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Financially solid Philippine bank


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fire1911b

Hello,

 

What would you recommend as some financially sound and safe banks in the Philippines? Try to list maybe 5 or so. My wife and I plan to permanently move to the Philippines, near her family in a few months and plan to divide our small nest egg between a few banks as we will no longer have a address here in the USA. Thanks

 

Bill

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Alan S

None of the Philippine banks are "solid" by western standards.

 

The Banker publishes the top 1000 banks each year, and last time I looked, only a couple came within the top 1000.

 

Normally, when talking about banks, one looks at the top 25 or 50, or sometimes the top 100.

Below that, it is worth looking carefully to see how liquid they are, and what strengths they may have.

 

Some of the smaller banks, such as some of those in Switzerland, can be much smaller, but really solid.

 

That doesnt apply to the Philippines!

 

From memory, BPI is one of the biggest in the Philippines.

 

I would suggest keeping some of your money in a jurisdiction other than the Philippines.

Hong Kong, Europe, etc, for safety.

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HSBC ...... Hong Kong & Singapore Banking Corporation is a multi-global Corp. with holdings dating back to the 1800's there are branches in the Phils but not a whole lot of them .......... their head quarters is in England with branches all over the world ...... check them out ........... can't say about any others ........ I have my SS check deposited in the New York branch of HSBC with a On-line account ....... check out some of the previous posts in the "Banking & Investing " category

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Hello,

 

What would you recommend as some financially sound and safe banks in the Philippines? Try to list maybe 5 or so. My wife and I plan to permanently move to the Philippines, near her family in a few months and plan to divide our small nest egg between a few banks as we will no longer have a address here in the USA. Thanks

 

Bill

 

Don't know if its relative but the SM clan owns the BDO chain of banks here in the Philippines and the head is the 2nd richest man in PI . BDO is run by a daughter . Might also look at PNB as they have numerous us outlets which of course would have to meet us banking standards.

 

Alan

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JohninCebu

I think HSBC is now the largest bank in the world after Citibank's collapse. Expensive but global and if it goes, we all do.

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rule number 2, always leave an escape route, I would always want an address in the US I call home? I really dont like any banks, they all SUCK!

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broden

just get everyone on the forum to throw in to a mason jar fund

 

then bury those jars in the most centrally located land owned by a forum member

 

and everyone gets a key to the lockbox in which the shovel is stored

 

bank and atm all in one

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Alan S

Although HSBC is an international bank, I am sure that deposits in the Philippines are still covered under Philippine law, which means only the first...is it P200,000-I cant remember, is guaranteed.

 

Although it is unlikely to fail, and if it did, it is quite possible that the parent company would cover all debts, there is no guarantee.

 

There are other good reasons for not keeping all ones money on one basket, especially when that is in the Philippines.

Apart from anything else, there has been so much political instability over the years, that it is wise to have some funds in different jurisdictions, just to ensure that, in the event of some major event, not all is lost.

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Although HSBC is an international bank, I am sure that deposits in the Philippines are still covered under Philippine law, which means only the first...is it P200,000-I cant remember, is guaranteed.

 

Although it is unlikely to fail, and if it did, it is quite possible that the parent company would cover all debts, there is no guarantee.

 

There are other good reasons for not keeping all ones money on one basket, especially when that is in the Philippines.

Apart from anything else, there has been so much political instability over the years, that it is wise to have some funds in different jurisdictions, just to ensure that, in the event of some major event, not all is lost.

 

 

PDIC insurance here in the Philippines is p250,000

 

It is better to keep the money in the states and to write a check and deposit it in your Philippine dollar account about one month before you will need it, since it usually takes 21 days to clear.

 

I use Citibank USA and Citibank Savings Philippines on Osmena near the capital. The people there are very nice and if you are nice, they go out of their way to help you. Ask for Karina if you stop in.

 

Also the Citibank USA atm works here and you can withdraw your dollar money in peso at pretty close to the posted actual exchange rate.

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There are international banks here in the Philippines:

 

1. Citibank

2. HSBC

 

For local banks:

 

1. BPI (owned by the Ayalas - owners of Globe Tel, Ayala Land) has been in the business for a long time

2. PNB (controlled by Lucio Tan, billionaire- owner of Phil. Airlines, Tanduay, Allied Bank)

3. BDO (Henry Sy, billionaire - SM Group of companies); It just recently acquired Equitable Bank

4. MetroBank

 

These are the big banks in the Philippines and are publicly listed companies.

