Jump to content

Most convenient bank in Philippines??


the chimp

Recommended Posts

Hi,I'm a newbie to the forum but not to Philippines.Wondering if anyone can tell what the best bank here for receiving money transfers,or SS payments from US is.Also maybe with the best ATM network? I walked into Metrobank yesterday to inquire,and they looked at me like I was an alien....Also tried to get into a supermarket,the guard told me We needed quarantine passes from the barangay hall,located about 1 kilometer away.We walked the 1K,inquired about the pass, they didn't know WTF we were talking about.I haven't been here for about 5 yrs,somewhat hopeful that things here had changed ???? NOPE!!! Doing my best to keep that smile on my face!!!  

Edited by the chimp
added more info to post
Link to post
Share on other sites
BossHog

BDO, BPI, and PNB are solid local choices.

The first has probably the most machines, the second has the highest per transaction ATM limit, the third is my favorite because the manager at my local branch has big hooters and is flirty.

Tits aside, branches of the same bank do vary wildly here and it takes a bit of trial and error to find one that's switched on and accommodating . If the bank acts disinterested just walk on; I'd say it's just as important to find a well-operated branch as it is the right bank.

Edited by BossHog
  • Like 2
Link to post
Share on other sites
  • Administrator
Dafey

Welcome Chimp

1 hour ago, the chimp said:

they looked at me like I was an alien

Actually, you are!

My understanding is that once you set up a bank the monthly transfer takes about a month. We pretty much live hand to mouth so we need our check when it is ready.

I always suggest that Americans open a Schwab 1 checking account. You can do it online and they send you an ATM card. You can use that anywhere in the world and Schwab will refund any fees the ATMs charge you. You can have your SS and any other payments Direct Deposited to your Schwab account

1 hour ago, the chimp said:

Also tried to get into a supermarket,the guard told me We needed quarantine passes from the barangay hall,located about 1 kilometer away.We walked the 1K,inquired about the pass, they didn't know WTF we were talking about.I haven't been here for about 5 yrs,somewhat hopeful that things here had changed ???? NOPE!!! Doing my best to keep that smile on my face!!!  

You probaby will need a Q pass. Have your wife/partner go back alone and ask. 

  • Like 1
Link to post
Share on other sites
2 hours ago, the chimp said:

Hi,I'm a newbie to the forum but not to Philippines.Wondering if anyone can tell what the best bank here for receiving money transfers,or SS payments from US is.Also maybe with the best ATM network?

Same here (new to the forum but not the PH).   If you have a US HSBC Advance or Premier account, you can open another one anywhere in the world including the PH to make free, instant, global transfers up to $200,000 per day. Free ATM withdrawals too. 

  • Like 1
Link to post
Share on other sites
56 minutes ago, Dafey said:

I always suggest that Americans open a Schwab 1 checking account. You can do it online and they send you an ATM card. You can use that anywhere in the world and Schwab will refund any fees the ATMs charge you. You can have your SS and any other payments Direct Deposited to your Schwab account.

That is great info. Do you find the exchange rate reasonable? They even pay foreign ATM fees? Wow.

The US SSA says that 37,000 US expats use direct deposit to a PI bank. Surprising that you say direct deposit takes more than a day or two to a PI bank approved by SSA. SSA says they have a debit card program that might be useful ... but I would be suspicious.

Schwab still sounds like the winner. Don’t lose the card or get it cancelled by some dubious transaction...unless you enjoy NFA rice and fish heads.

  • Like 2
Link to post
Share on other sites
BossHog
9 minutes ago, Daddle said:

That is great info. Do you find the exchange rate reasonable? They even pay foreign ATM fees? Wow.

@Dafeyshould be getting a commission from these Schwab people, lol. He put me onto it and it does work a charm. You get basically the mid-market currency rate on an ATM withdrawal and they do refund the international ATM fee which is something like 250-300 pesos each go.

Their customer service is instantaneous if you have any questions. No on-hold music.

