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Best bank to use?


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newbster

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...

Hi Monsoon, thanks for the response but I think I'm not adequately understanding what you are describing. If the situation is that I have funds in a US bank that I want in my hands in phils - how does taking a picture of a check from that US bank do me any good? I don't want to put money into the US bank - the money is there, it goes in by direct deposit to my US bank - I need it in my hands in phils. :)

 

So can you break down what you are describing into steps for me? Situation is that I have $500 in a US bank that I want in my hands as dollars (preferred) or pesos in phils. What do I do? Thank you for making it simple for me, I got lost in your explanation somewhere. :)

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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.

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Monsoon

Hi Monsoon, thanks for the response but I think I'm not adequately understanding what you are describing. If the situation is that I have funds in a US bank that I want in my hands in phils - how does taking a picture of a check from that US bank do me any good? I don't want to put money into the US bank - the money is there, it goes in by direct deposit to my US bank - I need it in my hands in phils. :)

 

So can you break down what you are describing into steps for me? Situation is that I have $500 in a US bank that I want in my hands as dollars (preferred) or pesos in phils. What do I do? Thank you for making it simple for me, I got lost in your explanation somewhere. :)

Ah, I misunderstood. I thought you were receiving a check. In that case talk to your bank about online transfers to the Philippines. Mine gives me three free per month and otherwise they are like $6 each or something. Were talking only a few thousand bucks per xfer not huge sums as I think there is a limit using.the cheap method. It takes a couple days, no more than a regular ACH between US banks really.

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newbster

Ah, I misunderstood. I thought you were receiving a check. In that case talk to your bank about online transfers to the Philippines. Mine gives me three free per month and otherwise they are like $6 each or something. Were talking only a few thousand bucks per xfer not huge sums as I think there is a limit using.the cheap method. It takes a couple days, no more than a regular ACH between US banks really.

Ok I see. I bank with Chase and called them to see whether they do this and they told me they don't have any such agreement. Do you mind if I ask what bank does this for you? Thanks.

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Monsoon

Ok I see. I bank with Chase and called them to see whether they do this and they told me they don't have any such agreement. Do you mind if I ask what bank does this for you? Thanks.

 

Ok I see. I bank with Chase and called them to see whether they do this and they told me they don't have any such agreement. Do you mind if I ask what bank does this for you? Thanks.

 

Wells Fargo.

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tomaw

 

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.

Is Citibank in the US and Citibank in the Philippines even the same bank? While it's a completely different subject Blue Cross in the Philippines and Blue Cross in the United States are completely different companies that have nothing to do with each other. Just wondering if banks play the same game- using the name of a well-established reputable company while the Philippine company might just be a fly by night outfit using their name. This is of course completely illegal in the United States but seems to be common practice in the Philippines. Edited by tomaw
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Monsoon

Is Citibank in the US and Citibank in the Philippines even the same bank? While it's a completely different subject Blue Cross in the Philippines and Blue Cross in the United States are completely different companies that have nothing to do with each other. Just wondering if banks play the same game- using the name of a well-established reputable company while the Philippine company might just be a fly by night outfit using their name. This is of course completely illegal in the United States but seems to be common practice in the Philippines.

 

 

IF your a US citizen and use citibank make extra sure you comply with FATCA. You can be assured they have an open book policy with the US government. 

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RogerDat

Greetings! I do not know of any Citi Bank in Cebu. I think they folded.

 

Metro bank charges $100 to open a pension account, and that is the minimum ballance to not be charged.

They will do a wire transfer for a fee both to and from the US as they have several branches there.

 

Citi Bank lost a bunch of money to credit card fraud operating out of Russia, mayby that is where all the money went they can not acccount for.

They used to be almost the biggest bank on earth till a few years ago.

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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.

 

I use HSBC Premier....last in the states transferred my 401k to them as you gotta have 100k combined in savings or investments...I opened a companion account here, with pesos and dollars...now I have my retirement deposited there in the US and can withdraw at any HSBC ATM worldwide direct from my US account...no limit on peso withdrawals like in other banks here....sadly only one ATM near Ayala, but not a problem getting there...

