Jump to content

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


MarinePride

Recommended Posts

 

Conversion Rates aside, Deposit Insurance is usually a per account deal - if you have $1 Million - split it up into four accounts of $250K each or better yet - go to four different banks....

PDIC insurance is now P500k per account, and has been for some time now. It will take a long time to get your money from the PDIC, it took me 2 years to get back money from one of the failed Rural Banks (not Legacy). However, I did eventually get all of my money back. I think the larger banks that others mentioned are fairly secure, but I certainly wouldn't put all of my money in one bank. I too keep the bulk of my savings in the States.

Link to post
Share on other sites
  • 1 month later...
  • Replies 43
  • Created
  • Last Reply

Top Posters In This Topic

  • mpt1947

    5

  • Davaoeno

    5

  • J n J

    4

  • smokey

    4

Top Posters In This Topic

Popular Posts

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

If it's Philippines regional/local banks you are worried about, there are foreign banks available. For example, Citibank out of the U.S. is pretty solid and does have a branch in Cebu City.

Link to post
Share on other sites

Good post,GR8T questions.

 

I do not trust the local banks nor do I trust the PDIC to re-imburse me for the P500,000 they say accounts are insured for.The $12,000.00 US dollars that I am promised should the bank I use here FAIL does not inform me of EXACTLY how long it would take to get the payment.

 

 

That said I:Keep away from SMALL LOCAL BANKS and utilize only 'THE BIG BOYS'.BDO I stay away from as their on-line banking doesn't always work.Therefore METROBANK is a good bet.Keep peso and US dollar accounts.Next choice would be BPI followed by PNB. Chinese banks are most likely a good idea and I was also going to start banking with CITIBANK until I read the fine print on the account agreement.

 

The PDIC doesn't tell foreign depositors if they will pay mulitple accounts in several banks or it will only insure each depositor ONCE no matter how many banks you utilize or how many accounts you have.My bet is they would want to pay as little as possible out in the event of a bank failure and because of that I am leery of depositing more than $12,000 in the entire country.

 

To the original poster I suggest that if you trust your partner,have accounts in both of your names so at least the PDIC would have to pay P1milion should the banks you deposit your cash in FAIL.

Also ,use The 'BIG BANKS' as the little guys go out of business by declaring 'BANKING HOLIDAYS' right before going under as a way to make sure you don't get your cash out before they go under.BANCO FILIPINO being a perfect example of that.With the internet banking and wire transfers available globally,keeping more than P500K in any bank is just not a good idea.

 

DO I TRUST THE PHILIPPINE BANKING SYSTEM? HELL NO.

Link to post
Share on other sites
MarinePride

 

DO I TRUST THE PHILIPPINE BANKING SYSTEM? HELL NO.

 

I don't trust any banking system, in any country really, but what can you do? If you have a substantial amount of cash, it has to be kept somewhere. In this country, if you have a death wish go ahead and keep it at home.

 

The more debt this country takes on, the worse it will be for everyone. Argentina had bank failures of epic proportion back in the 1990's, if recall the decade correctly. It could happen here and anywhere else in the world for that matter. The way the world is going, my worst nightmare is waking up and finding out the whole financial system has gone under because the the whole thing is really a big scheme based on trust of governments.

Link to post
Share on other sites

I have an account with PNB for 3 years now,main bank in the USA. so i exchange dollars to pesos

at pnb. recently a gentlemen from denmark told me pnb is taking advantage of you.they charge you a

fee to exchange your dollars.i think it is 0.4 of the exchange rate.he stated next time go in and demand

they call the central bank of the philippines and get the rate from there.

i did and guess what the rate was much higher then the bank rate.pnb stated to me sir you can only do this

with 2 thousand or more.i said to them why did you not tell me this from the beginning,all faces turned red

with no comment.thanks ollie, i hope this helps someone else!

THIS IS VERY INTERESTING. I am getting this done to me as well,for even a little longer BUT I DO BARGAIN by saying to the bank manager(I actually like the guy) 'the money changers on the street are offering...'..I am usually granted about.3 pesos more which is better but still not BEST rate possible.

