questsea73 315 Posted February 4, 2016 Share Posted February 4, 2016 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 Link to post Share on other sites
JonnyBravo 288 Posted February 4, 2016 Share Posted February 4, 2016 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. 1 Link to post Share on other sites
Lost 153 Posted February 4, 2016 Share Posted February 4, 2016 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. Link to post Share on other sites
woodchopper 2,975 Posted February 4, 2016 Share Posted February 4, 2016 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 Link to post Share on other sites
tonny 503 Posted February 4, 2016 Share Posted February 4, 2016 NEW IRS RULES THE BANK HAS TO DO IT FOR THEM,,,,,,,, HAS TO DO WITH THE NEW 10,000 dollar rule . goggle it !!!!!! Link to post Share on other sites
presbo 0 Posted February 4, 2016 Share Posted February 4, 2016 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. Link to post Share on other sites
cebubird 5,391 Posted February 4, 2016 Share Posted February 4, 2016 Opened one account in 2010, another in 2013, and neither asked for SS card. Maybe because it's joint acct with wife? Link to post Share on other sites
Paul 55,114 Posted February 4, 2016 Share Posted February 4, 2016 (edited) 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 1 Link to post Share on other sites
woodchopper 2,975 Posted February 4, 2016 Share Posted February 4, 2016 First, why would you give a woman a "daily allowance"? that gets saved and sent to her mother Link to post Share on other sites
JohnD 1,658 Posted February 4, 2016 Share Posted February 4, 2016 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? Link to post Share on other sites
hyaku 2,802 Posted February 4, 2016 Share Posted February 4, 2016 (edited) 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 Link to post Share on other sites
Davaoeno 37,492 Posted February 4, 2016 Share Posted February 4, 2016 (edited) I found the form very easy to fill in ! Edited February 5, 2016 by Davaoeno Link to post Share on other sites
A_Simple_Man 6,202 Posted February 5, 2016 Share Posted February 5, 2016 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? Link to post Share on other sites
Davaoeno 37,492 Posted February 5, 2016 Share Posted February 5, 2016 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 2 Link to post Share on other sites
RogerDat 3,478 Posted February 5, 2016 Share Posted February 5, 2016 Many Filipinos at Metro bank Lapu Lapu have dollar accounts. I do not know where the dollars come from, but they maybe money changers. 1 Link to post Share on other sites
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now