Starting bank account in P.I.; expect to reveal your Soc. Sec. No.

[questsea73 315]

I wanted to start a bank account here in Mindanao in US $ as I expect to be residing here a year or slightly over.  I went to the bank I had good relations with in 2013, although in another city and made application.

 

I did have to wait for the ACR card renewal to take place with Immigration before I could apply.  When I got the new one I went into the bank and filled out several forms and was told I would get a call when the application was evaluated to see if approved.

 

A few days later I got a call that there was another form to fill out.  I went in and there was a US form there that required me to give the bank my social security number.  I protested, but saw the account was not going to be approved unless I filled out the form completely with the SSN.  

 

I guess this is a combo anti-terrorist measure and a counter-measure to catch tax avoiders, so in theory well-meant.

 

So the local bank has one more critical piece of info exposed for hackers and anyone having periodic access to foreigner account applications.  That together with my birthday date from application is a big help to those I would not wish to have access to my USA accounts.

 

So, you can expect the same if you wish a local account.  Weigh carefully whether you want to do it vs. ATM withdrawls at a cost of 200 pesos per withdrawl or expensive cash advances or other means of financing local expenses.

 

Ken

[JonnyBravo 231]

Sounds like a pickle. Damned if you do, damned if you don't. Your location for opening a bank account isn't the most secure area either. Just remember you're giving your number to the same people who will call their friends to come rob/kill you if you leave with large sums of money. Not trying to scare you but you are putting yourself at risk. Perhaps it's a risk you have to take, but take some precautions. Maybe someone here has some experience they can offer. 

[Lost 153]

I had an established account when these new rules took effect, they were going to close my account if I didn't sign it. At the time, I wondered if they somehow verify the SSN. I though about just using an incorrect number to find out. I assume they simply submit the form to the IRS and if the number is wrong, it would be stuck in bureaucracy indefinitely.

[woodchopper 2,975]

any woman longterm i have ever been with,,i give a daily allowance and i allways start them a China Bank account with monthly deposit,,they seem to get an account same day with minimal forms,,i did that twice now

[tonny 503]

NEW IRS RULES  THE BANK HAS TO DO  IT FOR THEM,,,,,,,, HAS TO DO WITH THE NEW  10,000 dollar rule . goggle it !!!!!!

[presbo 0]

When I opened my peso savings account at BPI in 2006, there was no ACR card requirement, but I still had to provide them with a copy of my Social Security card and 2 photos.  So I don't think the SSN requirement is new. 

[cebubird 5,386]

Opened one account in 2010, another in 2013, and neither  asked for SS card. Maybe because it's joint acct with wife?

[Paul 55,106]

any woman longterm i have ever been with,,i give a daily allowance and i allways start them a China Bank account with monthly deposit,,they seem to get an account same day with minimal forms,,i did that twice now

 

First, why would you give a woman a "daily allowance"? And, the tax issue is an American government thing. They want to keep their dirty, corrupt hands on US Citizens anywhere we live around the globe. 

 

 

So, you can expect the same if you wish a local account.

 

Here, they have W-9 forms that you are required to fill out and turn over to the bank. I closed my last USD account here, and will never open one under my name again. 

 

Opened one account in 2010, another in 2013, and neither  asked for SS card. Maybe because it's joint acct with wife?

 

 

They have started this in the past year or so, Bill? I was shocked to see a W-9 form placed before me. 

When I opened my peso savings account at BPI in 2006, there was no ACR card requirement, but I still had to provide them with a copy of my Social Security card and 2 photos.  So I don't think the SSN requirement is new. 

 

I had never given a bank in the Philippines, or anywhere else for that matter, my Social Security Number, prior to opening a US Savings Account, last year. 

Edited February 4, 2016 by Paul

[woodchopper 2,975]

 

 

First, why would you give a woman a "daily allowance"?

 

that gets saved and sent to her mother

[JohnD 1,658]

 

 

I wanted to start a bank account here in Mindanao in US $ as I expect to be residing here a year or slightly over.  I went to the bank I had good relations with in 2013, although in another city and made application.   I did have to wait for the ACR card renewal to take place with Immigration before I could apply.  When I got the new one I went into the bank and filled out several forms and was told I would get a call when the application was evaluated to see if approved.   A few days later I got a call that there was another form to fill out.  I went in and there was a US form there that required me to give the bank my social security number.  I protested, but saw the account was not going to be approved unless I filled out the form completely with the SSN.     I guess this is a combo anti-terrorist measure and a counter-measure to catch tax avoiders, so in theory well-meant.   So the local bank has one more critical piece of info exposed for hackers and anyone having periodic access to foreigner account applications.  That together with my birthday date from application is a big help to those I would not wish to have access to my USA accounts.   So, you can expect the same if you wish a local account.  Weigh carefully whether you want to do it vs. ATM withdrawls at a cost of 200 pesos per withdrawl or expensive cash advances or other means of financing local expenses.

 

What do you mean you had to wait for them to call you to see if your application was approved? You have to fill out a FATCA form but SSN I am not sure about that. It maybe because you were opening a USD account. What bank?

[hyaku 2,579]

When I opened my peso savings account at BPI in 2006, there was no ACR card requirement, but I still had to provide them with a copy of my Social Security card and 2 photos.  So I don't think the SSN requirement is new. 

I asked for piece of paper and wrote down a figure of how much i might put in the bank. They just said ID please.

 

Slightly off topic but a few days ago a friend who banks with PNB told me he had to go back to the bank on Monday to give them all his personal details again. They keep changing managers. And every time it happens they take the personal files and details with them. Has anyone had problems with the Metrobank bank App? I can still do banking online but the App is not working in the phone.

Edited February 5, 2016 by hyaku

[Davaoeno 36,337]

I found the form very easy to fill in !

Edited February 5, 2016 by Davaoeno

[A_Simple_Man 6,183]

 

 

I asked for piece of paper and wrote down a figure of how much i might put in the bank. They just said ID please.

 

Is that an American Dollar account?

 

I'm starting to wonder if a non-US person can open a US$ account without a S.S.N.

 

Any non-Americans with US$ accounts in Philippines?

[Davaoeno 36,337]

Is that an American Dollar account?

 

I'm starting to wonder if a non-US person can open a US$ account without a S.S.N.

 

Any non-Americans with US$ accounts in Philippines?

 

I have 3 at 3 different banks [ not branches].  Never had a problem.   Most banks now are so glad when they hear that you are not an American- it makes their life so much easier 

[RogerDat 3,475]

Many Filipinos at Metro bank Lapu Lapu have dollar accounts. I do not know where the dollars come from, but they maybe money changers.