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InternetTough

They asked me for a bank statement from my home country.......... which I find kind of annoying

 

I had a bank draft from a Korean bank. They had an official statement with a number to call and complete access to all bank verifying whatnot. The Philippines bank said that the chance of it not being good was nil. So...I only had to wait up to 20 banking days for it to clear!

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I opened a citibank account in the u.s. and will open one here in cebu once I get moved in. If you go with a citi gold account, you get some nice benefits, one being no foreign transaction fees. I tak

Here's a strategy used by many expats. When you come here, leave your money in a U.S. checking account. Upon arrival, open an account here. (I recommend BPI) Once a month, deposit a check from your U.

The thing about having money in a bank here is that it will probably NOT help you in the case of a medical emergency. Banks here are in the business of HOLDING your money...not in making it easy for y

tomaw

hi was it a debit card or just a atm card?/

ron

..........What's the difference? Aren't they the same thing? Neither is a credit card.
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i have a atm card from bpi ,and its just a atm, not debit card as thy not have them ,so can only use to deposit or withdraw from atms

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..........What's the difference? Aren't they the same thing? Neither is a credit card.

 

An ATM card can only be used to withdraw money from an ATM, a debit card can do both withdrawal from an ATM and for payments at stores.

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tomaw

When l retire to Cebu I plan on having my SS Check direct deposited to my bank in the U.S. and accessing the money from an atm machine in Cebu. I know there are some R.P. banks in The U.S. (PNB is in Los Angeles Ca.) and U.S. banks in Cebu. (CitiBank in Cebu.) What I'd like to know is can I get my money from an atm from a branch bank in Cebu that is kept in a branch of the same bank in The U.S. without paying fees?

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tomaw

 

 

An ATM card can only be used to withdraw money from an ATM, a debit card can do both withdrawal from an ATM and for payments at stores.

..........Thanks for that explanation. I think almost all U.S. banks issue debit cards since they almost all have either a Visa or M.C. logo on them.
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ft_chief

..........Thanks for that explanation. I think almost all U.S. banks issue debit cards since they almost all have either a Visa or M.C. logo on them.

 

I have a Visa debit card from NFCU. It will not allow me to pay at POS terminal as a debit card, only credit card. It really pisses me off.

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tomaw

I called both PNB Bank in Los Angeles California and CitiBank U.S. toll free number. Here is what I found out: PNB Bank - 'In Los Angeles'...?....Well, not exactly. They have an office/building in L.A. where you can open an account but your account and your money will actually be in The Philippines. There are also a number of remitence centers in the U.S. (one in Anaheim) for sending money to my PNB account. When I retire I can have my SS Check direct deposited to my PNB account. There is a fee each time for doing this. The amount of the fee depends on the amount deposited. For a deposit of about $1200 the fee will be about $9.00. I can get a debit card account with this. There is no charge when taking out money from a PNB Bank atm or from a PNB teller. CitiBank- The bank and my account will be in The U.S. so no charge for a direct deposit from SS. To take money out from a CitiBank atm in The Philippines there is no atm charge but there is a conversion charge of 3% for converting $ to PhP.

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Rocketman

When l retire to Cebu I plan on having my SS Check direct deposited to my bank in the U.S. and accessing the money from an atm machine in Cebu. I know there are some R.P. banks in The U.S. (PNB is in Los Angeles Ca.) and U.S. banks in Cebu. (CitiBank in Cebu.) What I'd like to know is can I get my money from an atm from a branch bank in Cebu that is kept in a branch of the same bank in The U.S. without paying fees?

I opened a citibank account in the u.s. and will open one here in cebu once I get moved in. If you go with a citi gold account, you get some nice benefits, one being no foreign transaction fees. I take money from any atm and am not charged a fee and the exchange rate is very good. The withdrawals and charges come right out of my account in the u.s. I really don't have to have a local account but will get one for the few checks I'll need and just as a backup. Ive been very happy with citi. I can call them collect 24/7.

