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Dafey

Pesos account VS. Dollar account

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Paul

Is there a limit to the amount of the USA checking acct you can write in the Phlis?

 

I wouldn't go writing a check for $10,000 USD, at once anyway. Isn't that the magic number where they (READ: gov'ment folk) start looking at things a bit closer?

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arentol

Just wanted to add that there are a few occasions when a check has come in handy here in the Philippines, mostly for larger amounts... such as car down payments or monthly rent/mortgage payments. Granted there are usually always options to use electronic means (e.g., automatic debit), but some businesses prefer old-fashioned checks.

 

For example, if you finance a car through a bank with whom you don't have a banking relationship, then you can either open up an account with them and use auto-debits or else pre-complete a ton of checks for future encashment (e.g., 48 pre-written checks for a 4-year term).

 

Not 100% relevant to the topic, but checks were mentioned so I thought I'd throw this in.

 

 

Cheers,

Aren

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Jawny

I have used Metrobank for many years. I have had a checking account, passbook accounts (both dollar, peso, joint and not joint account) as well as ATM accounts. Each served a different purpose. I have a Metrobank account which is based in NYC which receives some direct deposits. I can access those dollars the same day as deposited. I use a stateside checking account as well and on occasion make deposits to a Metrobank account here. Clearance time is 30 days (some banks are faster) and there is a $2.50 fee for the check deposit.

 

I have been banking at a local branch for a long while and the tellers know my family. As a result, I can make withdrawals by filling out the withdrawal slip and my wife gets the money while I sit outside. Not in compliance with their policy, but it works and in an emergency a nice feature.

 

With regard to limits on checks, I have had occasions (rare) to write a check for a large amount and there was no problem.

 

Banks here will likely have a new account opened with a form for the USA in compliance with anti money laundering rules. In effect, your account will be known to the USA authorities.

 

If the account(s) you have exceed a total of $10,000 (dollars and peso equivalent) during the year, a report has to be made online ( see this IRS info....https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR )

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SkyMan
I just fill out a check made out to me, endorse it and take images of both sides. Then, "deposit"

I save time by having a scan of the endorsed back of a check on my PC.  It has my sig and FDO Acct #.  If someone needs to send me a check from the US I just have them scan the front and email it to me.  I deposit it using their scan and mine.  That same back has been used for all sorts of checks including gov't.

 

Unless you can afford the Citibank account that allows transfers with no fees (I can't), then the checking method is the only completely no fee option.

Of course that is not true, at least for US citizens.  I have posted here many times on how to open a US HSBC savings with $5 or less if you want.  Then withdrawals from HSBC or Metrobank ATMs have no charge.

Edited by SkyMan

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Paul

 

 

Of course that is not true, at least for US citizens.  I have posted here many times on how to open a US HSBC savings with $5 or less if you want.  Then withdrawals from HSBC or Metrobank ATMs have no charge.

 

I believe you can open an HSBC account online, and make a minimal deposit, yes?

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Lee

Is there a limit to the amount of the USA checking acct you can write in the Phlis?

No, any amount is okay. After borrowing the money on my line of credit in the US, I wrote a US check for the purchase of two condos and all the upgrades for over $50,000 and had no problems. The bank in the Philippines did make me show them a contract for the condos to make sure the money would not be used for illegal purposes, and I did have to fill out the forms for the US that I had over US $10,000 in a out of the US bank when I did my tax return but other than that no problems.

Edited by Lee

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AB2000

So if I want to open a USD account, will I need cash, or will a check work for that?

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Lee

So if I want to open a USD account, will I need cash, or will a check work for that?

Cash is needed in any Philippine bank I have ever opened an account in, they do not trust our checks but you can put in a check once you put in the initial cash opening balance, such as with BPI it is $500 in US cash. 

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Paul

So if I want to open a USD account, will I need cash, or will a check work for that?

 

I may be wrong here. But, I believe, if you are opening an account with intentions of having automatic deposits sent to it, they may let you open it up with no initial deposit.

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Jawny

My recollection of the process to open a passbook account is that cash is required. If there is a check used, and for some reason the check is not honored, there is a fee for the bad check, similar to what is done in the USA. With the cash deposit, the bank has access to those funds to recover their fee.

 

For an allotment account, I believe Paul is correct that no deposit need be made. But this is likely for a direct deposit only, not some sort of money transfer. That is, the direct deposit is coming from a government agency, not just a money processing firm.

 

There are different minimum balance amounts for dollar passbook accounts depending upon the type of account. Some are $100, some are $500 at Metrobank.

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AB2000

If you have both a USD and peso account at the same bank (BPI for instance), can you transfer in between the accounts online?

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Jawny

If you have both a USD and peso account at the same bank (BPI for instance), can you transfer in between the accounts online?

 

Some accounts have restrictions placed on them such as certain direct deposit accounts. At Metrobank this was the case. That meant the account could be accessed but could not be set up for transfers to other accounts.

 

When I did have online access, I was able to transfer dollars to peso accounts, except for the restricted accounts (direct deposit).

 

I don't use online banking any more. I have concerns over the careless manner security is handled. At least with Metrobank. As well, they have very protective measures which protect the bank more than the client (in my view). If there is an error, you have a burden of proof which essentially means the bank is not at fault unless you meet their timelines.

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Paul

If you have both a USD and peso account at the same bank (BPI for instance), can you transfer in between the accounts online?

 

If it is possible, I wouldn't do it, especially with large sums of money. Also, I would only deal with a bank that would allow you to change your money at the black market rate, rather than the bank rate, from dollars to pesos. 

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Lee

If you have both a USD and peso account at the same bank (BPI for instance), can you transfer in between the accounts online?

Yes, if you have a peso account and a US dollar account then you can convert dollars to pesos during business hours and put those into the peso account that you specify, you can also transfer pesos between peso accounts. BPI also offers outside transfers to other BPI accounts, you fill out a form and turn into your bank, we have sent money to our niece in Davao many times during the years we have had our accounts and we transfer money between pesos accounts all the time.

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Irenicus

If you have both a USD and peso account at the same bank (BPI for instance), can you transfer in between the accounts online?

I can at BPI but never would. Better to go in and ask for the FOREX margin rate and transfer in bank. The margin exchange rate has always been as good as corporate exchange rates or better in my experience. I exchange a lot at a time though - I don't know if there is a minimum to get the good rate.

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