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Banking options when newly arrived?


Ivantheterrible

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Ivantheterrible

I've been in the Philippines before a few times, mainly in Cebu and Manila.

 

It's been almost a year and a half since I was last there, and my ACR card has now expired.

 

I was reading something on another forum that you can not even receive the ACR card until you have been in PI 2 months. At that point you would receive it at the same time you did your second 'visa run' at the end of your first 59 days in the country. That seems correct with when I first received mine, however there must be some way to get one earlier then that if u want, probably by paying more for it up front, and getting it as soon as you arrive if you want.

 

Is this doable? Or since I already had an ACR card, can I just get my expired one renewed as soon as I re-enter the country without having to wait 59 days?

 

 

I ask because I might like to open a bank account as soon as I get back there, and most banks require an ACR card to open an account.

 

 

If I can't get the ACR card right away, are there any banks I can still open an account with (USD or Piso is fine, either will do,) and what will I need to give as ID/documentation in order to open an account with them?

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I have a US dollar account and a peso account at BPI. I used my passport at BPI to open both, since I didn't have an ACR-I card yet. Basically, you need picture ID, so they know that you are you. I ha

2 answers:- You can't get an ACR card until you are renewing beyond 59 days - you may apply for the renewal after you have been here a month though. BPI Ayala only requires a passport and a photo

BPI's minimum to open a dollar account is not going to vary from branch to branch and it will be what is reflected on their website, unless there was a recent policy change within the last month or so

Jim Sibbick

The only foreigners who need a bank account, in my opinion, are those in business.

 

Much simpler to have everything paid into your account back home and use an ATM card to withdraw. If you need large withdrawals, go to HSBC on C. Rosales Avenue. They allow up to P40,000 in a single withdrawal. Any ATM costs are just part of your living expenses.

 

You can apply for your extensions up to 1 month in advance so you could arrange your ACR-I card then. However, it is possible that your existing ACR-I card is still usable, even though they are supposed to expire after a year.

 

I have no personal experience opening a bank account in the Philippines but I have heard the BPI will open an account without an ACR-I card.

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Ivantheterrible

I hear you about most people not needing a bank account.

 

Actually I don't over all.

 

I ask because I am in Thailand right now, and my visa is expiring within the next few days. I could extend it, but then I would still be leaving for the Philippines shortly, and feels like a waste of a visa.

 

Problem is, I have some money tied up online, that I want to withdraw to a bank account. I can't attach it to my bank account back home as the money is being withdrawn from a 'gambling' website and the U.S. wants nothing to do with that at the moment. I have it attached to an account in Thailand at the moment, but the money isn't yet on the website (Entropay.com) for me to withdraw it to my Thai bank account. By the time it will be, I'd like to be in the PI already.

 

That's why I was interested in opening the account in the PI, so I could send my money on Entropay.com to my Filipino bank account, and not have to spend extra time in Thailand waiting to send it to my Thai account.

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Plastic gets lost, stolen, demagnetized, etc. Not a perfect system. Having a local acct as a backup is not unwise. I opened an acct with BPI w/o an ACR but had a BPI customer with me. That was a while ago and things do change.

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Ivantheterrible
I opened an acct with BPI w/o an ACR but had a BPI customer with me. That was a while ago and things do change.

 

So what documents did you have to provide them with, in order to open it? Was it Piso or USD?

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I have a US dollar account and a peso account at BPI. I used my passport at BPI to open both, since I didn't have an ACR-I card yet. Basically, you need picture ID, so they know that you are you. I have been very happy at BPI, and I always get good service there. Leaving all of your money in your home country leaves you open to disaster if communications go down.

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So what documents did you have to provide them with, in order to open it? Was it Piso or USD?

I had only US IDs, don't remember what they required but not much, probably a DL. It was a peso acct.

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Ivantheterrible
I have a US dollar account and a peso account at BPI. I used my passport at BPI to open both, since I didn't have an ACR-I card yet. Basically, you need picture ID, so they know that you are you. I have been very happy at BPI, and I always get good service there. Leaving all of your money in your home country leaves you open to disaster if communications go down.

 

Was your passport the only document they asked you for? I thought most banks wanted to forums of ID.

 

Did you have to provide proof of address in the Philippines as well? or was the passport the only thing you needed?

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I got my Metrobank account just with my passport and gave my gf's address.

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smokey

The only foreigners who need a bank account, in my opinion, are those in business.

 

Much simpler to have everything paid into your account back home and use an ATM card to withdraw. If you need large withdrawals, go to HSBC on C. Rosales Avenue. They allow up to P40,000 in a single withdrawal. Any ATM costs are just part of your living expenses.

 

You can apply for your extensions up to 1 month in advance so you could arrange your ACR-I card then. However, it is possible that your existing ACR-I card is still usable, even though they are supposed to expire after a year.

 

I have no personal experience opening a bank account in the Philippines but I have heard the BPI will open an account without an ACR-I card.

 

 

 

i have had bank accts here for over 8 years and still am not in any business its much easier to have accts. here even if they are only with a low balance

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Some BPI branches will allow the opening of an account with just two forms of id and 2 photos while others require utility bills or a lease or as one member wrote, if an existing account holder brings you in and introduces you, then the utility bills or a lease would probably not be needed.

 

Mayen the in charge at Bank of Commerce main branch will open an account for a foreigner with just the 2 id's and 2 photos. Her contact info is HERE in a post she made. I have a few accounts with Mayen as do some of my friends and some other people I know and all seem happy.

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Ivantheterrible

So it sounds like maybe a US passport does suffice for ID purposes.

 

What about proof of address in the Philippines?

 

Those that have opened accounts there, do u need to provide proof of a Filipino address in order to open a bank account?

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ancienrocka

2 answers:-

  1. You can't get an ACR card until you are renewing beyond 59 days - you may apply for the renewal after you have been here a month though.
  2. BPI Ayala only requires a passport and a photo to open an account - we have done this there for many clients, some on their day of arrival.

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Ivantheterrible
Mayen the in charge at Bank of Commerce main branch will open an account for a foreigner with just the 2 id's and 2 photos. Her contact info is HEREin a post she made. I have a few accounts with Mayen as do some of my friends and some other people I know and all seem happy.

 

So other then a passport, what does she accept as the other ID? Does one of the ID's HAVE to be an ACR card?

 

 

BPI Ayala only requires a passport and a photo to open an account - we have done this there for many clients, some on their day of arrival.

 

Ok thanks. But you say you have done it for clients, does that mean I probably wouldn't be able to do it by myself, I would need a Filipino with me?

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Ok thanks. But you say you have done it for clients, does that mean I probably wouldn't be able to do it by myself, I would need a Filipino with me?

 

You can do it for yourself...and I believe you can probably do it at most BPI branches. I did it at the Osmena Blvd branch next to the police camp.

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