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Financially solid Philippine bank


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JohninCebu
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.

If HSBC go money will be worthless. On that basis buy gold and rice. And the Cebu branch cannot go bust on it's own, the UK plc would have to. It is a litterally doomsday scenario so ignore it if you wish to stay sane.

 

Surely, if you have a nest egg you want to invest it. Good rates are not available here from the leading banks, or international ones for that matter. 3 to 4% at best.

 

Some small rural banks pay up to 20% and if you spread it around, no more than 250k peso in each one you are covered.

 

You don't say what the nest egg is worth however

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

 

reffering to Metrobank, the teller turn-over rate is quite slow but not as bad as Landbank

i guess Metrobank has an over-all slow turn-over rate at the tellers,

but these branches are only in Mandaue & Mactan, havent visited Cebu city branches yet

 

the bank opens up at 9am,

i usually get my priority numbers before the bank opens, to avoid long queues

 

Metrobank Opon branch - 2 tellers, very slow turn-over

Metrobank Northroad branch - 3 tellers, still slow turn-over

Metrobank Hiway Seno branch - 3 tellers, still slow turn-over

Metrobank Wireless branch - 2 tellers, slow turn-over

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Good Samaritan

Yeah...got carried away! :cry: I might be banned any day now for "blatant promotion."I just dug my own grave. :any-help: My advice to you is to bank with commercial banks and uni-banks. And please don't put all your eggs in thrift banks and rural banks no matter how attractive their rates are. Try them out on short term basis, e.g. 30-day time deposit terms, anyway you can always have your time deposits rolled-over or renewed for another 30days if no catastrophe has befallen during your 1st 30-day term.

 

Hope you all get to have pleasant banking experiences here in the Philippines.

 

I'll just shut up now and eat a big dish of humble pie. :any-help:

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Yeah...got carried away! :any-help: I might be banned any day now for "blatant promotion."I just dug my own grave. :blink: My advice to you is to bank with commercial banks and uni-banks. And please don't put all your eggs in thrift banks and rural banks no matter how attractive their rates are. Try them out on short term basis, e.g. 30-day time deposit terms, anyway you can always have your time deposits rolled-over or renewed for another 30days if no catastrophe has befallen during your 1st 30-day term.

 

Hope you all get to have pleasant banking experiences here in the Philippines.

 

I'll just shut up now and eat a big dish of humble pie. :any-help:

 

 

Since you probably do not own the bank (do you? :o:cry: ) and since it looks like your intentions were only to help members, I doubt they will ban you, but it would always be better to not advertise until you have been on here for a while or have gotten permission from the admin.

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mikejwoodnz
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!

 

OK I need to open a Bank Account in Cebu - I'll start with the P3,000 ATM model - I've taken a look at your Website - OK I want to take you up on your offer to be my banking officer - I'll be a low maintenance guy because I'm offshore at the moment and just preparing for the near future .

In particular I will first want to transfer funds from New Zealand - Please advise

- thanks Mike :angry:

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Alan S
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

 

The moderators did see this, as indeed they do every post, and decided that it did not breach the rules and might be helpful to members.

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mikejwoodnz
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

 

The moderators did see this, as indeed they do every post, and decided that it did not breach the rules and might be helpful to members.

- thank you - yes I agree it was helpful for me and thank the moderators for their consideration :angry:

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I didn't see anything that constituted advertising as he doesn't profit from anyone using the bank where he works ...... he will be paid his salary wither we use this bank or another and I agree it is very good to have someone that actually works in a bank to give us some advise ........ also please note that he can't receive or send messages until a certain number of posts have been made .... this is done to keep the spam monsters down to a minimum ...... I also have some questions about opening a bank account when I arrive on the 22nd ....... but I can wait until then ..... so Good Samaritan .... hurry up and post some more ..... :angry::D :D :D:lol:

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tom_shor
I didn't see anything that constituted advertising as he doesn't profit from anyone using the bank where he works ...... he will be paid his salary wither we use this bank or another and I agree it is very good to have someone that actually works in a bank to give us some advise ........ also please note that he can't receive or send messages until a certain number of posts have been made .... this is done to keep the spam monsters down to a minimum ...... I also have some questions about opening a bank account when I arrive on the 22nd ....... but I can wait until then ..... so Good Samaritan .... hurry up and post some more ..... :D :D :D:lol::D

 

 

They only take money. No rocks sticks or glass beads. :D:angry:

 

You can cash the aluminum cans on the corner before you go in. :D

Edited by tom_shor
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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

 

i'm sure you prefer bank deposits with interest and low risks..

