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Any Americans having problem with Philippine banks


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Why in the world would any foreign bank have to comply with U.S. regulations?  If the foreign bank is big and strong they should "Just Say No!"

Unfortunately (for non-Americans) the US doesnt play fair.

 

Some years ago there was a US rule about some aspect of banking.

Barclays didnt agree that they should have to apply it.

 

The US just told them, "follow our rules, worldwide, or we will just close all your branches in the US and freeze any funds going to you".

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Davaoeno

Unfortunately (for non-Americans) the US doesnt play fair.

 

Some years ago there was a US rule about some aspect of banking.

Barclays didnt agree that they should have to apply it.

 

The US just told them, "follow our rules, worldwide, or we will just close all your branches in the US and freeze any funds going to you".

 

 

I think its covered by the international banking rule that starts with " Power  corrupts and........   "

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Banking id now more than just about a bank branch somewhere

 

banks have their assets centralized so it easy to affect such assets with outside pressure

 

Any non compliant banks will then may have to face the real possibility that any funds transfers using inter bank funds chanels will be blocked oir intercepted and frozen until compliance is made

 

Other sanction is to then place all senior officers of offending banks on the international money laundering lists in breach of AMLC that will then ensure they cannot do business anywhere and may be subject to arrest if outside of their immediate jurisdictions.  US finance will have some effect somewhere on a country that has a recalcitrant banker or two, the Central bank will then bring those small players to heel rather than have their Central banking system placed under threat.

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I was thinking about opening another one at MetroBank sometime this week.

do not go to metro. I have tried to deposit a check in my fiancés account in manila and Cebu city. Dollar account. with a 600 dollar balance. they said we had to go to the bank the dollar account was opened to deposit a US check. So we will go to carcar just for that.

 

Now Bpi let us put money in manila and take out even with accounts opened in Cebu.

 

Will close Metro dollar account when we leave. Ma will have metro peso account for her use at Gasino mall Carcar with a ATM card. Otherwise I would never use them again.

 

Just a FYI for those who ask

Metrobank is the ass of banks. You may see a bunch of MetroBanks around but really you are seeing a bunch of separate banks all using the same name and signage. Only the one you opened your account in will treat you like a customer.
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I am not a defender of any bank, but I have had no significant problems with Metrobank in over a decade of banking with them. If they have one significant fault it is their conservative way of conducting business. That partially explains why they restrict many of the actions to the branch you opened the account in. This is inconvenient, for sure. But, it is also a form of security as the local branch is the one with the signature cards. I believe some forum members have been able to conduct business at a separate branch but did have to persuade a branch manager to do so.

 

With regard to the OP, I doubt that banks here will cause Americans to lose their accounts. The issue involves more than American citizens. There are many Filipinos who have tax obligations to USA. Survivor annuitants for example have an obligation to make IRS filings and use dollar accounts. I'm sure there are Filipino businesses with dollar accounts with tax obligations.

 

The loss to banks here would be significant. I have a sense that this is not an issue here.

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