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Can a non resident open a local bank account?


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If not then supposing you have a trusted local friend whose address you can use for official purposes?

 

Without an ACR card or other proof of residence, is it possible to open a bank account?

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This question comes up from time to time and the answer is yes.

 

But here's the thing.

 

On paper banks do require proof of residence but not all bank managers follow this requirement.

 

For example I opened my account at (BPI) Bank of the Philippine Islands, Ayala Branch and I know of others you have tried to open accounts at other BPI branches but were denied.

 

In other words shop around....

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Paul

1. Yes, you can open accounts at given banks.

2. Be very careful with whom you trust.

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If not then supposing you have a trusted local friend whose address you can use for official purposes?

 

Without an ACR card or other proof of residence, is it possible to open a bank account?

 

 

Yes, you may have to shop around, but there are banks that will do so.

 

Larry in Dumaguete

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So the answer I am getting here is... Maybe.

 

If I understand correctly, it is illegal for a non resident to open an account but some banks don't follow the letter of the law. What banks and branches in Cebu have you been successful?

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So the answer I am getting here is... Maybe.

 

If I understand correctly, it is illegal for a non resident to open an account but some banks don't follow the letter of the law. What banks and branches in Cebu have you been successful?

 

 

You are getting varied answers because of the varied circumstances people themselves are in.

 

Yes, you can open an account in some of the smaller banks if you have some type of proof that you actually live here in the Philippines and no, you will most likely not be able to open an account in most larger banks if you do not have all the requirements unless an employee of that branch is willing to overlook your lack of the required documents and put their job at risk.

 

Some of the smaller banks need the numbers and money on deposit, so they will often skip the need for the necessary documents as long as you do have some document in your name such as an electric bill, water bill, phone bill or some other official bill with your name and address on it showing that you actually live here in the town that you are seeking a bank account.

 

I think it would be unlikely that any bank would open an account for someone who does not at the very least have an address here and be able to prove that at the minimum with some type of proof unless someone knows someone, which is often the case here in the Philippines.

 

I have been told by a higher up in one of the bigger banks, that the reason that ACR cards or Filipino citizenship is required, is because the banks take out taxes from each interest deposit paid to accounts monthly or quarterly and they need to have a number to show those taxes against, when reporting and depositing them to the government. I am not sure how the smaller banks get around that problem, if you do not have an ACR card, and one can only speculate that possibly they send them in under someone else's tax number.

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Thanks for the informative reply! That pretty much tells me what I wanted to know.

 

cheers!

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Good Samaritan

Yes you can open an account even if you are a non-resident. However, you have to present your passport and two more valid IDs from your country. But the thing is, you have to start out with a Savings Account first (passbook or ATM) before they let you open a Checking Account, maybe after 6months. Anyway you can use your Savings Account to receive remittances from abroad or to pay your bills. Non-Resident accounts are also non-taxable.

 

If you have other questions, feel free to leave me a message and I promise to get back to you within 24hours. Maybe I could refer you to my account officer.

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My experience in Baguio City (Luzon, not Cebu) was no bank would open an account for me without an ACR-I card. I am staying in the Philippines on a tourist visa. During a visa extension visit at the local Bureau of Immigration, I mentioned I was interested in a retirement visa. The head of the local office handed me the business card of a bank that was authorized for that. (Allied Banking Corp, just for your info)

 

I visited them and had to open a dollar account for any money sent from the states. I also had to open a peso account if I wanted to get my money converted into pesos. When I mentioned that the Immigration office sent me and I was going to get a retirement visa down the road, all obstacles disappeared. I did have to have the required documentation, like my passport and US drivers license.

 

I had tried BPI and Banco de Oro and was turned down prior even when I said I wanted to get a retirement visa. They wanted my business, but they couldn't or wouldn't step around the ACR-I card issue. Banco de Oro would be my first choice if I had one, since they stay open long hours and have offices at the SM malls usually. Allied is okay, but limited access, no wire transfers out, even inside the Philippines. So when it is time to move your money around, it is hard.

Edited by Tatoosh
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Yes you can open an account even if you are a non-resident. However, you have to present your passport and two more valid IDs from your country. But the thing is, you have to start out with a Savings Account first (passbook or ATM) before they let you open a Checking Account, maybe after 6months. Anyway you can use your Savings Account to receive remittances from abroad or to pay your bills. Non-Resident accounts are also non-taxable.

 

If you have other questions, feel free to leave me a message and I promise to get back to you within 24hours. Maybe I could refer you to my account officer.

 

 

 

First of all, :thats-funny: aboard, Good Samaritan.

 

Let me see if I am reading your post correctly? Are you saying that a foreigner who does not live in the Philippines or have an address in the Philippines can open a bank account here at your bank or any other bank?

 

And if that is so, which goes against everything else that any bank has told me, why do I keep hearing, that they want a passport and two other forms of id, most foreigners have a drivers license and a passport, what other form of id are you and the banks suggesting that a foreigner present to the bank?

 

I really have to wonder why someone would come up with a rule like that when a passport and a drivers license should be enough to authenticate someone's identity and a passport alone is enough for your government to let us into the Philippines in the first place or any other government to let us into their country, so why would a bank account require more id then your own government does for us to enter the Philippines? I think whoever thought that up was really not using their heads!

 

And to take that thought one step further, if someone is able to forge a passport and a drivers licence, then surely they could forge a third form of id? :cry:

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tom_shor
My experience in Baguio City (Luzon, not Cebu) was no bank would open an account for me without an ACR-I card. I am staying in the Philippines on a tourist visa. During a visa extension visit at the local Bureau of Immigration, I mentioned I was interested in a retirement visa. The head of the local office handed me the business card of a bank that was authorized for that. (Allied Banking Corp, just for your info)

 

I visited them and had to open a dollar account for any money sent from the states. I also had to open a peso account if I wanted to get my money converted into pesos. When I mentioned that the Immigration office sent me and I was going to get a retirement visa down the road, all obstacles disappeared. I did have to have the required documentation, like my passport and US drivers license.

 

I had tried BPI and Banco de Oro and was turned down prior even when I said I wanted to get a retirement visa. They wanted my business, but they couldn't or wouldn't step around the ACR-I card issue. Banco de Oro would be my first choice if I had one, since they stay open long hours and have offices at the SM malls usually. Allied is okay, but limited access, no wire transfers out, even inside the Philippines. So when it is time to move your money around, it is hard.

 

I bet your GF doesn't have any trouble moving your money around. :cry::thats-funny:

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JohninCebu

I opened an HSBC account, a Sterling savings ATM account. It pays 3.25%. I also have a peso ATM account but pays 1% so I don't use it.

 

I gave my passport, driving license and copy of my lease. No problem and done there and then. ATM card took 3 days.

 

A credit card is more difficult as an ACR seems absolutly essential.

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Good Samaritan

Yes.Some banks are strict and some just conveniently overlook the requirement. I'm not really an expert on Phil. banking laws but what I know is that I know of many foreigners who were able to open bank accounts with minimal fuss. :any-help:

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Yes.Some banks are strict and some just conveniently overlook the requirement. I'm not really an expert on Phil. banking laws but what I know is that I know of many foreigners who were able to open bank accounts with minimal fuss. :any-help:

 

 

You did not answer my question above, can someone who does not live in the RP and without an address open an account at your bank or others?

 

Please read the whole thing above.

 

Thanks!

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I think in all fairness to Good Samaritan some of these questions should be answered in private as soon as he is able to except messages ....... you never know who might read the board and interpret some of the information in a wrong light ....... sometimes discretion is the better part of valour ....... :angry::D :D :D

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