Jump to content

Joint bank account?


Recommended Posts

Hello all

 

I am getting married soon and was thinking about opening a joint bank account (preferably with BDO).

Since I am not a resident in the Philippines this might be an issue as some banks might ask for an ACR card and so on....

 

Provided that a bank allows us to open such an account, does it mean that I am entitled to have an ATM card for my sole use?

I am not familiar with joint accounts but this would be the best solution for us since there are big expenses coming our way and I don't really wish to carry that much cash or use the ATM with my own western cards.

 

Any experiences or suggestions please?

 

Thanks for the help

Link to post
Share on other sites
  • Replies 38
  • Created
  • Last Reply

Top Posters In This Topic

  • drogon

    8

  • ancienrocka

    3

  • Jerome

    3

  • batman2525

    2

Top Posters In This Topic

Popular Posts

joint account ..the true litmus test of a marriage!

Bob Ward

Yes

Link to post
Share on other sites

let ur wife open a bank account and you be the joint account holder,

they should get you a card etc as well,

 

if they make problems, just ask the manager and smile a lot, (you might say that you thinking of buying a house to and need a account..., but it's not necessary)

Link to post
Share on other sites
SkyMan

Just checking to see if I understand. You want a joint account with only one card in your name and not married yet? I think that can probably be done easily but I'm guessing that she can go in by herself as a joint holder and get a card for herself. My guess but no factual backup there.

 

Perhaps you can stipulate at the account opening that you're the only one to get a card but she will need to be there at the time to sign the signature card as joint holder unless you can find to way to send her off at the right moment.

Edited by SkyMan
Link to post
Share on other sites

Hello

 

Thanks for the answers, I got misunderstood (have to put that on my bad English).

We are not married yet, but we wish to open a joint bank account.

Of course she would also have a card if possible but the important thing is for me to get an ATM card since this account will be used for the wedding expenses and other costs as well.

 

Asking about the card since back here a joint account means only one card (and for a secondary card you sometimes have to dish up to the equivalent of 5K piso)....

 

The main point, in this case, being allowed to open a joint account without me being a resident and not being married yet.

 

Basically I don't see myself carrying 400K piso in cash on me all the time nor do I wish to make a wire transfer to her account since it would mean paying at least 15K piso in commissions and fees........and neither do I wish to use my own overseas ATM, debit/credit cards since the commissions/fees are also ridiculous + the amounts I can take at the ATM are also far too low and this is too much hassle anyway

Edited by drogon
Link to post
Share on other sites
ancienrocka

Elsa and I opened a joint account with BPI at Ayala long before we were married. Both of us have an ATM card and can withdraw from the account.

 

They are a very good bank and we have had no problems at all with them.

Link to post
Share on other sites

Thank you for all the answers, since she has a BPI account I guess it will be easier if we open a joint account there.

Link to post
Share on other sites
Stranded Shipscook

At BDO and Metrobank 9 i used only those 2, others may also) you can of course issue bank cards for other account holders. or if problematic, (but i don't think so, as others said already, smile a lot and that... ) you can simply use the card of your fiance. the ASM's don' ask for names or faces, just a PIN nbr...

 

Thank you for all the answers, since she has a BPI account I guess it will be easier if we open a joint account there.

 

She can justa dd you to her signatories and get an extra card. no problems then.

Link to post
Share on other sites
musicman666

joint account ..the true litmus test of a marriage!

  • Like 2
Link to post
Share on other sites

thanks again.

 

I wouldn't worry too much about the joint account since we have already been using her account for the wedding and so far she of course hasn't used one single peso from this.

(and it is a bit more than a few thousands piso)

 

Cheers

Link to post
Share on other sites
Paul

Brother, you can do what you wish. But, this is what I would do, if I were you.

 

Open a single account SOLELY in your name. At the same bank, open a joint account in your name, and your g/f's name.

 

Transfer funds, as needed, from your SINGLE account, into the joint account.

 

I trust, but I don't trust any woman that much.

Edited by Admin
Link to post
Share on other sites
mpt1947

Hello

 

Thanks for the answers, I got misunderstood (have to put that on my bad English).

We are not married yet, but we wish to open a joint bank account.

