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Travis

As a foreigner can I open a bank account if i live in the USA

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Travis

On my next trip over i thought about bringing some extra cash with me and putting it in a bank account as a back up.

It would be a small amount, way less than the magical $10,000.

If I live in the US is it possible to do this?

 

Also is there any special paperwork involved, yearly reporting etc?

 

 

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Alfred E. Neuman

Yes

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Enuff

You will most likely need to try many different banks and branches.

I tried at 3 different banks and was hit with a very long list of requirements. Having all but given up we headed back to our hotel and happened upon EastWest bank. I walked in and asked. She said passport and pesos. Been with them 5 years now. I would imagine it's all based on banks, branches and employees. 

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Jawny

It is commonly done, but as cautioned above, there can be hassles.  Mostly it is an issue with clerks following the rules or what they believe are the rules.  Having the account is not an issue.  Using it and paying fees and such might be, depending upon the bank.

As a us citizen, you’ll need to consider the tax issues as well as the possibility of having to report it to the us Treasury if the amounts exceed $10k. 

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to_dave007

If OP is looking to open "strictly for emergency" account in PI, wouldn't it be easier for him to have couple of US credit cards with credit balance (i.e. negative amount owed).. poised and ready for use?  Especially if he's based in the city. 

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Travis
11 minutes ago, to_dave007 said:

If OP is looking to open "strictly for emergency" account in PI, wouldn't it be easier for him to have couple of US credit cards with credit balance (i.e. negative amount owed).. poised and ready for use?  Especially if he's based in the city. 

I do have credit cards but I just wanted to have some cash in country. 

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Woolf

Most banks will ask to see an ACR-I card, and you will not have that in hand until you have been in philippines at about 90 days

ACR-I card is issue at the 59 day point and you have to wait a month to pick it up

Banks in philippines are not too happy about opening accounts for USA citizens because of this reporting thing

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SkyMan
2 hours ago, Enuff said:

Been with them 5 years now.

Might have more trouble now with the FATCA reporting requirements.

2 hours ago, Travis said:

If I live in the US is it possible to do this?

Probably but not from the US.  You'll have to physically be here to do it.

Be aware of the minimum balance requirement or your money will trickle away without you knowing it.  Also, they have rules about dormant accounts so make sure you do some transaction periodically.

3 hours ago, Travis said:

Also is there any special paperwork involved, yearly reporting etc?

Not unless you go over the $10K limit for total foreign assets.

1 hour ago, to_dave007 said:

If OP is looking to open "strictly for emergency" account in PI, wouldn't it be easier for him to have couple of US credit cards with credit balance (i.e. negative amount owed).. poised and ready for use?  Especially if he's based in the city. 

Why would you give a zero interest loan to your credit card company?  I don't see why a credit balance would be better than just having headroom (available balance) on the card for emergencies.

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Woolf
10 minutes ago, SkyMan said:

Be aware of the minimum balance requirement or your money will trickle away without you knowing it. 

The minimum balance on my BPI ATM account is 3000 PHP, as long as I keep that balance, there is no fees

with BPI you can lock the account at the 3000 PHP, so you can not withdraw to below the 3000 PHP

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Richard K

I opened an acct. with PNB for my direct deposits while I was still in the states. PNB is widely used for remittance transfers and one of the main banks for public pensions in the PI...civil servants.. police..etc.
It was pretty easy excepting for the fact you needed to go to a branch office in the states to set it up (in my case it was NYC)..and it was at a specific "branch" here in the PI. When I arrived here I opened a peso acct with an ATM card. I just transfer from my USD acct to my PHP acct and that's it... very easy.
I am sure you can make deposits or bank to bank transfer to an your acct. while in the States.. I know I could and did with PNB...
One issue I have with PNB is that I can only access my USD acct from the branch I initially started with. If I move I can transfer my acct. to there and my direct deposits will still go in... the PHP ATM card works all over the PI ..sometimes depending on the ATM branch there is a small fee.
It is almost like each branch is an individual "franchise" or something

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Davaoeno
14 minutes ago, Richard K said:

It is almost like each branch is an individual "franchise" or something

BDO has the same type of structure

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exploringlife2

Last Year I opened a Dollar account at the Bank of Commerce. Minimum amount was $200. Seven months later I wired the money for my car using the numbers given to me and had no problems at all. I enjoy doing business with this Bank.

My 2 cents worth:)

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Headshot

You could also open an account with Citibank or HSBC in the US. There are branches of both banks here near Ayala Center Mall. With Citibank, I would suggest getting a gold account, since they actually have facilities here that can serve you. BTW, if you are sitting by the back window of the New Orleans restaurant, you can see the HSBC office across the street. The Citibank office is across the street from the Terraces area of the mall.

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tonny

Also BPI has a low balance account  that's what i have,I for get what they call it you don't need even 500 pesos in that account  and i have paid my credit card on line with that account and my car payments also before i sold my car a few weeks ago Have ,had it for over 10 years maybe they don't have it any more and just don't close mine as it was set up before maybe they change the rules had that happen to my china bank account also that i set up ten years ago. Ask a manager if they still have a low balance account with no pass book ,maybe i ask tomorrow what it called if i remember to do that.

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