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Metrobank querying a large deposit


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rizla

I recently sent via XE.com a large sum of money from the UK to my metrobank account in Cebu, approx 725000 pesos, to fall in line with the SRRV requirements of a min 10,000$ held against getting the visa. According to the instructions I received, this money has to be in the account a min of three months, my plan being that on my return in July I would start the whole procedure and hopefully completed before I return to China end of August.

However, Metrobank are now asking why I have transferred the money and for me to provide proof that it will be used for the SRRV, something I cannot provide until I am in Cebu. 

Has anyone else hit this problem and if so how did they solve it?

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bob the builder

I had a similar problem sent 10 mill from uk rcbc accepted it then put it on hold till i could prove where it came from, needed a notarised letter from atourney only then did i have acess to it 48 hours later...its all down to money laundering now, bank said to inform them in advance next time i send large amounts

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Jawny

I can’t comment directly on SRRV issues, but I have banked wth Metrobank for a long while.  Each branch operates independently so my experience may not be universal.  However, I have had good experiences with bank staff by just providing some sort of response to their queries.  For example, I had them contact me while they were having an audit.  They wanted a document showing I had a legitimate "award" for an allotment sent to them.

i hurriedly made a copy and gave it to them.  In my haste, I realize a couple of days later it was the wrong paperwork, but they were happy to have gotten something.  

Id suggest just sending to them any sort of documentation that your SRRV application requires.

Edited by Jawny
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I did the SRRV Classic last year.  Before I moved here I opened a Citibank account so I had an somewhat international bank account (made doing international funds transfers much much easier to do myself). Now that I live in Cebu I opened a local Citibank account instead.

In my case I had to deposit US$20K in a bank account nominated by the PRA (can be used towards house/condo purchase only) so your 3 month requirement is different (not classic ?) 

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aussiekangaroo

I recently sold a number of condo units and had very large deposits and withdrawals to my BDO account of 7 years. I was called by the manager of my BDO branch a month ago and just told them I bought Bitcoin with it and then she remembered I was in the branch sending money to a localbitcoins.com member with a BDO account then haven't had any issue since.

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Kabisay-an gid
9 hours ago, bob the builder said:

bank said to inform them in advance next time i send large amounts

The above advice will prevent most problems from occurring in the first place. 

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Goetz1965

When I bought my SUV last december I had to pay in cash - so I sent 2 times 8000EUR to my account - 2 times 480.000php - each single transaction beyond the 10.000 Euro/500.000php limit.
It took 5 working days for the money to arrive (I used transferwise) - and as soon it was on my account I went to the ayala branch and asked for a managers cheque so I could pay my SUV.

No one asked me where the money came from - only around a week later I got a textmessage asking me to come around and declare that remittence - I just deleted that text ... No one ever asked me since then ...

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