Suggestion Who can suggest an above average bank in Dumaguete?

Dear Frodo:

When you write "sister bank in America", are you referring to Philippine National Bank (PNB) in Los Angeles, CA?

Because so far, PNB is the only Philippine Bank I can find on the West Coast that has a brick and mortar, full-service building where I can open a Philippine bank account here on the West Coast BEFORE I arrive to the PI. PNB in the USA IS NOT USA FDIC insured.

PNB also has transfer capability with Wells Fargo (USA/FDIC insured). I have a pension going into Wells Fargo (FDIC insured), but once I open up a PNB account in Los Angeles, I can then set up money tranfers from Wells Fargo to PNB BEFORE I depart.

The exchange rate is also VERY good doing it this way.

BUT, all the accounts have to be set up PRIOR to departure, and the FIRST money transfer from Wells Fargo to PNB Los Angeles HAS TO BE DONE IN PERSON at the Wells Fargo branch I have my account in. And that first money transfer has to be done BEFORE I depart.

Once I arrive in the Philippines and set up a local PNB account at PNB Dumaguete, then my PNB Los Angeles account will transfer my money from the Los Angeles PNB account to my local Dumaguete account.

So far, this is the only "workaround" I have found in the USA where I can keep my money FDIC insured, but still get some money pesos/USD to live on while I'm in Dumaguete. And, I maximize my exchange rates AND avoid excessive bankster "middle men" fees.

I fly to Los Angeles next month to open a USA-based PNB account.

Will let you know how this REALLY works when I try it.

V/R,
nwlivewire

 

Hi nwlivewire:

Sounds like you have an arrangement that works for you.

To answer your question, no, the sister bank is not PNP in Los Angles.

For U.S. military pensions, the Defense Finance & Accounting Agency (DFAS) will make International Direct Deposits to 42 countries, but the Philippines is NOT on the list. So, the workaround is to give DFAS a routing number & account number for the bank in America that has an agreement with BPI to seamlessly pass through the money so that my pension immediately appears in my BPI account here.

I set this up years ago & I do not recall the name of BPI's affiliated bank in America, but I just texted my old BPI branch manager asking for that bank's name. I also asked her if this works with social security deposits & private pensions. I will let you know what she says.

Oh, and I handled it in my BPI branch manager's office in the Philippines -- no trip to America was necessary for my situation. It was as simple as completing & signing a new (single page) DFAS direct deposit form -- my BPI branch manager processed the form for me.

As far as FDIC insurance goes, I am not concerned about that. The FDIC only has enough reserves to cover about 2% of the money they are insuring so if more than a few banks fail the FDIC will run out of money. For people that are expecting a financial meltdown in America (people like me), which will likely be worse than the 2008 financial crisis, their preference is to keep most of their money outside the country. But, this topic of impending capital controls is outside the scope of this posting so I'll stop there......

 

I opened a Charles Schwab brokerage and checking account 2 years ago to solve this problem. I left my deposits alone, still going to my bank account and do electronic transfers to the Schwab checking account as I need cash wherever I am. I only withdraw from reputable bank ATMs to get favorable exchange rates, as insurance the transaction completes successfully, and that my information isn't stolen. At the end of every month Schwab reimburses any ATM fees. So far tested in Canada, Guatemala, Macau, and Hong Kong. Will test in the Phils Sunday afternoon.

 

Thanks, That's good to know. I was not aware of that. I will check it out in the next couple of days.

 

Dear Frodo:

You are correct (I think so anyway) re: FDIC.

I'm reading an interesting book called "Going Global", an International Man publication (through Casey Research). It specifically goes through various scenarios of international diversification techniques that even "little people" like me can utilize. You don't have to be a Mr. or Mrs. Got Rocks to put a few of their suggestions to work.

Please let me know what your BPI people let you know.

I have one pension that will need to be set up with DFAS and BPI (if possible) so this gives me some diversification when I am going around SE Asia.

Eventually, I'll want an account in Singapore, so I'm laying the groundwork now.

But I am interested in the DFAS and BPI connection, so please keep me posted.

V/R,
nwlivewire

 

DFAS/Military Retirement/and International Direct Deposit (IDD) - Looks like Hong Kong is the closest area to the PI where a US military retiree has the ability to IDD their monthly pension.

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Are you headed to Singapore permanently or is there another reason a Singapore account is attractive to you?

Which leads me to a more general question that I will start as another topic... Why do I want/need a local bank account?

 

Being able to buy/hold/sell/vault precious metals in Singapore is what I'll be doing.

It's a commodities thing, and nothing really to do with this thread on everyday banking issues....

nwlivewire

 

I have been in Hong Kong since September, the only time I needed more than my daily ATM withdrawal limit was when I signed a 3 month lease. While in Hong Kong I suggest using only Bank of China or HSBC ATMs in the major MTR stations, airport, or at a bank branch. To many other ATMs debit your account but fail to provide cash. (more than a rumor, I watched it happen last week for $300)