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Expat Friendly Banks Here


Ilovecebu

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Regarding 40,000Php that can be withdrawn in one transaction from HSBC, here are my questions: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

 

When I lived in Cebu full-time, I never had an account with HSBC, but I will open up one when I return.

My accounts were in the US, but I took out the maximum daily allowed every time, with no problems.

 

 

 

Do the local banks offer internet banking?

 

Yes, some definitely do.

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When I lived in Cebu full-time, I never had an account with HSBC, but I will open up one when I return.

My accounts were in the US, but I took out the maximum daily allowed every time, with no problems.

Yes, some definitely do.

 

 

HSBC requires 100,000 pesos minimum deposit. You can open a foreign currency account there, even without an ACR card, also a peso savings account, BUT not a peso checking account. For that you need an ACR card.

 

A HSBC premier account requires a minimum balance of 3 or 3.5 mio pesos or equivalent. It comes with a free HSBC Mastercard and includes HSBC premier service at ALL HSBC branches worldwide! You get 0.2 % higher interest rates than posted plus 50 % off banking fees, no line up if you are in a hurry and the guard almost pushes other customers away if you flash your premier card.

 

They do offer internet banking (highly secure with a security code changing device) and you can do almost anything including wire transfer to US Bank accounts. They guarantee full insurance for all deposits in any amount with their worldwide HSBC insurance, not only up to 250,000 pesos. You can hold US funds (or Euro or Yen or whatever) in your savings acount and change them into pesos with a click of the mouse as required. Last time I checked, the rate was in between the 2 money changers rate at ayala, slightly better than one of them and slightly worse than the other one, not worth the hassle.

Edited by scianna54
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What's an ACR card?

Alien Certificate of Registration

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  • 1 year later...

Maximum withdrawal per transaction using my stateside ATM card:

 

P15,000 - Metrobank

 

P20,000 - Allied Bank (my preference - it's nearby and no lines)

 

P15,000 - Citibank (if no P1000 currency)

 

P30,000 - Citibank (if stocked with P1000 currency)

 

You can open an peso savings account at Metrobank with only a P2000 minimum balance. Submit 2 photos and show your ACR and another photo ID. I have a small part of my pension remitted to my account and only use it to pay bills online. http://www.metrobank.com.ph/ps_et_sa.asp

 

Mike in Cebu

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tom_shor
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???

 

 

It is supposed to be insured up to P250000 but I don't know how reliable they are about that.

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PDIC has taken over the Bank of Cebu and started to make payuts to investors.

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P20,000 - Allied Bank (my preference - it's nearby and no lines)

 

 

Mike in Cebu

 

We also have nice experience with them...besides it's one of the biggest bank in PI. :D

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