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


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Is there any benefit to have an account here saving ATM fee? I'm seriously re-considering my original plan because since I could only acquire loan from my own country not Philippines, it's probably much better to save money in the bank where my credit history will matter in future.

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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.  

You don't really have to have an account in the Philippines, if you do not mind just using your home country's ATM debit and credit cards to withdraw pesos in cash for your monthly living expenses whi

Philippines banking is behind decade (s) it is just a matter of degrees when comparing banks. The culture here seems to deliberately make most endeavors more time consuming and less consumer friendly.

NOSOCALPINOY
You don't really have to have an account in the Philippines, if you do not mind just using your home country's ATM debit and credit cards to withdraw pesos in cash for your monthly living expenses while residing here in the Philippines. Also you can not get cash advances over the counter if their ATMs are off line, just have to find another ATM elsewhere. If ever there is an instance of a long electrical power outages for any reason, better hope the banking facility you are using has their own power generator, if not you're S.O.L. for the duration! So, better have extra cash on hand for months at a time.

 

BTW, there is age discrimination here in the Philippines. Once you are over the age of 65, no Philippine lending institutions or credit card companies will approve any loans or credit cards you may want to apply for no matter how good your credit history may be and even though you have an adequate source of income! The only loans you can get is if only you have a willing co-signer with a good credit history themselves and if you still want a credit card, you'll have to use your own money as collateral for the purpose of a security deposit, your credit limit will be based on the amount of your security deposit. 

I know all this to be true, because I'm now over 65 and tried to apply for loans and credit cards to no avail, only in the Philippines! It's OK though, because I still have my U.S. credit cards and our home and vehicles here in the Philippines are paid for. 

In the U.S., there's no such thing as age discrimination concerning U.S. lending laws, just requires a good credit history and a sufficient source of income!   

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nothingbutquestions

Seems to be a lot of misinformation about HSBC here.  I don't work for them or get any kick backs for recommending them but I post positively about HSBC because I think a lot of expats could benefit from having an HSBC account and no I'm not talking about the stupid premiere account that requires a huge sum of money to deposited there earning next to no interest or paying an outrageous $50/mo fee.  I have a US HSBC Advance online savings account that requires $1 to open.  I can withdraw money from the HSBC ATM near Ayala or from any Metrobank ATM with no fee.  UCPB also used to do no fee but I'm not sure if that's still true.  I have advised several people to use an HSBC account to get money here to Cebu and all have been quite happy with results.  It takes 2-3 days to get money from my regular payroll account to HSBC via web billpay.  Back when I was in the US and sending money here I had two HSBC accounts.  The girl I was sending money to had the card for one of the accounts, the other account had a chunk of money in it.  If there was an emergency I could transfer money to her account and it was available to her instantly.

 

Just go to HSBC in the US and open an Advance Online Savings Account.  Then transfer money to that account.  As soon as it's funded they send the ATM card.  Pretty simple.

When you write "with no fee" are you referring to no ATM fee or no Foreign Transaction Fee or no fees of any kind?

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RogerDuMond

When you write "with no fee" are you referring to no ATM fee or no Foreign Transaction Fee or no fees of any kind?

 

all three

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Bill H

 

 

On another note, I have yet to find any bank that will do domestic/international bank to bank money wire transfers for free! Also bank to bank wire money transfer from my U.S. bank charges $45 per transaction and debit/credit card use they charge $5 per transaction plus 1% per transaction fee from ATM use in the Philippines.   International ATM debit/credit card withdrawals in the Philippines can get expensive withdrawing P100,000 or more from one's U.S. debit card and cash advance from one's credit card! That's why most often I will just write out our U.S. personal check for deposit into our BPI USD account and there's no fee involved for USD check deposits. The only drawback is the 25 days for our checks to clear and post into our BPI USD savings account.

 

Wells Fargo has a newish program where you can send up to $2,500USD to any bank branch in the PH.  The cost is $5 and the exchange rate seems to be close to the current rate.  You can also opt to get the money from M Lhuilier if you wish.  We've used this service several times and find the M Lhuilier option to be the quickest due to PNB's slowness in processing foreign transactions.  However, I find Wells Fargo to be one of the most difficult banks I've ever had to deal with.  Their internal procedures will drive a man to drink.  They are obsessed with security, which on the one hand is good, but when they don't even trust their branch managers, then I see this as problematic.

