# Opening US Dollar account in PH



## Maxx62 (Dec 31, 2013)

I'm collecting US Social Security benefits while living in the Philippines, and I would like to open a USD bank account with a local bank here in the Philippines, to avoid paying huge service fees each time I use my US debit card at a local ATM. 

I contacted the Social Security office in Manila, and they told me that they had a special partnership with Metrobank here in the Philippilnes, and the Social Security office sent me a form to take to Metrobank in order to open an account. I took my completed form to Metrobank, and the people there said that they didn't know of any arraignment with the US Social Security Administration, and they said that I would have to become a permanent registered alien, and that I must obtain an ACR card. (Social Security in Manila never mentioned that I must obtain an ACR card, however.)

After jumping through a lot of hoops, and spending a lot of cash, I now have an ACR card. I went back to Metrobank with ACR card, and my completed forms from Social Security, but they still would not allow me to open a USD account, and they said that I must supply three personal references, and utility bills in my name. (The utility bills are in my wife's name.)

My brother-in-law said that the manager at the bank is probably looking for a small gift before he will open an account for me? Maybe he's right, because every time I fulfill the requirements they give me, they place another obstacle in my path? Has anyone else ever experienced trouble like this? Also, it needs to be a USD account, not a Peso account, so that I can easily transfer money online from my US bank account, into a USD account here in PH. Any advice greatly appreciated.


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## Asian Spirit (Mar 1, 2010)

Maxx62 said:


> I'm collecting US Social Security benefits while living in the Philippines, and I would like to open a USD bank account with a local bank here in the Philippines, to avoid paying huge service fees each time I use my US debit card at a local ATM.
> 
> I contacted the Social Security office in Manila, and they told me that they had a special partnership with Metrobank here in the Philippilnes, and the Social Security office sent me a form to take to Metrobank in order to open an account. I took my completed form to Metrobank, and the people there said that they didn't know of any arraignment with the US Social Security Administration, and they said that I would have to become a permanent registered alien, and that I must obtain an ACR card. (Social Security in Manila never mentioned that I must obtain an ACR card, however.)
> 
> ...


That's a new one on me but anything is possible here. The ACR is a requirement but all the other stuff should not be required. The gift idea I would forget or if he IS looking for that, then there is the possibility that a "gift" could be needed in the future for some reason. Metro Bank is all over the country. Simply go to and use another branch. Many US retirees use China Bank and although the ACR is still needed, that is the end of the problems. 
Suggest you shop for a bank with better service and less hassle...


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## Nickleback99 (Aug 6, 2011)

I have WellsFargo acct in U.S. for direct deposit which is set up for "Express Send" any amt I want to my wife's BPI account for about $3.50 per transaction and converts to pesos no issue. Works Great everytime. I personally do not know of a place where I can simply bank in dollars without actually converting pesos to dollars at exchange rate.


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## Phil_expat (Jan 3, 2011)

Nickleback99 said:


> I have WellsFargo acct in U.S. for direct deposit which is set up for "Express Send" any amt I want to my wife's BPI account for about $3.50 per transaction and converts to pesos no issue. Works Great everytime. I personally do not know of a place where I can simply bank in dollars without actually converting pesos to dollars at exchange rate.


why would you need to converting pesos to dollars to have a dollar account?


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## Maxx62 (Dec 31, 2013)

I will stop by China Bank and see if they can help me. Thanks.


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## Asian Spirit (Mar 1, 2010)

Phil_expat said:


> why would you need to converting pesos to dollars to have a dollar account?


That is correct. If you have a dollar account you can deposit OR withdrawal in dollars. Peso exchange rate or exchanging to peso and back to dollars is not necessary. Doing so would only be a money maker for the bank at your expense..


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## Nickleback99 (Aug 6, 2011)

Sorry as I probably did not explain that very well...I do not live in PI so I do not have acct there...my wife Was living there till finally arriving US last yr as spouse; so, reason had set up that way. Was not aware of having a dollars acct in PI , But WFargo transfer has to be done in conversion to pesos for PI, or currency of whichever foreign country...they don't give me an option and Yes, there is a margin on the transfer/conversion.


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## jon1 (Mar 18, 2012)

Like Gene said, I would shop around. Even within a Bank, different branches operate differently. It depends entirely upon the bank manager. I would not talk to anyone but the manager as they are the one that calls the shots.


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

*Philippine Bank deposit*



Maxx62 said:


> I will stop by China Bank and see if they can help me. Thanks.


I thought about China bank but they have a requirement of $1000 deposit, ugh! I use PNB for my check deposits ($500 deposit) but they did tell me that I could open a pension account but it would only be in my name, PNB doesn't have debit cards but I like their services it quick in and out, they also have compounds and seating inside, parking within the compound, security guards inside and outside.

