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Banking options when newly arrived?


Ivantheterrible

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Go to the RCBC bank branch in Talisay City, Cebu. It is located on the same side of the road, and just a bit north of the Shell Petrol Station. (It will be on the right side of the road, going north toward Cebu City.) http://www.rcbcsavings.com/

 

You can open a USD Savings Account, a Peso Savings Account, and - if you get to know the manager, you can open a checking account. It is one of the easiest banks in the Philippines, I have ever dealt with.

 

Sorry. For those of you using GBP, I do not believe they offer accounts in your currency. However, you can ring them to see.

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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

Paul you know the holding balance for the dollar account?  Looks like its 5k from what I see on their website.  I need a dollar account just to make transferring money a bit easier, not gonna park 5k in it.

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Not unless they changed it within the last year. The USD Savings Accounts used to have a minimum opening balance of $100 (one-hundred) USD.

 

EDIT:

 

Here is another bank that offers a minimum opening balance of $100 USD: United Coconut Planters Bank

Edited by Paul
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battleborn

I plan on opening a local account when I arrive.  I also intend on maintaining two bank accounts in the U.S. with atm cards from both.  Reason if one is lost or stolen or eaten by a machine while I am withdrawing money, I will a backup untill a new one arrives.

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I hate the 200 Pesos + 5$ I get charged each time I go to the ATM. It's just too much.

Opening a bank account eliminates the high fees, for example, let's say you spend 1500$ per month, you wire 4500$ to your Philippine bank account every 3 months... 

makes it much cheaper.

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Monsoon

 

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.

Mate, not to be a prick, but really, according to your profile your a current resident. Read back in this thread and there are all kinds of speculations. I know POTATOMAN personally. He isn't a permanent resident, hes a mate of mine. He walked into a bank and opened an account with what he said, his passport.

 

Why don't you walk into BPI and do the same?

 

TO answer your question, probably no more than 2000 pesos minimum. Most likely less than that. I can assure it he opened a peso account even though I havn't seen or talked to the bloke in 3 weeks.

 

My god, you have two choices in life, do something or sit around and think about it ( you could add blog about it too, just in case thinking about it wasnt enough mental masturbation for you).

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Monsoon

 

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.

Sorry mate but its your day (or maybe mine) - If your talking about 200 vs 500 DOLLAR minimums to open a DOLLAR account, why the heck does it matter? Really? Why would you want a dollar account if your worried about 200 vs 500 min to open said account? I mean come on. Just for your knowledge, if you have a PESO account and someone wires you dollars you will get the equivelant in PESO (per the rate at BPI that day). IF your are worried about a 200 vs 500 min and havnt gotten yourself down to a branch to clarify, or even emailed one then you shouldn't worry about the difference in rates between BPI VS a money changer because your clearly not dealing in a significant amount of money to even bother with the difference.

 

Seriously.

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Monsoon

 

Sorry. For those of you using GBP, I do not believe they offer accounts in your currency. However, you can ring them to see.

For the benefit of anyone following this thread in the future - FYI, it doesnt matter if you have a PESO account here in the Philippines, if you are banking with a major bank here if that account receives a wire transfer in another major currency (USD, GBP EURO) it will automatically be converted to peso for you. No need to take any action. If you have another currency that is other than USD, EURO or GBP talk to your bank manager how this will be handled. If He/She doesn't know or doesnt give you an answer within 10 minutes, then change banks.

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Davaoeno

 

if you are banking with a major bank here if that account receives a wire transfer in another major currency (USD, GBP EURO) it will automatically be converted to peso for you.

 

 

Not true.  I regularly get USD wired into my BDO USD account . 

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if you are banking with a major bank here if that account receives a wire transfer in another major currency (USD, GBP EURO) it will automatically be converted to peso for you.

 

 

Not true.  I regularly get USD wired into my BDO USD account . 

 

Um, he may have been saying that, in case you do not have a foreign currency account, you could still wire funds from other currencies into a Peso account.

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TO answer your question, probably no more than 2000 pesos minimum. Most likely less than that. I can assure it he opened a peso account even though I havn't seen or talked to the bloke in 3 weeks.

 

Mate, not to be a prick but I clearly said dollar account not peso,

 

I'm sorry I asked a question on a forum to clear up some misinformation I'd been getting, because i'm sure you've NEVER gone to any office and they told you something other then what you knew to be true.  Yes I could go to bpi and ask but I'd like to know the actual answer before I go so they can't tell me something different.

 

I like to be informed when I do things, when I go to LTO I have a list of the official fee's so when they try to charge something else I can call fowl.  Same at BI and anything I do, I think its smart, I'm sorry it bothered you, mate.

Edited by Jim Sibbick
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Sorry mate but its your day (or maybe mine) - If your talking about 200 vs 500 DOLLAR minimums to open a DOLLAR account, why the heck does it matter? Really?

 

 

Again, mate, it matters because I don't want to park any more money into an account then I have too.  I can't open a bdo account until I get my ACR card, I haven't gone to bpi because they're website lists $500.  GIven the choice I will go to bdo once I've gotten my ACR card and they will allow me to open the account with $200 holding balance.  If bpi is $500 then I'm not going to bother opening an account there, if its $200 I would.  I didn't think asking a question was that big of a deal.

 

Is that a good enough reason for you?  I Don't want to park $500 when I can be patient and accomplish the same thing with $200 at another bank.  If you can't think of any reasons I don't want to keep extra money in the account i'll list just a few... if I lose the ATM card less chance of significant loss should they manage to find my pin or a way around it, not sure if atm cards here work like credit/debit in the US and can be swiped at registers.   I prefer keeping most of my money in investment vehicles in the states, if I want to invest here it will be in stocks not in a low interest acount, $300 isn't much but if I don't HAVE to put it into the account then I want to leave it right where it is.  

 

As to why a dollar verse peso account I regularly wire myself enough money that even a .25-.50 peso difference is going to add up, makes it worthwhile for me to open a dollar and go to a higher paying exchanger.  Maybe on that particular day bpi or bdo or wherever I go will be higher and i'll use them, but at least I will have the choice.  Not to mention should I end up with a surplus when we go back to the states I can wire it back and not lose on the exchange rate.

Edited by Dolsos
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Not unless they changed it within the last year. The USD Savings Accounts used to have a minimum opening balance of $100 (one-hundred) USD.

 

Thanks Paul, going to check them out.  

 

Appreciate all the help.

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passingby

As stated above -

 

"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."

 

I disagree, as was stated earlier the card can be lost, damaged, demagnatized or other problems with the card itselt.  Also for those using Bank of America and I think another major US Bank there was a general outage of their system a few days ago which would preclude getting your money. 

 

IF you intend to be here for a while I would recommend a peso account with enough to tide you over for a medical need or other emergency event.  Local ATM cards are given with accounts if asked for.Get an account with ATM and BANK BOOK just in case you have a lost ATM card - it is easier.  IF you plan to be here longer recommend a foreign currency account.  Frequent ATM transfers will eat you up in fees at both ends.  With the proper bank in your home country you can set up a template with them and just call the international wire desk of your bank and give the template name and funds are tranfered.  I find it takes usually 24 hours to transfer funds from a bank in Texas to BDO here in Cebu. 

 

Do you plan to come back often?  IF so it is nice to have local funds you can access by your LOCAL ATM card when you get here.  A few well hidden high value notes like CHF or even $100's is a good reserve also. CHF and GBP have higher value notes than the US$ so they are good to hid away.  From Thailand you can change your Baht to the high value notes you may prefer with NO problems.

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