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Can a non resident open a local bank account?


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Good Samaritan, please do not be offended by what I posted, I am only trying to look out for the interests of all who are on the forum. If you read the news and I am sure you must, then you are sure to know just how many scams are out there on the Internet and I felt the need to tell others to use the due caution, that they should when dealing with anyone on the Internet because you are offering a service which most other banks say is illegal. Sometimes when people say things are illegal, they really mean that it is against bank policy and not really illegal according to the law. I am not in any way accusing you of anything and I am sorry if I have offended you in any way. I will stop by to see you Monday or Tuesday at the latest to discuss these issues and then I will be sure to post exactly what I find.

 

Thank you again for helping the forum members and please forgive me for being skeptical.

See you soon.

 

 

Lee, maybe this is because our LAWS will always carry this prescription "subject to the descretion of the authorized officer". Is this one of those "only in the Philippines' thing? :)

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OK guys and gals, here is the deal on Mayen, Good Samaritan. She is legit IMHO.

 

I went in to see her today at about 1:30 PM at the bank she works in, Bank of Commerce which is directly across the street from Robinsons mall.

 

She was behind the counter at a desk and she does work there and was wearing a name tag with Mayen on it and she seems to be a nice young lady who wants to help you. Of course understand that she has a job, and opening as many account as possible also makes her look good in the banks eyes, so she helps you and you help her and that is normal business in any bank that I am aware of.

 

There are requirements once you get here even if you start out by opening the account online or via emails to her.

 

You will need two valid forms of id, a passport and a drivers license or some other valid id if you do not have a drivers license. You will also have to provide her with two passport type photos.

 

You will need to give her your birth date (which is on the id anyway) and you address outside the Philippines if you do not live here. She said you will not have to give her your social security number (USA) or other income related number if from another country. That is very good and would always be much safer anywhere you go and would make any identity theft much less likely. I am not saying that she would do that, just advising that it is good that you do not have to provide that to her for anyone else to end up seeing.

 

You will need to be interviewed by her to ascertain the reason that you need to have an account here. In other words, living expenses while here or to buy property or a car or whatever, but you need a valid reason and my guess is that if she feel uncomfortable with your reason, being the honest person that she seems to be, she would be forced to not open the account for you, so no hanky panky and do not joke around because many times our sense of humor is not understood here.

 

BTW, You will not get statements mailed to you unless you are willing to pay p100 per month for that service.

 

You will need to keep the money below a certain limit in order to comply with the money laundering laws or you will have to show proof as to where the money came from, such as sale of property, inheritance or whatever true source it came from. That you will have to work out with her and since it is a fairly large amount, I think most of you will not have to worry unless you are buying property or intend to move a good part of your savings here or ????

 

Also as a side note to all this, if you are a US citizen, if you have more than $10,000 or its equivalent in a foreign bank, you will be required to report that to the US government, so keep it well under that if you do not wish to have big brother look over all your affairs and scrutinize any of your actions unless that does not bother you and it never bothered me. If you are not from the USA, check out your own countries laws because I do not know them.

 

Now with all that said, depending on whether you are moving here or just coming for a quick visit, it would still be my advice to send as little as you think you could get by with and to carry enough cash money or use an ATM card to last you for 21 or so days and to deposit a check into a dollar account she can open for you, and it will take about 21 days to clear. Also in order for you to open a dollar account, Mayen said that you will need to deposit $500 in cash and that will also be the minimum balance that you must keep in that account and then the check or checks you might would want to deposit so as to have additional money for expenses later on.

 

Another warning here is that you should not carry more than $10,000 in cash because you will have to report it to the USA and the Philippines and I sure would not want anyone in the Philippines to know that I had that much in my pocket.

 

Now my reasons for the above statements,

 

1) When here, you can get a much better exchange rate at a so called black market money changer than at any of the local banks.

 

If you are going to cash a fairly large sum of cash in, you can have that money changer send someone to your bank with the pesos and you can give them the cash while in the bank and deposit most of that into your account right then so as to not carry it around and become a target. That is what I do and I usually use the money changer downstairs at Robinsons in the food area and they usually give pretty close to the actual exchange rate for the day and send someone to my bank and I then deposit the money into our peso account. Most banks deduct one to two pesos per dollar, and that would mean you could save between $24 to $50 or possibly more on every $1000 you cash, but that would be for you to work out with the bank that you decide to do business with. If anyone wants the phone number for the money changer at Robinsons they are welcome to pm me and I will give you the womans name and phone number and yes, she speaks English.