I wouldn't deal with that bank that is giving you such a hard time it only gets worse, you have the requirement the 13a Visa, so when you go in to open a bank account bring the wife with you and bills, they also require photo's, check the size's they require, worst case scenario you know have your 13a Visa so you can put the bills in your name.

I also thought about BDO, the minimum requirement is $200 deposit no interest or $500 deposit and you do get interest, this bank would have debit cards, negative about this bank and others is that on pay days it's really crowded, standing room only with people also paying their bills but if you have a savings then there's no reason to worry about the 1st of the month or holidays.

Money changers really get a chunk of change, sometimes I use them and it's a 4 peso loss on every dollar. Negative about the banks is that you need to wait 30 days plus holidays so if the bank is closed on Dec 1st (Sunday) then you deposit will be on the 2nd December and with all the other holidays and of course New Years my December deposit won't be ready for withdrawal till January 7th.


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## Maxx62 (Dec 31, 2013)

Hmm... Maybe I'm going about this all wrong. My plan was to have Social Security deposit directly into my US bank each month, and then I was planning on setting up an automatic transfer, so that my US bank would automatically transfer my money to a local bank here in Philippines, each time I get paid. I wanted to maintain my direct deposits with my US bank, because I typically return to the US once or twice a year to visit our kids, and I don't know know if I will be able to access my money in the US, if it is being deposited directly into a bank in the Philippines. However, now I'm wondering if I should find out Social Security will direct deposit my money into my Metrobank peso account, if they would, that would sure save me on my ATM fees. I guess I better try contacting them tomorrow.


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## Asian Spirit (Mar 1, 2010)

Maxx62 said:


> Hmm... Maybe I'm going about this all wrong. My plan was to have Social Security deposit directly into my US bank each month, and then I was planning on setting up an automatic transfer, so that my US bank would automatically transfer my money to a local bank here in Philippines, each time I get paid. I wanted to maintain my direct deposits with my US bank, because I typically return to the US once or twice a year to visit our kids, and I don't know know if I will be able to access my money in the US, if it is being deposited directly into a bank in the Philippines. However, now I'm wondering if I should find out Social Security will direct deposit my money into my Metrobank peso account, if they would, that would sure save me on my ATM fees. I guess I better try contacting them tomorrow.


Not sure on info with the first part of you post, but Social Security will ONLY deposit to a bank here where the dollar acct is opened and maintained for Social Security direct deposits. Meaning, that you would have to open yet another dollar acct here at an APPROVED bank for that purpose. Also, by US law your spouse can not be on or a signer in the account and has no assess to it for any reason. Additionally, a Social Security acct here can not have any ATM cards issued. These are US guidelines for keeping us safe and alive in a foreign country.
Another drawback with a collecting Social here is that if you die first, you spouse (even if an American citizen) can not collect the survivors benefit or even the one time death benefit...


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## 197649 (Jan 1, 2013)

Maxx62 said:


> I will stop by China Bank and see if they can help me. Thanks.


I have a metrobank and china bank account
metro I must go to the bank to do any transaction
Hence the reason I have my retirement and ssn go to china
Bank. I can do internet transactions


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## Cebu Citizen (Dec 13, 2013)

Maxx62;

Make sure if you decide to have your money directly deposited into a Philippine bank, that you monitor your account balance as the Philippine banking system will only guarantee your deposit amounts up 500,000 Peso's, approximately $12,000.00 US Dollars! (Dependent upon the current exchange rate).

Also, if you have any more than the equivalent of $10,000.00 US Dollars in any Philippine bank, you will need to deal with the US IRS as well.

I received some great advice from the people in this forum and I have chosen to have all of my money deposited into a US based bank and only transfer money to the Philippines as needed. My US bank is a Wells Fargo bank and they have affiliates in the Philippines, such as BPI and Metro and they said they can assist me in setting up my Philippine bank account once I move there.

Wells Fargo also told me, (and this info is published on their website), that I can transfer up to $3,000 per day for a small fee of $4.00 per transaction. So it is better to transfer a larger amount once or twice a month rather than a bunch of smaller amounts weekly. Your money is protected in the US banking system and the electronic transfers take place in a matter of minutes once the initial dual account paperwork has been completed in the US and the Philippines.

Wells Fargo also showed me how to monitor the US Dollar/Philippine Peso exchange rate on their website, so I can lock in the best exchange rate when my transfer is made.