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SkyMan

                                                          When Traveling to the Philippines

 

            For foreigners/tourists traveling to the philippines you can withdraw cash in over 2,000 BPI or BPI Family Savings Bank

 

Express Teller ATM's. These ATM's are strategically located at commercial areas like airports, shopping malls and near hotels

 

in keys cities within the country. For your added convenience, Express Teller ATM's are also found at over 800 BPI or BPI

 

Family Savings Bank branches nationwide. These ATM's are available to you 24 hours a day, seven days a week.

But not without paying withdrawal fees unless you're using a BPI ATM card.

 

HSBC is a good choice for those who live near one of their banks,
What does that have to do with it?  I opened my account in the US from here in Cebu.  I fund it via web bill pay from my US payroll account.  And generally withdraw from it via the Metrobank ATM in the 360 Pharmacy here in Liloan.  I never have had to go to an actual HSBC bank though I do sometimes use the HSBC ATM near Ayala but I never go in the bank part.

 

This also is misinformation. It does not require cash. It requires any combination of cash, CDs, or investments. We have our IRAs at HSBC US and they do not charge for their financial manager.

I didn't say cash I said money.  CDs, investments, IRAs are all money with varying degrees of liquidity.

 

When you write "with no fee" are you referring to no ATM fee or no Foreign Transaction Fee or no fees of any kind?

On 9/17 I took P10K from a Metrobank ATM in the 360 Pharmacy in Liloan and have a debit of $216.40  or about p46.21.

On 9/25 I took P10K from the UCPB ATM in SM Cebu and have a debit of $215.60  or about p46.38.

Yesterday I took P10K from the HSBC ATM near Ayala and have a debit of $216.00  or about p46.30.

 

No fees.

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What does that have to do with it?  I opened my account in the US from here in Cebu.  I fund it via web bill pay from my US payroll account.  And generally withdraw from it via the Metrobank ATM in the 360 Pharmacy here in Liloan.  I never have had to go to an actual HSBC bank though I do sometimes use the HSBC ATM near Ayala but I never go in the bank part.

Do you not pay ATM fees when you use a different banks ATM? Possibly not, if you have one of those high end accounts but if someone has just the online ATM savings account, do they get free ATM withdrawals from other banks machines? 

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Bill H

I have noticed there is a sometimes huge difference between branches of the same bank.  A case in point:  I withdrew 25,000p from my PNB account in Bacolod.  They charged me a fee of 200p.  I've done the same transaction at the PNB branch in Dipolog and was charged no fee.  Being the curious type, I asked the Bacolod branch why they were charging me a fee when I had not been charged a fee for the same transaction in the past in Dipolog.  They could not/would not tell me.  I needed the cash and was in a hurry, so I didn't press the issue, but I intend on doing that in the next day or two as I suspect this was just another version of the Kano tax.

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sugbu777

I have noticed there is a sometimes huge difference between branches of the same bank.  A case in point:  I withdrew 25,000p from my PNB account in Bacolod.  They charged me a fee of 200p.  I've done the same transaction at the PNB branch in Dipolog and was charged no fee.  Being the curious type, I asked the Bacolod branch why they were charging me a fee when I had not been charged a fee for the same transaction in the past in Dipolog.  They could not/would not tell me.  I needed the cash and was in a hurry, so I didn't press the issue, but I intend on doing that in the next day or two as I suspect this was just another version of the Kano tax.

Was this in-branch or ATM?

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NOSOCALPINOY

nothingbutquestions, on 04 Oct 2015 - 10:26 PM, said: When you write "with no fee" are you referring to no ATM fee or no Foreign Transaction Fee or no fees of any kind?

 

On 9/17 I took P10K from a Metrobank ATM in the 360 Pharmacy in Liloan and have a debit of $216.40  or about p46.21. On 9/25 I took P10K from the UCPB ATM in SM Cebu and have a debit of $215.60  or about p46.38. Yesterday I took P10K from the HSBC ATM near Ayala and have a debit of $216.00  or about p46.30.  

The 3% Foreign Transaction Fee does not show up on one's RP ATM transaction receipt. The 3% foreign transaction fee from any bank using one's home country's ATM debit/credit card shows up a day or 2 on one's on-line home banking statement. I don't know about with the HSBC's 3% Foreign Transaction Fee which does mention it in their terms of charges disclosure agreement on-line. 

ATM transaction fees are different from the 3% foreign transaction fees unless adjusted by ones home country's bank lending institution. There are ATM debit/credit cards that do not charge ATM fees and or foreign transaction fees depending what agreements they have with their bank.   

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