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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 :cry:

 

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

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

 

 

I give you all I have and do you a favor and trade them for 50 pesos for every dollar, but only if you hurry because it is a today only sale. :):as-if:

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Good Samaritan
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 :lol:

 

and as far as I know the dollar has lost its luster! :o:lol:

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

 

 

I give you all I have and do you a favor and trade them for 50 pesos for every dollar, but only if you hurry because it is a today only sale. :lol::biggrin_01:

 

 

Just as I thought! We have the same rate for Peso too but honestly 5.25% may look and sound nice but if you compute them yourselves, they don't really amount to much. It is better if you invest in some lucrative business. But if you have lots of moolah and no time to think up of a business, then bank interests would have to do :)

 

Mr. Lee, you sly guy...you would still be reaping profits if you get to sell your dollar at P50.00!...because they only sell at P41.xx these days!!!!Ooooopssss!

 

Beware of Mr. Lee, you guys!!! :lol:

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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 :o

and as far as I know the dollar has lost its luster! :lol::lol:

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

 

I give you all I have and do you a favor and trade them for 50 pesos for every dollar, but only if you hurry because it is a today only sale. :lol::biggrin_01:

 

Just as I thought! We have the same rate for Peso too but honestly 5.25% may look and sound nice but if you compute them yourselves, they don't really amount to much. It is better if you invest in some lucrative business. But if you have lots of moolah and no time to think up of a business, then bank interests would have to do :)

 

Mr. Lee, you sly guy...you would still be reaping profits if you get to sell your dollar at P50.00!...because they only sell at P41.xx these days!!!!Ooooopssss!

 

Beware of Mr. Lee, you guys!!! :D

 

 

 

Ssssssshhhhhhhhh! :) Let the 41.xx to one be our little secret. :) Remeber this is the Internet and besides that offer was only good for yesterday, today I would want 55 to one. :lol::lol::lol:

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I still get 5,25% in the UK

 

 

I have to agree John.

 

and for those who want to lock up Jumbo amounts long term in the USA, there is Capital One

 

http://www.capitalone.com/directbanking/cd...P2_R1_03_T_SP2R

 

84 months 5.12% 5.25%

120 months 5.35% 5.50% Wow, that is a long term to lock up money for but the rate does seem good in today's US market

And for lower amounts than Jumbo

 

60 months 4.40% 4.50%

84 months 4.88% 5.00%

120 months 5.12% 5.25%

 

I wonder if any bank in the Philippines could come close and even if they do, it would only be insured for the equivalent of p250,000

Edited by Mr. Lee
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Good Samaritan
I still get 5,25% in the UK

 

 

I have to agree John.

 

and for those who want to lock up Jumbo amounts long term in the USA, there is Capital One

 

http://www.capitalone.com/directbanking/cd...P2_R1_03_T_SP2R

 

84 months 5.12% 5.25%

120 months 5.35% 5.50% Wow, that is a long term to lock up money for but the rate does seem good in today's US market

And for lower amounts than Jumbo

 

60 months 4.40% 4.50%

84 months 4.88% 5.00%

120 months 5.12% 5.25%

 

I wonder if any bank in the Philippines could come close and even if they do, it would only be insured for the equivalent of p250,000

 

Nah, no Philippine bank could and would make a counter-offer. The most you can hope for are freebies (free bags, pens, memo pads)! :lol: Hahahaha....The dollar is expected to drop some more, so these days no matter if you have your dollars tied up in long term deposits, they still earn the same interests as the 30-day minimum term.

 

So for those who had their time deposits locked up long term last December to February, count yourselves lucky because you still got to enjoy the last glory days of dollar interest rates.

 

Banks here in the Philippines, sad to say, are risks-averse.

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JohninCebu
I still get 5,25% in the UK

 

 

I have to agree John.

 

and for those who want to lock up Jumbo amounts long term in the USA, there is Capital One

 

http://www.capitalone.com/directbanking/cd...P2_R1_03_T_SP2R

 

84 months 5.12% 5.25%

120 months 5.35% 5.50% Wow, that is a long term to lock up money for but the rate does seem good in today's US market

And for lower amounts than Jumbo

 

60 months 4.40% 4.50%

84 months 4.88% 5.00%

120 months 5.12% 5.25%

 

I wonder if any bank in the Philippines could come close and even if they do, it would only be insured for the equivalent of p250,000

Sorry still to be off topic Lee but my UK account is instant access, no lock in.

