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Davaoeno

Which is the best bank to deal with in the Philippines?

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Davaoeno
 

I have both corporate accounts and personal accounts with BDO.  There branches are NOT linked, and doing anything interbank is very hard to do .  I even got a managers check [ cashiers check] from one BDO , made payable to myself, then tried to deposit into another one of my BDO accounts- at another branch - and was told that there would be a 3 day hold on it !!

If I want to make a withdrawal at a BDO account that is not my home branch there is a 50 peso fee. 

But I have always found their personnel to be very efficient and pleasant  .

 

 

I also have 2 BPI accounts. One at BPI Family Savings and one at BPI [ Bank of the Phillipine Islands ]   The two have the same owner , but are different .  At one they can tell me the balance in my account in the other- but that is all.

In each type of BPI bank all accounts are linked- so you can do whatever you want at any BPI bank [ as long as its the same kind of BPI bank ! ]

 

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Monsoon

That is a good question. After some discussions and research I have decided to give Citibank a try. Mainly because I am going to be spending a lot of time internationally and BDO has let me down a few times. And in a real hell situation while traveling there is a halfway decent chance that I will be somewhere that Citibank is, but there is zero chance I will be somewhere that BDO is. When it comes to making a wire transfer or something I don't want to have to go into the branch I opened the account in to do so and fill out a form with insufficient space to write half of what needs to be written legibly. 

 

BDO has been annoying me in other ways lately. I am receiving several wire transfers per month and they insist on calling me every time one is received to ask me silly questions. These aren't really large transfers and they aren't from obscure locations. In theory I don't have a problem with it really, but if I am out of the country I might not have my PI SIM card in my phone. So they will hold a transfer until they speak to me? Rubbish.  But anyway I have been with the bank several years, and they are the ones always trying to give me various unsecured lines of credit so as far as "know your customer" I would think they must know me well enough. This isn't a Philippines procedure because I receive transfers at other banks here all the time here without anyone calling me. I elevated it to my relationship manager at BDO and they gave me some bullshit line about Bangko Sentral requirements. Well if that's the case then BPI, Eastwest and Metrobank must not follow Bangko Sentral regulations. I find that hard to believe. 

 

Well I am going to move away from BDO. Which is ironic because when I started my relationship with the I always had a significant peso balance and they always courted me about putting more dollars with them. Now that I am receiving regular foreign currency remittances I am taking my business elsewhere because of unnecessary annoyances with a procedure nobody can give me a satisfactory answer about.

 

As far as a second choice for domestic stuff I would have to go with BPI. They really do have true inter-branch banking. They don't try to charge fees to use another branch. Even though they gave me some card to exempt me from fees, apparently the fine print cuts this off at transactions above 50,000 PHP. The concept of being charged a service fee to deposit funds (BDO) gets under my skin. 

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Oz Jon

My experience with Philippine banks tells me that they all suffer from a superiority complex.

 

Customers should be satisified simply by being allowed to bank with such an important organisation.

 

Customers are an unimportant nuisance. - take a number and wait!

(an hour maybe just to make a simple transaction which takes a couple of minutes in a civilized country?)

 

But, it is more fun.

 

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Woolf

How about online transactions 

 

I have a BPI ATM account, and have no problems

doing the transactions I need with their online system

they even have an app for my android phone

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Enuff

I have never had any issues with eastwest bank

 

easy to deal with and the interbanking thing has never been an issue with deposits & withdraws

 

opening new accounts is MUCH easier at your home branch because of paperwork

 

never any fees associated with online access or different branch withdraws

 

I'm sure I would like some other banks too but eastwest was very easy from the start so no need to look further

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Jawny

I have used Metrobank for many years. I am generally satisfied, though my needs are minimal. I have become accustomed to their procedures and fees. I have used their personal checking account, dollar passbook, peso passbook, ATM accounts, and deposit-type credit card.

 

Some of their policies are not customer friendly, such as being restrictive on passbook accounts for minor children.

 

However, what keeps me a loyal customer is the way I can conduct monthly passbook transactions without ever entering the bank. In spite of their strict rules, my wife is able to complete all business such as withdrawals without my needing to go to the teller. Of course, I do have to sign the documents.