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## 197649 (Jan 1, 2013)

Cebu Citizen said:


> Maxx62;
> 
> Make sure if you decide to have your money directly deposited into a Philippine bank, that you monitor your account balance as the Philippine banking system will only guarantee your deposit amounts up 500,000 Peso's, approximately $12,000.00 US Dollars! (Dependent upon the current exchange rate).
> 
> ...


Wells Fargo from what I understand is building a branch here at McKinley Hills. 
You are right on all counts, but other consideration is this. Banks do not transfer directly to your bank here. They go through the banks in New York where several of the Philippine banks have an established branch. I have never in my 5 years transferring money seen it happen in minutes. Mostly due to the time difference. Your transfer must be below 10,000$ as anything 10+ is reported to the IRS. That is US law. As far as the IRS goes you must also report if you own a house here. The taxes are deductible as they are in the US. If you have a business here you must report it as income. If your wife has a ITIN or SSN and operates a business again it must be reported.


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## simonsays (Feb 11, 2009)

a little word of caution .. should the bank go belly up, you will get back upto 500,000 peso .. no more than that, and that 500,000 is total of all your accounts in that bank

so far, few banks wind down with alarming regularity and nobody bothers, as BSP insists 99% of the depositors are fully covered .. 

and the promoters / owners of the bank continue to do their other businesses, without a worry about the depositors they left in the lurch ..

Perfectly Legal, is all they have in their defence and the natives do buy the story of "PERFECTLY LEGAL " .. a-la The president insisting his hands are tied, when it comes to Meralco's price rise, per law .. etc. and the natives agree, that per agreement, Meralco can burn half their operating cost for sponsoring of musical shows, basketball teams, etc, and charge to the customer .. get the drift ??


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## cvgtpc1 (Jul 28, 2012)

ecureilx said:


> a little word of caution .. should the bank go belly up, you will get back upto 500,000 peso .. no more than that, and that 500,000 is total of all your accounts in that bank
> 
> so far, few banks wind down with alarming regularity and nobody bothers, as BSP insists 99% of the depositors are fully covered ..
> 
> ...


The PI banks each being owned by a single person is a concern imo. Who's watching them lol.


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## simonsays (Feb 11, 2009)

well, they are owned by 'conglomerates' .. but just look up who owns PNB .. and see his exposure in other business interests ..

See who owns Metro Bank .. and the owner's other business interests, as well as BPI and PSB

See who owned LBC Bank .. and they are still smiling and in business despite their bank being wound down .. and 90% + depositors paid off .. 

and so and so .. it is perfectly normal in Philippines .. 

Whos' watching them ? Of course, BSP, and almost all banks wound down were ordered to do so by BSP .. 

Don't ask me who has the ultimate power in BSP ..


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

*Bank robbery and your balance*



cvgtpc1 said:


> The PI banks each being owned by a single person is a concern imo. Who's watching them lol.


Reason why when shopping for a bank here it's best to go in and check the place out, they are not all created equal, staff, parking, security, location, some of these banks are located in the worst spots.


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## 197649 (Jan 1, 2013)

Google Philippine Banks Wikipedia and other give you
A list of banks by catagory. There are so many banks here. You got money you
To can open a bank. If its not a bank reporting to investors your wasting your time.


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## DonAndAbby (Jan 7, 2013)

c_acton98 said:


> Google Philippine Banks Wikipedia and other give you
> A list of banks by catagory. There are so many banks here. You got money you
> To can open a bank. If its not a bank reporting to investors your wasting your time.


A bit off topic but...

Thanks for the suggestion to google the banks. I clicked through to BPI because that is where I bank, and I now know a lot more about it. I'm happy that they are very solid so I'm not worried at all about them going under. Ayala companies control voting with about 44% of the stock, and the Philippine Central Bank owns 35% . Ayala is a public company. BPI has been around since 1851!

I'm very happy banking at BPI. I opened my peso and dollar accounts in Alabang with passport and ACR card; no bill required. They were very nice there. My account is now here in Subic and they have a very good branch near my house. I have a better banking relationship here than I did at any US bank.


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## simonsays (Feb 11, 2009)

DonAndAbby said:


> A bit off topic but...
> 
> Thanks for the suggestion to google the banks. I clicked through to BPI because that is where I bank, and I now know a lot more about it. I'm happy that they are very solid so I'm not worried at all about them going under. Ayala companies control voting with about 44% of the stock, and the Philippine Central Bank owns 35% . Ayala is a public company. BPI has been around since 1851!
> ...


well, my 2 cents .. .. just because they are large don't mean do they care about you ..  

Seen that enough times . the bigger the guys are, the faster they cut the losses when things seem to be going south ..

