Best Posts in Thread: Online banking in 2018

FYI, I use PNB online banking and have done for over 10 years I get all I need from them in and Out. (money in and out that is)

 

Do a search in the revised regulations for gambling and you will notice there is legal gambling which is ok and illegal. PAGCOR and the Small Town lottery and Casino gambling is legal whereas buying numbers at the market is illegal. Putting your lottery winnings into your bank account is ok but the US IRS will be running after you for their share.

“Jueteng” and “Masiao” punished as illegal gambling under Presidential Decree No. 1602;

 

In 2016 the Philippine anti-money laundering amendments went into effect. This is were the amendments went into effect. KNOW YOUR CUSTOMER requirements are required for banks to vouch for where the funds come from, you transfer to others nationally or internationally.

2016 Revised Implementing Rules and Regulations of Republic Act No. 9160, as Amended

While the amendments for Suspicious Transactions are higher, bank employees bonding is much smaller but will wipe their earnings out and everything they own as punishment by the Central Bank.

Don't lie to your banker. Banks won't accept your account if the funds come from gambling, money from immoral purposes or unethical activities.

 

I'll say this. I've been a BPI member for a long time and do NOT recommend it. Its online site is sh*t to be honest and its just now trying to catch up with other big banks in various ways. I'll probably switch to BDO begining of may more then likely.

As far as sending money I think most prefer to do it through a 3rd party service like Xoom. Bank costs to do such is just to high unless your foreign bank account possibly gives you a free wire transfer every month or two. I use Xoom bank to bank transfer myself and it takes about 30-60 minutes for it to go through now. The first few times are slowly as they verify things more though.