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Pesos account VS. Dollar account


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TheWhiteKnight

You will need to keep the accounts active at least every 2 years or they will shut them down, one way would be to move money around online, we got a notice on our dollar account because I had not used it one year and all I did was exchange some money to pesos and that was considered activity.

 

Chinabank closed my dollar and peso accounts for dormancy after 12 months, when the policy is 2 years in the documents. I wanted to reactivate it and they handed me a form that was basically setting up a new account, I'm like never mind just give me the money. I prefer my BPI account anyway, I actually really love my BPI account, P20,000 a time on foreign atm withdrawls, automatic deposit machines, decent online banking and bill pay, ability to send money to any one with a BPI account number right from the APP on your phone. If I could store my SRRV money with BPI I'd use them for sure. I think I'm going to go with BDO given the choices.

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I'm assuming you have a USD account in the US? Perhaps, checking? If so, you are in great shape to open a USD Savings account in the Philippines.    Take your boxes of checks with you. Follow the lo

Land Bank, still til this day, is the cheapest bank I know of, to open a USD Savings Account at. The requirement is $100 USD. Their minimum to open a Piso ATM account is Php 500.

Also if you have a BPI dollar and peso account, and have them set up online access, then you can do online exchanges for a little less than the money changers around town might do for you. It is all a

 

 

If you are an American expat or traveler and you don't have a Charles Schwab Checking Account/ATM you are throwing money away. You can open it completely online, nothing to sign, I even have them send me the ATM card to the PH for $15.

 

Do keep in mind, they are going to send you a TON of mail to whichever address you put on your account. I could build a bon fire with all the stuff they mailed to my brother. 

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TheWhiteKnight

Do keep in mind, they are going to send you a TON of mail to whichever address you put on your account. I could build a bon fire with all the stuff they mailed to my brother. 

 

My parents haven't mentioned that, I guess I'll see when I go back in a few months, are you on e-statements?

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My parents haven't mentioned that, I guess I'll see when I go back in a few months, are you on e-statements?

 

No. My brother loves the fire starter for the fire place, I believe.

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  • 4 weeks later...

Something I just found out, I guess things change all the time, a peso checking account at BPI needs to have activity yearly or they will close it, I just got snail mail to our Cebu Condo from BPI telling us that we have not used that account since April of last year and that it will be closed if no activity by April, thus I went online and moved some pesos from one of my peso ATM accounts into the checking account and we will be writing checks from the checking account next month anyway, problem solved.

 

My advice to people, is to have more than one way to get money, one year I foolishly did not look at the expiration date of our US ATM cards before our trip over, the card expired while we were here, thus not only could we not use it at the ATM's here, we could not do a wire transfer of money over either, since they wanted the small number from the front of the card to process the transfer online or on the phone, luckily I had a few ways of getting money and had enough money here locally in Philippine banks to tide us over until it arrived.

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  • 4 months later...

I have a question (and sorry if I missed it earlier in this thread). My wife has a dollar account at BPI. How should we send personal checks and get them deposited from the US?

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Do keep in mind, they are going to send you a TON of mail to whichever address you put on your account. I could build a bon fire with all the stuff they mailed to my brother. 

Paul does one need to be a US citizen to open a Schwab account.

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TheWhiteKnight

Paul does one need to be a US citizen to open a Schwab account.

Yes, and they need to think you are residing in the US.

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Paul

Paul does one need to be a US citizen to open a Schwab account.

 

Yes, and they need to think you are residing in the US.

 

Not sure. If I had a US Driver's Licence, at the time I applied, I could have done so online. Due to not having a licensed, caused me to go the "mail in" route, where my passport was required. Have a US license and address? Give it a try. 

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I have a question (and sorry if I missed it earlier in this thread). My wife has a dollar account at BPI. How should we send personal checks and get them deposited from the US?

Write a US dollar check to the person whose name is on the account, then put on the back

"for deposit only"

then the account number it is to be deposited into,

then account holders signature,

then send it to a trusted friend or family member to have them deposit it into your account, or make arrangements with one of the managers or assistant managers of the bank and send it directly to them to deposit for you into your dollar account.

Edited by Lee
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Monsoon
Paul does one need to be a US citizen to open a Schwab account.

 

You might be better off asking Schwab themselves. 

 

My non-US citizen spouse has several bank accounts in the US. 

Edited by Monsoon
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Paul does one need to be a US citizen to open a Schwab account.

 

US residents only for Schwab US accounts.

 

http://www.schwab.co.uk/public/schwab-uk-en/nn/open-an-account/open-an-account.html

 

 

For UK residents.

You might be better off asking Schwab themselves. 

 

My non-US citizen spouse has several bank accounts in the US. 

 

 

She is probably a US resident with US tax number.

Edited by ckfm
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Monsoon

 

 

She is probably a US resident with US tax number.

 

All done while neither was the case. 

 

Two forms of identification (one being a passport) is all that is required at the US financial institutions that I use. 

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AlwaysRt

For Schwab the "catch" is you open a brokerage account to open a checking account. Requirements to open a US brokerage account are a bit more strict than basic bank accounts.

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YA Catch 22. My first problem will be opening account when i get there to transfer funds for first deposit on Condo then later funds as required for full payment. From what i have read BPI seems to be the easiest.

 

QUOTE

For Schwab the "catch" is you open a brokerage account to open a checking account. Requirements to open a US brokerage account are a bit more strict than basic bank accounts.

 

 

Both accounts are linked like it or not

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