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Opening a bank account

Discussion in 'Banking - Investing - Finances' started by marc.oz, May 12, 2016.

  1. Brian Oinks

    Brian Oinks That's Mr. Pig to you Boy! :) Highly Rated Poster

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    When I opened my Account with the BPi Bank all I needed to do was show ID, I needed a Philippines Bank Account so I could have my Australian Pension transferred from Australia when I came back here to live permanently. (Free transfer and Free currency conversion)

    I showed my Australian Driver's Licence, Medicare card, Social Security card, Passport and I signed my Wife up at the same time, (Joint Account) so we showed our Marriage Certificate and she showed her Driver's Licence along with her voter's card. no problems and did not need to show any TIN number.

    Last week I inquired about a Visa Card (need one to upload money to my Paypal account here in the Philippines) and was told all I needed to do was open another Account to link the card to, bring in my ID as I did before when I opened my account with them and no mention of a TIN, so I am wondering now IF I will need to do that as I do not have a TIN... :o o:
     
  2. Rye83

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

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    Does she have a US citizenship as well? If so she technically needs to follow the same laws as any other US citizen would.
     
  3. WATSISNAME

    WATSISNAME DI Member

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    Brian....since you allready have an account with them maybe you will not need the tin.....I opened an account with them few months ago and had to get a tin....If you do,, its no big deal, the bank will give you a request form, just take it to BIR join the line, and wait a while sir.....If you are lucky and get there early, you should get it same day...Dont forget to take a cut lunch:smile:
     
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  4. cabb

    cabb DI Forum Patron Highly Rated Poster ✤Forum Sponsor✤

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    Yes. Understood, but would the Philippine bank be smart enough to know if opened as a Philippines citizen. My guess is that there is a simple flag in some database that says US citizen and if not checked reporting is ignored.
     
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  5. Dave & Imp

    Dave & Imp DI Forum Patron Highly Rated Poster Showcase Reviewer

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    About 6 weeks ago I took an acquaintance into BDO in Robinsons Mall, the bank I use. I introduced him to the Manager. The branch manager asked if he wanted to open a dollar account. Since I have heard of other horror stories about trying to open a bank account here, so I almost kicked my friend off his chair to say "yes, i want to open and dollar account". :o o: He had been in the country for 3 days and had not even visited BI at that point in time. All he was asked for was his US Passport, and the minimum first deposit. I think the minimum starting deposit was $400 dollars. I am not sure how other banks or even branches of BDO work this smoothly, but it was a snap to open a dollar account that day. I know from experience at that branch location, that if you hand money to teller for a deposit, you can not withdraw the money for 10 banking days, if however it is transferred in, say by Xoom, then it is immediately available. There is no service fees is a $400 average minimum balance. You experience may vary, but we had a good banking day that day.
     
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  6. Rye83

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

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    You probably shouldn't be too concerned if the Philippine bank is smart enough to catch it (they most likely aren't)....your concern should be if the IRS is smart enough to catch it (they probably are). Feel like dealing with an IRS audit?

    Note: I opened a bank account in the PI last year (closed it after a few month because it was completely pointless/useless since I will not move any significant amount of money to a Philippine bank account and it wasn't any cheaper to get money in country). But it was extremely easy to open and very minimal paperwork.
     
  7. okiebound

    okiebound DI Forum Adept Showcase Reviewer

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    I had to obtain a TIN when I sold my house/land in the Philippines. My attorney obtained one for me. If it is a requirement to open a bank account, you might inquire at the bank the best way to obtain one. It could be that they are being forced to obtain this info by the foreign banks wanting to tax the Philippine account holders for interest earned on accounts in other countries. I know that the US was going to start requiring the Philippines banks report account info of all of the US bank account holders. Not sure if other countries were doing the same.
     
  8. Rye83

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

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    The bank did that for me.
     
  9. AlwaysRt

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

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    It is simple to do anyway. Bank gives you a letter, take it to the BIR, fill out the form, wait for your number to be called, and done. Same kind of feeling as dealing with BI although probably a bit longer wait time.
     
  10. DELETED-shotshapers

    DELETED-shotshapers Guest Guest User

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    I too have been trying to find away to fund my paypal account from within but its not possible to fund your filipino paypal using pesos ( i have contacted paypal about this) as paypal philippines is under the paypal USA wing, when you need to contact them you need to call the USA..........best download the paypal APP, that takes care of that issue

    i have two paypal accounts one here and one in ireland ( i can fund it from ireland but not from the phils), you can withdraw from your paypal to the bank no problem, but the other way around no chance
     
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