 

try BPI Family Savings Plan Ahead account..it earns 5.25% per annum guaranteed, tax free, doc stamps free..just don't withdraw your money within 5 years

 

Bank of Commerce also has this type of account...every month you will get the interest in your savings account for your disposal..

 

I don't work on neither of these banks.. :thumbsup: ..I just had a time deposit account with them...

Edited by carmelo
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JohninCebu
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

 

i'm sure you prefer bank deposits with interest and low risks..

 

try BPI Family Savings Plan Ahead account..it earns 5.25% per annum guaranteed, tax free, doc stamps free..just don't withdraw your money within 5 years

 

Bank of Commerce also has this type of account...every month you will get the interest in your savings account for your disposal..

 

I don't work on neither of these banks.. :thumbsup: ..I just had a time deposit account with them...

I get 5.25% from a UK bank. I think I'd rather have it there for no better return. A few ruarl banks at 20% sound interesting though.

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Good Samaritan
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!

 

OK I need to open a Bank Account in Cebu - I'll start with the P3,000 ATM model - I've taken a look at your Website - OK I want to take you up on your offer to be my banking officer - I'll be a low maintenance guy because I'm offshore at the moment and just preparing for the near future .

In particular I will first want to transfer funds from New Zealand - Please advise

- thanks Mike ;)

 

You'll need an account first before you can have your money wired from New Zealand. I'll have to get clearance first so I can accommodate you with opening an account prior to your arrival so that you can use the account to facilitate the transfer from New Zealand to Cebu. I'll get back to you tomorrow...promise!:o

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Good Samaritan
I didn't see anything that constituted advertising as he doesn't profit from anyone using the bank where he works ...... he will be paid his salary wither we use this bank or another and I agree it is very good to have someone that actually works in a bank to give us some advise ........ also please note that he can't receive or send messages until a certain number of posts have been made .... this is done to keep the spam monsters down to a minimum ...... I also have some questions about opening a bank account when I arrive on the 22nd ....... but I can wait until then ..... so Good Samaritan .... hurry up and post some more ..... ;):o:lol: :lol: :lol:

 

Whatever questions you may have, ask away! :) I'll be happy to assist you with your banking needs...whether it be with BOC or elsewhere... :)

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Good Samaritan
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

 

The moderators did see this, as indeed they do every post, and decided that it did not breach the rules and might be helpful to members.

 

Thank you!!! ;)

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mikejwoodnz

OK - try this - Have your bank create the account as "deposit only permitted until activated" then give me your's or the bank's paypal address and I'll simply deposit the 3,000 peso into that account then you guys transfer it to my new account to "activate" it. No paypal ? - OK I will Xoom you the cash as Western Union is not NZ friendly. Then we can address the next step of transferring further funds from New Zealand as required - that is for liquid funds for future purchasing of Real Estate investment which will also of course ensure further cash flowing into my/your Bank :o

 

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!

 

OK I need to open a Bank Account in Cebu - I'll start with the P3,000 ATM model - I've taken a look at your Website - OK I want to take you up on your offer to be my banking officer - I'll be a low maintenance guy because I'm offshore at the moment and just preparing for the near future .

In particular I will first want to transfer funds from New Zealand - Please advise

- thanks Mike ;)

 

You'll need an account first before you can have your money wired from New Zealand. I'll have to get clearance first so I can accommodate you with opening an account prior to your arrival so that you can use the account to facilitate the transfer from New Zealand to Cebu. I'll get back to you tomorrow...promise!:lol:

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