Includes dumping those poor folks with hard earned money .. in other trades of the 'large families'

Just be careful .. that's all can say .. 

i don't need to worry because I don't have anything close to the 500,000 peso


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## DonAndAbby (Jan 7, 2013)

Back to the original topic, I am surprised that nobody has suggested what many of us do.

1. Leave your SS deposited to a US bank.
2. Get your dollar and peso accounts opened at a PH bank. (I like BPI).
3. Use the check writing method to fund your PH expenses.
3A. Write a check from your US bank to yourself once a month and deposit it in your PH dollar account. It will take 20-30 days to clear.
3B. Transfer dollars to pesos as needed or when the rates are good.

Side note: Others have mentioned the $10,000 IRS reporting requirement, but I don't think it is a big deal. There is a form you fill out online once a year and unless you have something to hide it should have no impact on you.


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## 197649 (Jan 1, 2013)

ecureilx said:


> well, my 2 cents .. .. just because they are large don't mean do they care about you ..
> 
> Seen that enough times . the bigger the guys are, the faster they cut the losses when things seem to be going south ..
> 
> ...


You right but that's good info for everything. But I stopped be scared
A long time ago. If they tank they tank. Look what happened a few years ago in the US 
So all you csn do is research talk to folks and make the best decision 
you can.


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## Phil_expat (Jan 3, 2011)

Jet Lag said:


> Not sure on info with the first part of you post, but Social Security will ONLY deposit to a bank here where the dollar acct is opened and maintained for Social Security direct deposits. Meaning, that you would have to open yet another dollar acct here at an APPROVED bank for that purpose. Also, by US law your spouse can not be on or a signer in the account and has no assess to it for any reason. Additionally, a Social Security acct here can not have any ATM cards issued. These are US guidelines for keeping us safe and alive in a foreign country.
> Another drawback with a collecting Social here is that if you die first, you spouse (even if an American citizen) can not collect the survivors benefit or even the one time death benefit...


Gene, this one really surprise me that if a wife is a US citizen she cannot collect survivors benefits. Is it because of the 10 requirement, must be married for 10 years (in the USA?) to qualify for benefits?


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## Phil_expat (Jan 3, 2011)

My Goal is to get my money from the USA and pay little or no fees and get the best exchange rate conversion (dollars to pesos). I have a dollar and peso accounts at china bank. I deposit my personal checks into my dollar account. I pay no fees and gain interest. It does take 15 working days to clear. China Bank does have a special dollar to pesos exchange rate if more than $1,000. I use to use the street money changers until I discovered this. The exchange rate I get from them is way higher than the black market money changer. I earn interest, pay no fees and get a high exchange rate. The downside is the 15 working days for a check to clear.


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## Asian Spirit (Mar 1, 2010)

Phil_expat said:


> Gene, this one really surprise me that if a wife is a US citizen she cannot collect survivors benefits. Is it because of the 10 requirement, must be married for 10 years (in the USA?) to qualify for benefits?


That could be part of it. But the main reason that has been put forth from Social Security workers at the US embassy is that from over many years experience in the past, allowing a spouse to have assess to our benefits here makes us worth more dead than alive. Many guys lost their lives here for that very reason until the laws were changed and made tighter. 
Not sure if that applies to living in other foreign countries but it does here...


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## 197649 (Jan 1, 2013)

Jet Lag said:


> That could be part of it. But the main reason that has been put forth from Social Security workers at the US embassy is that from over many years experience in the past, allowing a spouse to have assess to our benefits here makes us worth more dead than alive. Many guys lost their lives here for that very reason until the laws were changed and made tighter.
> Not sure if that applies to living in other foreign countries but it does here...


That is not only true with SSN it applies to Government Disability and retirement. I tried to open a
direct deposit in Metro and China bank both told me The account can only be mine. That is not a Philippine Law it is US. My assumption is the US Government has no way to track if you pass on. This way no one can get the money. They hence can recoup the funds. Which makes since to me.


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## cvgtpc1 (Jul 28, 2012)

Jet Lag said:


> That could be part of it. But the main reason that has been put forth from Social Security workers at the US embassy is that from over many years experience in the past, allowing a spouse to have assess to our benefits here makes us worth more dead than alive. Many guys lost their lives here for that very reason until the laws were changed and made tighter.
> Not sure if that applies to living in other foreign countries but it does here...


But are you guys talking solely about non-US citizen filipina spouses? Some of our wives are citizens. 

Found one list of countries, all in Europe and Eastern Europe, nobody has ever scammed anybody there lol

SS.gov is a site I need to study to figure this stuff out.