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Sorry still to be off topic Lee but my UK account is instant access, no lock in.

 

 

That is a great rate without being locked in, but I suspect that they change the rate at any time if they want to?

 

The USA rates are not very good right now and Capital One is about the best rate I have found, but the lock in period is good and bad, depending on how one looks at it, and that is why I was wondering if there was anything here in the Philippines that was competitive in dollars.

 

Good Samaritan already answered that and people will just have to decide if they are willing to take a chance on the exchange rate going in their favor if they keep a lot of their money in pesos.

 

Many years ago, I opened an account here in the Philippines because the rates were twice what they were in the states. I put in a significant sum and a year later it was worth quite a bit more, but the problem was that the peso lost against the dollar badly that year so I actually lost a bunch of money and I mention this so it will not happen to other forum members. I believe that election time the dollar will get stronger and the peso exchange has slowly been going up lately anyway and my guess is that it will continue to do so, but I am just guessing and it is anyone's guess what will happen in the future.

 

Keep you money in dollars, Euros or pesos or maybe a little of each? But whatever way, it sure cannot hurt to open an account here to make living here and visiting here easier and that way have instant access to pesos without having to play the exchange rate when people need it.

Edited by Mr. Lee
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overthere-really

Bump

 

Hi, I'm new here. I hope this is the right place for this question. BTW I've been dropping in to livingincebu off and on for about a year. I want to thank all the posters for the priceless info I've gotten here. It's been very valuble in preparation for my visit.

On to my question; I want a peso account in a local Philippine bank that I can access with an ATM card while I travel. I expected (right!) to set up an account here (PNB Los Angeles) on US time and pick up my ATM card in Manila. I have the paperwork to fill out in front of me now, the 17th. That gives me 7 working days (memorial day weekend) to mail the documents to Los Angeles, get my account number and go to my local remittance office to deposit my travel money before I fly on the 29th. Mr "you'll have the forms in 4 days" got them to me in 10 days. It's obvious to me that I'm on Philippine time now and this plan aint gonna happen. I had planned to carry my funds 1/3 cash, 1/3 MasterCard debit and 1/3 PNB ATM card. I don't have a credit card. If I call Mr "you'll have the forms in 4 days" I'm sure what he tells me will be as worthless as what he told me on the 7th. Is there a way I can do something like the PNB portion online with a local bank there? Your thoughts, suggestions? THX

 

Thanks again for all the info here, I hope in the future I can offer as much as I've recieved.

Anyone here drink beer?

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Good Samaritan
Bump

 

Hi, I'm new here. I hope this is the right place for this question. BTW I've been dropping in to livingincebu off and on for about a year. I want to thank all the posters for the priceless info I've gotten here. It's been very valuble in preparation for my visit.

On to my question; I want a peso account in a local Philippine bank that I can access with an ATM card while I travel. I expected (right!) to set up an account here (PNB Los Angeles) on US time and pick up my ATM card in Manila. I have the paperwork to fill out in front of me now, the 17th. That gives me 7 working days (memorial day weekend) to mail the documents to Los Angeles, get my account number and go to my local remittance office to deposit my travel money before I fly on the 29th. Mr "you'll have the forms in 4 days" got them to me in 10 days. It's obvious to me that I'm on Philippine time now and this plan aint gonna happen. I had planned to carry my funds 1/3 cash, 1/3 MasterCard debit and 1/3 PNB ATM card. I don't have a credit card. If I call Mr "you'll have the forms in 4 days" I'm sure what he tells me will be as worthless as what he told me on the 7th. Is there a way I can do something like the PNB portion online with a local bank there? Your thoughts, suggestions? THX

 

Thanks again for all the info here, I hope in the future I can offer as much as I've recieved.

Anyone here drink beer?

