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Does your Philippine bank charge a fee when you deposit a check from the U.S.?


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I'm curious if anyone has experience with Philippine banks charging fees for depositing dollar denominated checks into a Philippine bank. Do you deposit your checks into a peso or dollar account? How long does it take for your check to clear?

 

Thanks for sharing your experiences.

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I have had a USD account with PNB for several years. They charge 100 peso's for checks deposited that are issued in the US. Initially it took 30 days to clear. I found that after I had done busines

well anytime you want to meet me i still have passbook where they charged me. they charge a percentage of money received plus a fee for an itinerary bank which no other bank charges. it cost about $30

johnormoc

I've never been charged fees for depositing dollars into a dollar account with a Filipino bank. I've deposited checks & cash and also sent bank wires. The bank wires are usually posted in 2 days. The checks took almost 2 weeks to clear.

 

The only time I was ever charged a fee to deposit money was with China Bank in Cebu. My wife and I had a large sum of pesos (yes, Pesos!) and didn't want to carry it around with us so we took it to a Cebu branch. They charged us P600 to deposit our money saying that our account was with a "province" branch in Ormoc and their policy was to charge a deposit fee for any accounts maintained in a China Bank provincial account. I went round and round with them arguing that if you had an account with them it shouldn't matter where you deposited your funds but they wouldn't budge.

 

We have since changed banks to BDO. I would not recommmend China Bank to anyone based on this policy. They got our P600 that day but lost all of our future business.

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SkyMan

RCBC does not charge me a deposit fee. In fact, I have helped a Canadian friend by depositing checks from his Canadian Dollar bank. He writes "In US Funds" at the end of the amount and it clears from RCBC to their US clearing house. Then to Canada and his bank where they return that many US dollars and debit his account the exchaged rate of Canadian dollars. I don't think a US bank would do anything like that but I guess it's common in Canada, especially along the border.

 

I don't believe any bank here would let you deposit a dollar check directly into a peso account. You would have to have a dollar account for that. Then when it clears you can have them exchange the dollars in your dollar account and directly deposit them in your peso account. Only that part can be done on paper as in you don't have to withdraw the actual dollars then exchange, then deposit the pile of pesos.

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SkyMan

Additionally, even if you have a dollar account, these aren't US banks so they don't keep many dollars on hand. If you need to withdraw much after the chack clears, call them the day before so they have it on hand for you.

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MarinePride

I recently opened USD accounts at ChinaBank, BPI, Union Bank and BDO and I came away from it with this information regarding check fees.

 

1. At all banks, if the check amount is over $4500. they MAY or MAY NOT charge you a fee. It seems that these kind of things can be waived by the branch manager, if they are in the mood. The branch manager at BPI did this for me and saved me $30. ChinaBank didn't, so they lost a chance to increase their capitalization.

 

2. Anything over $4500 and they ask the source of the money, from my experience.

 

3. One check cleared for me, BDO, in about three days. Union Bank took about one and a half weeks. ChinaBank took about one week. These were personal checks drawn on my accounts back in the USA.

 

4. No bank here, that I've found, can handle an International Money Order from the US Postal Service. I received it as a XMas gift and I'm still trying to figure it out.

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musicman666

I've never been charged fees for depositing dollars into a dollar account with a Filipino bank. I've deposited checks & cash and also sent bank wires. The bank wires are usually posted in 2 days. The checks took almost 2 weeks to clear.

 

The only time I was ever charged a fee to deposit money was with China Bank in Cebu. My wife and I had a large sum of pesos (yes, Pesos!) and didn't want to carry it around with us so we took it to a Cebu branch. They charged us P600 to deposit our money saying that our account was with a "province" branch in Ormoc and their policy was to charge a deposit fee for any accounts maintained in a China Bank provincial account. I went round and round with them arguing that if you had an account with them it shouldn't matter where you deposited your funds but they wouldn't budge.

 

We have since changed banks to BDO. I would not recommmend China Bank to anyone based on this policy. They got our P600 that day but lost all of our future business.

 

Yeah I came up against those guys..... In my case I had usd but the account was in pesos and they point blank refused to change the currency....... Surely this is one of the things banks do as a matter of course.

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A_Simple_Man
In fact, I have helped a Canadian friend by depositing checks from his Canadian Dollar bank. He writes "In US Funds" at the end of the amount and it clears from RCBC to their US clearing house. Then to Canada and his bank where they return that many US dollars and debit his account the exchaged rate of Canadian dollars. I don't think a US bank would do anything like that but I guess it's common in Canada, especially along the border.

 

It is possible, in an emergency, but not recommended and if you do it too often they will bounce the check. I have discussed it in detail with 2 different bank managers at Canadian banks and they agree it is allowed because of a tradition of doing so. They also tell me the fees and exchange rate are higher than normal to discourage it and, although neither has done so to my knowledge, they do reserve the right to bounce a Canadian check written with US funds if the privilege is abused.

 

So, to fellow Canadians who may be considering Skyman`s idea, do it in emergency situations but don't depend on that method until you talk to you your Canadian bank manager.

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I'm curious if anyone has experience with Philippine banks charging fees for depositing dollar denominated checks into a Philippine bank. Do you deposit your checks into a peso or dollar account? How long does it take for your check to clear?

