Opening a bank account

Thanks fellows, I see there is no easy way to get an account as a foreigner in the Philippines, unless you have an ACR. I think the Philippines banking system needs to catch up with other countries competing for those retiree dollars that help augment their local economies.

They need to realise that retirees consume goods and services, housing, food, entertainment and health services. This consumption creates jobs and stimulates local businesses. Furthermore, many retirees bring capital into their community which would be invested by local banks if they were more welcoming.

Many countries that offer retirement visas also offer easy banking options, like some of Costa Rica’s banks that offer accounts to tourists, and you can normally open an account in Colones or Dollars.

I guess I'll have to rely on using my Citibank Plus account that offers fee-free international money transfers and no fees for any overseas ATM and keep my money at home.

 

When you get back to the States, you can open up a checking account and/or a savings account with Philippine National Bank (PNB). They have a couple of "brick and mortar" branches inside the USA.

They also have transfer links with Wells Fargo Banking system, so you can set up electronic transfer from a Wells Fargo account (US) to your PNB account.

PNB will accept your electronic US Dollars and give you a very good inter-bank conversion rate to PHPs.

I posted all this stuff on another thread about how to set this up before you leave the States for the Philippines. That way, you don't have to deposit your pension checks into a Philippines Bank, but leave your US Bank as the deposit account of your monthly pension - and then all you have to do is make an electronic transfer from Wells Fargo to your PNB once a month.

Can someone please find that thread and post the link here for him to read?

I figured that my setting up a monthly pension deposit with Wells Fargo, and then using PNB for the electronic receiver of a withdrawal from Wells Fargo, will save me about 300.00 USD per year in lost conversion fees, middle man fees, etc., and reduce the time it takes to get money to the Philippines as it can all be done on your computer. Plus, I can keep my Philippine bank account "lean".

Plus, PNB has "brick and mortar" locations in Guam, Singapore, and Europe, too.
nwlivewire

 

I believe you can get accounts that gain no interest. It would be a pity to be saddled with tax reporting burden over 50 php. It may not be at all banks.

 

I just brought money in before it was needed with a little bit of cushion in case something screwed up with a transfer or super typhoon Yolanda's big sister showed up because if you are at ground zero, with no power, it may be tough to get your money out of a bank local or international.

 

Yes robert k. This is very smart planning.

Have your banking systems set up in advance for electronic transfers (US to Philippines).

Make sure you have other types of "plastic" that will work, too.

Have enough cash "at the ready" to get by on.

Keep enough assets in the local bank for emergencies (I figure 6 months living expenses in reserve at the bank).

If anyone has other sage advice, please post. With storms and electrical outages, one needs to plan ahead on being able to have a contingency or "back-up" in place for funding your life overseas.

I'm all ears!

V/R,
nwlivewire

 

I lived in the Philippines for two years without a local bank account, just drawing cash at ATMs with or paying by credit card. Depends on your bank's fees how feasible that is.

Only recently I got a local account with HSBC (strange choice here but for me it's practical because I got an account with them elsewhere, since it's the same bank I can do relatively cheap and fast intl. transfers now). I think the requirements are similar with any bank since they are all required to comply with the same "know your customer" anti money laundering / tax evasion prevention laws.
I'm European, things may be worse for US citizens.

I had to provide :

-proof of address in the Philippines (recent utilities bill, must be addressed to your name, I used our DSL provider's bill)
-proof of home address (I'm still just a tourist here) - electronic credit card statements from my German bank addressed to my German address were enough.
- Passport
- Lacking a local TIN I had to provide my German tax ID no. Not sure if they actually have any use for that other than "I need to fill in something here"

Unfortunately I don't recall if I would've gotten by without any form of local ID - but every tourist gets the ACR-I card at first extension of stay (isn't it?) so that shouldn't be much of a problem. For me proof of local address was hardest as usually utilities bills are under the name of the house owner. Basically I got the DSL line just for this purpose.

I think for residents (srrv or marriage visa etc) the whole process is much easier - as a tourist there's a lot of questions about the why and how.

 

what banks are you referring too ??? and what bank did u open an account ??

 

Yes, from all I have heard HSBC in the USA doesn't deal with HSBC Philippines. There is a Bank of America in Manila and I am uncertain whether they deal with casual commerce or if they are just a clearinghouse for international businesses. My bank, Chase in the past just doesn't shake hands with many Philippine banks, in 2013 I could use Chinabank, Metro and Allied Bank ATMs. It was something of a shock, I thought all banks were more than happy to collect fees. It was easiest and cheapest for me to Western Union money to myself $2.99 USD to transfer $2,999. It was simple also if I didn't try to do it from WU Philippines. I know people who can't wire themselves money from the WU Philippines website, if that is the case, use the one in your home country.

 

Wells Fargo (a USA Bank) and the Philippine National Bank (PNB) DO talk to each other.

There are a couple of brick and mortar PNB banks in the USA - one is in Los Angeles, CA.

I went to Los Angeles and opened up a PNB Peso savings account. My pension is auto deposited into a Wells Fargo Bank.

As soon as the paperwork comes back from PNB (PIN, etc), my very FIRST transfer of US Dollars from my Wells Fargo to my PNB peso account can occur.

The VERY FIRST transfer from Wells Fargo to PNB HAS TO be done in person at the Wells Fargo branch your account is at (that's the USA law).

Once that goes through, then you can do all the rest of your transfers electronically.

I have a thread all about this somewhere on this site.....

nwlivewire

 

Curious on thoughts about opening a bank account in your wife's name (assuming she is not a US citizen or has dual citizenship). US banking rules are very intrusive, so curious if opening an account using wife's Philippine citizenship makes sense. Thanks.