Jump to content
roderick

Retirement Visa - Setting- Up Bank Account

Recommended Posts

Jawny
1 hour ago, roderick said:

HI Gus 

I have already settled in Pattaya, but I'd like to find somewhere in the Philippines to spend time , as well. My plan is to split my time between  Thailand and the Philippines, and having a retirement visa in both countries will allow me to do just that. I'd like to have a bank account in the PI rather than having to pull money from an ATM every time I arrive at NAIA or Cebu.  I've found that trying to set-up a bank account in the PI - while on a tourist visa was near impossible ( If anyone  knows the secret , please pass it on !!) 

Perhaps a second account at the same bank you’ll be using to set up the SRRV visa is possible?  The second account being the one for your day to day cash needs.

Also, once you have the SRRV visa, won’t that enable you to show a bank and get an account?

As well, it may be possible to get an account at a branch of a Philippine bank in Australia?  This may end up being no better than the ATM method you use now.  

  • Like 1

Share this post


Link to post
Share on other sites
GBT62

I have a Citibank AU account and debit card.   I also mistakenly opened a Citibank PI account thinking it'd make things easier..... not the case at all. But yes, opening the Citibank PI account was easy enough once I had the the SRRV in hand.

The Citibank AU account lets you use the AU Debit card in ATM's here - and in EFT machines in supermarkets etc just fine - never had an issue with it. Of course the ever-changing exchange rate is an issue - but charges for overseas transactions were nil - or low at some ATM's.

The Citibank PI account is too damned restrictive - works for no online transactions (air/hotels/whatever) and is only available in PHP or US$ accounts (not much use if you have AU$ funds). Once you move funds into the PHP account - they cant be electronically sent to any other currency - even into your Citibank US$ account - a PI govt regulation the banks can't be bothered to let you know when you open the account.

I have just now opened a HSBC account in PI - they have PHP and AU$ accounts - much more useful - but opening an account is the most invasive and slow process I have ecountered here - close to 4 weeks before an approval, and now 2 more weeks to get the ATM card so I can even enroll in the online banking (lets say 6 weeks all up).

Either way - both accounts needed the SRRV details - as did the Unionbank account I opened to get around the Citibank limitations....

As far as the SRRV deposit goes - you don't need to open a PI account for that - they will give you their bank account details for where to deposit the funds - but they MUST be US$ as a transfer, PHP won't be accepted.

Edited by GBT62
  • Thanks 1

Share this post


Link to post
Share on other sites
Cgu
8 minutes ago, GBT62 said:

they cant be electronically sent to any other currency - even into your Citibank US$ account - a PI govt regulation the banks can't be bothered to let you know when you open the account.

That is strange - I can, but I think there is a daily limit (I think it is 25k USD / day) from PHP to foreign currency, as you stated right there is a govt. regulation (sort of currency control). The other way around no problem and no limit.

HSBC has the same limitation

11 minutes ago, GBT62 said:

close to 4 weeks before an approval, and now 2 more weeks to get the ATM card so I can even enroll in the online banking (lets say 6 weeks all up).

It took me around a week with HSBC, once open the ATM card was there at the branch and you just enroll to online banking there on the spot. 

Share this post


Link to post
Share on other sites
GBT62
13 minutes ago, Cgu said:

That is strange - I can, but I think there is a daily limit (I think it is 25k USD / day) from PHP to foreign currency, as you stated right there is a govt. regulation (sort of currency control). The other way around no problem and no limit.

yeah - the other way around is no issue - so I transfered my Citibank AU$ into Citibank PI PHP account when the exchange rate was good.

later - when I needed to send funds back home in AU$ I found out it is now a one way trip.  Citibank phone customer support told me "no can do - sorry Sir" - then a face-to-face in the branch a few weeks ago confirmed it and suggested I use money changers ......  which I will do in my new HSBC account to reduce the number of conversions to get AU$.

Perhaps it depends how long the accounts were opened - as these are new or revised regulations.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Adsbygoogle

    Advert

  • Adsbygoogle

    Advert

×

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..