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## 197649 (Jan 1, 2013)

cvgtpc1 said:


> But are you guys talking solely about non-US citizen filipina spouses? Some of our wives are citizens.
> 
> Found one list of countries, all in Europe and Eastern Europe, nobody has ever scammed anybody there lol
> 
> SS.gov is a site I need to study to figure this stuff out.


The point is in a foriegn country the US cannot track the death of a benefit recipient.


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## Asian Spirit (Mar 1, 2010)

cvgtpc1 said:


> But are you guys talking solely about non-US citizen filipina spouses? Some of our wives are citizens.
> 
> Found one list of countries, all in Europe and Eastern Europe, nobody has ever scammed anybody there lol
> 
> SS.gov is a site I need to study to figure this stuff out.


That may be true in other countries. but remember where we are here. There are those locals that will marry a foreigner for only the financial security it provides. With the level of corruption, theft, graft, and even murders that go unsolved in this place, the US had only two choices. To set it up covered with a "blanket rule" that NO spouse of any citizenship or national origin could access a beneficiaries Social Security. --- Or disqualify the Philippines from being a recipient authorized country all together. 

The ONLY exception to this is if YOU the SS recipient are so sick or so disabled that it is impossible for you to get to a bank to do business. For that though, it takes special action and a FULL INVESTIGATION by the US Social Security Admin at the Manila Embassy on your circumstances before your spouse can assess your funds. If approved, then you spouse opens the US dollar Social Security {Representative Payee} account. At that point if I'm not mistaken, only your spouse can assess the funds and you no longer have access to the account.
Naturally these cases are very rare and is relatively not known information...


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## Maxx62 (Dec 31, 2013)

Hi Don & Abbey,

Based upon your description, it sounds like BPI is the way to go, as I'm very frustrated with the service at Metrobank. Also, can anyone tell me approximately how long it takes for a transfer to occur between a US bank, and a local bank here in the Philippines. I assumed that the transfer would occur within one or two business days, but now it appears that my money could held in limbo for a given period of time, while the transfer is being process?


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## simonsays (Feb 11, 2009)

Maxx62 said:


> Hi Don & Abbey,
> 
> Based upon your description, it sounds like BPI is the way to go, as I'm very frustrated with the service at Metrobank. Also, can anyone tell me approximately how long it takes for a transfer to occur between a US bank, and a local bank here in the Philippines. I assumed that the transfer would occur within one or two business days, but now it appears that my money could held in limbo for a given period of time, while the transfer is being process?


As an example, Wire Transfer from Singapore to a Land bank account take 2 working days - and Land Bank is one of the most antiquated banks in Philippines- heck, you need to do signature verification etc, etc, when you walk into their branches. Wire transfer is expensive on the other hand.

Cheque clearing of a Singapore cheque, in Landbank, on the other hand, takes more than 2 weeks, I guess it is due to the very manual processes involved

For US, I would safely say more than 2 weeks ..


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## Phil_expat (Jan 3, 2011)

c_acton98 said:


> That is not only true with SSN it applies to Government Disability and retirement. I tried to open a
> direct deposit in Metro and China bank both told me The account can only be mine. That is not a Philippine Law it is US. My assumption is the US Government has no way to track if you pass on. This way no one can get the money. They hence can recoup the funds. Which makes since to me.


I am not disagreeing with your post but if sick one can write checks to deposit to a saving account that is not direct deposit and a wife or girlfriend can make the deposit and withdrawal money if signed by the American.


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## Phil_expat (Jan 3, 2011)

mcalleyboy said:


> I thought about China bank but they have a requirement of $1000 deposit, ugh! I use PNB for my check deposits ($500 deposit) but they did tell me that I could open a pension account but it would only be in my name, PNB doesn't have debit cards but I like their services it quick in and out, they also have compounds and seating inside, parking within the compound, security guards inside and outside.
> 
> I wouldn't deal with that bank that is giving you such a hard time it only gets worse, you have the requirement the 13a Visa, so when you go in to open a bank account bring the wife with you and bills, they also require photo's, check the size's they require, worst case scenario you know have your 13a Visa so you can put the bills in your name.
> 
> ...


I was surprised at the $1,000 minimum balance you said China bank has. Today I did my banking there and was told it is $500 not $1,000. I am also making withdrawal less frequently because I can request a special exchange rate if over $1,000 dollars. I check the best black market before going to the bank and their rate was 43.55 and China Bank rate was 44.30 the bank manager (teller as him when request special rate) Gave me 43.65


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## Phil_expat (Jan 3, 2011)

Phil_expat said:


> I was surprised at the $1,000 minimum balance you said China bank has. Today I did my banking there and was told it is $500 not $1,000. I am also making withdrawal less frequently because I can request a special exchange rate if over $1,000 dollars. I check the best black market before going to the bank and their rate was 43.55 and China Bank rate was 44.30 the bank manager (teller as him when request special rate) Gave me 43.65


Sorry I typo error: money changer was 44.55. The bank rate was 44.30 and the special rate was 44.65
Gene please correct my post and delete this one!


