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


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3 hours ago, Jawny said:

The only personal checks I’ve ever seen at a money changer were on display. It was a "wall of shame" display of the personal checks the money changer had accepted....each with some form of INSUFFICIENT FUNDS or NO SUCH PERSON stamped on the check. Also, there was a large notice...No Personal Checks!

But it sounds like the money changer does cash checks for certain people?  come on why would they have a wall of shame if they don't, lol.  I was cashing a check and an OFW or visiting Philippine citizen also asked to cash a check but they said they don't do that anymore and the money changer told the lady that he has known me for years and will cash my checks, I've seen him cash others and he was going to cash my daughter in-laws husband from Canada his checks, he probably didn't trust the woman.

So I guess you earn your trust by doing business with a money changer, you'd be surprised how many questions they ask in order to establish the business transaction, I've used 3 different money changers all located in the same area Sta Cruz Laguna but stuck with one, I've heard other expats that use money changer to cash checks.

Edited by M.C.A.
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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 h

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

I am out of here until someone writes about opening a bank account

Headshot

The OP is just going to be here for a visit. He doesn't have time to "earn the trust" of a money changer (even if one does exist someplace in Cebu that will cash checks at usury rates).

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BossHog
23 minutes ago, Headshot said:

The OP is just going to be here for a visit. He doesn't have time to "earn the trust" of a money changer (even if one does exist someplace in Cebu that will cash checks at usury rates)

I got a Chinese guy in Surigao City that will change cashier's checks and money orders into peso cash at very favorable rates. In a matter of minutes. 

Didn't have to 'earn any trust' just need to bring the paper. But I been doing this for twenty years, there might be some trust there but you can never tell with the Chinese, lol.

The storefront is a hum-drum stationary shop but all the real bizness goes on in a tiny warren of cubicles out back.

Nothing is what it seems in the Philippines.

Edited by BossHog
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BossHog

Sorry to have riled you up there compadre..

My point was and is that if you have a viable financial instrument in your hands there is always someone here to work with you,.

Might be useful information for some, but obviously not for you.

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shadow
2 hours ago, M.C.A. said:

I live on Luzon and we started out many years ago cashing checks with a money changer but the money changer had to get information from us,I got tired of using them because of the 2 - 5 peso per dollar charge so I opened up a bank account that's when the dollar was in the low 40's.  

There must be money changers in Cebu?  I use the money changer when I don't want to wait 30 days for a check to clear.

I'm sure there are money changers in Cebu, but Cebu is 150 km (6 hours one way) from me. Money changers in this area generally won't touch a personal check. Local businesses would laugh at you (and smile).

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On 1/2/2018 at 7:24 PM, exploringlife2 said:

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:)

Did you need an ACR-1 card?

 

I am heading out tomorrow but just for a trip. Then I jopw to ba there full time in July

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slowsmile

The short answer to your question is -- yes you can. I'm a Brit and before I moved here(just visiting as a tourist), I opened up a bank account with MetroBank without any problems. If you're thinking of transferring money from your US bank then, after you have set up your Phil bank account, get the Swift code of your Phil bank. You may need to know the Swift code to transfer your money.  Or you can just go online and Google something like "MetroBank Swift Code". 

There is some paperwork clearance you will have to go through. Here are the steps to open an account with MetroBank(other Phil banks will be similar):

https://powerpinoys.com/open-metrobank-savings-account/

You will also need an address in the Philippines(and utility bills to prove residence). I just used the address of a friend in Boracay to get my first account. And if you decide to build a house or rent in the Phils it's easy enough to change your bank details.

 

Edited by slowsmile
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8 minutes ago, slowsmile said:

There is some paperwork clearance you will have to go through. Here are the steps to open an account with MetroBank(other Phil banks will be similar):

https://powerpinoys.com/open-metrobank-savings-account/

That metro guide will NOT help much for a foreigner 

TIN   ???

SSS ???

No mention of ACR-I card

ACR-I card is issued at the 59 day point, and come back after a month to pick it, so it is more months to get it 

I wish that people would state when (how long ago) they opened a philippine account 

rules change a lot within the last few years  like 2 years

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I hear allot of expats claim how easy it is to open up a bank account here and I call that bullshat...  it's not as easy as they make it sound and a huge disservice to those that want to open an account and come here unprepared, good thing I had my 13a back in 2010 but still had to get photos, electrical bill and $500 deposit (not in pesos) in order to open an account with PNB.

 

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I hear allot of expats claim how easy it is to open up a bank account here and I call that bullshat...  it's not as easy as they make it sound and a huge disservice to those that want to open an account and come here unprepared, good thing I had my 13a back in 2010 but still had to get photos, electrical bill and $500 deposit (not in pesos) in order to open an account with PNB.

