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Setting Up Dollar Account, Need USD


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Davaoeno

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

 

Salty -   this surprised me so I just went online and was easily able to transfer money from my BDO dollar account to my peso account

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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.

Brucewayne

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 

 

 

True, try to make friends with the tellers, manager and anyone you can, they do come in handy if you need help or a favor.

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Salty Dog

Salty - this surprised me so I just went online and was easily able to transfer money from my BDO dollar account to my peso account

Well I closed my account a few months ago so maybe they finally added that since then. Good to know as I also don't want to keep $500 in a BPI dollar account. Now if I can just get my new icard I've been waiting since May for. BDO won't let me open an account here without a new one. Pklus they wouldn't open account until been in Cebu 6 months. Been 6 months and 2 days now.
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Brucewayne

One more thing, any place that accepts the credit card will also accept the interest bearing, prepaid credit card, but due to Chinese gangs counterfieting debit cards, there are a lot of places which will not accept a debit card.

Fooda comes to mind if you would care to check.

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Brucewayne

What you could do is to fund a prepaid credit card, wait thirty days for delivery and access to your funds and use a dollar account to fund the credit card which is Peso.

Thinking about that, I may just drop my checvking account since so few places will accept a check or make me wait 5-30 days to pick up my purchase.

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Salty Dog

Just checked and BDO still says you can't transfer dollar to peso. You can go to transfer and enter dollar to a peso account but when you hit transfer it tells you that you can't do it. Davaoeno did you actually transfer from dollar to peso?

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Salty Dog

Salty - this surprised me so I just went online and was easily able to transfer money from my BDO dollar account to my peso account

Maybe it depends on type of account. My. Dollar was pass book and peso was ATM account. Their web site still says can't be done. But that doesn't surprise me. They all have their head up their asses.
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Thanks for the tips, folks.  Last time checking this, but does anyone have experience with a USD checking account?  Say, to pay taxes with a check quarterly, etc.

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Salty Dog

Thanks for the tips, folks. Last time checking this, but does anyone have experience with a USD checking account? Say, to pay taxes with a check quarterly, etc.

Probably not what you ment, but I use a USA bank account for paying bills from the USA. With the internet it's easy. I even set up a Wells Fargo account last year online and made my opening deposit with a transfer from another USA bank. Of course I have a US address that I use. Not sure you could do it as easy with foreign address.
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Davaoeno

Just checked and BDO still says you can't transfer dollar to peso. You can go to transfer and enter dollar to a peso account but when you hit transfer it tells you that you can't do it. Davaoeno did you actually transfer from dollar to peso?

:biggrin_01:  :biggrin_01:  :surrender:  :surrender:  :owned:  :blonde:  :kidding:       nope- i cancelled the transfer before it actually happened !!1  Thanks for the scoop Salty !! 

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Monsoon

Just as a side note if you are living in the Philippines and paying quarterly taxes to the US you are making far too much money to ask for financial advice on the forum. :-) Or you need a new tax advisor. You should research the foreign earned income exclusion. 

 

I would recommend a bank states side with online bill payment as others suggested if thats what your wanting to do with USD checks drawn on a Philippine bank. 

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Just as a side note if you are living in the Philippines and paying quarterly taxes to the US you are making far too much money to ask for financial advice on the forum. :-) Or you need a new tax advisor. You should research the foreign earned income exclusion. 

 

I would recommend a bank states side with online bill payment as others suggested if thats what your wanting to do with USD checks drawn on a Philippine bank. 

 

Good point, haha.  I'm a freelancer, but I don't make -that- much money.  At least not -far too much-. Enough to be extremely comfortable here, but probably just considered middle to upper middle class in the US.  I closed my bank accounts in the US about five years ago as I never planned to go back.  I'd just wired cash over to my folks and had them send a postal money order to pay my taxes in the past, and just wanted to cut out the middle-man :)

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Brucewayne

Good point, haha.  I'm a freelancer, but I don't make -that- much money.  At least not -far too much-. Enough to be extremely comfortable here, but probably just considered middle to upper middle class in the US.  I closed my bank accounts in the US about five years ago as I never planned to go back.  I'd just wired cash over to my folks and had them send a postal money order to pay my taxes in the past, and just wanted to cut out the middle-man :)

 

The last time I checked, you are allowed to earn up to $60,000 before you have to pay taxes if the money was earned on foreign soil.

If you are using a U.S. address, you could be screwing yourself.

There is also a business tax form you need to use before paying taxes from foreign soil.

Check the IRS site before you waste money that you may never be able to recoup.

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Monsoon

The last time I checked, you are allowed to earn up to $60,000 before you have to pay taxes if the money was earned on foreign soil.

If you are using a U.S. address, you could be screwing yourself.

There is also a business tax form you need to use before paying taxes from foreign soil.

Check the IRS site before you waste money that you may never be able to recoup.

 

 

$95,100 in 2012.

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The last time I checked, you are allowed to earn up to $60,000 before you have to pay taxes if the money was earned on foreign soil.

If you are using a U.S. address, you could be screwing yourself.

There is also a business tax form you need to use before paying taxes from foreign soil.

Check the IRS site before you waste money that you may never be able to recoup.

 

I work for a US company as an independant contractor unfortunately.  Another 1/3rd or 1/4th of my income is un-taxed as it is sourced from Australia/UK.  $75k last yr minus the Aus/UK work.

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