⌛ Banking advice

I wonder if Kelpguy is a member of the Illuminati?

 

???




:D :D :D

 

He sure saw this one correct!!!!! After hours of dead end searching and calling all over the world it seems, in the end it was 1 simple phone call.
Ron

 

i received a personal response to my response to ron's friends banking dilemma and thot i might as well post my answer here.

>I read on the forum about your online capital one checking acct, and after getting that, you can open a Filipine acct with no foreign fees?

no, the filippino bank account has nothing to do with the cap 1 account. you can use the cap1 card anywhere in the world without paying a foreign transaction fee. what a lot of people do is open a fils bank account and using their home country checking account, about once a month, write themselves a check and deposit that check in the fils account. there's usually a lag of several weeks (depending on your home bank) before the money becomes available in your fils account but there's no fees (so far : )

>do they have capital one banks in PI?

not that i'm aware of but check the cap1 website for branches.

>Where would you open your accout at?

i'm not clear what ''account'' you're referring to.

>I am retiring soon and have to arrange for direct deposit of my retirement someplace where I can get access to it in the PI.

direct depositing your pension etc. in a foreign bank is a much debated subject. i think most expats recommend having your check deposited in your home country bank and transferring funds to your fils account and using your fils bank atm card for cash.

norm : ))~

 

Bingo! :D :D :D

 

Quote:
"direct depositing your pension etc. in a foreign bank is a much debated subject. i think most expats recommend having your check deposited in your home country bank and transferring funds to your fils account and using your fils bank atm card for cash."

I guess I am missing something. What is so controversal about depositing your pension in a PI bank? My pension is automatically transferred to a secured dollar account at my BDO bank, now the largest bank in the PI. I then have the option on moving dollars into my peso account or moving pesos into my dollar account. The funds are available asap and no hassle to request a funds transfer and pay a fee from my US bank. This works for me.

 

I have asked others about the exchange rate using the ATM international transactions and 200 pesos fee. what I do is transfer monies for my US acct. to a ATM international card. Would all of you agree that setting up a USD acct. here in the PI verses the ATM method... which one would give you the most Pesos at the point of use.

 

I use direct Dollar deposit in BPI Dumaguete. It has worked fine for me, It cost's somewhere around $1.50 and with only one exception several years ago it has always arrived on time.
Ron