# Banks that accept US Dollars



## LarryM (Sep 26, 2012)

What banks accepts US dollars that have branches located in the Subic Bay Free Zone?

My wife and I are moving to the Philippines in 1 - 2 months.

Thanks for your help.

LarryM


----------



## jon1 (Mar 18, 2012)

Larry,

Most major banks (BPI, Banco de Oro, and Metrobank) have dollar accounts available and are located within the Freeport zone. Typically, you will need $500 cash for deposit and maintain to open an account. I would check to see how long they hold onto the funds after deposit (checks deposited for cash). 

I am using BPI right now without issue. BPI holds onto the funds for 28 business days before they are available for use. So I right a check this month for next. Not a big deal if you are ahead of the game.

Jon


----------



## DonAndAbby (Jan 7, 2013)

Larry, I am happy with BPI in the Freeport Zone. I have a dollar and a peso account and use them like Jon described. BPI has pretty good exchange rates too and if you have a large amount to change, talk to the manager and he can usually get a better than posted rate for you.

Also as Jon said, you need $500 to open the account and also copies of your passport pages, I believe. When I opened my account at the Alabang branch, I only had $400 cash but I was also depositing a check, so they said that was fine.


----------



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

PNB must be one of the worst ones then, they require $500 deposit and 100 peso fee each time you deposit a check and 30 days waiting period this does not include holidays, there's alway's holidays here and so a few times I had to wait nearly 45 days to get my check even though it was cashed within 2 days, dang it, I might check into this China Bank also it actually sounds better and apparently the US works with the China bank.


----------



## LarryM (Sep 26, 2012)

*Security Direct Deposits*

Thanks for all your comments. 

Can you tell me if China Bank accepts Social Security Direct Deposits? 

Also, I read somewhere that you need to have separate accounts for yourself and your wife so that if one spouse dies your account is not frozen. So am I correct that you would want a dollar account, a peso account, and a joint account?

Finally, does anyone know how long China Bank requires before they allow a check to clear?

LarryM


----------



## LarryM (Sep 26, 2012)

*Social Security Deposits*

I have read elsewhere that my chosen bank can complete a form and submit it to the Manila Social Security Office in order to have our Direct Deposits set up quickly. 

Does anyone have experience with this?

LarryM


----------

