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Dollar Bank Account Hell


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gasturbine

Well it seems stupidity knows no bounds. I have lived in Cebu for 8 years and decided today to open a dollar bank account. This would allow dollar transfers from my USA bank account.  So my first stop was BPI. Requirements for an account were 2 ID's plus $500.00. So me and my wife had all necessary requirements we thought. Had a ID each plus our passports, I had ACR card she postal ID. So at the BPI bank we  submitted 5 $100.00 bills. Not Proof bills but bills with little wear.  Surprise, Surprise, the bank would not accept the $100.00 bills said they were not without blemishes so they could not take them.  I told them I had no access to new Federal Reserve notes. So now I try to open an account at RCBC at Ayala. Same story the bills were not in good enough shape to take. So on to BDO in Ayala.  Surprise the $100.00 would pass inspection here, seems the $100.00 came from BDO. So I now open an account right,no wrong BDO wanted a receipt form some bill I had paid like PLDT or VECO.  So as of now the saga of stupidity continues. Why anyone would do business here is a mystery. This is a clear cut case of STUPIDITY. So be advised if  you try to open a $ account.

 

Dave

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when I opened a dollar account at PNB, I went over to a money changer in Fuente and bought $.  PNB accepted them and only required $300 to open an account.

 

Now I have an HSBC account in the US where my investments are.  I opened an account here for both pesos and dollars and electronically transferred the $ from my US account...no wire, no charge.  I keep a minimal amount in both accounts because I withdraw funds via ATM from my US account, no limit on amount and excellent exchange rate.

 

No hassle, no muss no fuss.

Edited by MaKe
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Jim in Cebu

when I opened a dollar account at PNB, I went over to a money changer in Fuente and bought $.  PNB accepted them and only required $300 to open an account.

 

Now I have an HSBC account in the US where my investments are.  I opened an account here for both pesos and dollars and electronically transferred the $ from my US account...no wire, no charge.  I keep a minimal amount in both accounts because I withdraw funds via ATM from my US account, no limit on amount and excellent exchange rate.

 

No hassle, no muss no fuss.

 

What type of a US-based HSBC account do you have?  Advance?  Premier?

 

I just have a regular HSBC account and, as of last year, my understanding is that free, direct transfers could not be done to RP-based HSBC accounts.  However, I could wire funds to RP for a fee.

 

Thanks for clarifying this.

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the.lone.gunman

I opened an account at BPI in 2011. I went to the BPI bank ATM yesterday at Ayala near Rustan's and the ATM rejected my card cuz the PIN number was incorrect. So I went into Rustan's and used the Bdo ATM there and my card and pin were accepted no problem. I sometimes wonder how this country even functions at all.....

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Monsoon

You probably would have had less pain by just letting your Mrs. go and open the account for you. One day I was in a rush getting things ready to leave town, and I had forgot I needed to send an international wire. So into the BDO where I happen to be  I go. "Sir, you need to send TT from your branch." Unfortunately my branch manager wasn't in the office. Well Im not going to sit in traffic for over and hour to go to my branch and its getting near closing time.

 

So, I could withdraw money from my BDO account, open a new account at that branch and send a TT, correct? "Oh yes sir. But we need your Passport, ACRand blah blah blah blah blah." But I already have 3 accounts at BDO and 2 credit cards! "Yes sir." 

 

What does my wife need? A drivers license and can bring a picture in later. So, wife opens an account, sends the TT for me, withdraws the remaining 500 pesos in that account and all done in 20 mins. What a waste of their resources opening an account, but it was the quickest way to get this problem done. 

 

Sometimes you just need to figure out how to use their rules - they all only want one thing, tick all the boxes and put the round peg in the round hole etc.

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