 

BTW, to give you an idea of their rate, I just cashed in some money today and got 41.85 for each US dollar this afternoon right after my visit to Mayen.

 

2) You do not know me and you should not take my word for anything because I, like Mayen are more or less Internet buddies to most of you and of course once you get here and we meet, then you can decide for yourselves and know for sure that I am rotten bum. :D

 

3) I do not know Mayen personally but after meeting her, IMHO I think she is an honest lady, but that is just my judgement and you should all judge for yourselves.

 

4) Last, if you do decide to wire money anyway, never send more than you can afford to lose.

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mikejwoodnz

Mr.Lee - thank you - most helpful - I certainly will open a "junior" account there with GS based on your information. It will be extremely useful for future transactions and very much appreciated getting it set up prior to my arrival - thank you both - Mike :D

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Good Samaritan

Thanks Mr. Lee!

It feels so good to be finally ridden of the psychological and emotional distress!

And with regards to my choice of name, i did not chose it specifically for this forum. I've been using the code name since college, and I have been using it even as a 'terrorist' in Counter Strike. So if you encounter a GS in Dota or some other online game, that would probably be me. :any-help:

Regarding 'black market money changers,' I have a list of their contact nos. and contact persons (around Fuente-Osmena area), some of them bank with us too, I can give them to you, just leave me a message. They do have better exchange rates compared to banks. :lol:

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Thanks Mr. Lee!

It feels so good to be finally ridden of the psychological and emotional distress!

And with regards to my choice of name, i did not chose it specifically for this forum. I've been using the code name since college, and I have been using it even as a 'terrorist' in Counter Strike. So if you encounter a GS in Dota or some other online game, that would probably be me. :any-help:

Regarding 'black market money changers,' I have a list of their contact nos. and contact persons (around Fuente-Osmena area), some of them bank with us too, I can give them to you, just leave me a message. They do have better exchange rates compared to banks. :lol:

 

 

Sorry I caused you any of that and it is just a shame that there are so many scam artists out there that we all need to be careful and good people like yourself have to suffer because there are so many bad people out there.

 

Hope you will make it to Bank manager after all these guys start making all those billions :unsure::shocked::) of dollars in deposits. :D

 

Hope to see you again soon.

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Good Samaritan

It's my personal mission to improve the image of Filipinos...one foreigner at a time. :lol:

 

Thank you so much...Let me know if I can help you with anything regarding banking matters, even if it is not with Bank of Commerce.

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It's my personal mission to improve the image of Filipinos...one foreigner at a time. :lol:

 

Thank you so much...Let me know if I can help you with anything regarding banking matters, even if it is not with Bank of Commerce.

 

 

Mayen, just help the forum members and treat them good and you will have helped me greatly by encouraging foreign dollars and tourists to come here and whose money will eventually improve the Philippines.

 

I, like you, like to help people and the Philippines, and the more good Filipinos like yourself and others that I have had the pleasure to have met, who are shining examples for the other Filipinos of today to follow, are all I could ever want and all I too have been striving toward myself, to make the Philippines a better country for our very large extended family to have a better life.

 

Keep up the good work and never change!

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JohninCebu

Thank you Mr Lee for all your time and trouble, you're a true gent. Did GS mention interest rates by any chance?

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Thank you Mr Lee for all your time and trouble, you're a true gent. Did GS mention interest rates by any chance?

 

 

 

I did not ask her about interest rates since we already have our accounts all set up and I was just trying to make sure that it was a brick and mortar place with a legit person and it was and she is. :lol:

 

I guess it is like Daisy said, everything here is at the discretion of the management?

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It's my personal mission to improve the image of Filipinos...one foreigner at a time. :any-help:

 

Thank you so much...Let me know if I can help you with anything regarding banking matters, even if it is not with Bank of Commerce.

 

 

Mayen, just help the forum members and treat them good and you will have helped me greatly by encouraging foreign dollars and tourists to come here and whose money will eventually improve the Philippines.

