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


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rcbc is the worst bank here in the philippines. if you wire money nto your acct. at rcbc they feel like they can take a percentage of your money as fees also charging you a high fee for receiving your money. well i closed my acct. at rcbc and would never go back they are crooks

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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

dc3driver

Metrobank charges us for deposits & won't credit the account for 30 days, even though online, I can see the check cleared in about 4 business days.

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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 business with them for a year or so the clearing time or at least the time funds were available to me was less then 7 days. I have been able to negotiate the exchange rate now as well. I think that it has a lot to do with the personal relationship you have with the branch manager. Each branch may be a bit different. They have some flexibility if you develop a good relationship with them.

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A_Simple_Man
rcbc is the worst bank here in the philippines. if you wire money nto your acct. at rcbc they feel like they can take a percentage of your money as fees also charging you a high fee for receiving your money.

 

Just to show how everyone gets a different level of service here. This is definitely not what happens to me. I have been wiring money to my RCBC savings account for 4 years and they have only ever charged a small service fee of something less than 100 pesos. I am actually happy with their service.

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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 $300.00

dollars they ended up giving me half back after i complained.

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David Spicer

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.

 

 

My experience to the letter here in Talisay, except I move Dollars to my Peso account online. In almost 3 years BPI has never charged me a centavo for anything.

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afmayer
My experience to the letter here in Talisay, except I move Dollars to my Peso account online. In almost 3 years BPI has never charged me a centavo for anything.

 

I used to do that also until I discovered that BPI's on-line rate was worse than the BPI branch rate (also bad). Now I withdraw USD from the dollar account and exchange at the Robinson's money changer ... always a better rate. Sometimes $30-$40 USD better with the amount that I exchange.

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towboat72

we have been dealing with PNB in lapu lapu for several years and have always gotten good friendly service untill last week.we have always had a good relationship with the manager and staff .we have two accts peso and dollarbut we dont keep large balances in them but it is still a fair amount of money.last week we deposited a large cash amout in there that i did not want to keep on hand.about 4 days later ledie went to go withdrawl part of it and they said she had to wait two more days before she could get what she wanted,she could get out what we had in there before but none of what we had just put in .

i was not with her and the manager was not there so she left a little bit pissed.if you deposit U S dollars i dont she a waiting period i can understand if it had been checks we had deposited ,but not $100.00 bills.

have yet to talk to the manager but i plan on it .

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SkyMan

Just to show how everyone gets a different level of service here. This is definitely not what happens to me. I have been wiring money to my RCBC savings account for 4 years and they have only ever charged a small service fee of something less than 100 pesos. I am actually happy with their service.

I agree. I can usually get a bump on the advertised exchange rate, enough that I wouldn't bother taking out the dollars and shopping for a better rate at one of the booths. I think it's worth it to not have to carry around a bunch of dollars. If you need money fast you can wire it ($20 or whatever from your bank) to their account at Wachovia which charges $5 and the money is in the account in maybe 3 days. I have not investigated if a electronic bill pay can be used to send a check to Wachovia.
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SkyMan
i was not with her and the manager was not there so she left a little bit pissed.if you deposit U S dollars i dont she a waiting period i can understand if it had been checks we had deposited ,but not $100.00 bills. have yet to talk to the manager but i plan on it .
The problem that may have something to do with it in your situation is that even though they have dollar accounts, they aren't a US bank so they don't keep much dollar cash around. If I wanted a large amount of dollars I would call the bank ahead to make sure they had it on hand. Shouldn't take longer than the next day though unless they don't get an armored car every day. Edited by SkyMan
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The problem that may have something to do with it in your situation is that even though they have dollar accounts, they aren't a US bank so they don't keep much dollar cash around. If I wanted a large amount of dollars I would call the bank ahead to make sure they had it on hand. Shouldn't take longer than the next day though unless they don't get an armored car every day.

 

Terry, I'm not sure they actually wanted to withdraw dollars (as in US currency). Normally, with a dollar account here, you deposit in dollars, but withdraw in pesos. The bank's computers just do the exchange rate for that day. At least, that's the way it is with BPI. I have an ATM card for my dollar account as well as for my peso account. I can withdraw pesos from either account. Doing it that way, there shouldn't be any waiting at all. It really sounds weird that the bank put a hold on the money that had been deposited. Somebody had to be confused about policies. If that IS the bank's policy, I think I would be changing banks.

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SkyMan

Terry, I'm not sure they actually wanted to withdraw dollars (as in US currency). Normally, with a dollar account here, you deposit in dollars, but withdraw in pesos. The bank's computers just do the exchange rate for that day. At least, that's the way it is with BPI. I have an ATM card for my dollar account as well as for my peso account. I can withdraw pesos from either account. Doing it that way, there shouldn't be any waiting at all. It really sounds weird that the bank put a hold on the money that had been deposited. Somebody had to be confused about policies. If that IS the bank's policy, I think I would be changing banks.

I didn't know you could have an ATM card that would withdraw pesos from a dollar account. I wouldn't do that anyway as you wouldn't get a very good exchange rate, just the banks rate. You can do better elsewhere. Edited by SkyMan
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towboat72

we deposited us dollars and we were not trying to withdraw from an atm she was at the bank and they had more then enough us dollars there then she needed .im sure if manager was there she would have gotten it .and again i can understand a hold on a check but not on money .

im wondering if we had deposited it in pesos it would have been the same story.and ledie did tell the teller that she would take pesos if dollors were going to be a problem .

we usually trade money some place else because we get a better rate .thats y she wanted dollors

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I didn't know you could have an ATM card that would withdraw pesos from a dollar account. I wouldn't do that anyway as you wouldn't get a very good exchange rate, just the banks rate. You can do better elsewhere.

 

At BPI, the rate you get is the closing rate from the previous business day. I keep up with the dollar to peso exchange rate, and rate I get at BPI is always within 25 centavos of the Forex rate that shows online in the currency converters. The people at BPI show me the rate before I approve any transfer from my dollar account into my peso account, but they use the same rate when you withdraw from the ATM. And yes...BPI allows you to withdraw pesos from your dollar account through the ATM. A dollar account would be pretty worthless if you couldn't use an ATM to get cash when you need it (like other than bank hours)...and there are no ATM's here loaded with dollars that I know of.

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David Spicer

I used to do that also until I discovered that BPI's on-line rate was worse than the BPI branch rate (also bad). Now I withdraw USD from the dollar account and exchange at the Robinson's money changer ... always a better rate. Sometimes $30-$40 USD better with the amount that I exchange.

 

I normally get within P15-P20 centavos of the online bank to bank rate. For me to realize a $30-$40 difference, I would not only have to be able to get the online bank to bank rate, but be exchanging $10,000. You must be going through some serious cash.

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