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## DonAndAbby (Jan 7, 2013)

Maxx62 said:


> Hi Don & Abbey,
> 
> Based upon your description, it sounds like BPI is the way to go, as I'm very frustrated with the service at Metrobank. Also, can anyone tell me approximately how long it takes for a transfer to occur between a US bank, and a local bank here in the Philippines. I assumed that the transfer would occur within one or two business days, but now it appears that my money could held in limbo for a given period of time, while the transfer is being process?


By transfer, I'm not sure if you mean the check transfer or wire transfer.

A wire transfer, as Ecureilx said, should be a few working days at the most, from anywhere in the world. In theory it should be same business day but if you have different time zones it takes time. I have never done a wire transfer to PH because they are expensive. I had to do some when I lived in Germany and they would cost $75-100.

Check clearing from the US takes 20-30 calendar days, depending on your bank, according to all the reports I have read. At BPI I usually have access to the money in 21-24 days. The money is deducted from my US checking account in 1-2 days and will show in my BPI account, but is not "available". The extra days are bank policy holding time. I suspect there has been a lot of fraud in the past.

Another ATM option is to find a no / low cost ATM card. My Fidelity ATM card will refund all ATM fees worldwide, up to 10 times per month. They get a little bit on the exchange rate but it is not bad. USAA also has a similar ATM card.

Xoom can be good for up to $3000, but they take about 1 peso on the exchange. There are often free codes so you can exchange without the $4.99 fee.

As long as you are disciplined, check writing is the lowest cost method to move money over, and gives you the greatest control over the exchange rate. I'm going to deposit a check tomorrow.


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## jon1 (Mar 18, 2012)

I have an ATM for quick fix emergencies. I do a little bit of planning and deposit a USD Check weeks in advance. My wife just withdrew money we had been sitting on since November and got it exchanged at 44.60 on Monday (actually matched the online rate). We were watching it and once it held above 44 we jumped on it. So we are good for a few months now and already have deposited money for the next quarter to leverage at the next opportunity 1-2 months down the road. This has worked best for us as we have time on our sides to exchange at the best possible rate and never pay any fees for the money being moved from the states... 

I bank at the same BPI Branch as does Don. Services is great and staff is courteous.


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## Phil_expat (Jan 3, 2011)

The only free transfer service I have found was Citi Bank’s global transfer from a USA Citi bank to a Philippine Citi bank. The other plus is one can draw Pesos or dollars ($3,000!) from their ATM. I did like that because now I am using check deposits that take 15 working days to clear but Citi Bank Philippines require a $2,700 minimal balance. I decided to stick with China bank dollar account and deposit personal checks.


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## Cebu Citizen (Dec 13, 2013)

Can someone clarify something for me...

What are the actual and tangible reasons for having a bank account in the Philippines with US Dollar Funds available versus having Philippine Peso funds available?

Are they not basically the same thing? Or am I missing something?

I know that exchange rates vary by the hour and monitoring the exchange rates can net you a little extra here and there but is there any clear advantage of having one type of bank account over the other?

Being able to withdraw US Dollars and then exchanging them for peso's or just withdrawing the peso's to begin with...is there really a big difference in having a US Dollar account versus having money transferred here and available in Peso's?

Thanks for the clarification...


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## jon1 (Mar 18, 2012)

For me it's for one reason only.. ZERO fees

I write a check for deposit from my US Bank for Deposit into my Phil US Dollar Bank account. 4 weeks later the funds are available at no cost (other than time). I then withdraw the available funds and sit on them until I am ready to change them to Pesos.

Wiring money has fees and is never as pain free...


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## Phil_expat (Jan 3, 2011)

Cebu Citizen said:


> Can someone clarify something for me...
> 
> What are the actual and tangible reasons for having a bank account in the Philippines with US Dollar Funds available versus having Philippine Peso funds available?
> 
> ...


I have a two dollar account and one pesos account. One dollar account is for my daughter social security benefits. The USA pays in dollars so must be a dollar account. The direct deposits to this account are immediately available! The other dollar account I deposit personal checks from my USA checking account. I have direct deposits to my USA bank for my incomes. It takes 15 working days for a check deposit to clear my Philippine dollar account. If I had direct deposit for my social security it would be immediately available also but in the Philippines my wife could not have access nor is a ATM card or internet access allowed.
I do not chase the exchange rate and run to the bank when it is high. I only check it on my regular banking day. The only thing I do is make my dollar withdraw after 2:30 PM since the exchange rate usually (not always) are higher in the afternoon. I wait till my withdrawal is more than $1,000 so I can ask the teller for their special rate (no special rate from 12noon to 2:30PM). The exchange rate I get is usually above the best black-market rate.


