AUB HelloMoney Prepaid Banking Account – MoneySmart Review 2020

AUB HelloMoney review

Banking is made easy these days as banks shift to digital platforms. For instance, ING Philippines and CIMB Bank have gone branchless on new applications. Simply download the mobile app, and you can open a savings account right on your phone.

With unending community quarantines in different cities and increasing numbers of COVID-19 cases, it’s better to use mobile wallets and banking apps to get things done faster (and avoid the crowd).

Aside from Maybank iSave that we already reviewed, here’s another product from AUB called HelloMoney that lets you open a prepaid banking account with ease.

In this article, you’ll know more about its key features and how to open an account.

AUB HelloMoney key features at a glance

Type of Account Prepaid Digital Account
Initial deposit Zero
Minimum balance required None
Maintaining balance required to earn interest None
ATM withdrawals Supported
ATM card  Supported 
Bills payment Supported
Maximum Cash-in P200,000

AUB HelloMoney is a prepaid bank account that allows you to sign up via its mobile app. There’s no initial deposit, minimum balance, and maintaining balance.

Think of it as a mobile wallet like GCash or PayMaya. There’s the optional physical prepaid card if you wish to withdraw funds from ATMs or process payments via POS terminals at retail stores. However, you can only hold up to P200,000 per month, with a withdrawal limit of P50,000 per day.

You can send, receive, and manage funds using its mobile app and also pay bills and buy prepaid load at your convenience.

One of the unique features of HelloMoney is that it works like a mobile wallet with 24/7 mobile banking.

There are also three ways to cash in money — over-the-counter in AUB branches, InstaPay from other banks by mobile transfer, and funds transfer from your other AUB accounts.

What are the requirements to open an AUB HelloMoney account?

Opening your HelloMoney account is super easy. It will only take you 10 minutes to complete the registration. But before anything else, make sure you are:

  • 18 years old and above
  • A resident of the Philippines

Plus, don’t forget to have:

  • One (1) government-issued ID (e.g., driver’s license, passport, Unified Multipurpose ID)
  • Active mobile number

How do you open an AUB HelloMoney account?

  1. Download the AUB HellMoney app from Google Play Store or Apple App Store.
  2. Follow the prompts once you open the app and prepare your valid ID.
  3. Fill in the form with your personal information. Once you’re finished, click next to get the confirmation message via SMS. Make sure you use an active mobile number for the one-time password.
  4. Record a video of yourself as prompted in the app.
  5. Sign with your signature and agree to the terms and conditions.
  6. Receive the approval of your application within the next banking day.

Other features of AUB HelloMoney you need to know

AUB HelloMoney functions as a mobile wallet, bank account, and prepaid card. However, keep in mind that you can only login using a single device for your account, and you are only entitled to create one account.

AUB HelloMoney doesn’t charge transaction fees when you pay your bill. However, some billers may charge you service fees, so watch out for these.

Confirmation and settlement of your payment are within the same day, as long as you send the transfer before the cut-off time at 8:00 PM.

One of the features that you’ll love is that when you use the HelloMoney app, you can unlock or lock your card for purchases. No one can use your card unless you change the settings in the app.

There are no withdrawal fees from Bancnet-powered ATMs. However, other banks’ ATMs that are non-AUB could charge fees. You can only withdraw twice a day with a cap of P50,000.

Is AUB HelloMoney for you?

We already have GCash, PayMaya, and Coins.PH as mobile wallets, so should you open an AUB HelloMoney account? First off, it’s free, and creating an account only takes minutes.

There are also no transaction fees when paying your bills or sending money to other accounts. And if you need a physical debit card, you can always request one.
However, there are no interest rates for your savings, which is one of its downsides.

Overall, it’s free and easy to use, so why not give it a try? If you need a mobile wallet, prepaid card, and bank account, HelloMoney is a great option.

Let us know how it works on your side in the comments below.