 

I have been friendly with the assistant manager at the branch I use. This has paid off in many ways. For example, the management can extend a higher exchange rate to corporate or others. We always get the preferred rate which can add quite a few pesos if we have a large transaction.

 

I did use their online services several years ago. However, I made the mistake of reading the fine print and realized that any errors would not necessarily end up corrected in my favor. Their rules protected the bank, not me.

 

When I received an email from the security staff informing me of some routine matter, I noticed that a CF was sent to several hundred other customers. Some clerk apparently hadn't learned how to use the mail system. This didn't build my confidence in their security.

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Kabisay-an gid

I firmly believe BPI is the best of the Philippine-owned banks. They're the closest to western banks in technology and modern banking operations/practices. They also have more branches, ATM's and kiosks than BDO or Metrobank.

 

Of the "Big 3" - BPI, BDO and Metrobank - BPI is the only one I would bank with.

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NOSOCALPINOY

We have been with BPI since 1998 and haven't yet any major issues. "Knock on wood"! 

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miles-high

I firmly believe BPI is the best of the Philippine-owned banks.

I concur… BPI's “semi-automated teller” system is great! You just key in what you like to do then wait for the human teller and presto! You are done. However, I also use China Bank, a BDO sub, that is small enough to provide me with their “personal banking” service in that I just walked in to an office, sit down and do with any transactions – sometimes a cup of coffee or a bottle of water served… :D

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RogerDuMond

I prefer HSBC. You can open an account both here and in Canada and transfer money instantly online. Also your ATM card can be used at major Philippine ATMs with no charge. There is a branch in Davao City at G/F Luisa Building, Emilio Jacinto Ext, Davao City,

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Pman

Some might like USAA if your military.

 

Get money out at BPI 20k at a time. USAA does not charge a fee and even refunds the fees BPI charges. Exchange rate seems to be the daily current rate.

 

Only 1% fee charges on purchases and that is not because of USAA it's because the card is MasterCard and MasterCard is the one charging the fee.

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Bill H

We use National Bank of the Philippines (merged with Republic Bank) and are very happy with them. On the other hand, how long is a piece of string?

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Salty Dog

Some might like USAA if your military.

 

Get money out at BPI 20k at a time. USAA does not charge a fee and even refunds the fees BPI charges. Exchange rate seems to be the daily current rate.

 

Only 1% fee charges on purchases and that is not because of USAA it's because the card is MasterCard and MasterCard is the one charging the fee.

 

Close but read the fine print and look at the fees on the bottom of your monthly statement.

 

 

USAA ATM/Debit Card Fees & Limits

 

USAA ATM FEES

All Withdrawals ........................................................................................................................................................................ $0

 

NON-USAA ATM FEES

First 10 withdrawals per monthly statement cycle....................................................................................................... $0

Each withdrawal after the first 10 per month ................................................................................................................ $2

USAA Federal Savings Bank (FSB) will automatically refund ATM surcharges incurred up to $15 per monthly account statement,

except for the monthly statement cycle in which an account is closed.

 

ALL ATM & DEBIT CARD

Foreign Transaction Fee ....................................................................................................... 1% Of Transaction Amount

Applies to debit card or ATM transactions with a merchant or ATM in a foreign country, whether the transaction is originally made in

US dollars or converted from foreign currency

 

FOREIGN TRANSACTION FEES INCURRED THIS CYCLE 19.25

Edited by Salty Dog
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SumDumJoe

I wish someone could explain this whole "home branch" business that BPI and BDO are always on about. I should be able to walk into any branch and conduct business. If we want to transfer money between checking and savings accounts, we get to sit at the bank and wait for permission (via email) from our "home branch". 

 

USAA will only refund the first 15 dollars in ATM fees and a 1% foreign transaction fee on all purchases. But I still love USAA. They are the best bank I have ever dealt with, but they are exclusively for current and former U.S. military folks. 

 

To the OP, if you find a good bank here, please let us know. I would think going with an international like HSBC or Citi would be the best way to go. Good luck!

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