Of course she would also have a card if possible but the important thing is for me to get an ATM card since this account will be used for the wedding expenses and other costs as well.

 

Asking about the card since back here a joint account means only one card (and for a secondary card you sometimes have to dish up to the equivalent of 5K piso)....

 

The main point, in this case, being allowed to open a joint account without me being a resident and not being married yet.

 

Basically I don't see myself carrying 400K piso in cash on me all the time nor do I wish to make a wire transfer to her account since it would mean paying at least 15K piso in commissions and fees........and neither do I wish to use my own overseas ATM, debit/credit cards since the commissions/fees are also ridiculous + the amounts I can take at the ATM are also far too low and this is too much hassle anyway

 

I live in Cebu City, but my checking account is in the USA - I use a service Remithome - to transfer money from my Checking Account to my wife's Checking Account at BPI - I am limited to $1,000/Day (it is paid in Pesos to her). I am charged $10.00 (or less - if I always transfer the same amount each time), and they charge me a lower exchange rate then what the Philippine Central Bank is giving - for example if the current rate is 43.16 to a $1, Remithome may only pay me 42.20

 

I believe there are other services around, that will give you better rates, but may have different qualifications or limits - but regardless it will not cost 15K for a wire transfer - oh Remithome is based in California because of the time difference I always get my transfer in prior to their cutoff time - my wife usually gets her credit within 24 hours.

 

Lastly, you don't need to be present for the transfer - you authorize Remithome to Debt your Checking Account and they will Credit the Appropriate Account at just about any bank in the Philippines.

 

Regarding ATM Cards - again I have to say that my bank is located in the US, so rules maybe different. But I use my ATM Card (has Visa Logo) as if it were a Credit Card - if I need to make a purchase I will use the Debt Card - my bank will charge me a 1% fee, verses a Credit Card charging me up to a 10% Foreign Transaction Fee -

 

Again, look around for transfer services other than using your bank and Wire Transfers - you may be pleasantly surprised at what is out there

 

Good luck on your marriage and have fun getting ready for the ceremony -

Link to post
Share on other sites

Brother, you can do what you wish. But, this is what I would do, if I were you.

 

Open a single account SOLELY in your name. At the same bank, open a joint account in your name, and your g/f's name.

 

Transfer funds, as needed, from your SINGLE account, into the joint account.

 

I trust, but I don't trust any woman that much.

 

Thank you for the advice.

This is what I originally intended to do but since opening a single bank account for me (not resident and not married yet) seemed difficult I was having second thoughts about it.

Link to post
Share on other sites
Fish Sandwich

I tried to setup a BPI account about 3 months ago and they were not concerned with an ARC card. They only wanted my passport, a permanent residence and strangely enough, a reference letter from the manager of my current bank. I figured I'd try another branch to not have to deal with the reference letter, but never got around to it because I'm getting free withdrawals from Citi ATMs using my TDAmeritrade card. They only allow P15K withdrawal per transaction, but you can do as many transactions in a row as you want up to your daily limit and there are no ATM fees.

 

I've also successfully used xoom.com to send money here (several times). You can send up to $2999 per day for $6 to many of the banks, definitely BPI and BDO. Good luck.

Link to post
Share on other sites

I tried to setup a BPI account about 3 months ago and they were not concerned with an ARC card. They only wanted my passport, a permanent residence and strangely enough, a reference letter from the manager of my current bank. I figured I'd try another branch to not have to deal with the reference letter, but never got around to it because I'm getting free withdrawals from Citi ATMs using my TDAmeritrade card. They only allow P15K withdrawal per transaction, but you can do as many transactions in a row as you want up to your daily limit and there are no ATM fees.

 

I've also successfully used xoom.com to send money here (several times). You can send up to $2999 per day for $6 to many of the banks, definitely BPI and BDO. Good luck.

 

Thank you for the tips. Unfortunately I am not a resident nor am I yet married so I guess it will be a no no for me for a personal account.

Unfortunately citi here charges huge commissions if I withdraw in a foreign country and so do all my other cards....

 

Thanks for xoom will see if it is available in Europe

Link to post
Share on other sites
Guest
This topic is now closed to further replies.

×
×
  • 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...