 

I, like you, like to help people and the Philippines, and the more good Filipinos like yourself and others that I have had the pleasure to have met, who are shining examples for the other Filipinos of today to follow, are all I could ever want and all I too have been striving toward myself, to make the Philippines a better country for our very large extended family to have a better life.

 

Keep up the good work and never change!

 

 

It's indeed good news to hear that Lee's "mission" is a success. Personally I am more than happy that GS's intention is cleared. Yes, improving the image of the Filipinos in the eyes of the world is a tough job and with the help of foreigners like Lee and the rest of you guys, it will...in time!

Mayen, :lol:

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Good Samaritan
Thank you Mr Lee for all your time and trouble, you're a true gent. Did GS mention interest rates by any chance?

Hello!I'm afraid Mr. Lee and I haven't covered interest rates during our 'meet and greet' session! :lol:

But just to give you an idea, dollar interest rates for time deposits for a 30-day min. term is at 2.25xxx%,PRA Dep, rates are at 2.1xxxx%. But interest rates are changing everyday. And they are expected to drop some more these coming months. I might be able to get rates from other banks also so you can compare interbank rates.

Right now, I'm just not sure what bank is giving the highest or lowest rates...

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Thank you Mr Lee for all your time and trouble, you're a true gent. Did GS mention interest rates by any chance?

Hello!I'm afraid Mr. Lee and I haven't covered interest rates during our 'meet and greet' session! :lol:

But just to give you an idea, dollar interest rates for time deposits for a 30-day min. term is at 2.25xxx%,PRA Dep, rates are at 2.1xxxx%. But interest rates are changing everyday. And they are expected to drop some more these coming months. I might be able to get rates from other banks also so you can compare interbank rates.

Right now, I'm just not sure what bank is giving the highest or lowest rates...

 

 

 

On very large accounts I believe that Citibank Savings on Osmena is paying 5.25% for 5 years and 5% for one year and 4.8% for one year on a lower amounts but I do not know the exact amounts required and if anyone is interested, the manager and accounts manager there are very nice people and are also great people to work with, but CitiBank has a lot more rules than Mayens bank and I am sure you would have to live here to open an account with them and they may make you jump through some more hoops as well.

 

If anyone is interested in information or rates or what you would need to open an account, the accounts manager is Karina Villegas and 256 2698 is her direct number. Also I believe those rates are before the bank takes out taxes.

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Good Samaritan
Thank you Mr Lee for all your time and trouble, you're a true gent. Did GS mention interest rates by any chance?

Hello!I'm afraid Mr. Lee and I haven't covered interest rates during our 'meet and greet' session! :as-if:

But just to give you an idea, dollar interest rates for time deposits for a 30-day min. term is at 2.25xxx%,PRA Dep, rates are at 2.1xxxx%. But interest rates are changing everyday. And they are expected to drop some more these coming months. I might be able to get rates from other banks also so you can compare interbank rates.

Right now, I'm just not sure what bank is giving the highest or lowest rates...

 

 

 

On very large accounts I believe that Citibank Savings on Osmena is paying 5.25% for 5 years and 5% for one year and 4.8% for one year on a lower amounts but I do not know the exact amounts required and if anyone is interested, the manager and accounts manager there are very nice people and are also great people to work with, but CitiBank has a lot more rules than Mayens bank and I am sure you would have to live here to open an account with them and they may make you jump through some more hoops as well.

 

If anyone is interested in information or rates or what you would need to open an account, the accounts manager is Karina Villegas and 256 2698 is her direct number. Also I believe those rates are before the bank takes out taxes.

 

Do they give the 5.25% on dollars as well? If they do, then it is really lucrative for you guys. It would be worth jumping through all the hoops if they give 5.25%.

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Do they give the 5.25% on dollars as well? If they do, then it is really lucrative for you guys. It would be worth jumping through all the hoops if they give 5.25%.

 

 

I do not believe so, this is the Philippines and the peso is the money here :as-if:

 

and as far as I know the dollar has lost its luster! :cry::as-if:

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broden
Do they give the 5.25% on dollars as well? If they do, then it is really lucrative for you guys. It would be worth jumping through all the hoops if they give 5.25%.

 

 

I do not believe so, this is the Philippines and the peso is the money here :as-if:

 

and as far as I know the dollar has lost its luster! :cry::as-if:

i'll take those worthless dollars off your hands .. out of the goodness of my heart :):D

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