Jump to content

opening bank account


Recommended Posts

Headshot

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.

 

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 you to get to that money. ATM's have a low limit, so you can't use them to get money if you need it for a real emergency. You have to go to the bank...which is a little difficult if you're stuck in the hospital. I keep my emergency money in the US in an account that is tied to my Visa card. The hospitals I have dealt with here all accept credit cards as payment, so that makes it easy. I would recommend leaving your emergency stash in a bank or credit union in your home country in an account that has a card tied to it. That way, if you really need the money...it is there. You could die waiting for the bank to open up here.

  • Like 1
Link to post
Share on other sites
  • Replies 40
  • Created
  • Last Reply

Top Posters In This Topic

  • tomaw

    6

  • forest51

    5

  • Headshot

    4

  • InternetTough

    3

Top Posters In This Topic

Popular Posts

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

CardiacKid

A little off-topic but a true story. A guy's hospital deposit ran out while he was in the ICU. They disconnected him and were wheeling him into the parking lot when a friend arrived with more money. It happened in Cagayan De Oro.

Link to post
Share on other sites
David Spicer

When I opened my ATM savings accounts with BPI (Peso and Dollar) about 3 years ago, the Peso account was no problem. They wanted to see my ACR I-Card for the Dollar account, which was not a problem either since I had one.

Link to post
Share on other sites
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

 

Do you know if there are special rules between BPI and a US bank since the cost is nothing? When I transfer money from my danish bank-account to my BPI account they always charge remittance, even I always write: "This is NOT Remittance. This is a normal bank to bank transfer"

The remittance is not the same either - from 450 pesos - 850 pesos

Link to post
Share on other sites
Headshot

I have never been charged anything at BPI for cashing a check from the US. You just have to wait for a long time (20 working days) for the check to clear...but no cost.

Link to post
Share on other sites
forest51

 

 

 

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

 

What bank charges will they be making?

also got Internet banking Bonjon..so all statements etc electronically sent
Link to post
Share on other sites
saigon46

My GF's bank did accecpt the check, but charged her 300 pesos and told her it could take up to 45 days to clear. And yes, my Visa card did get a good workout when she was in the hospital. Later, SB

Link to post
Share on other sites
Headshot

My GF's bank did accecpt the check, but charged her 300 pesos and told her it could take up to 45 days to clear.

 

What bank?

Link to post
Share on other sites

I had similar experience with opening account.

 

Went to Metrobank at Tamiya to open an account for my gf and the guy asked if I wanted one too, I didn't hve my passport so went back next week when the gf picked up her ATM card (and immediately changed her PIN to her birthday :banghead:

 

Just my passport and wrote down my gf's address, I was leaving the next day so did authority and the gf picked up my ATM card the next week.

 

All surprisingly painless - except having to do about 423 specimin signatures,a nd sign every form, and sign every mistake and change.

 

I got internet banking set up at same time.

Link to post
Share on other sites
  • 1 month later...
saigon46

What bank?

Allied Bank. Been almost two months now and still hasn't cleared. The 45 days were banking days, which would make it almost 10 weeks with holidays thrown in.
Link to post
Share on other sites
  • 2 months later...
bepresentnow

Can also get a checking account with Metrobank in Fuente if you approach the manager after 3 months of opening a saving account with them.

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...