Local Bank like BPI and BDO is good, for BDO, an instand master card - debit card with worldwide partnership remittances, they have this "Kabayan savings account" for overseas money, minimum opening account is 100pesos, money arrives after 3 days. While BPI international ATM card you can withdraw abroad via "Cirrus", remittance arrives within 3 days too. But if you're into PAYPAL like me, only Unionbank of the Philippines is authorize with paypal here in the Philippines. I think they have partnership with Unionbank of California ( not sure ). Go for PNB if you're in other Asian countries, you'll receive the money in few minutes while they sent it in Japan, Singapore, HK etc with PNB's other atm called "global filipino card" to avoid confusion take note when claiming/withdrawing, click current account not saving account on PNB's atm machines, its a zero maintaining balance. Nice! All of these banks you can do online banking. I find online friendly both Unionbank and BPI because you don't have to submit lots of papers when you enroll something via online banking, all you have to do is confirm it via BPI atm machines just click "others" no need to go to the bank branch. While with unionbank, an email and simple call from their toll free is okay. Anyways, it would be best knowledge if you visit their websites.

 

F44, not sure of the "best" bank, I will tell you how I do it. I selected BDO because they are now the largest bank in PI, and because they have a branch at Robinson's Mall so I don't have to go into the town center for banking, given I live south of Dgte. I set up 3 accounts: a peso account, a dollar account, and a secure account. I use electronic funds transfer for all three from my U.S. bank (Wells Fargo) to both the pesos and dollar account, and for social security to deposit into my secure account. I use the secure account in pesos and move that into my peso checking/atm account for monthly expenses. I'm sure others have found ways that may work better for them, this works for me.

 

Good information, but......

1)Union Bank of the Philippines is definitely NOT affiliated in any way with Union Bank in CA. I asked if they were at a branch here in CA and my wife asked at the branch in Dumaguete. Both locations said "no".

2) Union Bank of the Philippines is NOT the only bank in the Philippines that accepts or is authorized to accept Paypal. MetroBank does also as do other banks in the Philippines, but the trick is to come up with the bank code that PayPal, and PayPal only, uses to transfer funds.

 

I have a dollar account and a peso account with a ATM. When the peso account gets low, I take out dollars and exchange. When the dollar account gets low, I write myself a check from my US account. Take 3 weeks to clear, but doesn't cost anything.

 

I like to have at least several atm cards from separate accounts when in the Philippines, just in case one is lost or doesnt work, or I need to exceed my daily max for one account. My favorite is from my local credit union-they charge 1 dollar plus 1%. So for a 5000peso withdrawal, its about 175 pesos total charge.

 

====> Sorry if i got a wrong info, but I asked BDO, BPI, PNB, RCBC and Lanbank as of March 2011. They told me they don't accept paypal transaction. So, I presumed it's only UNIOINBANK do paypal here in the Philippines and I did try to do little research over the net too, it says also that UNIONBANK do paypal transaction here in the Philippines. Well, good news guys, Metrobank does PAYPAL transaction now, says knowdafish.

 

If you ask ANY bank in the Philippines if the accept PayPal "transaction" they are ALL going to say no. They all will accept it (it is like a an electronic wire transfer) if you set it up with PayPal correctly. One just needs the number PayPal uses for each bank and your account info. I found a list of the bank #'s PayPal (and ONLY PayPal!) uses online. It is NOT the same # that is required when one wires money. PayPal uses their own unique number. My wife and I asked the local Metro Bank about PayPal and they knew nothing about it! Once I found the Metro Bank # that PayPal uses online I set it up with PayPal. We did not tell MetroBank or fill out any form in Metro Bank. Now $ is transferred to our Metro bank account within 3-5 business days of telling PayPal to do so. I hope this helps someone else.

 

Thanks. That sure helps me.

 

I am running a test to see who clears (and releases their hold) on a US-drawn dollar check fastest....comparing BDO, Chinabank and Unionbank...will let all know the results. And of course if anyone can suggest any other banks who might be faster...I welcome the suggestion...