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

I decided to open a Philippine bank account here because of the money changers in my area they get 4 peso's on every dollar and since I now live here I also don't want to deal with finding ways of routing my money, changing my bank account to a pension deposit account also because I'm getting sick of writing checks every month and then eventually running out of them and trying to find a family member in the states to send me some more or I can print my own I have software (DVD).


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## simonsays (Feb 11, 2009)

comprehend this at your own peril .. something from a grapevine News Network 

This was told to me by an NBI investigator on how the scam works..... the banks will monitor accounts and those that have no movements for the past 6 months are flagged.... the bank will then check to see if there are funds in the account and who is the owner. If it belongs to a foreigner.... the scheme to milk the account of its funds is set in motion. They will send a letter to the owner's address in the PI (and 90% of the owners do not actually live at these addresses)..... and follow up with a reminder letter every month for the next few months..... when they do not get any response after several reminders the account us emptied of its funds.

If eventually the owner do turn up and discovers the loss of his money from his account and makes a report..... the NBI will nfa the case as per their directive. (It seems there is a regulation that bank account holders are required to furnish their resident address to the banks and remain contactable ....... failing which the banks has a right to do as they deem fit with the account after lapse of xxx period and efforts to establish contact). And until now nobody has ever sued the banks and got back their money


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## billygoat993 (Jan 18, 2014)

Try to contact this (0918) 902 2637 mr Greg Fresnido he was the bank Manager of Metrobank Sta Rosa Branch we used to have an account at metrobank for direct deposit of our remittance since we thought its the fastest but that was in peso. Our account now is Pnb/Allied and same number of days of transfer we only need Acr card and the initial amount of dollars to deposit. Not too many of requirements. If he ask where you get the number pls say from Bill Georgakopoulos and Ruby Atacador who lives in Bel Air and have account at Metrobank Cabuyao branch, hope he can give you info.


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## oklahoma joe (Jan 24, 2014)

As far as direct Deposit most major banks will do that BPI, PNB, but the fee for the account is usually higher than the cost of sending money thru Xoom or other remittance co. better to have your deposit in US bank and than send to your account in the Philippines cost is about $4.50 for up to $3000, i have a BPI account express savings with ATM, no charge if i keep P3000 at all times, you will get no ATM with Direct Deposit and must go in to with draw


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## Phil_expat (Jan 3, 2011)

“As far as direct Deposit most major banks will do that BPI, PNB, but the fee for the account is usually higher than the cost of sending money thru Xoom or other remittance co. better to have your deposit in US bank and than send to your account in the Philippines cost is about $4.50 for up to $3000”
Are you saying that banks charge for direct deposits?
“You will get no ATM with Direct Deposit and must go in to with draw address.”
I know this is true with Social Security checks but I thought it was the USA rule and not the banks rule. What about accounts for direct deposits from retirement and other things like that?


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## oklahoma joe (Jan 24, 2014)

yes it is the USA that requires that, it appears before , an expat would die and the family would still receive the benefit not tell Social Security of his death, i don't know about other Government pensions, and if your getting your check direct deposit the Social Security Administration in Manila will have you prove your alive, i think they send forms for you to fill out each year if not returned they will stop payment, they also have agents who travel around the country working for Social Security, they are very helpful in Manila and you can email or call and they will help with your account, they are located in the American Embassy


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## Asian Spirit (Mar 1, 2010)

*Social Security "I'm Alive" Letters*



oklahoma joe said:


> i think they send forms for you to fill out each year if not returned they will stop payment, they also have agents who travel around the country working for Social Security, they are very helpful in Manila and you can email or call and they will help with your account, they are located in the American Embassy


That's good information. Social Security Admin {in the States} will send you letters at "random" times for you to sign and return to them IN THE STATES. If you do not receive this letter or if they do not receive it back from you within a certain amount of time - they will "suspend" your direct deposits to your bank here in the Philippines. At that point you would need to contact Social at the Manila embassy. The embassy will send this letter to you to sign and return to the embassy. They will then reinstate your SS.
*This problem occurs IF you depend on Philpost.* Even registered, Philpost can still loose it. It is best to either use Fedex or UPS. Or as many of the guys do, pay about P1,300 per year for a *civilian PO Box* at the VFW Post. The mail still travels by Philpost but only out of Manila. Safer and more secure that way.
Having your social suspended is a time consuming pain in the tail -- especially if you are low on funds when it is due for deposit...


