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Best bank to use?


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passingby

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 teller windows and always am served at one of the tellers at a desk.  This is NOT for those wanting to keep 5000 - 6000 in an account but IF your VA or SS money comes in either direct or a monthly transfer and you need a peso account for atm or local credit card it works great.  Sure you pay for service such as the incoming charge on US$$ transfers but such is life.  The mind set of trying to save a few centavos at least to me is NOT worth the services I get personally at the bank I use.  AND if this good relationship is developed you can ask for a preferred rate to change larger amounts to peso OR the management can "Facilitate" a way to get a better than the posted rate of exchange.

 

When looking for a place to open an account and when you decide on the bank you will use, ask to talk to the manager, introduce yourself and say you will be opening account(s) and you will be well received.

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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.

RogerDuMond

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 Philippine accounts through your US HSBC branch so they are ready when you get here. You can also have the check direct deposited in the US and transfer it online. If you want further information PM me with any questions.

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SkyMan

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

I've had nothing but problems with MetroBank.  Each branch is like it's own bank and the heck with you if you opened your account at another branch.  The latest problem is that you can't log into the system with IE 10 but IE 9 works.

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Kabisay-an gid

I've had nothing but problems with MetroBank.  Each branch is like it's own bank and the heck with you if you opened your account at another branch.  The latest problem is that you can't log into the system with IE 10 but IE 9 works.

 

I talked to a MetroBank branch manager in Leyte who was absolutely clueless. He gave me nothing but bad advice and worthless information.

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Ronin

I've had nothing but problems with MetroBank.  Each branch is like it's own bank and the heck with you if you opened your account at another branch.  The latest problem is that you can't log into the system with IE 10 but IE 9 works.

 

Same here.  I switched to BPI, they seem much more connected and modern.

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Headshot

I will stick with BPI. I have a dollar account and a peso account, and we have always had great service.

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Kabisay-an gid

This article also seems to favor BPI. Thanks for the recommendation kabisay.

 

The big three banks in the Phils are BDO, Metrobank and BPI.

 

Of the three, BPI has the most branches and kiosks. BPI also has more ATM machines than the other two combined.

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cebubird

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...

 

BOC does NOT use money changers anymore. I hav e been using them since we arrived 3 years ago. They do a lot of foreign business and they are VERY accomadating. If you are not a really wealthy person and just need good service, they are very good. I would reccomend them to anyone.

They do NOT have a lot of ATMs, but as posted, San Miguel majority owner and I doubt it will go under. we also have direct deposit of one check there each month.

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newbster

I think that I'll open a BPI bank account but I have a few clarifications if someone can chime in pls.

 

If I go to BPI to open a dollar savings account - what documentation will they require from me? Is passport enough?

Then if I write a US bank personal check to BPI for say $500, within 1 month I should have $500 in the BPI account that I can then theoretically withdraw in dollars - correct?

Is there a monthly/annual fee for holding that dollar savings account with BPI?

Can I safely leave that $500 there for a few years and expect it to be there when I return for it on another trip?

If I decide to take out $495 and leave $5 will they hold the account open for me or do I need to leave some min amount in a savings account?

If I leave $500 in the BPI account is there a way to go online and somehow retrieve the money back to my US bank or have it disbursed to someone in PI or any other way to get at it without physically going to a BPI bank to take the money back out?

 

Thanks

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Paul

RCBC, located in Talisay, has always treated me great. 

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RogerDat

Greetings! Do you want to cash a check here, but not open and account is how I read your question.

I do not think you can cash a check in any bank if you do not have an account,

I would just use my credit or debit card while here, you can pre deposit  cash so no intrest accrues.

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Davaoeno

If I go to BPI to open a dollar savings account -

 

You will need to have USD notes to deposit. However due to local banking laws, if you dont have any notes  the bank is NOT allowed to sell you any- and you will first have to go to another bank to buy them.  Also be prepared to list all the serial nos of all the notes .  They will also refuse to accept any notes with anything written on them, or even if badly wrinkled or old .

 

Yes- you can remove $495-  and the bank will remove the rest as fees for having too low a balance ! 

 

 

I used to have an account at HSBC [ different rules coz its not a local bank] and their minimum deposit was i think 50,000 ?? pesos.  Twice i wasnt paying attention and got charged a 1500 peso low deposit fee 

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newbster

Greetings! Do you want to cash a check here, but not open and account is how I read your question.

I do not think you can cash a check in any bank if you do not have an account,

I would just use my credit or debit card while here, you can pre deposit  cash so no intrest accrues.

Actually I was hoping to be able to open an account and put a US check into it. I hear it clears within 30 days and often less. This would be an easy to way to get money without paying the 3% fee that Chase charges when using an ATM out of the US. My credit cards also charge a 3% fee. So putting a US check into a dollar account at BPI bank seems like a way to get money (albeit at a delay) without paying that nasty 3% fee that debit/atm/credit card transactions incur.

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Monsoon

If encashment (as our Filipino brothers call it) of a check drawn on a Us bank is the primary reason for you wanting this account I think your overlooking a better solution. Many US banks now allow you to deposit checks just by taking a pic of them with your cell phone. They also have very cheap money transfer aggreements between major Philippine banks. I guess they got tired of giving that revenue to the WUs and Money Grams. Anyway my bank transfers up to 3 times per month for me for free. And before I had that deal ot was cheap like $6 or something.

 

Anyway by doing this your elminating a 30 day wait for clearance or however long ot takes, botyom line is your check can be cash in your hands in the Philippines within a week.. Your also avoiding fees that most PI banks charge for cashing foreign checks. Not to mention if this check is a recurring vital.check you need to sustain yourself and something gets screwed up along the way you'll have even more wait. The less you have a PI bank involved in the better. They are good at receiving remittances which is what youll be sending yourself so odds are they wont screw it up too often...

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hyaku

Metro bank and Co-op for the 10.5 interest.

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