⌛ bank investment

heres one i know you guys will have fun answering. whats a good reliable (in this world now-a- days?) bank to invest maybe 2k to establish a small savings account to show credit worthiness in pi. appreciate a half way not funny answer folks!
california-jac

 

ok I am responsible for the other half.... the piggy bank of my little one won't give you interest rate but you also won't loose any money...

sorry couldn't resist

 

I've always been more than satisfied with China bank. Anyhow it's best to choose a bank with oversaes branches. China bank has really good atm access and daily limits

 

I just tried to access China Banks website and the link is broken. Do you have better online access there or is that not a consideration for you?

 

When I worked for the banking industry in the PI 4 years or so ago, BPI is one of the best managed bank. Not so sure if it's still the same now. You can do your research or may be someone from DI can help us with this. In case you're interested with BPI, they have this website for those who live outside the PI - http://www.bpidirect.com/.

Their TD rates are reasonable, but can do so much better. One thing good about BPI direct is that you can have on-line access to monitor your account. You probably cannot do as much transactions as you could with other US banks, but hey, better than not seeing it, right? Another option is Philippine National Bank (PNB) that also has on-line access. Both BPI and PNB have full service branches/remittances centers in Los Angeles.

Other smaller banks have higher rates, but less accessible while you are in the US. If you are afraid of losing your money in case the bank goes down, remember, PDIC covers up to a certain limit - I think they are working on increasing the limit from P250T to P500T. However, I do not know how claims are processed in case the bank goes under.

As far as establishing credit in PI, I do not think it works the same way as it does here in the US. There is not yet a robust credit bureau that would give you information on your past credit dealings and spit out a FICO score. If you are new in the PI, you can put your money in a TD and use it to secure a credit card account or a line of credit with the same bank.

Please feel free to correct me if any of my suggestions are wrong (or outdated). I have not worked in any PI banks in the last 4 years and my only involvement is limited to my personal dealings.

Hope this helps.

 

Seabee,
IMPO also, BPI is two of the best in DC. BPI for international accessing although not 100% rating with credit cards [my hub and I had a few challenges using the BPI Mastercard in Amsterdam where I got tempted to get a small trinket and had to pay cash instead]. The other # 1 in DC is the MBTC. Cooperative banks in DC are also good. They actually offer higher rates on TDs. I am not sure if foreign currency can be put in as TD in the coop banks but the interest rates on the peso is higher than in the non-coop banks. San Miguel Corporation would be a good investment. AXA too.

 

A good bank ???

At this time I really don't know a bank that can be trusted for even a second. I keep my cash in a safety deposit box. But BPI or Philippine National Bank, Metro, RCBC or almost any large bank is okay with a small amount of money two thousand is as much as I would dare too.

However only if you don't really need the money in a hurry due to some unforeseen problems may arise with the bank.

I think banks will have to be nationalization or put in to receivership it is the only option that would allow global community at large to solve their problem of toxic assets in an structured manner and allow lending finally to resume. Of course, the economy would still suck, but the plunge would stop.

 

banks in tw

Hey Teacher,

Just wondering if you keep any money in Taiwan & if so, which bank you're using. Also, do you know of any bank there that has gone under or is about to?

Thanx.

 

Nice to hear from you..atlargex

No, I haven't heard any banking problems here. I'm using Standard Charter and Taiwan Bank. But only keep about 35,000 NT in each account. But to be honest the problems that I seen every where else in the world aren't noticeable right now in Taiwan. Other than some foreign factory workers leaving and the NT falling to it lowest in six years. But the general feeling around here is good.

 

PS have you got the A/C Number handy?.....hehehe...sorry