 

It's really difficult to estimate the exact no. of days when delivering documents abroad, in fairness to Mr."you'll have the forms in 4 days." : :lol:

We use DHL to deliver US documents to clients in the Nevada area and DHL tells us that it would be delivered in 4 days but we have had instances of clients complaining that they got the docs. only after 20 days! :lol: I guess the notorious Filipino time knows no territorial boundaries. :lol:

Back to your concern, do you really have to open a Phil. account there?Can't you just do it once you arrive here? Anyway, you can transfer funds online assuming that your US bank has online banking and you get the money in 2-3 days.

You can always consider opening your PNB account here, that way you will not be worrying of delayed documents delivery...just a suggestion though B)

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Hi GS ....... just wanted to let you know that everything went great ....... Julie and I picked up our ATM cards last week while you were gone and got everything squared away ....... Joy is a nice person also ...... we will be in to open the other account in a few days if you are going to be there ......... oh .... by the way where is our free gift ........ :):lol: :lol: :lol:

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chimellie
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! :)

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%.

In 2006 I opened an account with PNB, 8% on 5 years time deposit.

This year I opened an account with Legacy Group, 20% on 5 years

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Lee
In 2006 I opened an account with PNB, 8% on 5 years time deposit.

This year I opened an account with Legacy Group, 20% on 5 years

 

That does sound very good as long as the exchange rate remains fairly constant but should it double as it did years ago, when it went from 20 to 40 something, then the interest you get really will not matter. :)

 

All I will say to anyone who wants to play any investment, never invest what you cannot afford to lose.

 

Legacy Group and 20% sounds pretty good as long as there is no big swing in the exchange rate and also IMHO, it is a better deal for people who are living on pesos (in country) but I prefer real estate and the condos we bought have gone up in selling price over 60% in one year, but there is also no guarantee that they will continue to climb like that and could even decline in value (but not likely in the hot Cebu market) and of course new selling price is not the same as if one has a resale unit to sell because that is an unknown until it is on the market.

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broden
In 2006 I opened an account with PNB, 8% on 5 years time deposit.

This year I opened an account with Legacy Group, 20% on 5 years

 

That does sound very good as long as the exchange rate remains fairly constant but should it double as it did years ago, when it went from 20 to 40 something, then the interest you get really will not matter. :as-if:

 

All I will say to anyone who wants to play any investment, never invest what you cannot afford to lose.

 

Legacy Group and 20% sounds pretty good as long as there is no big swing in the exchange rate and also IMHO, it is a better deal for people who are living on pesos (in country) but I prefer real estate and the condos we bought have gone up in selling price over 60% in one year, but there is also no guarantee that they will continue to climb like that and could even decline in value (but not likely in the hot Cebu market) and of course new selling price is not the same as if one has a resale unit to sell because that is an unknown until it is on the market.

sorry Chi but i hope the rate doubles :biggrin_01:

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overthere-really

Hi GS

Thanks for replying. I was hoping to hear from you as you seem to really know your stuff. "Mr "you'll have the forms in 4 days" sorry, I was just being a bit sarcastic :lol: I spoke to Mr. O*** of PNB in Los Angeles CA. on the 7th and he said the forms would be mailed to me right away. My son sent me a letter from the same city that day and I recieved it on the 10th. The banks timestamp on the PNB documents is 5/13, so that was before they were even put in an envelope and left the bank. I got them on the 17th and the soonest I would be able to return them would be the 19th. PNB sends a courier packet to 'pinas once a week and my signature card would go in that. I may or may not have recieved my account number before my flight. The idea was to be able to deposit cash via their remittance office to my new account before I left the US and have it available as soon as I reached Manila. With any delays this would have required me to return to PNB's Sucat, Manila branch to get my ATM card when my plan is to get out of the city as soon as I can.

I still want to have a local account with a local ATM card for future trips in case my own bank card doesn't work but I'll set that up 6 - 8 weeks before I go next time. The benefit of opening the account here is the funds deposited in cash will post almost immediately rather than up to several weeks if I use a check or transfer when I arrive there.

If your bank has something similar to PNB's Superteller ATM Savings account that I can manage from here, I would be happy to talk to you about it on my arrival in Cebu.

By the way, 'Filipino time' is one of the things I look forward to, just not before I leave the US ;)

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