 

Very good rates on exchange too

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Rocketman

Is Citibank in the US and Citibank in the Philippines even the same bank? While it's a completely different subject Blue Cross in the Philippines and Blue Cross in the United States are completely different companies that have nothing to do with each other. Just wondering if banks play the same game- using the name of a well-established reputable company while the Philippine company might just be a fly by night outfit using their name. This is of course completely illegal in the United States but seems to be common practice in the Philippines.

It's the same bank.  There is some separation tho - separate web sites and different rules, but still pretty convenient for me.  I go into my U.S. Citi site and transfer money to my Citi Philippine account.  No cost and the transfer is immediate.

 

Greetings! I do not know of any Citi Bank in Cebu. I think they folded.

 

Metro bank charges $100 to open a pension account, and that is the minimum ballance to not be charged.

They will do a wire transfer for a fee both to and from the US as they have several branches there.

 

Citi Bank lost a bunch of money to credit card fraud operating out of Russia, mayby that is where all the money went they can not acccount for.

They used to be almost the biggest bank on earth till a few years ago.

Not sure how you could miss the signs but it's there, located in the FGU building.  2 offices - 1 for Gold customers and a large one for the others.

 

I use HSBC Premier....last in the states transferred my 401k to them as you gotta have 100k combined in savings or investments...I opened a companion account here, with pesos and dollars...now I have my retirement deposited there in the US and can withdraw at any HSBC ATM worldwide direct from my US account...no limit on peso withdrawals like in other banks here....sadly only one ATM near Ayala, but not a problem getting there...

 

Very good rates on exchange too

Similar to Citi - a $50k deposit in a bank account or $100k in an investment account gives you Gold status in the U.S.  A U.S. status of Gold gives you the same benefits worldwide.  It's not earth shattering but nice to have if it works for you. 

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Salty Dog

My vote is for BPI. I have both BPI and BDO accounts and BDO sucks when it comes to customer service. They look for ways to screw you. Another nice thing about BPI is you can transfer from your dollar to peso account online. BDO does not allow this.

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Kabisay-an gid

My vote is for BPI. I have both BPI and BDO accounts and BDO sucks when it comes to customer service. They look for ways to screw you. Another nice thing about BPI is you can transfer from your dollar to peso account online. BDO does not allow this.

 

The "Big Three" banks in the Phils are BDO, Metrobank and BPI.

 

Of the three, BPI has the most branch offices. Also, BPI has more ATM's and kiosks than BDO and Metrobank combined. BPI's overall online banking experience is better than the other two also. There's no ATM withdrawal fee as long as you use a BPI ATM.

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miles-high

 

Of the three, BPI has the most branch offices.

 

That is a true statement... except that the Nation's #4 bank, China Bank is a sub of the largest BDO, making it the largest banking group within the Philippines with about 1,100 branches and over 2,300 ATM's... My experience is that BDO has the "slowest moving" employees of all... you watch them gong from desk to desk and I would be on the other end of Makati... haha :D

 

While the services of China Bank are somewhat limited as to their international ops, I use them simply because of their "personal banking" (separate, sit down banking)... Personally, I try to avoid doing business with anything Ayala including malls, banks and telecommunications, for no reason at all... :D

 

I guess I am happier with their Chinese/Filipino competitors... haha :rofl:

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Kabisay-an gid

That is a true statement... except that the Nation's #4 bank, China Bank is a sub of the largest BDO, making it the largest banking group within the Philippines with about 1,100 branches and over 2,300 ATM's... My experience is that BDO has the "slowest moving" employees of all... you watch them gong from desk to desk and I would be on the other end of Makati... haha :D

 

While the services of China Bank are somewhat limited as to their international ops, I use them simply because of their "personal banking" (separate, sit down banking)... Personally, I try to avoid doing business with anything Ayala including malls, banks and telecommunications, for no reason at all... :D

 

I guess I am happier with their Chinese/Filipino competitors... haha :rofl:

 

The OP's question was about best bank, not banking group.

 

BDO and China Bank are operated as separate entities, and you will see them listed as separate entitites on "Biggest Philippine Banks" lists.

 

BPI is light years ahead of both BDO and China Bank in regard to customer service, modern banking practices and technology (online banking etc.), and virtually every other major category that banking customers would be interested in.

 

 

 

 

.

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miles-high

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

We have an account at Metro Bank also for the past few years in Lapu Lapu City and a back up at Land Bank. If one fails, some cash is still available to you.

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