Banking Question

I have a question about banking in dumag. I'm sure it's been asked before but I've searched in depth and couldnt find the exact info I was looking for with the exception of a ton of out of date and conflicting information.

I'd like to set up a Non-US based account where I can transfer my money out of the U.S. into a foreign account and utilize an ATM card in dumag to withdraw money. From what I've read, PNB, or BPI are pretty reputable however they require a ACR-I Card which I can't get until after the 21stday and then file for extension. I'd ideally like to be able to have money readily available for easy withdraw before I arrive there. I also heard there was a semi-hefty initial deposit fee at those banks for foreigners. I' ve read that Cayman National Bank or HSBC Hong Kong doesnt require all the documentation, but have been unable to verify this. What do you guys do for transferring/getting money to dumag with least amount of transaction fees/problems? Privacy is somewhat of an issue for me as well, which is why I'm considering the overseas accounts as I have a crazy ex-wife consistently trying to obtain access to my assets. Any advice or experience would be greatly appreciated. I want to be able to set this up from the U.S. as I am currently there.

Thanks!

 

Most banks will require an account in pesos for 6 months before you can open a $ or multi currency account,
HSBC in Manila or Cebu, not in Dumaguete,
You cannot get an ATM card when you have no permanent visa for the Philippines.

 

Forget about PNB, it's a p... i. t.. a.. to get service from them...

 

Banks that have dollar accounts:
1. Banco de Oro
2. Bank of the Philippine Islands
3. Philippine National Bank
4. Metrobank
5. RCBC
6. China Bank
7. Allied Bank

 

Not correct, I got mine with only a Balikbayan visa stamp.

 

Yea a permanent visa isnt required. I talked to a couple banks directly. A lot require the ACR-I

 

A passport was all i needed to open my R.C.B.C and B.P.I atm account, their was no ACR card back then. I also got a DEBIT card from BPI, and a CREDIT card but i had to put money up front for the CREDIT card,
BPI cards work any were in the world that helps when we are O.S
cheers

 

Open accounts

I had similar problems setting up accounts. It took me about 4 months to get it all done while learning the systems or lack of systems here. I found that using Xoom (you can send money to yourself) or Western Union (more costly) can work. Western Union required someone in the US to send you money, Xoom can all be done here on a computer.

I bank with Chase in the US, and they do not have affiliations here. So I write checks and wait the thirty days for them to clear, or I use xoom for an almost instant delivery. I use BDO (Bank de Oro) here and find they are automated and efficient. They have branches in almost every city I visit and I can use the ATM to get money while I travel (assuming I have some money in the account). I have a dollar and peso account, and a peso ATM card.

It can be a simple process to open account here (once you do it), but usually requires two IDs, which you don't have when you arrive. Your passport is good for one ID, even if they require an ACR card they will ask for you passport also. It takes time to learn how to open an account. I would suggest you immediately go and get a driver's license as it is a good ID. If you have a US drivers license there are no tests, just about a morning wait at LTO office. Take a Filipino with you so they can explain what is going on during the circus act they call the LTO Office. O-|

I found the answer to my question about opening accounts varied per teller and branch. When I found someone say that I could open a dollar account I did. There was about 10 - $100 bills in front of them at the moment so I think they went for it. A month earlier at another branch I was told I had to have a peso account for 6 months before opening a dollar account. I found that when I got the answer I wanted (they varied) then I took action. If you think about the process they will change the answer. Green US dollars in front of them seem to motivate them to say yes to opening a dollar account. I do not mean a bribe but the viewing of dollars walk out of the bank motivates them. I opened my dollar account, they gave me a bank book and then added that I could not remove the dollars (US currency not a check) for a week. Nice to tell me after I made the deposit.....

In emergencies, I can usually get money from the US within about 2 hours by Xoom.

A few banks here still use paper (handwritten) documents for everything or worst both handwritten and then enter into the computer. Avoid those banks as their lines and wait times are very long.

If you are still in the US, you may want to explore which banks have affiliations here. I think Wells Fargo has a affiliation here so you may want to check out which banks have affiliations here.

Just remember: It is more Fun in the Philippines.....and time here is worth less than a centavo so do not expect quick anything. Good luck try to take care of as much as possible before you arrive.

 

Don't count on Xoom as an emergency backup plan, one day they may cut you off for no apparent reason. We had a client who had used them for years, transferring all his money from his work in Iraq ($10,000+ per month) using Xoom. Then one day they shut his account off, no explanation, just that he had "violated the terms of service". As they did this in the middle of a transaction it took him quite some time to get re-imbursed.

Xoom Complaints & Reviews

Larry
Xoom Complaints & Reviews

 

go to local bank METROBANK, BPI or BDO, all you need is a permanent address here and "strong" cash :D

if you need to withdraw cash, better you open ATM than Credit Crad account which is awful O-| here

International Bank (HSBC, City Bank, ...) will not accept you coz Pilipina is on the black list of Fiscal Paradise