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Expat Friendly Banks Here


Ilovecebu

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Metro Bank and BPI appear to be the banks that give expats less problems opening bank accounts.

 

You can open a BPI peso savings account with a 3000 peso minimum, They give you your ATM card immediately. Then they will let you deposit a USA bank personal check in Dollars, but a 25 day hold and then dposit it to your account in Pesos, after 25 days.

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Metro Bank and BPI appear to be the banks that give expats less problems opening bank accounts.

 

You can open a BPI peso savings account with a 3000 peso minimum, They give you your ATM card immediately. Then they will let you deposit a USA bank personal check in Dollars, but a 25 day hold and then dposit it to your account in Pesos, after 25 days.

 

Didnt have any problems with PNB either. But it could be because my wife knows one of the managers. I dont know for sure.

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We use PNB for our charity work, each month I deposit the money in the account in NewYork and my sister inlaw withdraws the money in Talisay PNB branch for a fee of 8 usd. We love their services, nice and polite people. I also opened a savings account with them about 6 months ago, they are paying me 8 percent interest, much better than most banks here in the US.

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Metro Bank and BPI appear to be the banks that give expats less problems opening bank accounts.

 

You can open a BPI peso savings account with a 3000 peso minimum, They give you your ATM card immediately. Then they will let you deposit a USA bank personal check in Dollars, but a 25 day hold and then dposit it to your account in Pesos, after 25 days.

 

 

Do you know if they (BPI) offer USD accounts? If so, do you know the minimum balance to open it? I have been thinking about getting a friend to open an account for her in Cebu.

 

Thanks,

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Aerosick

Speaking of banks, my sis-in-law texted that the Bank of Cebu had a run and is closed now. She urged us to withdraw, but it's too late now. We had approx PhP 20,000 in there from our harvests at our place in Argao.

 

Now what???

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Do you know if they (BPI) offer USD accounts? If so, do you know the minimum balance to open it? I have been thinking about getting a friend to open an account for her in Cebu.

 

Thanks,

 

 

I'm sure they do, we have a US dollar account at Equitable

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Speaking of banks, my sis-in-law texted that the Bank of Cebu had a run and is closed now. She urged us to withdraw, but it's too late now. We had approx PhP 20,000 in there from our harvests at our place in Argao.

 

Now what???

 

I don't think there was a run on the Bank. According to the Inq7 article below, the closure was by the government and was unexpected by both employees and customers.

BSP declares Cebu bank
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Aerosick

Thanks! We can't go there until early next year to try and get our deposit back.

 

Keep me informed on any more updates concerning depositors retrieving their funds.

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We use PNB for our charity work, each month I deposit the money in the account in NewYork and my sister inlaw withdraws the money in Talisay PNB branch for a fee of 8 usd. We love their services, nice and polite people. I also opened a savings account with them about 6 months ago, they are paying me 8 percent interest, much better than most banks here in the US.

 

I checked their website and the interest rates they quote are not 8%! Is there a special rate available?

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I have a dollar account that I opened at the HSBC here in Cebu.

No hassles at all except the minimum balance is about $1500.

HSBC is a huge bank with branches all over the world.

Also, I can withdraw up to 40,000 pesos in one ATM transaction

in either Cebu or Manila.

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I will be opening a USD and a peso account soon, at HSBC, both in my g/f's name. (I know what most of you are probably thinking.) I, like Don, have never had a problem at HSBC.

 

Don: I thought the minimum was $2,000 USD? Did they drop the opening balance?

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Paul, you are probably right about the $2000, I was just going by memory.

Also, I noticed today that Citibank will soon open a branch on Osmena, next door to Cebu Doctors hospital. I think Citibank allows 15,000 or 20,000 pesos to be withdrawn at one time on their ATM.

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When I enquired at HSBC about 3 years ago they quoted a $1,000USD minimum balance, but it's probably gone up.

 

Personally, I can't see much point getting an HSBC account. They advertise as "The World's Global Bank", but in reality each country operates independently.

You can get a large ATM withdrawal for a single transaction, but there doesn't seem to be any other advantage.

 

BTW: I have a HSBC (UK) account and reached that conclusion when I asked HSBC (Philippines) if that gave me any extra services. The answer was no, and I've had the same response from HSBC (Australia). They operate globally as separate banks.

 

Possibly Citibank may offer something extra, but I have no experience of what that may be.

 

I'd suggest it's better to set up an account with one of the big Philippine Banks and transfer your money when needed.

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  • 1 month later...

Regarding 40,000Php that can be withdrawn in one transaction from HSBC, here are my questions:

 

1- do I have to have an account with HSBC

 

2- is the ATM card issued by HSBC

 

Thank you for your help.

 

 

jazzy

 

 

 

 

 

 

 

 

 

 

 

 

I have a dollar account that I opened at the HSBC here in Cebu.

No hassles at all except the minimum balance is about $1500.

HSBC is a huge bank with branches all over the world.

Also, I can withdraw up to 40,000 pesos in one ATM transaction

in either Cebu or Manila.

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