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Suggestion Who can suggest an above average bank in Dumaguete?

Discussion in 'Banking - Investing - Finances' started by Dave_Hounddriver, Jan 7, 2016.

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  1. OP
    OP
    Dave_Hounddriver

    Dave_Hounddriver DI Forum Luminary Highly Rated Poster

    Jan 28, 2016 #41
    So what about long term deposit rates. PSBank has a 5 year term deposit that pays 3.5% per year divided up and deposited as monthly payments to your account. Minimum deposit of 50K pesos for that one. Any other good deals out there?
     
  2. SkipJack

    SkipJack DI Senior Member

    Feb 21, 2019 #42
    Has Schwab been refunding you the p200 fee? Just following up to confirm.
    Thank you
     
  3. AlwaysRt

    AlwaysRt DI Forum Patron Highly Rated Poster Blood Donor Veteran Air Force Marines

    Feb 28, 2019 #43
    Yup, I get $20 - $30 ish added to my account every month
     
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  4. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Feb 28, 2019 #44
    3.5APY? Dang. I know the Philippines has something similar to the FDIC deposit insurance, would you happen to know what that amount is? I imagine it is well below the $250k USD. I'm guessing in the range of P500k?
     
  5. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Mar 1, 2019 #45
    http://www.pdic.gov.ph/
    Yup, P500k. $9,600 USD. :hilarious:

    In case anyone doesn't know what that means: if you have more than P500k (P1M for joint accounts) in a Philippine bank you had better start splitting that up into different banks. If a bank goes t*ts up and you have more than the insured amount you can kiss your money goodbye. That insurance isn't per account either, that is per bank per account holder (unless accounts are jointly held, then it should double the insured amount...if it is similar to the US, and I think it was a copy/pasta law).

    I wonder if the PRA informs their visa application of this pathetic PDIC deposit insurance and advises foreigners to open several accounts in different banks? Best to dump that visa monetary requirement into condos.
     
    • Informative Informative x 3
  6. scuabpete

    scuabpete DI New Member

    May 3, 2019 #46
    PNB has a branch in Singapore and I was able to set up an account from here with the branch in Dumaguete. I need to wait a few more days before I can use the online banking so can not comment on their capabilities yet.

     
  7. SmartKoala

    SmartKoala DI Junior Member Veteran Army

    May 19, 2019 #47
    I've lived in Dumaguete for many years now, but this year I found something incredibly useful, convenient and money saving too! Now I only need one bank account in the Philippines and I don't have to worry about FX anymore. I don't even need to enter a bank building anymore. Plus, I can hold most western currencies free of charge and even have money transferred in most countries as a local bank transaction! TransferWise is a fully licensed British online bank. And it is amazingly fast, cheap, reliable and convenient. Here is the link with my referral: https://transferwise.com/a/martinb1478
    Check out TransferWise, you won't regret it, it's absolutely free, best rates ever and you can also profit from my referral code! My BEST discovery this year, so far. I don't need any money changer anymore - I don't even have to leave my house to put money on my account. With TransferWise the Philippine banks charge you only 150 pesos for a bank transfer instead of the 250 pesos for an international money transfer. A transaction from abroad takes about one day and I can choose at what rate I want to change my Dollars or Euros to Pesos.

     
  8. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    May 19, 2019 #48
    Do you work for an advertising firm?
     
  9. SmartKoala

    SmartKoala DI Junior Member Veteran Army

    May 19, 2019 #49
    I don't work for anyone these days, except for my family. But I like to help people, especially with good and free advice. Wisdom is a very precious commodity nowadays and sharing with others brings me happiness (especially when they follow a good advice...). Plus, I can't stand it when people are wasting money on those big and rich companies, e.g. big banks, Nestlé, Starbucks, chemical companies, insurances, and so on... I rather support small and innovative products and companies, if you know what I mean.
     
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  10. SmartKoala

    SmartKoala DI Junior Member Veteran Army

    May 19, 2019 #50
    Try CRYPTO investment and you won't talk about percentage anymore but rather 2-3-5-8-fold, if you know what I mean. Cheers, mate.
     
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