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Banking options when newly arrived?


Ivantheterrible

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johnboy999

I can confirm what ancienrocka said. I was able to open a BPI account in Ayala without my ACR card as I hadn't received it at that time. I just provided my Filipino driving licence which I got by converting my UK licence soon after arrival and 2 photos. I would imagine a passport would be acceptable instead but I didn't have mine with me at the time (in the safe). No proof of address and no other IDs were asked for. I opened the account with just 10,000 pesos and the guy behind the counter said it was a very big amount so I imagine you could open it with much less!!!

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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

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?

 

 

Any legal photo id will work for the second id including but not limited to a drivers license. You can also use a out of country address with this bank (BOC) since they do not mail statements. One of the issues with some banks such as BPI is they mail statements and that can be a problem if you do not wish anyone knowing how much money you have in your accounts but Bank of Commerce does not mail statements but does offer online services/view so more privacy. BTW BOC also has online access/view but BPI allows other services online such as exchange if you have a dollar account and a peso account and also transfer between linked accounts.

 

As for local address, for other banks, if you happen to have someone draw you up a lease wink wink then that would work or any utility bill.

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Ivantheterrible

Thanks for all the info guys.

 

I know this is a forum specifically for Cebu, but does anyone know if branches of these same banks (BPI, BOC, etc. etc.) have the same rules and regulations over all in Manila?

 

I mean, if I was able to open an account at BPI in Cebu with just my passport and a recent pic, would it be as easy to do it with just that in a Manila branch of BPI, or is there any reason to think branches in Manila will be tighter and tougher?

 

Once again, I know this is a Cebu forum, but if anyone can answer to that question, I'd appreciate it.

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Monsoon

Hint for Manila - Go to a branch where they are used to seeing and dealing with foreigners. i.e. Alabang, Ft. Boni someplace like that. If you just walk into a place where they aren't used to dealing with foreigners they will probably default to the long list of items. Thats been my observation over the years anyway.

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Buko Beach

Hint for Manila - Go to a branch where they are used to seeing and dealing with foreigners. i.e. Alabang, Ft. Boni someplace like that. If you just walk into a place where they aren't used to dealing with foreigners they will probably default to the long list of items. Thats been my observation over the years anyway.

 

That's what happened when I went into the BPI Ayala branch, The teller (manager wasn't available) told me I needed all kinds of crap like records from my bank back home, bank transfer info, ACR card, ect ect. I was laughing inside while the teller was talking to me and it was a good example why it's best to always deal direct with the bank manger as others on the forum have instructed.

 

The next day I went into another BPI branch and opened my account with ease dealing direct with the bank manager. I needed to show my passport, and fill out the form. I also provided two 2x2 photos and a photocopy of my passport page. I also photocopied my drivers license but the second form of identification wasn't needed. As always YMMV from mine and from bank to bank and branch to branch.

 

A BIG thanks to Mr.Lee for providing excellent info to guide me in the right direction. Going into the bank prepared with photos and photocopies and to deal direct with the manager was the key.

 

:wave:

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Headed that way

I assume these banks will issue a debit card with a new account. Does it take a while to received the card? Here in the states they mail the cards which can take a week or ten days by the time you get the card and a separate mailing of the pin number.

 

And you have to wait three weeks after depositing to access funds, right?

 

Thanks

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You get the ATM card, right there when you open the account, comes with an initial pin,

you have to go to an ATM to activate your card with that initial pin, and then you

type in the pin that you want to use, as far as I remember 24 hours later you can use your card.

 

At least that is how it works with BPI

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Buko Beach

You get the ATM card, right there when you open the account, comes with an initial pin,

you have to go to an ATM to activate your card with that initial pin, and then you

type in the pin that you want to use, as far as I remember 24 hours later you can use your card.

 

At least that is how it works with BPI

 

I opened a few BPI accounts in November 2012 and the waiting period for the card was supposed to be 7 days but I picked mine up in 5. The cards are produced in Manila and they put my name on the card, hence the wait. I picked my card up directly from the bank manager. If you are only opening a peso account pretty sure you can get the card on the same day. YMMV.

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Monsoon

I assume these banks will issue a debit card with a new account. Does it take a while to received the card? Here in the states they mail the cards which can take a week or ten days by the time you get the card and a separate mailing of the pin number.

 

And you have to wait three weeks after depositing to access funds, right?

 

Thanks

 

All the more reason to bank with one of the top 3, several Philippine banks don't issue international ATM cards. I recommend you get an international ATM card from whoever you bank with, so you don't ever find yourself outside of the Philippines unable to access your accounts. Some banks do issue debit cards. Ive gotten them from BDO, Metrobank, Sterling Bank and EastWest Bank.

 

Some banks issue a temporary card immediately , but if you want an international one you typically wait a week and go back to pick up an ATM card embossed with your name. Some banks have a terminal inside where you put in your own pin number, others give you an initial pin number that you can immediately change at the ATM machine.

 

Cash deposits are typically available instantly - at least at the banks I deal with they are.

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Headed that way

Great, I'll pick one of the big banks then and get the international card.  From reading the posts here all I need is a local address for the statement (or use the online statement) and my passport.

 

Thanks for the advice gentlemen.

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POTATOMAN

i can't understand why people would say you don't need a philippine bank account.i'm using a uk one at the moment.

first what if i lose my wallet it's going to take time to replace my cards

2nd everytime i withdraw 10000 peso i pay the local bank 200 ps i pay my uk bank 130 ps & 2.5% & a lousy exchange rate

there's a few beers there

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POTATOMAN

Opened an account today with bpi. they accepted my hotel as an address & only my passport as proof of id. i have to wait 5 working days for my card & pin which i will collect from the bank(bpi osmena blvd)

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Opened an account today with bpi. they accepted my hotel as an address & only my passport as proof of id. i have to wait 5 working days for my card & pin which i will collect from the bank(bpi osmena blvd)

Was it a dollar or peso account?  If dollar what was their minimum? I've gotten conflicting reports, the website says 500 i think but a few people I know and trust have all said they've opened accounts recently with 200 min.

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InternetTough

Opened an account today with bpi. they accepted my hotel as an address & only my passport as proof of id. i have to wait 5 working days for my card & pin which i will collect from the bank(bpi osmena blvd)

Lucky guy! When I approached them, I needed my own address as proven by a utility bill. All the banks I approached were remarkably consistent on that point. Finally, I found one that would accept a rental agreement as proof of address (BDO) and I have been banking with them ever since.

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POTATOMAN

PESO account (my money is in pounds). bdo wouldn't allow me to open an account without immigration certificate

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