So you started investing in the middle of 2012 through COL Financial, and you rode on the triumphant bandwagon of the Philippine stock market.
How much did you earn so far? Is it 12%? Or 20%? Or maybe 50%?
You’re seeing peso signs now. Despite your long-term goals and your decision not to sell your top-earning stocks, you can’t resist realizing and getting a hold of your gains.
But for whatsoever reasons you wanted to withdraw your funds or stock proceeds, you can do so by downloading the Withdrawal Fund form first.
Fill out the forms and write down the amount you want to withdraw, your COL account number, and the instruction whether you want COL to credit your fund to your bank account or request for a check that you or your authorized representative can pick up at the COL Financial Business Center.
Better prepare a copy of any of your valid ID’s for verification by COL officers.
Withdrawing Your Funds
After filling out the Withdrawal Fund form, you may send the original to the COL Financial Business Center at 2403-B East Tower, PSE Centre, Exchange Road, Ortigas Center, Pasig City, Philippines through your representative, messenger, or via courier.
In some occasions, you can request COL Financial to pick up your Withdrawal Form from your office or home depending on the accessibility of your location. You must be at least within the Ortigas Center area or in places they believe their messengers can reach.
You can also send an advanced copy by fax to their Accounting Department at (632) 687-5459 or by sending a scanned copy via email to the customer relations.
Remember that it is important that you send the original later on before they credit your money to your bank account or prepare a check for you.
UPDATE: For OFW’s and those who have no access to courier services, you may email the scanned withdrawal form to withdrawals@colfinancial.com and your money will be credited to your Philippine Peso bank account. If you have not stated a Philippine Peso bank account, update your profile. Or open a new one as soon as possible and update your profile immediately.
Are There Fees When Withdrawing Funds?
According to COL Financial, there are no fees if you are withdrawing your funds (cash balance) from your portfolio. But if you are going to withdraw your proceeds from sale of stocks, the fees are already charged during the selling transactions.
To further clarify on the fees and taxes on selling transactions, we were provided with the following detailed information:
“The only tax that will be deducted to you is the Sales Tax whenever you sell a certain stock. But since the sales tax is already withheld, we remit that to the BIR so you do not need to declare this in your tax forms.
As for dividends, there is a withholding tax of 10%. Again, we remit this to the BIR already.”
FOR BUYING AND SELLING:
* Note: The Commission fee has a minimum charge of P20.00 per transaction. And if you require a broker-assisted trade, the commission charge is .5% of the Gross Trade Amount.
Example :
Buying – Total fees for buying 20,000 shares of ALI at Php5.00/share
Selling – Total fees for selling 20,000 shares of ALI at Php5.20/share
Hope you had a wonderful, fruitful trading and investing in 2012! Happy new year, friends!
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P.S. 1. Bro. Bo Sanchez has appointed me as a counselor for our young and new investors at the TrulyRichClub social site. It’s a fun, learning family with the purpose of “helping good people become rich”. I’m inviting you to join the TrulyRichClub too and email me at burngutierrezblog@yahoo.com.ph if you have any questions. Click here to join!
P.S. 2. Learn How To Earn Through Larry Gamboa’s Real Estate System. Real Estate Mentor Larry Gamboa is giving a Seminar on February 9, 2013 on how he buys foreclosed properties or properties from “motivated sellers” and turn them around into rental properties or quick sales. If you’re interested to learn his system, click here now!
P.S. 3. Visit the Philippine Red Cross site to donate whatever amount you can for the victims of typhoons “Pablo” and “Quinta” in the Philippines.
It is more convenient for me to just email the Withdrawal Form and have them deposit it to my account. I do this in the morning and when I come home from work, the amount is already dposited.
i sold my stock last monday..and because i read that i need to wait for 3 days before i can withdraw my funds, i emailed my withdrawal form by friday (thursday was holiday).. but until now, i havent received my money, nor deducted in the COL account.. today is wednesday already..i wonder what gone wrong.. :C
Hi @sadsad, you may send a follow up email to withdrawals@colfinancial.com
Did you receive an auto-response email from Withdrawals?
For any urgent inquiries, you may call 636-5411 to 24 loc 184 from
Mondays to Fridays, 9am to 5pm.
Hi Sir Burn,
Is it ok to leave the ‘ID Type and No:’ in the withdrawal form blank if my instructions is to deposit the money to my registered bank account? Is it only strictly needed for check pick-up?
Also, they need an originally-signed documents when applying for a COL account, is it then ok that only a digitized/scanned copy will be sent to them though email for withdrawal? Magastos po kasi sa courier.
Thank you for the response.
Hi Alvin, indicate the ID Type and No and a scanned copy of the ID just for confirmation. And yes, scanned copy of the withdrawal form sent via email will do.