QUESTION:How can we know what the rate at the Central Bank is at the EXACT moment the bank calls?Is there a web site we can be logged on to inside the bank,or right before we go in to do the exchange?

I do not want to sound critical or say I do not trust what I am told by a bank official(cough,cough)but just to be sure,u kno?

Link to post
Share on other sites
Davaoeno
promised should the bank I use here FAIL does not inform me of EXACTLY how long it would take to get the payment.

 

No bank in any country in the world does that !!

Link to post
Share on other sites
Unfortunately you are correct,but doing ones best to aviod a catastrophy is all we can really do.One thing we can do,anywhere in the world is utilize 'safe deposit' boxes.keeping enough for a rainy day in one in the R.P. is a good idea.I also am unclear as to what the PSE rules as to foreign investors is,can a foreigner invest in it? I know a U.S. citizen may not go to certain countries and invest in the stock exchanges,PSE open to foreigners?

 

 

I don't trust any banking system, in any country really, but what can you do? If you have a substantial amount of cash, it has to be kept somewhere. In this country, if you have a death wish go ahead and keep it at home.

 

The more debt this country takes on, the worse it will be for everyone. Argentina had bank failures of epic proportion back in the 1990's, if recall the decade correctly. It could happen here and anywhere else in the world for that matter. The way the world is going, my worst nightmare is waking up and finding out the whole financial system has gone under because the the whole thing is really a big scheme based on trust of governments.

Link to post
Share on other sites

 

 

No bank in any country in the world does that !!

Thank you for the words of wisdom.EXACTLY how do you know that?contacted them all have you?

I happen to know someone who had some cash in a local bank in the R.P. in 2009 when it went under.The poor lady(she is POOR) is still waiting for her PDIC payment.Point is,without criticizing the banking system here(and again be invited to leave the country by someone who will no doubt read my post),I am trying to give a heads up to the OP,since he/she asked!

BUT THANKS AGAIN,REALLY,THANK YOU!!!

Link to post
Share on other sites
Davaoeno
BUT THANKS AGAIN,REALLY,THANK YOU!!!

 

 

dont go giving those thanks away so easily- after all you only have 36 of them !!!

  • Like 1
Link to post
Share on other sites

I would advice to keep your money where you've been keeping it and send small amounts over to your Philippine bank account when you need it.

Link to post
Share on other sites
smokey

i use union bank here ... most of my funds are in the usa... not all banks are created equal

Link to post
Share on other sites
Stranded Shipscook

Maybe some time to shed some light into some Banks here :

 

BDO -

 

ownership after merging with Equitable PCI Bank

http://en.wikipedia...._Universal_Bank (more infos)

 

METROBANK -

http://en.wikipedia....d_Trust_Company

RCBC

 

 

 

 

UNIONBANK

http://en.wikipedia....the_Philippines

 

PNB

 

couldn't find in a whisk, mainly its Lucio Tan owning it

 

http://en.wikipedia....e_National_Bank

 

 

Bank of Philippine Islands

http://en.wikipedia....lippine_Islands

Those are just the largest Banks.

 

If you want to read more about YOUR Bank, just google it before you jump to conclusions.

 

Also interesting to click on the links under the above individual banks listings..

Edited by CATMAN
Link to post
Share on other sites
  • 1 month later...

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

Trust, yes, but bulk of my money? No. Banks are into the lending business. They give depositors smaller interest rates compared to the interest rates that they ask from debtors. Second, they would simply transfer the depositors money to higher yielding investments. For example, if they put money in mutual funds and recently after the 2008 economic downturn, some mutual fund companies did at least 50%. If banks earned that much in mutual funds and give back at most 1.5% to depositors, they earned at least 48.5%. I'd rather put my money on mutual funds and other investments.

 

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

Yes, I still have bank accounts but for emergency purposes. Banks are so liquid that we can withdraw cash anytime we need it. However, I only have bank accounts on stable and reputable banks. Here in the Philippines, I have BDO, Unionbank, and UCPB.

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...