your payout in our bank account but there were a few hundreds missing. We observed this for a few weeks and ended have losing about Php 800 in total. So we investigated.
We’ve learned it’s because of the remittance charges of our local bank. 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. It adds 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 and tried different banks in the Philippines in the search for the lowest receiving charges.
**If you want to know when the payouts are credited to your account per bank, refer to this payout schedule**
Here’s what we found out; this is based on our firsthand experience and inputs from other partners as well:
- 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.
Personally, 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.
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.
Hope this article helped. Let us know in the comments sections if you have any questions or suggestions. You can also reach us at firstname.lastname@example.org. We would love to hear from you!
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