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How much do you trust the local banks? Do you still maintain accounts in your native country?


MarinePride

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MarinePride

I still have the bulk of my cash parked over in the USA. We have accounts here at most of the big named banks for less than the 500K pesos that the PDIC will cover in the event of a bank failure. I believe that a lot of banks around the world are on questionable ground with regards to their available capital on hand at any given time ; big pit fall for fractional reserve banking.

 

I want the cash over here so that I can control it better, but I honestly don't trust the banks all that much. Call me crazy, but the financial world, banking especially, deserves some scrutiny that most would rather not deal with. So I guess the questions are:

 

1. Do you trust the local banks with the bulk of your money?

 

2. Do you still maintain bank accounts in your native country still?

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I keep my US bank account and have direct deposits sewnt there and write checks to bnk here every month.I do have son's SS check sent to bank here. Never hear it mentioned on here, but we bank with B

I'll be keeping the bulk of my cash in US banks after reading this, just like I have been doing. I just wanted to get a feel for what members of this forum are thinking when it comes to this subject.

I wasnt making a claim, i was updating my knowledge about how the system works .lol The principle is NOT the same here- not in theory- and most certainly not in practise !! There is a huge amount of

USMC-Retired

PDIC aims to pay valid claims as soon as possible. Prior to payout, claims are examined thoroughly. This is to protect the Deposit Insurance Fund (DIF) which is the source of insurance payments. Sometimes, depositors mistakenly assume that the payouts are sourced from their deposits. This is not the case. The payouts are from PDIC’s own funds.

The claim for insured deposit should be settled within six (6) months from the date of filing provided all requirements are met but the claim must be filed within twenty-four (24) months after bank takeover. The six-month period shall not apply if the documents of the claimant are incomplete or if the validity of the claim requires the resolution of issues of facts and law by another office, body or agency, independently or in coordination with PDIC.

 

It takes the Government to long to resolve PDIC cases. The bigger banking institutions should not be an issue. Though keeping any monies here would be risky.

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I also keep the mother load in various institutions in the USA..My friend had some money in a bank in Georgia that failed and FDIC payed back in a VERY short time..If I had to keep cash here for sure it would be at HSBC or for an RP bank it would be BDO.....

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greatplace

The BDO & the Metro Bank should be ok.......I'm not sure about the other Phil banks and would not use them........The Bank of Filipino fore closed the first half of this year........I know somebody who lost 10 mil......They were paid out 500K they lost the rest.....They got their fingers burnt chasing the high interest......I have small amount in a bank back home to keep it open as I need to show that I have account in a bank for a period of time when I go chasing the old age pension.

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1. No (except for local branches of major international banks like HSBC where I have an account)

2. Yes (just to keep my account for when I collect pensions) but as my adopted home is Hong Kong most of my assets are here spread around three major banks including the Bank of China (which is very unlikely to go belly-up for reasons of national pride).

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I still have the bulk of my cash parked over in the USA. We have accounts here at most of the big named banks for less than the 500K pesos that the PDIC will cover in the event of a bank failure. I believe that a lot of banks around the world are on questionable ground with regards to their available capital on hand at any given time ; big pit fall for fractional reserve banking.

 

I want the cash over here so that I can control it better, but I honestly don't trust the banks all that much. Call me crazy, but the financial world, banking especially, deserves some scrutiny that most would rather not deal with. So I guess the questions are:

 

1. Do you trust the local banks with the bulk of your money?

 

2. Do you still maintain bank accounts in your native country still?

 

 

 

well as your stay here is at the mercy of so many well connected types keep your money in the country that most likley wont kick you to the curb/////

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Never wise to put all your eggs in one basket, so I split between UK & here. BPI & HSBC here for emergency use like bad forex or medical. No more per account than covered by PDIC.

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ellenbrook2001

i still live my money in my country hes easy too transfer money on line just a click in the morning then in 3 pm afternoon the same day go too collect the cash at MLUILLIER for me hes the easy way'.\

my bank abroad hes secured by the government so i can sleep well.

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I have met the man that consulted with the Philippine Banking Community in establishing the automated banking system in the Philippines - he was an Senior Officer with the Federal Reserve Bank in Minneapolis. So on a technical level, I have confidence in the Banking System in the Philippines.

 

On a stability level, I have as much confidence in the banks here in the Philippines as I do with any bank in the world - I would not keep all of money in any one place - but since I am apparently not the high rollers that many of you appear to be, I don't have enough to spread all over he world. :biggrin_01:

 

I do most of my banking with a Credit Union in the US. Every month I transfer via Remithome, a potion of my income to my wife's account at BPI. From that Account she will pay our local bills. The remainder of my income stays at my Credit Union and I pay my US Debt from that account.

 

Anything left over goes into an investment account and/or a Savings account at separate institutions.

 

When you made a decision to deposit funds at a bank in your own country, I hope you looked passed incentives they were offering and looked how the bank is funded. Who is on their Board of Directors, who are their Depositors - You should do the same think in the Philippines. If your not familiar with the local bank officers and how they fund their bank, my recommendation would be to go with one of the well established banks here - BPI, BDO to name two.

 

Regarding Cash on Hand - from what my wife makes from her businesses here in Cebu, we have plenty of cash on hand.

 

Just my :twocents:

Edited by mpt1947
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if you have a good chunk of cash (under the fdic limit of course) that you aren't doing anything with you might consider using pnb. service isn't so great so it may not be the bank you do your daily dealings with (although it is ours) but the government isn't going to let them go under. bpi, bdo, hsbc are as trusty as you could hope for also.

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So far so good but a word of caution on threads like this in an open forum. You never know who might be reading about your finances & where your nestegg is kept.

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So far so good but a word of caution on threads like this in an open forum. You never know who might be reading about your finances & where your nestegg is kept.

 

 

 

 

smokey thinks hummmm where do all the leaders keep their money ..... you know what is scary is all the leaders keep saying we have the finest doctors and hospitals (( yet they run to the other countries when they are sick,,,, we have a very strong and growing banking system ,,, yet they always get caught with millions in other countries banks... i love my country and will always be here for the people... then they retire and move to europe or us.. ???

Edited by smokey
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cebubird

I keep my US bank account and have direct deposits sewnt there and write checks to bnk here every month.I do have son's SS check sent to bank here.

Never hear it mentioned on here, but we bank with Bank of Commerce which is owned by the San Miguel Corp and I dont think they are going under any time soon. since I dont have much money don't have to worry about being over the 500000 mark.

Bll

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I use citibank in Singapore. Really great service, no taxes and reliable as death and taxes

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