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Can't depost USA check in RP bank for 6 months?


Jack_be_nimble

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Jack_be_nimble

About a month ago, I opened a peso savings/ATM account at Metrobank. Today, I tried to deposit a check from the US into my account. I was told I could not. I had to wait for the 6 month 'evaluation period' to be over before I can desposit a check in dollars. Huh?  When I questioned it further, I was told it is standard policy.  Interesting.

Edited by Jack_be_nimble
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Paul

Never had that happen to me.

 

In fact, I have opened accounts with $100 USD cash, and a check deposited into the account.

 

I would suggest trying RCBC, Talisay branch.

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Monsoon

You'll have to wait for the funds to clear as well. With many banks in the US allowing for electronic (take a picture of it) deposit of checks now I don't know why anyone would want to wait that long for it to clear. Clears much faster by doing it that way and then send a single TT to yourself ($10 at my bank).

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SkyMan

Never heard this 6 month BS but if there's something a bank can screw up, Metrobank is the leader.  They aren't going to give you access to the funds until the check clears anyway so what does this 6 month trial period buy them except another way to screw customers.  Metrobank seriously sucks.  Just wait until you try to do anything at a branch that isn't the one you opened the account at.

 

As for them telling you it's standard policy, it's just a standard at Metrobank and the policy is to screw you.

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ed villas

 

I opened a peso savings/ATM account at Metrobank. Today, I tried to deposit a check from the US into my account. I was told I could not. I had to wait for the 6 month 'evaluation period' to be over before I can desposit a check in dollars. Huh?

 

it is known that some banks do have a "waiting period" on new customers, you said you want to deposit a USD check into a PESO ACCOUNT, have you considered opening a $$ account to deposit your check in? 

amd metro bank is not the only bank in most towns,maybe anothert RP bank can offer better service

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Paul

 

you said you want to deposit a USD check into a PESO ACCOUNT, have you considered opening a $$ account to deposit your check in?

 

I didn't catch that earlier. Why would you want to deposit a USD check into a Philippine Peso Account? Definitely open a USD Savings Account.

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Ronin

You might try a different MetroBank location....

 

I tried to open an account a the branch next to the Crown Regency.  They told me I had to wait 6 months before I could even open a dollar account.

 

I then went to the branch by Capital.  They opened the dollar account immediately.

 

However, when I received a check from the US Government (tax refund) they required a 45 day waiting period.  That sucked but it's better than 6 months.

 

FWIW, I seem to recall that some other bank here had a 15 day waiting period for checks, might try a search...

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A year ago, I had a check in Euro

my bank, at that time, PNB, told me 30 days

since all the other banks around asked for a 45 day clearing period

I asked them again and they were so convincing that I did not insist

After 30 days I called them up and asked for my money

They called me back and explained to me, since the check was in Euro, it would take 45 days

And then, I got mad, talked to the manager and required the money on my account deposited the same day

He said yes...

the same day was 2 weeks later, then 45 days

 

they justified themselves by telling me that it was their first check in Euro

 

A check in Dollars takes 30 days

A check in Euros takes 45 days

 

Since, I closed all my bank accounts

tired of their amateurism...

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tomaw

Don't most American expats on this forum have direct deposit of their SS Checks into Philippine or U.S. banks?

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Headshot

Don't most American expats on this forum have direct deposit of their SS Checks into Philippine or U.S. banks?

 

I have no idea what MOST expats do, but I have my direct deposits go to my US credit union. Then I have whatever money I need wired from my credit union in the US to my BPI dollar account here. Generally within 12 to 24 hours after I make a request by email to my US credit union, the money is available in my BPI dollar account. If you transfer to a peso account (I have both dollar and peso accounts), it can take up to two weeks before the money is available in the account. Therefore, if I want money in my peso account, I just wire transfer it to my dollar account and go to BPI the next day to move the money. It takes 15 to 30 minutes to have one of the customer service people in the bank figure out the exchange rate and move the money. The money is then immediately available in the peso account. With BPI, I can do this in any BPI branch, which makes it very convenient.

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Don't most American expats on this forum have direct deposit of their SS Checks into Philippine or U.S. banks?

Can't speak for others as every ones situation is different but for receiving US SS  direct deposit into a Philippine bank account seems the easiest . Have had only one issue in 6 years . When initial bank i set up with was taken over by BDO bank there was some delay due to " American requirements " according to BDO - Manila . A call to the US Embassy and a " polite " discussion had the local BDO bank calling me the following day to tell me my deposit had been credited .  :-)

 

Money is always there by the 3rd of the month with the exception of maybe one or two holiday periods a year in which case it may be the 4th or 5th . No fees charged to move the funds but the bank does charge a monthly maintenance fee " sometimes " of 5 $ . Have never figured out their schedule for maintenance fees . No minimum monthly balance required  as for other dollar accounts . Can't beat it.

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Paul

I still say, the best bank to deal with, especially concerning foreign currencies, is RCBC, specifically, the Tabonuk Branch in Talisay.

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Jack_be_nimble

This was at Metrobank main, in Dumaguete. They didn't say anything about a requirement to open a dollar account.

 

Maybe they will tell me about that requirement, if I were to return in 6 months to deposit. "Sir, you have to wait another six months now on the new account" :banghead: :banghead:

 

I'll shop around for better 'policy'.  I'm starting to get into the habit of expecting the worst, hoping for the best, regarding anything. And I've been living here for only 7 months so far.

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Paul

 

I'm starting to get into the habit of expecting the worst, hoping for the best, regarding anything.

 

You are learning fast. :)

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cebubird

If you are in Dumeguete, youmight want to try Bank of Commerce(San Miguel owned0They have lots of experience with foreigners. Have had mine with them here in Cebu since arriving 3 years ago. the 30 day waiting period for check to clear sucks, but have sort of gotten used to it. don't know how to do the wire transfer thing. We do have our son's ss check direct deposited there, but my monthly checks go to my US bank.

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