I opened a Charles Schwab brokerage and checking account 2 years ago to solve this problem. I left my deposits alone, still going to my bank account and do electronic transfers to the Schwab checking account as I need cash wherever I am. I only withdraw from reputable bank ATMs to get favorable exchange rates, as insurance the transaction completes successfully, and that my information isn't stolen. At the end of every month Schwab reimburses any ATM fees. So far tested in Canada, Guatemala, Macau, and Hong Kong. Will test in the Phils Sunday afternoon.
Dumaguete Info Search
Suggestion Best Posts in Thread: Who can suggest an above average bank in Dumaguete?
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http://www.pdic.gov.ph/
Yup, P500k. $9,600 USD.
In case anyone doesn't know what that means: if you have more than P500k (P1M for joint accounts) in a Philippine bank you had better start splitting that up into different banks. If a bank goes t*ts up and you have more than the insured amount you can kiss your money goodbye. That insurance isn't per account either, that is per bank per account holder (unless accounts are jointly held, then it should double the insured amount...if it is similar to the US, and I think it was a copy/pasta law).
I wonder if the PRA informs their visa application of this pathetic PDIC deposit insurance and advises foreigners to open several accounts in different banks? Best to dump that visa monetary requirement into condos.-
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Jack Peterson DI Forum Luminary Highly Rated Poster SC Connoisseur Veteran Air Force
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