 

Thanks for sharing your experiences.

 

I have only been charged when depositing money into someone else's account at a PNB, but I had not tried other banks. We use BPI and CitiBank Philippines and they have never charged us anything no matter how big a US dollar check we had deposited. There is usually a 21 day hold in those banks and it can be 21 days plus holidays, or even 21 business days, depending on what your relationship is with that particular branch. The fastest I ever got a check cleared was in 10 days as a favor from the branch manager, even when most checks I have deposited had actually cleared my US bank in three days. Other smaller banks may hold a US check up to one month.

 

BPI also holds cash deposits one week unless you get the manager to release the funds sooner. Weird right, yup many weird things go on in the Philippines.

 

Also most banks will want to know what you are going to do with the money if you make large deposits. When we bought our condo, Citibank wanted a copy of the contract to prove what the money was for. No two banks may be the same and possibly even a difference with branches of the same banks.

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afmayer

I'm curious if anyone has experience with Philippine banks charging fees for depositing dollar denominated checks into a Philippine bank. Do you deposit your checks into a peso or dollar account? How long does it take for your check to clear?

 

Thanks for sharing your experiences.

 

My BPI dollar account has no fees for depositing checks drawn from stateside banks. It takes about 30 days to clear.

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Julian C Thong

HSBC do, infact they charge a fee for everything as far as I can see.

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SkyMan

HSBC do, infact they charge a fee for everything as far as I can see.

I don't know anything about HSBC (RP) accounts, I don't have one. But I do have an HSBC (US) account and have never been charged a fee to use the ATM to withdraw funds here from them. Likewise I use my USAA ATM card at HSBC and get a warning my bank might charge a fee which they don't but no fee here. Unfortunately there is only one rather inconvenient HSBC location now .
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Majorsco

I deposited a US payroll check to PNB last week of a little over $1000. I was charged a 100 piso foreign check deposit fee plus had to pay 40 pisos for "stamps".

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Headshot

My BPI dollar account has no fees for depositing checks drawn from stateside banks. It takes about 30 days to clear.

 

This is fascinating hearing all of these differing accounts about how long it takes an international check to clear at BPI. My experience has been that it always takes 25 calendar days for any international check to clear my account. The branch manager at the Jones Branch told me that is bank policy. I have sent through personal checks, pay checks, bonus checks and tax refund checks, and have always had exactly the same result...25 days for the amount to show as available in my account. BTW, BPI doesn't charge any fees for this, which to me is a plus. I have a dollar account and a peso account at BPI. It is very simple to move money between accounts, and I can do it at any branch.

 

I would NEVER bank at China Bank. They charge huge fees for doing anything with your money. It's as if they feel like they're doing you a favor to even let you do business there. I've only had to deal with them a couple of times, and I try to avoid them as much as possible.

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Stranded Shipscook

They can charge, of they can not. It's a vague term in their "Conditions".

 

I made it a habbit to open my bank accounts alway's personally at the Managers office and inquired about ALL fees, then keep up a good relation with him.

 

Banks i used so far and my personal ratings:

 

PNB(php), Good, but crowded

METRO(US & PhP), No problems at all. Still my current Bank

UNIONBANK ( php and Investment), Safe and good Investment

STANDARD CHARTERED (Euro & php), Best of all for Int'l

BDO (US & Php) also their former PCI Bank. Good, but "greedy" in fees

BPI ( Can't recommend them) the worst so far.

ASIAN BANK ( US ) good before, not Asian United Banking

City Savings Bank ( Coz it was the only one in town,PhP) ok for savings and checking locally

RCBC ( php and checking ) Very good,my current Bank.

 

I have no experience with other banks aside from the sometimes "depositing" for paying bills or "claiming" Checks at the issueing offices. I used above Banks because they were recommended by People with lots of money and in my vincinity.

And in case of the City Savings bank because it was the only one in town. Alternatively i could have used a "Rural Bank" but.... Not much choice there, right ? (AllRural banks from 2002 are not existing anymore, but there are always new ones, lol.)

 

Fees : For US deposits i never paid a fee anywhere, this was always "dealed" out with the manager as a condition. Since i always opened my accounts with a Cheque, they had not much choice..

 

Clearing time : Local checques from other banks 3 days, US Cheques between zero days ( Managers Cash Cheque) and 6 days.

 

Other fees local stuff : Unfortunately i have not yet found a way to avouid the ~php 50,- for "depositing" money into other accounts. Or what we would call a bank transfer. Online is cheaper or free, but problematic sometimes.

 

Thats all from my side.

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afmayer
I have a dollar account and a peso account at BPI. It is very simple to move money between accounts, and I can do it at any branch.

 

I have a dollar and peso account at BPI also. I used to move funds electronically from the dollar account to the peso account until I discovered the exchange rate was always below (sometimes substantially) money changer rates. Now I withdraw dollars from the dollar account and exchange for pesos at the changer in Robinson's. They always seem to have the best rate around. The on-line (BPI web-site) rate never matches (in my experience) the rate you get at BPI branches. The branches rate is always lower. When I asked about this, I was told the on-line rate wasn't updated as frequently as the bank rates. I find this hard to believe as the on-line rate is always higher. If updating frequency was the reason, it would be a mix of lower/higher ... not always higher.

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