⌛ Banking in Dumaguete

This is for Roody
On another forum (Philippine Board) I read this comment that you wrote about opening a bank account. For opening a bank account barangay-clearance (20 Peso), tax-clearance (30 Peso) and passport is usually enough. Most banks don't even wanna see the first two if you show them cash and ask to open an account.

Is this still true?
My husband and I will be visiting Dumaguete in a few weeks. We had read some where that you much have an ACR card to open a bank account. We are considering retiring in the Philippines and we do not want to keep a lot of cash on our person all the time and wanted a bank account.

If you can give further clarification, this will be very helpful.

Thanks,
Big Jim's Wife

 

I believe this would help:

C.b Procedure for the issuance of a Special Resident Retiree's Visa (SRRV)

Applicant submits either to the Philippine Retirement Authority (PRA) or to the Consulate General the following:

o Philippine Retirement Program Application form;
o Medical Certificate Form ;
o Police Clearance duly authenticated by the Foreign Affairs Office of the Province where the applicant resides;
o Certification of bank deposit in the amount of US$50,000.00 or above and US$15,000.00 for dependent. The banks accredited to the PRA are Bank of America, Hong Kong and Shanghai Bank, and Philippine National Bank;
o Birth Certificate duly authenticated by the Foreign Affairs Office of the province where the applicant was born;
o Photocopy of the page of the passport where the personal details of the applicant appears;
o Photographs (12 pcs. 2x2 inches and 6 pcs. 1x1 inch);
o Marriage certificate (if accompanied or to be accompanied by spouse) duly authenticated by the Foreign Affairs Office of the province where the certificate was issued; and
o Birth Certificate of dependent/s (if accompanied or to be accompanied by them) duly authenticated by the Foreign Affairs Office of the province where the dependent was born.

1. If the above documents are submitted to the Consulate General, it forwards the documents to the Philippine retirement Authority (PRA) through the Department of Foreign Affairs;
2. PRA will pre-process the application. If found qualified, a notice of approval will be sent to the applicant including instructions for remittance of the US$50,000.00 to any of the accredited banks for deposit in his name. The depository bank shall issue a certificate to the PRA that the amount has been cleared and received for deposit in the name of the applicant;
3. The applicant remits the application processing fee of US$1,500.00 to the PRA if over 50 years of age, and US$2,000.00 if less than 50 years of age but at least 35 years of age;
4. PRA favorably endorses the application to DFA;
5. DFA authorizes the Consulate General to issue the visa;
6. The Consulate General notifies the applicant; and
7. Applicant pays the visa fee of RMB 3,000.00.

source:srrv visa

my dad was offered the same way years back.

 

Thank you for your quick response about the processing for a retirement visa. But I would still like to know if we will be able to open a bank account before we make the final decision about long term retirement and that type of visa.

Thank you

 

Put simply, some banks will allow you to open an account, while others will not. As with MANY things in the Philippines, if you don't get the answer you want from someone, ask someone else. Often a different person in the same office will tell you something different. Keep asking until you find the answer you want.

Try Bank of Commerce

Larry

 

Please explain HOW it may help the OP? As far as I can tell it is completely off topic?

Larry

 

Well thats about as clear as mud :(

 

I have opened accounts with just my passport, deposit, and wife's local address and have not had a problem but if you have no local ties I am not sure how that will go or what the requirement is.

 

Most banks ask for 2 photo IDs, a 1x1 photo and an initial deposit.

I have never had any bank refuse to open me an account...

 

Try this Site!

Hi BJ, I came across this site, Thought it may be useful, it seems to answer most of your questions, Good Luck

How to open a bank account in the Philippines : PinoyMoneyTalk.com – Make Money Online, Stocks, Forex, Mutual Funds Philippines


Jack P.

 

Starting account

Hi again, after coming and going to the Phil. since 1987, I finally opened an account last July. In BDO Bank, Robinson branch Dumaguete.
It was easy enough, just went to the teller there and asked how to open an account. No problem Sir, just give us some Passport type photos, and a copy of your Passport. Then we need a 5000 Peso minimum amount. That was all.
After then I had to wait a few working days, and could then collect my new savings book and ATM card. Easy as that. Oh yes, they also asked for an adress in the Philippines. I used our house adress in the town we lived north of DGTE.
By the way, never had any problems about using my Norwegian VISA or MASTERCARD either. But using those there is a charge of some 200 Peso on withdrawels. If I remember correctly. That's all.