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Bank Account for Visitor


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I am a regular visitor to Cebu. Would like to start a bank account and put some money in the CD which pays a nice interest. I recall from a conversation with an foreigner in cebu you need to put in the equivalent of $10,000 to 12,000 for a few years. Yes?

 

What ID is required? Best Bank? Risk of loosing money?

 

Can I do this as a visitor? Pros and cons comments appreciated.

 

 

Lorenz

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JohnD

You can open a bank account at BDO with like $100. You need to get, I think it is an ACR card, which they have at the immigration office. If you have that and your passport then I believe you can open an account.

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I am a regular visitor to Cebu. Would like to start a bank account and put some money in the CD which pays a nice interest. I recall from a conversation with an foreigner in cebu you need to put in the equivalent of $10,000 to 12,000 for a few years. Yes?

 

What ID is required? Best Bank? Risk of loosing money?

 

Can I do this as a visitor? Pros and cons comments appreciated.

 

 

Lorenz

Bank of Commerce main branch on Osmena Circle across from Robinsons mall you should be able to open an account if you see the In Charge Mayen. As for CD's and good rates, no one I know is paying great rates but you can give her a call and I am sure she can give you an idea of what interest rates the bank she works in can offer you. 

Mayen (32) 253 1951 to 1953

 

Normally tourists would have a hard time opening an account at most banks without at least a permanent address. utility bills, a lease etc, but with two forms of id and some passport photos I believe Mayen will be able to open accounts for you. Hope that helps.

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  • 1 month later...

Have been staying on and off at Mercedes Hotel. Next to the hotel is a Metro Bank. Walked in and presented my situation which is staying at Mercedes, no other address, Passport only no other qualifications. Was able to open an account and received an ATM card on the spot. Was told no fees if balance remains above 2000 peso. Made an opening balance of 3000 peso and will see if there are no fees. Have online access which I have not tried yet.

 

Thanks for the above replies.

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Monsoon

I am a regular visitor to Cebu. Would like to start a bank account and put some money in the CD which pays a nice interest. I recall from a conversation with an foreigner in cebu you need to put in the equivalent of $10,000 to 12,000 for a few years. Yes?

 

What ID is required? Best Bank? Risk of loosing money?

 

Can I do this as a visitor? Pros and cons comments appreciated.

 

 

Lorenz

 

You definately don't need to put min. $10-$12k in a time deposit (what they call CDs here). You can do it for far less.

 

You were probably talking to a foreigner about rural bank investments. In those cases tread with extreme caution. Especially when receiving investment advice from a foreigner here.

 

But major banks like BPI, Metrobank and BDO are pretty stable and solvent.

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  • 5 months later...
Enuff

Have been staying on and off at Mercedes Hotel. Next to the hotel is a Metro Bank. Walked in and presented my situation which is staying at Mercedes, no other address, Passport only no other qualifications. Was able to open an account and received an ATM card on the spot. Was told no fees if balance remains above 2000 peso. Made an opening balance of 3000 peso and will see if there are no fees. Have online access which I have not tried yet.

 

Thanks for the above replies.

So how has the metrobank been thus far?

any hidden fees?

any issues at all?

if you open an account at the metrobank ny branch can you transfer funds?

if so is the exchange rate good and the fees reasonable?

sorry for all the questions

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I have used Metrobank for more than ten years. Reliable and safe. They do have restrictive policies and are conservative in ways some members of the forum don't like. I use the NYC branch to have money regularly sent to my local account.

 

Most transactions have a fee and none are hidden. You may need to ask to be clear. For example, to deposit an out of country check into a USA dollar account it costs $2.50. Ther are no fees for withdrawals, unless the withdrawal is in less then 30 days of opening the account.....that sort of thing.

 

They have checking, passbook savings, ATM card savings, foreign currency accounts. They offer online processing of accounts but you accept all risks. They offer time savings accounts, varying in amount and time.

 

If you are a USA citizen and plan to have more than $10,000 in overseas accounts, you want to be aware of the reporting requirements to the federal government.

 

I would stay away from using the rural banks which offer all sorts of investment options. These are often smaller banks and if they end up insolvent, you will be insured under the PDIC but you get in line with all the other investors.

 

As to exchange rates, being cozy with the assistant manager or manager of the bank you use will help. They have a preferred rate they extend to favored clients. Nothing underhanded in this practice. It is simply offered to regular customers, but you have to ask for it. The cashiers will give the rate you get from from the manager.

 

I have no idea what sort of requirements are needed to open an account. I opened mine so many years ago that policies have certainly changed. However, Metrobank follows the "know your customer" rules and that can work in your favor. If you are simply direct and clear, they may be willing to open the account in the absence of an ACR card and such. When I opened my accounts they didn't have ACR cards.

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enoonmai

Metrobank follows the "know your customer" rules and that can work in your favor.

Certainly worked great for Mrs Napoles; p75 million withdrawals no problemo. 

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Please post topics in their appropriate forums.

 

Moved to Banking and Foreign Exchange.

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