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## Maxx62 (Dec 31, 2013)

Jet Lag said:


> That's good information. Social Security Admin {in the States} will send you letters at "random" times for you to sign and return to them IN THE STATES. If you do not receive this letter or if they do not receive it back from you within a certain amount of time - they will "suspend" your direct deposits to your bank here in the Philippines. At that point you would need to contact Social at the Manila embassy. The embassy will send this letter to you to sign and return to the embassy. They will then reinstate your SS.
> *This problem occurs IF you depend on Philpost.* Even registered, Philpost can still loose it. It is best to either use Fedex or UPS. Or as many of the guys do, pay about P1,300 per year for a *civilian PO Box* at the VFW Post. The mail still travels by Philpost but only out of Manila. Safer and more secure that way.
> Having your social suspended is a time consuming pain in the tail -- especially if you are low on funds when it is due for deposit...


Hello Jet Lag, Do you happen to know if getting a PO BOX at the post office here in the Philippines (Cebu area) would be a reliable way to receive my mail from the Social Security Administration?


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## 197649 (Jan 1, 2013)

Maxx are you x military is so RAO Is another option


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## jon1 (Mar 18, 2012)

Maxx,

Check out this thread http://www.expatforum.com/expats/philippines-expat-forum/304434-mail-delivery-official-word.html

I would not depend on the Philippine Postal system for anything.


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## Asian Spirit (Mar 1, 2010)

Maxx62 said:


> Hello Jet Lag, Do you happen to know if getting a PO BOX at the post office here in the Philippines (Cebu area) would be a reliable way to receive my mail from the Social Security Administration?


No, not if you use Philpost post office box. The best way is to use the VFW Post there. That way it cuts off Philpost from transporting your mail to and from Manila. If that's not possible, it would be best to use Fedex, UPS or the like...


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## Maxx62 (Dec 31, 2013)

Jet Lag said:


> No, not if you use Philpost post office box. The best way is to use the VFW Post there. That way it cuts off Philpost from transporting your mail to and from Manila. If that's not possible, it would be best to use Fedex, UPS or the like...


I'm not ex-military (although I currently have one son in the Marines, and another who is ex-Army). Would I still be able to get a VFW post box? Sorry to ask so many redundant questions, but how can I get Social Security to send my communication via Fedex, UPS, or similar? Eliminating Philpost seems like a great idea, just not sure how to go about it? Last year I received a letter from Social Security informing me that I had to reply in order to keep my benefits. Amazingly the letter arrived two days before the actual date stated on the letter, so I didn't have time to send a response back to US. Luckily I was able to get a hold of the Social Security people in Manila, and they took care of everything over the phone for me.


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## Asian Spirit (Mar 1, 2010)

*VFW Mail Box*



Maxx62 said:


> I'm not ex-military (although I currently have one son in the Marines, and another who is ex-Army). Would I still be able to get a VFW post box? Sorry to ask so many redundant questions, but how can I get Social Security to send my communication via Fedex, UPS, or similar? Eliminating Philpost seems like a great idea, just not sure how to go about it? Last year I received a letter from Social Security informing me that I had to reply in order to keep my benefits. Amazingly the letter arrived two days before the actual date stated on the letter, so I didn't have time to send a response back to US. Luckily I was able to get a hold of the Social Security people in Manila, and they took care of everything over the phone for me.


Those letters from Social are exactly what I was talking about in this or another thread. They are all important as their receipt from and return to the States ON TIME keeps your SS dollars coming.

There are two different kinds of PO boxes available at the VFW. One is for "retired veterans" only. With that one, all mail travels as US mail and is NEVER touched by Philpost. -- That one you would not be able to get.

With the other that you can have, Your mail travels to and from Manila's main Philpost office by Currier. As such, it is much faster and almost completely secure. That's the one I was suggesting for you.

I'm no expert but I "assume" all VFW post's offer this. I know the VFW in Angeles City does. 
I would call or visit the VFW in Cebu to see what they offer.



Gene


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## Maxx62 (Dec 31, 2013)

Jet Lag said:


> Those letters from Social are exactly what I was talking about in this or another thread. They are all important as their receipt from and return to the States ON TIME keeps your SS dollars coming.
> 
> There are two different kinds of PO boxes available at the VFW. One is for "retired veterans" only. With that one, all mail travels as US mail and is NEVER touched by Philpost. -- That one you would not be able to get.
> 
> ...


Thanks Gene, that seems like a very good way to go, as I don't want to run into a similar problem next time Social Security sends me on of their notices. I'll contact the VFW in Cebu tomorrow.


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