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Bank Account For Foreigners


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If there is no problem I will be paying them a visit in March when im there.Not many branches in Cebu I see.I presume its a safe bank??

Thanks

 

 

Hey,

 

Yeah, it's a pretty safe bank. Another one is Planter's Bank. You can open a USD account with Planter's Bank for only $100.00 USD. (Even Bank of Commerce has a $500 USD minimum to open an account.)

 

Here is a list of the top 15 banks in the Philippines: Eric's Top 15 Banks of the Philippines, as a PDF.

 

How do you get the initial $500 USD to them?

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hyaku

I am not married and have a PNB and Metrobank cashcard accounts. Minimum deposit is 5000 for PNB and 2000 for Metro. If you deposit 50,000 they will give you a Mastercard. o one takes card where I live anyway but its a good fix to use on the net.

Edited by hyaku
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NOSOCALPINOY

I am not married and have a PNB and Metrobank cashcard accounts. Minimum deposit is 5000 for PNB and 2000 for Metro. If you deposit 50,000 they will give you a Mastercard. o one takes card where I live anyway but its a good fix to use on the net.

Is that P50,000 a security deposit for the use of the Master Card? I think that how it works and your limit is based on that P50,000.
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Is the problem that you're a foreigner? Or an American?

 

America is the only major nation with the stated policy that it's citizens are subject to U.S. taxes no matter where they reside or where the income is earned. (I believe Libya is the other country.)

 

What this means for any banks holding accounts by U.S. citizens is a whole raft of reporting requirements that don't apply otherwise. Banks in many countries will no longer open a new account for a U.S. citizen. The easiest way around it is to acquire second citzenship in a more civilized country. To be totally clear you'd have to renounce U.S. citizenship as well. (I hear the waiting list for this is currently over a year in London or Geneva.)

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Inspector 2211

I am not married and have a PNB and Metrobank cashcard accounts. Minimum deposit is 5000 for PNB and 2000 for Metro. If you deposit 50,000 they will give you a Mastercard. o one takes card where I live anyway but its a good fix to use on the net.

Is that P50,000 a security deposit for the use of the Master Card? I think that how it works and your limit is based on that P50,000.

 

Now that we have discussed the MINIMUM cash deposit, what I am curious about, is there such a thing as a MAXIMUM cash deposit?

I mean, can I waltz in there with $100,000 in cash and deposit it, no questions asked?

Or not?

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NOSOCALPINOY

I am not married and have a PNB and Metrobank cashcard accounts. Minimum deposit is 5000 for PNB and 2000 for Metro. If you deposit 50,000 they will give you a Mastercard. o one takes card where I live anyway but its a good fix to use on the net.

Is that P50,000 a security deposit for the use of the Master Card? I think that how it works and your limit is based on that P50,000.

 

Now that we have discussed the MINIMUM cash deposit, what I am curious about, is there such a thing as a MAXIMUM cash deposit?

I mean, can I waltz in there with $100,000 in cash and deposit it, no questions asked?

Or not?

Probably with HSBC it won't be a problem since they manage high end accounts of every kind. Their VIP ATM savings deposits alone I believe is at PhP4 million where you get their "Premier" preferred client treatment and they even give you a credit card and other promos available!

 

HSBC website:

http://www.hsbc.com...._PWS_DI_PA_0001

Look at the bottom of their web page under Enrollment Requirements

Edited by NOSOCALPINOY
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sandwindstars

I'll throw in my experience at HSBC Philippines. To open a bank account in the Philippines, this is what I went through (You have to do this in person, sign the card in front of the bank officer):

 

1. Residency, verifiable address in the Philippines

2. Two photo id's - I used my foreign passport and driver's license

3. Accounts -

-For foreign citizens, foreign currency deposit ONLY. Not allowed to open Peso account to deposit Pesos EXCEPT if you have ACR (Residency permit etc) or a dual citizen.

-You can open a Peso account by transferring ONLY from foreign currency account to the peso account.

4. Amounts - that depends on the type of account you set up. HSBC has a couple of different accounts, with different privileges. Check their website.

5. Credit Card - if you are HSBC Premiere, I think you can get a local VISA credit card (useful for local transactions), tied to a certain amount of deposit.

 

Maximum amount - Very good question, esp if it is foreign currency. Anti money laundering laws follow international norms. There is a limit of foreign currency you can take out of your home country, there is also a limit on foreign currency you bring into the country. In Canada, CAD 10K is the max amount for cash deposit. Automatically that amount is reported.

 

Maybe in some branches of banks in the Phil they have certain limits as to how much they can transact in foreign currency cash. That can very well be the case. It happens even here in Toronto from one branch to the other of the same bank.

 

For those receiving pensions, you can direct deposit your pension in your home country account, then use ATM for withdrawal, then deposit cash. For HSBC, you can actually withdraw up to P80K (!) or almost USD 2K in one hit. (That's my branch HSBC Enterprise Makati.)

