Smart Money Card is a debit card connected to your Smart mobile phone number. If you have a Smart simcard, you can link that with this. I decided to sign up for one because I do have a PayPal account and this card can be linked to that account so that I could transfer my balance from PayPal to a card. You can use any ATM to withdraw from the account. You can go directly to any Smart Stations (inside malls or any “Smart Padala” outlets) to deposit and withdraw the balance from the card. It’s just like the wallet card that is commonly offered by local banks in the Philippines.
You can use it for paying bills, sending remittances, and purchasing products online. However, since it is linked to your Smart Number, whenever you have to use it for online purchases, you would have to activate it first using your mobile phone. It is helpful for the security of your card. You can turn-off the activation once you’re done with the transaction. The downside of this link is that there would be times that the activation of your card would be erroneous. This is the technical downside of the card. Also, if you do not have a minimum maintaining balance in your Smart number, it is more likely that the activation would not push through. Make sure that there is sufficient balance or load on your Smart number before activating your card on the Smart menu.
Depositing or cashing in your Smart Money card is very easy. This is one of the accessible features of the card. You can go to any Smart Wireless Centers for Over the Counter transactions. You can also deposit to your account thru BDO. Lastly, you can go to any Smart Money accredited outlets.
Sending money is a lot easier. Just access the options using your Smart Menu and you can send money to another Smart Money holder. You will receive a confirmation message once it is done. There is a Php 2.50 fee per transaction.
For withdrawal from your account, you can locate any BDO ATMs all over the Philippines. There is a withdrawal fee of Php 3.00 that will be deducted after each withdrawal.
If you would want to create a Smart Money Card, you can enter your application online. There is a 7-day waiting period for you to be able to avail the card at their Wireless Centers. You would need to present at least one valid ID and Php 120.00 for the processing fee.
This card is very useful for small to medium scale entrepreneurs and perfect for personal use as well.