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Setting Up Dollar Account, Need USD


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I'm setting up my first dollar account here for business reasons, will probably go with BDO.  I've got a few questions...

 

Does the BDO account allow me to write checks?  Is that possible at all here?  A USD checking account?  I need to write USD checks, unfortunately, rather than just bank tranfers which I'd prefer.

 

Also, I need to convert pesos to dollars, as my Unionbank USD deposits get converted to pesos via PayPal.

 

What's the best way to go about doing this?

 

Thanks!

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Just remember that when you go to BDO to set up the account you will need USD for the first deposit - but that BDO is not allowed to sell you the dollars for the first deposit , so first you have to g

I do most of my banking [ personal and corporate] at BDO, but I also have accounts at BPI and HSBC.  I have had no real problems at any of them .  But it helps to develop a guardian angel wherever you

BDO charges you to use any branch other than your own. BPI doesn't.

Davaoeno

Just remember that when you go to BDO to set up the account you will need USD for the first deposit - but that BDO is not allowed to sell you the dollars for the first deposit , so first you have to go to another bank to buy the initial dollar deposit.  Dont believe me ?  I sure didnt !! hahaha 

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Just remember that when you go to BDO to set up the account you will need USD for the first deposit - but that BDO is not allowed to sell you the dollars for the first deposit , so first you have to go to another bank to buy the initial dollar deposit.  Dont believe me ?  I sure didnt !! hahaha 

 

That sounds pretty typical for here.  I wouldn't be surprised.  Which bank is best for exchanging PHP > USD?

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Davaoeno

I exchanged a lot of money and my BDO manager referred me to a money changer who gave me a much better rate . [ but thats in Davao ]

 

just to clarify - the bank that you are making the initial deposit into cant sell you the usd for the initial deposit [ I dont want people to think its only BDO that cant do that ]    

 

. But i understand that that is a filipino bank rule, which of course wouldnt apply to HSBC which is NOT a Philippines bank 

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Brucewayne

HSBC or BPI might be a better choice, just saying based on past experience.

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HSBC or BPI might be a better choice, just saying based on past experience.

 

I much prefer the minimum requirements at BDO as I'll simply be moving money with the account, $200 vs $500 (BPI) and $2500/$500 (HSBC).  May I ask why you'd recommend those banks over BDO?

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Brucewayne

I much prefer the minimum requirements at BDO as I'll simply be moving money with the account, $200 vs $500 (BPI) and $2500/$500 (HSBC).  May I ask why you'd recommend those banks over BDO?

 

 

Several times I had problems withdrawing my money because somebody left the apostrophe off of my last name.

Once it took two weeks to pick up the cash I had sent to me from the states.

Also, my debit card wasn't working after the first draw, but it charged me a P150 withdrawal fee which BDO refused to reimburse.

They had the card for a couple of days and called me to tell me the card worked just fine, so I tried to withdraw from the machine at their/my bank.

Didn't work, so I withdrew my entire account using paper slips and they also charged me P150 for that attempt to withdraw as well!

I am happy with BPI and have had no problem with them in the 4 years I have been with them and a LOT of foreigners switched their accounts over to the BPI bank at about the same time I did.

I originally had a PCI account, but BDO bought them out, fired all of the regulars and loaded our bank up with a bunch of rude snobs who would tell the customers that they did not care whether the customer recieved their money or not when there was a withdrawal problem.

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Several times I had problems withdrawing my money because somebody left the apostrophe off of my last name.

Once it took two weeks to pick up the cash I had sent to me from the states.

Also, my debit card wasn't working after the first draw, but it charged me a P150 withdrawal fee which BDO refused to reimburse.

They had the card for a couple of days and called me to tell me the card worked just fine, so I tried to withdraw from the machine at their/my bank.

Didn't work, so I withdrew my entire account using paper slips and they also charged me P150 for that attempt to withdraw as well!

I am happy with BPI and have had no problem with them in the 4 years I have been with them and a LOT of foreigners switched their accounts over to the BPI bank at about the same time I did.

I originally had a PCI account, but BDO bought them out, fired all of the regulars and loaded our bank up with a bunch of rude snobs who would tell the customers that they did not care whether the customer recieved their money or not when there was a withdrawal problem.

 

A question - can you write checks with these accounts or are they passbook only?

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Brucewayne

A question - can you write checks with these accounts or are they passbook only?

 

I could have gone either way, but prefer to have a Peso checking account and a Dollar passbook account, no card.

I just go online and transfer dollars to my Pesochecking account as needed, it only takes a couple of minutes and I can sit on the majority of my dollars until the dolar goes up.

Lately it has been like watching a yoyo, but if you keep track, you can get better rates by doing just that.

Oh and the Peso checking account also offers the option of having a debit card, but it isn't necessary for me as I have a credit card which I also pay online.

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I could have gone either way, but prefer to have a Peso checking account and a Dollar passbook account, no card.

I just go online and transfer dollars to my checking account as needed, it only takes a couple of minutes and I can sit on the majority of my dollars until the dolar goes up.

Lately it has been like watching a yoyo, but if you keep track, you can get better rates by doing just that.

 

Interesting idea, yeah.  I'll open a peso checking account eventually as well with whatever bank I go with.

Umm, when did you have the problems with BDO and what branch was it, if you don't mind me asking?

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Davaoeno

I much prefer the minimum requirements at BDO as I'll simply be moving money with the account, $200 vs $500 (BPI) and $2500/$500 (HSBC).  May I ask why you'd recommend those banks over BDO?

 

 

I do most of my banking [ personal and corporate] at BDO, but I also have accounts at BPI and HSBC.  I have had no real problems at any of them .  But it helps to develop a guardian angel wherever you do most of your banking 

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Brucewayne

The old PCI in Mandaue, moved to the BDO in SM (downstairs), then to the BDO in SM (upstairs).

I use BPI downstair in the North wing of SM Mall.

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Salty Dog

You can transfer from dollar to pesos online with BPI but not with BDO.

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Salty Dog

BDO charges you to use any branch other than your own. BPI doesn't.

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You can transfer from dollar to pesos online with BPI but not with BDO.

 

Ah, that might be the killer there for me.  I'd like to have that ability, so I may open two accounts with BPI.  The min balance of $500 throws me off, but I can wait to open it up until my next pay, I suppose.  Anyone have experience with a USD checking account at BPI?

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