Best bank to use?

[Enuff 29,738]

I know this has probably been covered somewhere but can someone please help me out with all of the fine points........

 

Philippines banking (peso account) - how are deposits and withdraws made? only with PHP? I assume you deposit PHP & can only withdraw PHP, no exchange rate.

 

Philippines banking (dollar account) - how are deposits and withdraws made? only with USD? I assume you deposit USD & can only withdraw USD, no exchange rate.

 

Transfers from an American bank (other than HSBC & Citibank) - If you can transfer from an American bank into a Philippine bank account, I assume its best to deposit into a USD account then withdraw and exchange into PHP or is it better to transfer into peso account and get a good exchange rate?

 

I'm currently with Capital One bank and I really like their rates and service, I just don't see any way of transferring funds other than Western Union. Does anyone else use Capital One and have any advice?

 

Thanks, BigMook

[Paddy 1,441]

OK - I have read the topic beginning to end and I am a little confused.

 

There is great information and recommendations on particular banks. 

 

The OP does not appear to have a Philippines account yet and, if I read this right, wants to have one in order to deposit USD checks and thus avoid 3% charges on ATM or CC transactions.

 

If the OP is going to be in country for a significant length of time, a bank account is essential. If the OP will only be in country for one or two months, he will spend more time doing visa paperwork and banking than the 3% is worth. A simpler solution, if affordable, would be to carry some cash and Moneygram, Western Union himself the money or just bite the bullet on the 3%.

 

Assuming that the stay is longer, my understanding is that just about all banks will require the ACR-I card before they will open an account. I can't get one open without it and that is with the local (Chinabank) manager being a former student of my partner. Correct me if I am wrong, but if the OP needs to get an ACR-I card first, he will need sufficient funds on arrival to cover the paper-working period until the bank account can be opened plus 30 days. I think it is unlikely that he will be able to deposit a check within a few days of arrival. This is where my sense of confusion comes in.

 

Once the account is opened, I would recommend checking with the home bank about whether they permit international transfers via online or telephone banking (I can do this with my UK bank - I cannot with my Canadian bank - go figure!). International transfers may be more expensive than depositing a check and waiting 30 days, but they do only take a few business days from start to finish.

 

Perhaps I am just lucky (or a trusting fool). I simply transfer funds to my partner's account and let her pay (most of) the bills.

 

[lamoe 14,557]

Maybe totally off wall but Chase gives vets free accounts here in states with no minimums.

 

Had 50k total in accounts. Needed to make major withdrawl . Would have been below limits. My bank rep changed status. No penalties.

[1909 16]

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.

I have a peso account in BPI, and it's also 3000,  the same as wolff. And I havent got it since 2006. Below 3000 you will pay a fee every month, I think it's 300 pesos.

[+Salty Dog 69,153]

If you open a BPI Direct account online, the minimum is only P500. In fact they didn't even ask me to put anything in when I opened it.

[tomaw 1,341]

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

..... I read about long lines and lots of headaches in dealing with Philippine banks. Right now, here in the states I have my money in B of A. The last time I was in the bank itself was manny years ago when I opened the account. All my transactions have been done online, at an ATM or point of sale. I want to have a bank account in the Philippines but also in the US and be able to access either one of them with a ATM machine, online or point of sale anytime I want in or around Cebu. I can open a BPI account without even leaving The US, just a few miles away from where I work or live. According to another poster the withdrawals are free at the BPI bank's ATM machines. For the US bank I'm thinking of putting my money in the Citibank and being able to withdraw in the Philippines but not quite sure what that would cost me without having $50K in my account. Is there a Citibank or their ATM machines somewhere in Cebu? Is Citibank in the USA & Citibank in Cebu the same bank?

[aus 0]

I have tried both BDO and BPI and have settled on BPI.

Edited October 24, 2013 by aus

[Kabisay-an gid 6,857]

I have tried both BDO and BPI and have settled on BPI.

Those are the two best banks in the Phils, so either one is a good choice.

 

BPI has the most branches, ATM's and kiosks. BDO has longer hours of operation.

 

You can't go wrong either way.

[dHb 244]

Guys, thanks for all the useful info!!!

[POTATOMAN 474]

OK today bdo

Curr Buy Sell US$ 43.4500 43.9500 AUD 38.8200 40.3100 CAD 39.9800 41.5100 HKD 5.4912 5.6976 GBP 70.0200 72.3100 euro 58.25

 

 

 

bpi

 

Currencies Buying 
(in Philippine Peso) Selling 
(in Philippine Peso)   US Dollar 43.3400 44.1300   Euro 56.1500 60.5900   British Pound 68.2100 72.9800   Australian Dollar 36.9100 41.2300

Edited December 3, 2013 by POTATOMAN