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Nangulo

You're likely thinking of a Commercial Bank when you say financially sound, though small banks can be as sound as large commercial banks. But you also mentioned nest egg. Dividing your nest egg to put into commercial banks in the Philippines is a losing proposition. The best inerest rate you will get, if security is your main concern, is 1%. Your deposits will not even keep up with inflation, hence the gradual errosion of your nest egg.

 

There's no reason you can't keep most of your money in the US. Bring along a checkbook and/or debit card.

 

HSBC staff are very helpful - never a problem there.

MetroBank is large and secure but their communication is not the greatest.

 

Both banks offer internet access where you can monitor/transfer anywhere you can get online.

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Good Samaritan
There are international banks here in the Philippines:

 

1. Citibank

2. HSBC

 

For local banks:

 

1. BPI (owned by the Ayalas - owners of Globe Tel, Ayala Land) has been in the business for a long time

2. PNB (controlled by Lucio Tan, billionaire- owner of Phil. Airlines, Tanduay, Allied Bank)

3. BDO (Henry Sy, billionaire - SM Group of companies); It just recently acquired Equitable Bank

4. MetroBank

 

These are the big banks in the Philippines and are publicly listed companies.

Hey, you should have included Bank of Commerce! :thats-funny:

Well, perhaps I am biased since I work for them!But we really have a very reliable banking system and foreign money transfer system. We also have the best PRA SRRV credentials, not to mention the rates! :cry:

We only require $500 minimum for USD Savings Account and P3,000 for Php ATM, plus you have me as your banking officer which is your assurance of a super-fast and super-pleasant banking experience.

If you have any questions about "banking" matters, even if it pertains to other Phil. banks, please don't hesitate to leave me a message and I promise to get back to you within 24hours.

Thank you so much for choosing Cebu!

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Hey, you should have included Bank of Commerce!

Well, perhaps I am biased since I work for them!But we really have a very reliable banking system and foreign money transfer system. We also have the best PRA SRRV credentials, not to mention the rates!

We only require $500 minimum for USD Savings Account and P3,000 for Php ATM, plus you have me as your banking officer which is your assurance of a super-fast and super-pleasant banking experience.

If you have any questions about "banking" matters, even if it pertains to other Phil. banks, please don't hesitate to leave me a message and I promise to get back to you within 24hours.

Thank you so much for choosing Cebu!

 

 

your post from yesterday also seems to be advertising Bank of Commerce

yes you said you work for them, i just thought about it as a form of advertisement,

not sure if that somewhat violates the rules against advertisement within the forums

 

thanks for your info

 

 

i have separate peso & dollar accounts with Metrobank and Land Bank of the Philippines

i havent tried opening dollar accounts with other banks

 

Land Bank might be too crowded for a bank,

it's one of the busiest banks which also serves as BIR-accredited banks

it has a slow customer turn-over rate at the tellers :/

 

Metrobank seems to be a better option for Peso / Dollar accounts

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tom_shor
Hey, you should have included Bank of Commerce!

Well, perhaps I am biased since I work for them!But we really have a very reliable banking system and foreign money transfer system. We also have the best PRA SRRV credentials, not to mention the rates!

We only require $500 minimum for USD Savings Account and P3,000 for Php ATM, plus you have me as your banking officer which is your assurance of a super-fast and super-pleasant banking experience.

If you have any questions about "banking" matters, even if it pertains to other Phil. banks, please don't hesitate to leave me a message and I promise to get back to you within 24hours.

Thank you so much for choosing Cebu!

 

 

your post from yesterday also seems to be advertising Bank of Commerce

yes you said you work for them, i just thought about it as a form of advertisement,

not sure if that somewhat violates the rules against advertisement within the forums

 

thanks for your info

 

 

i have separate peso & dollar accounts with Metrobank and Land Bank of the Philippines

i havent tried opening dollar accounts with other banks

 

Land Bank might be too crowded for a bank,

it's one of the busiest banks which also serves as BIR-accredited banks

it has a slow customer turn-over rate at the tellers :/

 

Metrobank seems to be a better option for Peso / Dollar accounts

 

 

Not the metrobank in Balibago. Two to three hour wait every time I have been there.

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