All in all, very good set-up. 

  • Like 2
  • Thanks 1
Link to post
Share on other sites
RogerDuMond
1 hour ago, Fresh said:

If you have a US HSBC Advance or Premier account, you can open another one anywhere in the world including the PH to make free, instant, global transfers up to $200,000 per day. Free ATM withdrawals too. 

HSBC only has one branch in Cebu, but it is easily accessible. Their ATM withdrawal limit is 40,000 pesos per transaction and the daily ATM transaction limit is set at 200,000 pesos. With a Premier account there is free parking in the bank building and a separate department to handle your business. We have direct deposit at HSBC in the U.S. and then can instantly transfer to the Philippines at no charge. Exchange rate is good compared to Philippine banks. You can withdraw either pesos or dollars in the bank, but with dollars, you have to let them know ahead of time so that the can have what you need on hand. They also refund other banks ATM fees plus they have a deal with most major Philippine banks not to charge ATM fees on their debit cards.

  • Like 2
Link to post
Share on other sites

USAA is also good if you qualify (military). 

They also refund ATM fees. 

They added my then fiancé now wife to my account while she was in the Philippines. Sent her an ATM card too. That helped showing support getting her to USA on finance visa.

Also made sending money to her in Philippines a non issue.

Very good customer service.

I used bpi ATMs to withdrawal 40k at a time. Bdo and other banks only allow half or quarter that amount. 

  • Like 2
Link to post
Share on other sites
  • Administrator
Dafey
53 minutes ago, Pman said:

USAA is also good if you qualify (military). 

They also refund ATM fees. 

They stopped doing that a couple of years ago...did the start again?

BTW, the Schwab account can be opened online. The only time you need paperwork is if you put your spouse on it.

My only complaint with Schwab is they take a week to transfer from my other bank account to Schwab. Customer service is extremely helpful and will even bend the rules a bit if you ask nice. You get a brokerage account with it if you want to trade stocks.

 

 

Link to post
Share on other sites
SkyMan
1 hour ago, Dafey said:

They stopped doing that a couple of years ago...did the start again?

I've never not gotten the refund but I don't use it a lot. They do limit to $15/mo.

  • Like 2
Link to post
Share on other sites
5 hours ago, RogerDuMond said:

HSBC daily ATM transaction limit is set at 200,000 pesos.

Which card? Their US ATM card daily limit is $1000.00

Link to post
Share on other sites
6 hours ago, SkyMan said:

I've never not gotten the refund but I don't use it a lot. They do limit to $15/mo.

What sky man said. Always refunded fees even in foreign countries included Philippines even though fine print says USA.

here is The fine print:

 

Note 1 USAA Bank does not charge a fee for the first 10 ATM withdrawals. Subsequent withdrawals will be charged $2 each except when made at any USAA Bank ATM. USAA Bank also refunds up to $15 per monthly statement cycle in other banks' ATM usage fees for transactions at ATMs in the United States. The ATM fee refund does not apply for the month in which the account is closed. The ATM fee refund does not apply to USAA Cashback Rewards Checking. A 1% foreign transaction fee applies to withdrawals outside the United States.

Link to post
Share on other sites
SkyMan

As for the OP question, I haven't used all of them but I am most satisfied with BPI though even they have some quirks. 

In a pinch I can do a transfer from my US account to BPI's Bank of NY account and in a couple days it shows up in my BPI account in pesos minus a $6.50 remittance fee. I think there's a p50k limit to this per transfer. 

Link to post
Share on other sites
RogerDuMond
9 hours ago, Fresh said:

Which card? Their US ATM card daily limit is $1000.00

Philippines HSBC Premier debit card. (Visa)

Also, you can set the online single transfer amount up to 3 million pesos. It comes in handy if you are making a large payment to a person or company for something and prefer not to use cash.

  • Like 1
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
×
×
  • Create New...

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..

Capture.JPG

I Understand...