Dollar Bank Account Hell

[gasturbine 52]

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

[jtmwatchbiz 31,414]

 

 

Well it seems stupidity knows no bounds.

 

you could say that again

[BlueFin 182]

It's a land of thieves and liars - these rules exist for a reason.

 

When you remind yourself where you are it's not stupidity it's perfect sense.

[Guy60417 544]

I had no problem opening a dollar account at BDO when I got here -- it was at a Greenhills branch in Manila. They took my US hundreds (good shape, but some wear on them -- I think I opened the account with $2000) with no problem, they asked only for my passport, and no request for a paid bill (thankfully, since I had none).

 

One of the crazy things here is that there is no consistency in their procedures -- same bank, very different set of requirements.

[redman69 253]

oh I mentioned Metro bank would not allow dollar deposit in Manila. had to go to bank for deposit of check. Tried Cebu metro same thing. So went to carcar to deposit US Check. Guess what. Metro Carcar is small branch and can not take dollar checks on dollar accounts. just closed dollar account. keep peso account for Ma. and so much for metro. I have had good luck with BPI on 2 occasions in 2 places. But no BPI in Carcar. life in Disney land is fun

[Jawny 4,617]

Dave. Sorry to hear of such a stupid experience. Sadly, I am not surprised. I've had similar experiences in many years of banking here with Metrobank. However, in my case, we have a bank account in a small town in leyte and for many years have had few problems. As to the screening of the dollar bills, I suspect there was some recent event that created a knee jerk reaction at the branches. Regrettably, many banks operate in such a way that you need to deal with the branch you opened the bank, so you may need to shop around. Since you live in Cebu, it may just mean trying at different branches until you get the one you like.....and then hope the staff remains in place.

 

You didn't indicate the type of account you were opening, so that may have made a difference. I can surely understand the desire to have an account which allows direct deposits. I used to use checks to make deposits and it was slow and cumbersome.

 

Good luck

[+Salty Dog 69,017]

I had no issues opening a dollar account, but the money was sent via Xoom and picked up at the bank, so I don't even think I ever saw the actual bills. BDO wouldn't let me open an account here because I hadn't lived here in Cebu for 6 months. I already had several BDO accounts in Dumaguete, which I was pretty much forced to close since BDO considers each branch a separate bank and wouldn't let me just transfer my accounts.

 

BPI in my opinion is the only way to go, especially if you can transfer from USAA. When I asked USAA last year they told me I couldn't transfer from a USAA account to a Philippines account.

[streak03 3,540]

I had no issues opening a dollar account, but the money was sent via Xoom and picked up at the bank, so I don't even think I ever saw the actual bills. BDO wouldn't let me open an account here because I hadn't lived here in Cebu for 6 months. I already had several BDO accounts in Dumaguete, which I was pretty much forced to close since BDO considers each branch a separate bank and wouldn't let me just transfer my accounts.

 

BPI in my opinion is the only way to go, especially if you can transfer from USAA. When I asked USAA last year they told me I couldn't transfer from a USAA account to a Philippines account.

Salty,

 

I transfer money all the time from my USAA account to my wifes account at BDO.  Its an overseas wire, USAA charges me 35.00 no matter how much I send over.

[Terrance 141]

Why use USAA (whatever that is) for $35 when Xoom only charges $5 for transfers up to $2,999.  Maybe you were transferring more?

[Guy60417 544]

 

 

I transfer money all the time from my USAA account to my wifes account at BDO.  Its an overseas wire, USAA charges me 35.00 no matter how much I send over.

 

I've been doing the same (only from Citibank US) the whole time I've been here, with no issues. Similar fee.

[JSL-USMC 1,020]

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

 

Had almost the exact same experience with three different banks as you've had.  BPI opened a dollar account for me and three months later no money had been deposited...they didn't send the form in to SS,  I just closed the account. I got so damned sick and tired of their run-around, all the banks, that I just quit. I get my money from NFCU via Xoom.

[Paul 55,114]

you could say that again

 

Well it seems stupidity knows no bounds. Paul = smart ass

 

 

gasturbine, try RCBC in Talisay. 

[tom_shor 1,202]

Try Bank of Commerce. Ask for Mayen.

[Knowdafish 1,772]

They say they want your money, but prove that they really don't.  

Edited October 1, 2013 by Knowdafish

[MattFromGA 1,233]

 

 

So be advised if  you try to open a $ account.

 

I believe you are suffering due to the criminal mindset of past expats.  Similar to how good Filipinos have to suffer to get visitor visas in most countries because of past sins from their fellow Filipinos.

 

Opening up bank accounts in false names and other such illegal activity is something that was done before.  Now they have to verify they are not allowing someone to open an account illegally.  However, having a lawyer that knows someone can solve all your problems.  I was allowed to open a checking account with just my passport and I wasn't even a perm res.  My lawyer walked me right in and the manager took care of it all without any trouble.

 

 

 

Why anyone would do business here is a mystery.

 

Once you know how to maneuver with knowing the right people and making the right payoffs, its not soooo bad to get around.  Maybe for some the situation is welcome.  Think outside of the box to imagine who could gain from such a system.