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tomaw

 

I opened a citibank account in the u.s. and will open one here in cebu once I get moved in. If you go with a citi gold account, you get some nice benefits, one being no foreign transaction fees. I take money from any atm and am not charged a fee and the exchange rate is very good. The withdrawals and charges come right out of my account in the u.s. I really don't have to have a local account but will get one for the few checks I'll need and just as a backup. Ive been very happy with citi. I can call them collect 24/7.

...........Thanks! That's just the news I wanted to hear. I've heard though that inorder for a foriegner to live in The Philippines you are required by the R.P. Government to put $20,000 - $40,00 (depending on your age) into a Philippine bank account. I plan on having my SS Check sent to U.S. CitiBank and keeping $20,000 - $40,000 in PNB or another R.P. bank.
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I opened an account at BDO the other day. All I needed was my Passport, current Australian driver's licence and a passport photo. Done in about half and hour, but I will need to wait a week to get my ATM card.

 

Opening an account and putting money into to it was the easy part, but waitng in line to make a withdrawal is very time comsuming!

 

TIP: Don't go to the bank at lunchtime, 3 of the 4 tellers went to lunch at exactly the same time.

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FYI

 

I walked in off the street yesterday to Metro Bk Fuente Osmena main branch just down from Roberrtsons armed with a passport a filipina phone number , a filipina address( my hotel ) and in 20 mins had opened a bank account..

 

I have only a 21 day visa,...nothing more was asked for or produced...

 

 

So can you opt out of postal statements or will they be sent to your hotel?

 

What bank charges will they be making?

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Headshot

...........Thanks! That's just the news I wanted to hear. I've heard though that inorder for a foriegner to live in The Philippines you are required by the R.P. Government to put $20,000 - $40,000 (depending on your age) into a Philippine bank account. I plan on having my SS Check sent to U.S. CitiBank and keeping $20,000 - $40,000 in PNB or another R.P. bank.

 

The bank deposit is ONLY if you want an SRRV visa. If you are married to a Filipina, you can come here as a tourist, and if you go through the balikbayan queue together in immigration, you will probably be given a balikbayan stamp in your passport, which means you can stay here free for a year. By that time, you should have your ducks in a row to be able to get a provisional 13A resident visa. One year later, you apply for a permanent 13A resident visa, and after that you are set (annual reports and renwals every five years for the visa which are more for administrative purposes than for money. Going this route, you don't have to deposit anything in a philippine account (other than what you need for living expenses). The decision on which route to go was easy for me.

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tomaw

 

 

The bank deposit is ONLY if you want an SRRV visa. If you are married to a Filipina, you can come here as a tourist, and if you go through the balikbayan queue together in immigration, you will probably be given a balikbayan stamp in your passport, which means you can stay here free for a year. By that time, you should have your ducks in a row to be able to get a provisional 13A resident visa. One year later, you apply for a permanent 13A resident visa, and after that you are set (annual reports and renwals every five years for the visa which are more for administrative purposes than for money. Going this route, you don't have to deposit anything in a philippine account (other than what you need for living expenses). The decision on which route to go was easy for me.

.................Thanks! I'm glad to know that. I'll probably just keep a small amount in a Philippine bank for backup and most in a U.S. bank.
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CardiacKid

Here's a strategy used by many expats. When you come here, leave your money in a U.S. checking account. Upon arrival, open an account here. (I recommend BPI) Once a month, deposit a check from your U.S. account into your local account for monthly expenses. Takes 20-25 days for it to clear. Cost is nothing. You can use your stateside ATM card for the first month to preclude carrying a large amount of cash when you travel. I would also recommend that you have about $10,000.00 or a high limit credit card available for medical emergencies. Here, a deposit is required before any treatment, and the bill must be paid before you leave the hospital. If you have existing medical insurance from the U.S., make sure it will be accepted here as payment by the hospital of your choice. I included the info on the medical as it may have a bearing on how much you keep in a bank here.

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