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Complicated Bank advice.


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We reside in the UK, but have a Condo in Cebu we are looking to sell. Once a sale goes through we want to initially to place the money in a Bank Account we can manager on line from the UK. We'd be looking to transfer some funds to other Filipino Bank accounts and also keep some back for use when we return on holidays to the Philippines.

 

Can anyone offer advise on a bank account that could suit? If so, any ideas on what paperwork we need to take into the Bank to facilitate opening the account? Finally, if we use our Condo address to open the account, what happens when that's sold? Would there be a problem changing the bank account address to the UK?

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ed villas

ask your bank as they can be of much assistance ,

 consider putting some of your money in a time deposit so it earns something, 

if you have someone you really TRUST keep the mailing address here,

 their is a small chance that the account could be "hacked" or funds stolen by an employee who knows that your there and he is here. and you cant do much if anything til you return  unlike 1st world banking systems

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ask your bank as they can be of much assistance

 

We don't currently have a bank account in our name.

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SomeRandomGuy

most ask for an acr card now.

 

remember u are only assured for 500k if the country goes under.

I opened mine at BDO ( I don't have a problem with them but I have heard some stories but in saying that I am still waiting for my internet banking to be set up and i did it months ago).

 

Pretty sure all i needed was my passport, acr card and a bill in my name plus two passport sized photo's oh and money ofcourse

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My BPI account ok

Online access  after a day or 2

I pay VECO and GLOBE from the account and can also transfer funds to other BPI accounts,

I have not tried to transfer funds to an account  in another bank

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Monsoon

Sending an international wire via online banking is not a standard feature with Philippine banks. I recommend you approach HSBC for this.

 

I.cant even send a wire from any of the Philippine banks I use without visiting the branch I opened my account with. Hell I cant even update my cedit card billing address without visiting that specific branch. So my statements have been sent to someone else for 7 months while i was away. Now thats good for.fraud prevention.

 

Filipino banks suck. I used to be amused by the special attention they gave me when i walked in, but this is all window dressing. If you need something done and your not at YOUR branch its a pain in the ass.

 

I am moving all assets out of the Philippines. Going to move my ass out of the Philippines very soon too.

 

 

 

Sent from my GT-I9505 using Tapatalk

 

 

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I am moving all assets out of the Philippines. Going to move my ass out of the Philippines very soon too.

 

Monsoon, assuming your assets are in pesos, how will you get them out?

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Monsoon

Monsoon, assuming your assets are in pesos, how will you get them out?

Lots of use of my home service money changer.

 

 

 

Sent from my GT-I9505 using Tapatalk

 

 

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o p pleaso  be aware some philippine banks make your money dissapear if your account remains unactive for more than 12 months .I  can,t remember which ones do this off hand but a forum member did lose a large chunk of cash because he did,nt use his account within the 12 months .If I were you I would open an account with hsbc because they have branches in the u.k  .

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Monsoon

o p pleaso  be aware some philippine banks make your money dissapear if your account remains unactive for more than 12 months .I  can,t remember which ones do this off hand but a forum member did lose a large chunk of cash because he did,nt use his account within the 12 months .If I were you I would open an account with hsbc because they have branches in the u.k  .

 

You are making a lot of assumptions there. HSBC Philippines has two different legal entities here in country. You would be surprised what it takes to open an account at HSBC in the Philippines. Both minimum balance requirements and also some of their weird requirements when it comes to handling local currency. 

 

You would also be surprised at how they handle HSBC premier members here. Just because there is an HSBC sign on the door, don't expect red carpet service. There are two HSBC companies here: The Savings bank and then what they call the "commercial bank." 

 

I make this statement based on my personal experience. 

 

With that said, If I were about to receive significant money in the Philippines what I would do is open a savings account with a major bank, probably BPI, then I would have those funds deposited, then I would arrange an immediate TT (wire transfer) of the bulk of those funds to another bank where I had an existing account. I would leave a couple hundred grand, up to 500k PHP in the local account for whatever. That is how I would handle it. 

 

Philippine banks are shit. Wait a minute I think I already mentioned that. 

 

Unless you get a personal introduction at a Philippine bank branch, you will be treated like a minion. 

 

Get someone to introduce you so you aren't treated like a minion. 

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Davaoeno

 

 

Get someone to introduce you so you aren't treated like a minion. 

 

Absolutely !  If they dont know that you are "special" they will treat you like all the other customers !!  Imagine how horrible that would be .

 

helpful hint - maybe you could get business cards made up with your name and SPECIAL  written on them . You could hand them out to the guards and tellers as you came into the bank

 

[ joking aside knowing the manager or in charge does help you a lot - I always introduce myself to the manager whenever i open an account . But that was also the case in Canada ]

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You are making a lot of assumptions there. HSBC Philippines has two different legal entities here in country. ...............

 

You would also be surprised at how they handle HSBC premier members here. Just because there is an HSBC sign on the door, don't expect red carpet service. There are two HSBC companies here: The Savings bank and then what they call the "commercial bank." 

Which is better, "HSBC Philippines" or "HSBC Savings Bank", please? Would you tell me what the differences are? Does it depend on what sort of accounts I open? 

 

Also, how much is the Philippine branch of HSBC connected to my home branch regarding my savings reputation and so on? That is, will having an Aussie account that is having regular amounts deposited help me to get a loan in The Philippines, if you know? Thanks for anything you can tell me.

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dc3driver

Absolutely !  If they dont know that you are "special" they will treat you like all the other customers !!  Imagine how horrible that would be .

 

helpful hint - maybe you could get business cards made up with your name and SPECIAL  written on them . You could hand them out to the guards and tellers as you came into the bank

 

[ joking aside knowing the manager or in charge does help you a lot - I always introduce myself to the manager whenever i open an account . But that was also the case in Canada ]

I tried that. It worked well, 'till I actually got th the manager. He took one look at the card and said "you remind me of a lawyer from Canada that tried that".

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The subject of banking is a very common issue here and a bit of digging into older threads will reveal a lot. It will be quickly apparent when you read the posts, asking about banking and which bank is best is a lot like asking about ice cream and which flavor is best. Or, if you prefer, flavour.

 

I have used Metrobank for more than a decade. All of the "issues" with banking I have experienced with them at one time or another. However, overall, they seem to have good options for banking for most expats.

 

The single piece of advice which will serve you the best is to get to know someone in the bank......manager, assistant manager, customer service person etc. When you establish face recognition with someone who greets you and looks our for your best interests, you'll find banking is so much better.

 

This may be a problem for you if you are in the UK. I am just guessing that you will make a trip here to set up a local account. You can establish an account in the UK (although I am assuming they have branches near you).

 

Metrobank has passbook accounts, CDs, checking accounts and a wide array of choices for managing your money. They are conservative in their policies, so you may find "rules" get in the way of making things easy. That's where the personal connection comes in. I am able to let my wife make withdrawals from my accounts while I sit in the car. We have been customers for so long that the tellers don't make an issue of me not being the one to conduct the business in person.

 

As to the "rules" for setting up accounts, it is not always the same, even from branch to branch. In part, this is because the BSP sets up rules and individual branches have to follow or risk criticism from their superiors. The simplest rule they have is KYC.....know your customer. So, be prepared to have them ask for documents you would not ordinarily expect to provide.

 

I do not use online banking, though I did for a while. My mistake was reading the fine print of the agreements I signed to authorize the online access. The basic rule is if there is any sort of mistake, it will NEVER be a risk to the bank. However, I assume you would want/need online access if you intend to leave money in the Philippines and conduct business from the UK.

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