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questsea73

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

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Gus

My Metrobank account is based in Toledo , but for the past 2 years I have made withdrawals in Lapu Lapu where I now live .. Recently I was told that I had to return to the Toledo branch to submit new signature samples, because mine had "expired" . ( 3 yrs )

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bargeman

 

 

Any non-Americans with US$ accounts in Philippines?

 

I am a Brit with US Dollar account with PNB.

Never had a problem.

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RogerDuMond

The requirement for the information from Americans is relatively new. The requirement is for all banks in the Philippines and comes from BSP (Banko Sentral ng Pilipinas). It is mandated so the Philippine banks can comply with the US FATCA (Foreign Account Tax Compliance Act). I don't know about other banks, but I assume that non compliance will cause closure of your account as it does with HSBC as this is a national requirement.

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Woolf

The requirement for the information from Americans is relatively new. The requirement is for all banks in the Philippines and comes from BSP (Banko Sentral ng Pilipinas). It is mandated so the Philippine banks can comply with the US FATCA (Foreign Account Tax Compliance Act). I don't know about other banks, but I assume that non compliance will cause closure of your account as it does with HSBC as this is a national requirement.

 

 

It is not only banks in philippines, I think it is banks all over the world, that has been asked by USA to provide this information

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Monsoon

Just be thankful that Philippine banks continue to readily accept US citizens as customers. Try to open a bank account in just about any other country as an American and let us know how that goes for you.

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RogerDuMond

It is not only banks in philippines, I think it is banks all over the world, that has been asked by USA to provide this information

 

 

Right it is a US request from all foreign banks having American citizen's accounts, but it is mandated in the Philippines by BSP because the US has no authority to do so.

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Paul
Any non-Americans with US$ accounts in Philippines?

 

This would work internationally, I believe, Dave. And, no, if you do not pay taxes in the US, or have a US Social Security Number, I do not see how the US government could ask you to fill out a W-9 when opening a USD Savings Account. 

Edited by Paul

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TheWhiteKnight

The FATCA form and W9 have nothing to do with a USD account. They want this on all accounts including existing PHP accounts. They requested it from me twice. I love my BPI account for bill pay so I had to bite the bullet, before handing it over though. I paid for a credit freeze at all 3 credit bureaus. Hopefully makes it a little bit harder for anyone to obtain new credit in my name. "No choice".

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questsea73

OP notes it was BDO Bank with the requirement....I felt reasonably sure the requirement was going to be Philippine-bank wide so I reluctantly complied.  I wonder if any of the HK or mainland China banks knuckle under to USA pressure on this matter?  The interlocking of international banks working arrangements may have induced them to comply also.  Plus the zillions of $ of manufacturing business USA gifted them over the past 2 decades rather than to our likelier friends in the area such as Thailand, Malaysia, Philippines.

 

Ken

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RogerDuMond

OP notes it was BDO Bank with the requirement....I felt reasonably sure the requirement was going to be Philippine-bank wide so I reluctantly complied.  I wonder if any of the HK or mainland China banks knuckle under to USA pressure on this matter?  The interlocking of international banks working arrangements may have induced them to comply also.  Plus the zillions of $ of manufacturing business USA gifted them over the past 2 decades rather than to our likelier friends in the area such as Thailand, Malaysia, Philippines.

 

Ken

 

 

The countries that probably will not comply with FATCA are, Russia, China (but Hong Kong does), Cambodia, Laos, Iran, Cuba and North Korea. Others do have an agreement, or an agreement in principle, or are in negotiation.

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TheWhiteKnight

The countries that probably will not comply with FATCA are, Russia, China (but Hong Kong does), Cambodia, Laos, Iran, Cuba and North Korea. Others do have an agreement, or an agreement in principle, or are in negotiation.

 

From what I have read, it's damn near impossible to get a bank account in HK as an American now-a-days. Unless you are bringing real money to the table. Forget about opening a businesses in hK if you have a US passport. At least that's what I have read, and comments confirmed. Sucks.

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contraman

 

 

goggle it

Nothing like a good goggle :yahoo:

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