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Best bank to use?


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newbster

Hi,

 

What is the most reputable, friendly, quality service bank to use in the Visayas? BPI? BDO? another? Mainly I just need to be able to deposit a check in USD and wait for it to clear (I hear it takes about 30 days?) to get money while there.

 

Thanks

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HSBC is the best with branches in most countries. You can get 40k pesos per transaction at their atm. Private parking and the best exchange rate of any bank that we could find. You can open your Phili

The BEST bank to use is one where YOU personally have a good relation with the manager.  As a known customer with a good relationship with management of the branch I never have to stand in line at the

Just opened a Metrobank account.................you need one photo and your Acri card with an opening balance of 2000.

Rocketman

I'm quite happy with Citibank.  Have an account in the U.S. and Peso and Dollar accounts here.  Can do all transfers on-line.  If you keep $50K in a U.S. account, you will have gold status there and here which gives you a better exchange rate and a private bank office with a personal rep.  You have to have a permanent address to open an account with them here.

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Headshot

I'm quite happy with Citibank.  Have an account in the U.S. and Peso and Dollar accounts here.  Can do all transfers on-line.  If you keep $50K in a U.S. account, you will have gold status there and here which gives you a better exchange rate and a private bank office with a personal rep.  You have to have a permanent address to open an account with them here.

 

Where do you go for Citibank here? The Citibank office by Ayala closed over a year ago. I didn't know there was another.

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newbster

I'm quite happy with Citibank.  Have an account in the U.S. and Peso and Dollar accounts here.  Can do all transfers on-line.  If you keep $50K in a U.S. account, you will have gold status there and here which gives you a better exchange rate and a private bank office with a personal rep.  You have to have a permanent address to open an account with them here.

Hm, So let's say I don't have 50k to keep in a US account. Most of my money is tied up in retirement accounts. Which other bank would you recommend? Or still Citi? I'm a Chase customer here in the U.S.

 

Also if I did Citi in the future, can I open a US account then bank with them in PI or do I need the permanent address in PI then a separate account opened in PI?

 

Thanks

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A BPI peso account has been very beneficial to me....

I have peso account at Jones branch in Cebu, which only requires a 5,000 peso balance to be free of charge.

Where in the US are you?  There are several BPI remittance centers throughout the US.  I'm in the Los Angeles area and I have used the remittance center to send money to my own peso account ($7 flat fee for any amount sent).  It converts dollar to peso close to market rate. 

 Also, my banking in the US is at Wells Fargo Bank and I can set cheaply transfer money online from my BPI account using the ExpressSend feature they offer to account members.  Costs $4 to send under $100, $6 to send larger amounts such as $400 -$500 (converted to pesos at decent exchange rate).

 

Does Chase have a program similar to that?  

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Woolf

 

I have peso account at Jones branch in Cebu, which only requires a 5,000 peso balance to be free of charge.

 

 

Hmm!!      I have a BPI account with atm card and it needs only 3,000 PHP balance to be free of charge

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I see...that's what they told me when I opened the account back in 2006...I see its 3000 now but 5000 minimum to earn interest...

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Kabisay-an gid

I see...that's what they told me and that is what is on the account requirement document...this is a peso savings account with ATM access....is yours that same type?

 

My Filipina has a BPI peso account, they told her 5000 also. Woolf's account must differ somehow, or maybe he's had it longer and opened the account when the minimum was less.

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tobster

Just opened a Metrobank account.................you need one photo and your Acri card with an opening balance of 2000.

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Rocketman

Where do you go for Citibank here? The Citibank office by Ayala closed over a year ago. I didn't know there was another.

The office on Gorordo closed, but the one at Ayala is still open. 

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When I first moved to PI I opened a BDO account. After only 3 months and waiting in lines at BDO for up to an hour I opened an account at BPI. 

 

The difference in service and efficiency is very noticeable. BPI any day.

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Rocketman

Hm, So let's say I don't have 50k to keep in a US account. Most of my money is tied up in retirement accounts. Which other bank would you recommend? Or still Citi? I'm a Chase customer here in the U.S.

 

Also if I did Citi in the future, can I open a US account then bank with them in PI or do I need the permanent address in PI then a separate account opened in PI?

 

Thanks

The $50K gives you Gold status.  Without it, you still have a normal banking relationship and I've found the people at Citi in Cebu and other offices around the world to be very professional.  Most places I travel have a Citi office.  I was just in China and had no trouble finding an office.  Oh, I also have no ATM fees at any bank in the Philippines but I don't remember if it's because of the Gold status or not.  You can put your $50K into an investment account (retirement or non) with Citi and that will count towards the required balance.

 

I have a Citi debit card/Mastercard linked to my U.S. account and use it here.  There are no foreign transaction fees.  To open an account here, there are requirements such as proof of a permanent address - a copy of a lease and a utility bill in your name.  You may be able to work around this by "living with a friend" but they seem to be pretty strict.  I've heard HSBC is a good bank, but have no experience with them.  I've read from other members here that other Philippine banks are not as strict with proof of residency.  Internet transfers of money from my U.S. account to my Citi dollar account then to my peso account are immediate.

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newbster
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I've been using Bank of Commerce since I heard about it on this forum years ago. It's a 500p minimum balance on the ATM accoun and they have a lot of ATM's. The branch by Robinson's would even call a money changer to convert your US $ to peso at the highest rate after receiving only phone call or email instructions. There's a $500 minimum balance on your US $ account. It takes about a calendar month for your US check to clear.

 

Owned by San Miguel, and I know a lot of you are San Miguel fans...

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