Jump to content

Banking options when newly arrived?


Ivantheterrible

Recommended Posts

 

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.

 

 

No worries. Happy to help.

Link to post
Share on other sites
  • Replies 51
  • Created
  • Last Reply

Top Posters In This Topic

  • Monsoon

    7

  • Ivantheterrible

    7

  • Dolsos

    5

  • Paul

    4

Top Posters In This Topic

Popular Posts

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

battleborn

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.

Why do you disagree a card can be lost or stolen or become unusable?  Does your mother travel with you and handle everything?

Link to post
Share on other sites
passingby

Hi battleborn - well I may did not write clear - I DISAGREE  with the comment that use an ATM card to withdraw....  I cited the lost stolen damaged etc. as to what can happen to such cards and then you are out of luck.  In fact my mother does travel with me I am sure from heaven.  I do have a person I know in Bangkok who has within the past 4 months has left his ATM card IN the machine 2 times. Resulting in a long delay to get replacement and then thePIN comes in another envelope so he was broke and borrowing for over 3 weeks.   You are I are well aware of the world about us and what we are doing but there may be just one or two more elderly members who might have a lapse of memory and do the same thing.  OR perhaps even give it to a "companion" resulting in card and money never to be seen again.  So that is why I disagree with the idea of using a foreign ATM for when you need cash.  Sorry if I was not clear.  And now off to lunch.

Link to post
Share on other sites
battleborn

I understand.  I just would feel a lttle more comfortable on a Visa run to have more than one way to access my money.

Link to post
Share on other sites
Jim Sibbick

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 transfered.  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.

Thankyou but I have been using ATMs in the Philippines since last century.

 

I did have an account on Leyte in 1994 and closed it shortly afterword when i realised what a waste of time it was. Nothing I have read since has prompted me to open another.

 

I have had an ATM cards since 1980. I have never left one any where, had one demagnetised, or had one stolen by some one or had a machine swallow one. However, realising that these things can happen, I carry extra cards.

 

Additionally, now that I know the banking habits of Filipinos, I avoid using ATM machines in the middle and end of the month and Sundays. 

  • Like 1
Link to post
Share on other sites
  • Triple Diamond Sponsor
Monsoon

 

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 . 

 

To a PESO account.

Link to post
Share on other sites
  • Triple Diamond Sponsor
Monsoon

 

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.

 

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 something.

 

It didn't bother me, I was pointing out, that your concern over a $300 difference in account opening minimums leads a reasonable person to deduce that your not talking about millions and trillions here and might have an issue with maintaining a $500 balance. Thus the recommendation that you just use a Peso account to receive your dollars until you have saved up enough money  to cover the minimum. But since you say its not  a money problem then in that case one is being penny wise and pound foolish on this matter.

 

 Lets say a theoretical situation is  you are transferring $5000 a month to your Philippine account. A one point difference between bank rate and what you get at the money changer equates to a 5000 peso difference. So in that case your 'saving' 5000 pesos, in which case it would be reasonable to keep $500 in a dollar account to 'save' yourself 5000 pesos per month (in this theoretical situation).

 

Since you are so concerned with getting the best rate, then you might want to consider shopping other things besides account opening minimums -  like incoming telegraphic transfer (TT) charges and costs these do vary from bank to bank here and also if it involves a FOREX in the transaction some banks have a different set of rules on how costs are calculated. You also might compare other money xfer methods as well.  If you were planning to do standard TT's to yourself your wasting your time worrying about bank rate vs. money changer rate because you are unnecessarily eating up money in the TT charges. For example Wells Fargo has a cheap way to transfer to the Philippines - bank to bank.

 

Now that you say the $500 is no problem for you but your concern is someone stealing your ATM card then follow the basic rules of ATM safety, commit your PIN number to memory. If you don't want a debit card then tell them you want a local card only, it won't have the VISA or MC logo on it so someone would need your PIN to get your money.

 

 And just as a side note, I wouldn't lose too much sleep tossing and turning over someone skimming your ATM or Debit card and getting your $500 here. I use credit cards every day all over this country and have yet to have one fraudulent transaction. I have never met anyone who has either. Yet, I've had them resulting from visits around the USA and Europe in my days of extensive work travel.  But, since it was your big concern and preventing you from keeping a $500 balance in the bank, heres a way to protect yourself: Don't have an ATM card attached to your dollar account. Boom, problem solved.

 

 

Edit - somehow the post was duplicated within the post. Strange.

Edited by Monsoon
  • Like 3
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..