 

I dont know about now, with the newer USA banking laws but mine was easy, painless and less than 10 minutes. However BDO, Metrobank and BPI were my 1st 3 choices and had a laundry list of requirements. I was on vacation and only had my passport. After those 3 failed attempts we were on our way back from Ayala to Quest and saw a EastWest bank branch. Walked in and done with a peso account in 10 mins. 2 years later a dollar account attempt at a Mandaue branch resulted in the same laundry list. They suggested we go to our original branch. Less than 10 minutes again with the exact same lady. I've never had a minutes problem with EastWest either. Great bank and none of those pesky fees for transferring money into my account using Transferwise. I've never needed a photo as they have my passport and U.S. drivers license photocopies on file.

 

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In Thailand there is one bank with presence in USA that allows use of ACH (domestic) transfers rather than the more expensive SWIFT.  Do any of the Philippine banks offer that option?

 

Here many people here are moving to non-bank transfer using Transferwise (money does not travel - taken out of accounts in each country).  Currently they list $1,000 being 51,732.73 into Philippine account ($9.90 having been deducted for fee) but using exchange rate of 52.25 (which is normally higher than other means).  

 

As for the new US reporting requirements that is only a little computer code and easy enough for banks to do once update made - here in Thailand Americans (actually most foreigners) are asked to provide a simple form in addition to normal account paperwork.  

Edited by lopburi3
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1 hour ago, Travis said:

Did you need an ACR-1 card?

 

I am heading out tomorrow but just for a trip. Then I jopw to ba there full time in July

This sort of thread opens up frequently, and the same debates continue.  What I recall was that an ACR is expected, but not necessarily going to stop the opening of the account.  However, the banks typically operate like franchises, so you’d need to go to the branch (franchise) that will open an account sans ACR. This could take the better part of a day or more.

It is also common that the bank account opening is done by a low level clerk, who will not violate any bank policy...lie, an ACR card required.  A manager may do that as they have less risk of being criticized for allowing the process to go forward.  

I don’t use western union, but I thought they had some sort of accounts that could be set up for frequent transactions.  Perhaps there is a way to set up a western Union account for later use.  Just a suggestion. 

Not sure I see the advantage to having the money here awaiting your arrival in the future.  Of course, it is cash on hand etc, but you can bring a lot more than $10,000 with you if you wait for the next trip.

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slowsmile

Well I don't think you need to do all that complicated wire transfer stuff. Just apply for a Payoneer card, This is a unique card because it allows you, upon request,  to also set up a bank account with their bank in NY.  With the Payoneer card you can transfer money into your US Payoneer account from any bank in he world. It also acts as a direct debit card anywhere in the world(Visa backed I think). Finally you can transfer any money from your Payoneer bank account to any bank in the World -- including most banks in Asia and Africa. And you can do all this online --- it also costs nothing to get a Payoneer card.

I use the Payoneer card and bank account because I'm an Indie author who writes books end ebooks. Kindle will not pay royalties by PayPal. Since I don't have a US bank account no. they can only send cheques to me in the Philippines by land mail. Overland mail in the Phils is bad news -- very slow and inefficient and you might not even get your mail. With a Payoneer card, I can set up a bank account in the US and set up my Kindle and Createspace royalties to be easily transferred to my Payoneer bank account without a problem. From there I just go online to the Payoneer website and transfer all royalties direct to my Philippine bank account. The royalty transfer usually takes less than 2 days. Easy peasy.

 

Edited by slowsmile
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8 minutes ago, Jawny said:

Of course, it is cash on hand etc, but you can bring a lot more than $10,000 with you if you wait for the next trip.

better check regulations taking more than 10,,000 usd of of usa

if more than 10,000 usd has to be declared at customs port of entry

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slowsmile
1 hour ago, Woolf said:

That metro guide will NOT help much for a foreigner 

TIN   ???

SSS ???

No mention of ACR-I card

ACR-I card is issued at the 59 day point, and come back after a month to pick it, so it is more months to get it 

I wish that people would state when (how long ago) they opened a philippine account 

rules change a lot within the last few years  like 2 years

When I first came to the Philippines in 2006 on a tourist visa, I came out for a month. I was staying with another Brit who had an apartment in Boracay. 

I had no problems at all opening a bank account in Boracay with Metrobank. 

Why do you need the TIN or PPP?? 

My UK passport was enough to validate my ID.

In those days I only stayed for one month at a time so no need for an ACR-I card.

And I'm not American, I'm a Brit.

Too many wrong assumptions, my friend. 

Edited by slowsmile
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