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ryan18

requirements for opening new savings account

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hi guys, good day

i would just like to know if anyone here

knows the requirements for opening new savings account

at banco de oro bank?

 

it would be appreciated if some can help about this info.

 

thnx a lot.

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The following was sent to me from BDO callcenter.

 

1 Initial deposit and minimum balance requirement

2 A, Savings account w/passbook (with or without atm) - PhP 5,000

B, Savings account w/ATMcard (without passbook) - PhP 2,000

3 For security purposes we require that a customer be physically present at the branch to sign the necessary account opening forms in the presence of a branch officer.Customer should personally visit the branch where he/she would open an account.

4 Customer shall present at least 2 valid IDs

5 Customer should prepare photocopies of his/her IDs.

6 Customer should also prepare 1x1 ID picture ( colored w/white background)

7 Customer to fill out and sign the Customer Accounts Records and signature cards.

 

Hope that helps.

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Also note that many banks require an ACR card for foreigners opening accounts although I have heard of a few banks that do not ask

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I went to BDO and BPI Thursday last week and could not open an account at either without a physical address. Friday, 1/15/2010, I rented a place and returned to BDO. I opened a USD savings account with a 200 USD deposit. There is a 2 week wait to get a name embossed ATM card so will be returning for the card. I also wrote a check on my US bank for desposit into the BDO account. The interesting thing about that is that I was told it would clear within 7 days. I was expecting the usual 30 day time to clear.

Edited by dragon

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speaking of accounts does anybody have any experience with any of the banks with a mastercard or visa debit card account. BDO seems to have a huge papertrail requirement

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I went to BDO and BPI Thursday last week and could not open an account at either without a physical address. Friday, 1/15/2010, I rented a place and returned to BDO. I opened a USD savings account with a 200 USD deposit.

 

 

Just wondering what all you had to show them before you could open the account dragon?

 

Did you have to show two forums of ID, if so what were they?

 

Any other documents besides ID and proof of residence?

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I went to BDO and BPI Thursday last week and could not open an account at either without a physical address. Friday, 1/15/2010, I rented a place and returned to BDO. I opened a USD savings account with a 200 USD deposit.

 

 

Just wondering what all you had to show them before you could open the account dragon?

 

Did you have to show two forums of ID, if so what were they?

 

Any other documents besides ID and proof of residence?

 

 

I opened an account with BDO (Ayala Center Mall branch) last month. Just produced my Australian passport and drivers licence, no problem at all, my passbook has my address in Australia in it! Seems like these banks make the rules as they go coz my wife who is now an Australian citizen but born in Talisay Cebu was initially refused, whilst i was accepted immediately!

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The following was sent to me from BDO callcenter.

 

1 Initial deposit and minimum balance requirement

2 A, Savings account w/passbook (with or without atm) - PhP 5,000

B, Savings account w/ATMcard (without passbook) - PhP 2,000

3 For security purposes we require that a customer be physically present at the branch to sign the necessary account opening forms in the presence of a branch officer.Customer should personally visit the branch where he/she would open an account.

4 Customer shall present at least 2 valid IDs

5 Customer should prepare photocopies of his/her IDs.

6 Customer should also prepare 1x1 ID picture ( colored w/white background)

7 Customer to fill out and sign the Customer Accounts Records and signature cards.

 

Hope that helps.

Here's my thread from another post that my be of interest to some of you:

Try Bank of the Philippines (BPI). I know of a retired Navy, single guy that just arrived in the Philippines a few months ago. BDO denied him in opening an account, but he had better luck with BPI with opening a dollar and peso account including ATM and internet access. All you need is your passport and two forms of I.D. and 1x1 photo, but bring anything else that you might think you'll need. Good luck!

Direct deposit of U.S. based government pensions weather they be Military, V.A. or Social Security pensions is another thing which most banks only allow the use of passbook accounts where no ATM or internet access is allowed, and the accounts is only in your name where your wife or anybody has no access to your account. That was my personal experience with BPI 5 years ago and still stands today! So what I did was, I redirected all of my government pension back to my U.S. bank account and just deposit each month my U.S. personal check into my dollar account here in the Philippines which takes exactly 25 days to clear! Then after my check has cleared and posted, I just go to my bank's ATM to withdraw my money or I go inside to the teller counter to withdraw any amount I need weather it's in pesos or dollars! And I can go on-line to transfer from one account to another or convert my dollars and or pay your bills on-line that local merchants are listed. I'm still with BPI for the past 12 years and haven't had any problems with their banking system since my direct deposit dilemma. Anyway, it's best that you keep all of your direct deposit government pensions in a U.S. bank for security reasons!

Hope this tid bit of information helps!

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I went to BDO and BPI Thursday last week and could not open an account at either without a physical address. Friday, 1/15/2010, I rented a place and returned to BDO. I opened a USD savings account with a 200 USD deposit. There is a 2 week wait to get a name embossed ATM card so will be returning for the card. I also wrote a check on my US bank for desposit into the BDO account. The interesting thing about that is that I was told it would clear within 7 days. I was expecting the usual 30 day time to clear.

7 days really? That's good for you if it's true! BPI takes exactly 25 days for my check to clear, which I only deposit every other month!

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Here's my thread from another post that my be of interest to some of you:

Try Bank of the Philippines (BPI). I know of a retired Navy, single guy that just arrived in the Philippines a few months ago. BDO denied him in opening an account, but he had better luck with BPI with opening a dollar and peso account including ATM and internet access. All you need is your passport and two forms of I.D. and 1x1 photo, but bring anything else that you might think you'll need. Good luck!

Direct deposit of U.S. based government pensions weather they be Military, V.A. or Social Security pensions is another thing which most banks only allow the use of passbook accounts where no ATM or internet access is allowed, and the accounts is only in your name where your wife or anybody has no access to your account. That was my personal experience with BPI 5 years ago and still stands today! So what I did was, I redirected all of my government pension back to my U.S. bank account and just deposit each month my U.S. personal check into my dollar account here in the Philippines which takes exactly 25 days to clear! Then after my check has cleared and posted, I just go to my bank's ATM to withdraw my money or I go inside to the teller counter to withdraw any amount I need weather it's in pesos or dollars! And I can go on-line to transfer from one account to another or convert my dollars and or pay your bills on-line that local merchants are listed. I'm still with BPI for the past 12 years and haven't had any problems with their banking system since my direct deposit dilemma. Anyway, it's best that you keep all of your direct deposit government pensions in a U.S. bank for security reasons!

Hope this tid bit of information helps!

 

Doesn't that bank known how insulting their name is to some expats here? :ROFLMAO:

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