 

Other than HSBC, Metrobank, BDO, BPI seem to be most popular. I've used my foreign ATM in many places there and I've had no probs. And vice vers, used my Phil bank ATM here, no probs. Best option is visit your bank and get to know the banking officer first.Shop around first.

Edited by sandwindstars
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  • 2 weeks later...
D. Ricky Carlson

There is no rule that says Foreigners have to be Resident, holders of ACR I-Card, to open a Bank Account. Many will let you open a Foreign Currency Account, but more restrictive on Peso Account, especially 'Checking'.

 

Try every banks in your own preference. However, steer away from government banks such as LandBank. At first, an associate willl draw you in with pleasant face, and then when question arise, she will go to her supervisor. In my experience I was attack with 2 supervisors who love to say "No No No' to my face. They will bring out their thick regulation book and show it to your face. Not worth it.

 

That was before, but now after opening (and later close) WealthBank account as a single man in 2007 through Deaf friend from church, I encountered none of the problem whatsoever, with forms and deposit. Only at the end the associate asked, "Oh, by the way, do you have ACR-I?" When I shook my head and he said, "Oh, never mind. Have a nice day."

 

Time warp to present: got my ACR-I and 13A approved through my wife, finally, with a BDO Saving account in tow.

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Hmm, when i was here 3 weeks ago, i went into every major bank i could find in Cebu and Danao, as i wanted to open a account so i could have ready cash sitting here.

3 bank managers had a fit over the amount i wanted to transfer..... And told me NO RESIDENCY CARD, NO ACCOUNT......

Which is funny as the way i understand it, i have to deposit $75000 USD into one of these banks to get the Visa i want.....

 

And just to let any Australians know, our government has jumped on the band wagon with taxing it citizens on foreign earning regardless of time spent overseas, the old 6 month rule no longer applies....

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TheMatrix

I have opened two separate bank accounts here solely on a tourist visa. Both saving accounts at BPI.

 

One branch at Ayalya, the other in Labangon.

 

However, they require a resident card to open a checking account.

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Karen already had an ATM account at PNB's Banilad branch which she'd opened a month or two before I arrived in Cebu, so we went together there to open a joint peso account. We just showed them our marriage certificate from NSO, my passport and my Washington state ID card (I was still on extended tourist waivers at the time) and her passport and SSS ID card. We also had to provide several 2x2 photos of ourselves. Later we went back and added a checking account, which they opened in just my name for some reason. This was all before I had my 13A/ACR. It didn't seem to take any longer of be that much more hassle than opening an account in the US was. They required P5,000 initial deposits to open each new account.

Edited by Jay
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  • 1 month later...
Faluango

I visited three different banks in Cebu city, Bank of the Phillipines, Metro bank and LandMark bank.

 

At BPI the manager told me it's possible on a tourist visa but has to be discussed, it was closing time so I didn't receive more info than that.

 

Metro bank asked for a 2000 Php deposit in order to get a bank account with ATM card.

 

LandMark bank asked 10,000 Php deposit , bank account an ATM card.

 

I informed them that I was on a tourist visa and that I will stay for at least 6 months a year in the Philippines in the nearby future.

If you did stay already more than 1 month in the Philippines, just show them your passport so they can verify this.

 

It's easy.

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musicman666

one fact about HSBC is that its a totally seperate bank to HSBC in hong kong. Think of HSBC in the philippines as BDO with an international HSBC atm machine in it. If you have any issues regarding problems with HSBC cards ect from Hong Kong ..I wouldnt bother asking the local branches anything. Sort of makes their "world bank" image a bit of a joke.

Edited by musicman666
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RogerDuMond

one fact about HSBC is that its a totally seperate bank to HSBC in hong kong. Think of HSBC in the philippines as BDO with an international HSBC atm machine in it. If you have any issues regarding problems with HSBC cards ect from Hong Kong ..I wouldnt bother asking the local branches anything. Sort of makes their "world bank" image a bit of a joke.

That is absolutely NOT true if you have a Premier account. You walk into any HSBC bank in the world and the Premier relationship manager at that bank will assist you immediately (as long as they aren't assisting another Premier account holder at the time).

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Markham

It is perfectly true that HSBC used to have its headquarters in Hong Kong but that was when Hong Kong was a British Colony. However, prior to the handover of Hong Kong to China at the end of the 99 year lease in 1997, the bank bought the (British) Midland Bank and moved its headquarters to London. Hong Kong remains the Bank's regional headquarters and is the key hub in the reporting chain between the various branches, the countries' main branches and the London headquarters.

 

The level of service you can expect in any branch of the bank does largely depend on your customer status and Roger is quite correct in saying that, as a Premier customer, he can call on the services of a Premier Relationship Manager, in any branch he visits worldwide, to assist him with banking and investment matters. However this privilege does come with a price and that's the cost of being a Premier customer - paid for either by a subscription charge or by having assets in excess of a certain minimum - those assets, incidentally, do not need to be in any one country (or branch of the bank), it's your total 'relationship' worldwide that counts.

 

If you're not a Premier customer - and therefore not paying for the service - then any help the staff can provide will be limited.

 

 

 

 

Mark

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