# Banco De Oro



## philnz (Sep 5, 2011)

I am stunned. After obtaining a BDO Bank Certificate for NZ Government to have account number to ELECTRONICALLY send my pension to....it did not arrive!

I ask BDO why and they tell me it takes 3-5 days to process a remittance.

May I reiterate ELECTRONIC transfer from NZ Govt to my bank account.

When I get it I will withdraw it all and open an account in an efficient bank.

Any suggestions as to a modern up-to-date bank?


----------



## Asian Spirit (Mar 1, 2010)

philnz said:


> I am stunned. After obtaining a BDO Bank Certificate for NZ Government to have account number to ELECTRONICALLY send my pension to....it did not arrive!
> 
> I ask BDO why and they tell me it takes 3-5 days to process a remittance.
> 
> ...


Things happen much slower here in paradise than they do back home. Chances are the paperwork is just slow in getting into place. However, if another direct deposit fails to make it then it's time to change banks.
Many US citizens use China Bank for their Social Security direct deposits. It is one of the few banks that the US "approves" for that. Being from NZ, the direct deposits should work well with China Bank as well. Personally, it is the one that I would recommend.

Let us know what happens.


Gene


----------



## philnz (Sep 5, 2011)

Thanks Gene. It is actually the second time. I let it go first time because it was new and I thought it would iron itself out.....but no!

Will visit china bank here in Lipa tomorrow.

Thanks again.


----------



## Asian Spirit (Mar 1, 2010)

Yea, sounds like something is wrong then. BDO is usually a good bank so maybe it's just that particular branch?? Anyway, I put a link to all China Bank Branches in my other post but will put it here also. Hope it all works out..


----------



## philnz (Sep 5, 2011)

Thanks mate.

I hope US and NZ don't have to stand shoulder to shoulder again if that dipstick in North Korea does something stupid. I would not move to Guam just at the moment.


----------



## Asian Spirit (Mar 1, 2010)

philnz said:


> Thanks mate.
> 
> I hope US and NZ don't have to stand shoulder to shoulder again if that dipstick in North Korea does something stupid. I would not move to Guam just at the moment.


Hahaha---yea I agree. I don't think they really have the ability to do or hit much but better to be here for now...


----------



## jon1 (Mar 18, 2012)

philnz said:


> I am stunned. After obtaining a BDO Bank Certificate for NZ Government to have account number to ELECTRONICALLY send my pension to....it did not arrive!
> 
> I ask BDO why and they tell me it takes 3-5 days to process a remittance.
> 
> ...


I have had the same experience with BPI, BPI Family, BDO and HSBC. These were wire transfers from the states paying for condo leases. 3-5 days is about the the fastest that you will get short of Western Union. Mind you to also get the transaction tracking details to keep the destination bank honest about the transaction status......


----------



## philnz (Sep 5, 2011)

Ok but it seems to me that when my Government electronically transfer money into my bank account it should be virtually instant. It is in NZ!


----------



## M.C.A. (Feb 24, 2013)

I might check out these Chinese banks, I have been using PNB and if I write a check on the 1st and on the 1st of the next month it's never there, due to holidays? many days they are closed on the 1st of the month and sometimes due to weekends I have to wait and it doubles the time I get my check next month, insane, I have to take out my $500 deposit with a $10 service charge, they get me every month and then I need to come back later and withdraw the rest of the money a week later. They do have some sort of deposit account where part of my pension could be deposited electronically I will eventually go to that once I find a more workable bank.


----------



## Asian Spirit (Mar 1, 2010)

mcalleyboy said:


> I might check out these Chinese banks, I have been using PNB and if I write a check on the 1st and on the 1st of the next month it's never there, due to holidays? many days they are closed on the 1st of the month and sometimes due to weekends I have to wait and it doubles the time I get my check next month, insane, I have to take out my $500 deposit with a $10 service charge, they get me every month and then I need to come back later and withdraw the rest of the money a week later. They do have some sort of deposit account where part of my pension could be deposited electronically I will eventually go to that once I find a more workable bank.


Every country is different with regulations on deposits and transfers. However, for US Social Security there are only a hand full of approved banks by the US. China Bank is one and in my opinion , the best. 
PNB has always had problems releasing money. Could be that the longer they hold your money, the more they make. Hence the delay in withdrawing your money in bulk. Also PNB constantly has problems with their computer systems and are "offline" much of the time. I gave up on them long ago..


----------



## jon1 (Mar 18, 2012)

mcalleyboy said:


> I might check out these Chinese banks, I have been using PNB and if I write a check on the 1st and on the 1st of the next month it's never there, due to holidays? many days they are closed on the 1st of the month and sometimes due to weekends I have to wait and it doubles the time I get my check next month, insane, I have to take out my $500 deposit with a $10 service charge, they get me every month and then I need to come back later and withdraw the rest of the money a week later. They do have some sort of deposit account where part of my pension could be deposited electronically I will eventually go to that once I find a more workable bank.


I use BPI for my money transfers via check. I write a check for deposit to BPI one month prior to needing it, as they hold the funds for 28 business days (usually clears my stateside account in 3-5 days). The bright side to it is that I pay zero fees on either end. So by doing my transaction a month in advance, I save myself fees (not that I was getting any interest on the US side)....


----------



## M.C.A. (Feb 24, 2013)

I use the check but PNB charges 100 peso's for the transaction and the money is never ready on the 1st so another $10 fee to withdraw the mandatory $500 deposit, gonna check out, I think they have the Bank of China in Sta Cruz, Laguna and see what the exchange rate and fee's are it's just a little change I would rather bank with them because I am losing all the money I save with PNB with their sticky rules, I have never seen a foreigner in a PNB bank the big negative is that the other banks have never have any open bank spots and are in very crowded areas so a hassle in parking, PNB has the best in parking and security, another big negative is a live in a municipality 30 minutes away, it's a real toss-up and a pain banking here.


----------



## philnz (Sep 5, 2011)

I solved my problem I am having my Govt pay it to my NZ bank acct and will withdraw via ATM here as needed.

Apparently my pension left NZ and did a trip to Wells Fargo in New York before obtaining its visa to enter the Philippines.

Banks are the worlds great manipulators.


----------



## Asian Spirit (Mar 1, 2010)

philnz said:


> I solved my problem I am having my Govt pay it to my NZ bank acct and will withdraw via ATM here as needed.
> 
> Apparently my pension left NZ and did a trip to Wells Fargo in New York before obtaining its visa to enter the Philippines.
> 
> Banks are the worlds great manipulators.


Amazing, I thought it was only airline baggage that got lost and sent to the wrong place! Hahaha---sure makes ya wonder about banks AND the airlines!
Sure glad you got the problem solved though.


Gene


----------



## Billfish (Apr 13, 2013)

Taking funds via the ATM costs more money in transfer fees, however I often find the lack of hassles & time involved with this approach is worth it.


----------

