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Alk

Anyone able to open a remittance account while in the Philippines?

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Lee

I know of no way to do what you seek but to open a bank account, try to open an account at Bank of Commerce on Osmena circle across from Robinsons, ask for Fritzie the manager or if she is busy then Robs her assistant, I know the former manager always opened accounts for members who did not have local addresses. You are welcome to tell them Mr. Lee sent you since they know my wife and I, and Mayen who used to be the in charge is friends with us, so that might help. 

(32) 253 1953, 1952, or 1953

 

Otherwise if that does not work then maybe ask a friend who lives in Cebu if you can use their address. 

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Woolf

You usa citizens have to realize that after this new reporting thing demanded on foreign banks

it has been much more difficult for you to open bank accounts in foreign countries

Edited by Woolf

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Alk

I have researched this topic thoroughly and find that there is NO remittance company in the US that allows you to open an account in the PHL nor allows you to access an account from the PHL that someone else sets up for you. You will be locked out of your own money and account if you try that.

 

Ive had a family member set up an account and allow them access to my checking acct and they pretend to be me and I just tell them when I need a remittance so the transaction is initiated in the US. Pain in the butt for all of us thanks to the US govt.

 

HOWEVER Ive found a new service that Im setting up now. Its called TransferWise.

You can open an account from the PHL, you can access the acct from the PHL and you can send money to YOURSELF… Its bank to bank and the fee is a fraction of what a regular wire transfer costs. The company is based in the UK.

 

Suggest you Google them and check them out for yourself to see if they meet your needs

That sounds good. Do I need a bank account here ?  As I live full time in hotels, I am not allowed to open a bank account, which is the root cause of my problems...

 

When I arrived in the Philippines in January, I brought about $5000 in cash with me.  It lasted till now (I use credit cards for my hotels and some of my food and other purchases).  After 3 days of headaches trying to get money sent to me, I'm at the point now where I am thinking of just buying a ticket to the USA, spending a vacation with my family there, and coming back with enough cash to last me until my next trip home for the Holidays.   i figure that i will pay close to $500 in ATM fees between now and the end of the year, and that I might as well avoid those and use that money to pay for most of the cost of a plane ticket home.

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woodchopper

i have opened a China Bank account in the past and  same for GF,,a foreigner seems to get opened with a simple ACR card and possibly Passport,,what china bank is like for etc etc,,i do not know!

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SkyMan

 

 

i figure that i will pay close to $500 in ATM fees between now and the end of the year,
Have you tried using your ATM card at the HSBC near Ayala?  I'm not sure what network you have to be on to use their ATM but it's worth a try.  They charge no fee and the right ATM can pull p40K per use.  I think the left ATM pull limit is lower but still no fee.

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woodchopper

Have you tried using your ATM card at the HSBC near Ayala?  I'm not sure what network you have to be on to use their ATM but it's worth a try.  They charge no fee and the right ATM can pull p40K per use.  I think the left ATM pull limit is lower but still no fee.

the left ATM maybe spits 500p notes,,hence 40 note limit,,its governed by the thickness of the dispensing apparatus,,i am a genius eh,,,,, :kissass:

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Alk

Have you tried using your ATM card at the HSBC near Ayala?  I'm not sure what network you have to be on to use their ATM but it's worth a try.  They charge no fee and the right ATM can pull p40K per use.  I think the left ATM pull limit is lower but still no fee.

I actually tried to find that bank, yesterday but was unable to do so.  I will look again today.  Being an American, I would imagine that I will incur some fees if i use the bank.   I will check it out though.

 

Thank you...

 

At this stage, i am thinking about just taking a trip back to the usa and straightening things out..

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tonny

There one in IT PARK ALSO Not far from MD'S and next to the new building under construction  just tell any taxi driver ,good luck

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SkyMan

I actually tried to find that bank, yesterday but was unable to do so.  I will look again today.  Being an American, I would imagine that I will incur some fees if i use the bank.   I will check it out though.

 

Thank you...

 

At this stage, i am thinking about just taking a trip back to the usa and straightening things out..

Taft Financial Center, center of this map.

http://wikimapia.org/#lang=en&lat=10.316861&lon=123.906644&z=19&m=b

 

Never heard of anyone being charged a fee there.

Edited by SkyMan

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Alk

I have researched this topic thoroughly and find that there is NO remittance company in the US that allows you to open an account in the PHL nor allows you to access an account from the PHL that someone else sets up for you. You will be locked out of your own money and account if you try that.

 

Ive had a family member set up an account and allow them access to my checking acct and they pretend to be me and I just tell them when I need a remittance so the transaction is initiated in the US. Pain in the butt for all of us thanks to the US govt.

 

HOWEVER Ive found a new service that Im setting up now. Its called TransferWise.

You can open an account from the PHL, you can access the acct from the PHL and you can send money to YOURSELF… Its bank to bank and the fee is a fraction of what a regular wire transfer costs. The company is based in the UK.

 

Suggest you Google them and check them out for yourself to see if they meet your needs

Hi...thank you for your response.  I thought there was no remittance company that would allow me to open an account as well.  However, Remithome is allowing me to do so, with the caveat that it will take 3 days for the transfer to clear the bank and be transmitted.  They are a little difficult to deal with since you must call them to verify your online application and their telephone hours are 12 midnight to 8am Philippines time. The cost for $1000 is $18 for US dollars, or $10 for pesos, of which they take about a 2% transfer fee.  i will therefore have dollars sent.

 

The first transfer is free.

 

It is not the cheapest way to go, but I'll try it out and hope for the best.  I don't have any better options at this time.

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shonkyimp

I would try to open a Metrobank account if l was you. They are slightly easier. I opened one last year with a passport and a pi drivers license and NO Acr card.

 

Bdo wouldn't let me attach another account to my already existing one, 2 days ago, without my Acr card which immigration does not have after 2 months of waiting. I showed them the receipt but it was not good enough. Bpi however, accepted the acr receipt and l opened a new account even though l didn't have an account with them previously.

 

 

The rules between banks and even branches are not consistent.

Edited by shonkyimp

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RogerDuMond

Haven't used them in a long time, but check into Transfast.

 

https://transfast.com/

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SkyMan

 

 

 I don't have any better options at this time.
I have given you the better (and free) option several times but you think it's too complicated and would rather go with some bizarre convoluted method that ends up costing you $18/1000.  I give up.
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NOSOCALPINOY

I mainly just write out U.S. personal checks for deposit into my local RP USD account and it's free other than the 25 days for the check to clear/post to my RP USD savings account, but lately I've been using my USAA credit card to withdraw cash advances in pesos (multiple pulls up to $2,500 limit), which is convenient.  

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