# Which Banks are best ?



## Howard_Z (7 mo ago)

Which banks have the most presence - bank branch building and ATMs throughout the country ?

Which banks have the best terms? 

BDO ?
BPI ?
PNB ?
others ?


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## art1946 (Nov 30, 2017)

I used BDO there. I found them to be a good bank with all the features you would want there/

ART


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

There would be many factors Howard, not only the exchange rates but deposit balance differences and then ease of access and parking so these all might end up being determining issues, plus at times long lines to get into the bank.

Our PNB bank is good for depositing US checks and we get a great exchange rate but I'm getting tired of the redundancies with the paperwork it's located inside a city so not along the highway and I can't pay my electrical bill either online, so several negatives for me.

BDO seems to be situated in several areas in our region and along the highway plus I've heard positive things about online banking transactions from a sister-in-law's OFW daughter, she sends her mother money through BDO accounts or some other way I can't remember but it's accomplished online.


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## Lunkan (Aug 28, 2020)

@Howard Will you travel around much? 
If not better aim at which have best in "your" region


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## Howard_Z (7 mo ago)

Lunkan,
Because PRA is holding my passport, I do not feel comfortable traveling.
Here in Makita, I am 1 km from my passport.

I often use a PNB ATM in the hotel. Not all my USA cards work, so it is a learning process.

Navy Federal Credit Union - their visa ATM card - I selected checking account from the PNB ATM menu.
I expected fees, but NFCU charged $1 atm fee plus 10% foreign service fee.
Definitely the worst card to use in an ATM.

Costco VISA charges no foreign fees, but there is a 5% cash advance fee (meaning using it in an ATM). So, I have not used it in an ATM. 5% is alot.
I use the Costco VISA as much as possible, and almost every restaurant and store in Makati takes VISA. Burger King, McDonalds, ChowKing, Pancake House - all take VISA.

Several times I have gone into BPI Family bank exchange a 1000 php for 10 x 100 php bills.
I go to a machine and tap what I want (use the elderly/PWD machine if it is working), then it releases a paper with a number. Then I sit and wait for a large computer screen to display my number. Odd that sometimes the teller does not have even enough 100 bills to cash a 1000 php bill. But usually the teller has enough.

I am having difficulty finding a realtor to show me around Dasmarinas.
Dasmarinas is 44km from Makati.
Not too far away to take a taxi every few weeks to buy the things I might only find at Landmark grocery store.

The PRA/BI is taking so long on the SRRV, and I just do not understand why.
Everything on the application is from my passport - so maybe check that my passport is nor forged.
The medical certificate is signed by a Makati doctor - so maybe call the doctor to ask if she really signed it.
The criminal check was done by the PRA - an interpol criminal check which cost $10 So that can't be fake because the PRA did it.
So, why is it taking over 5 weeks ?
Maybe the president of Philippines needs to sign it ?
I don't know - but it should be finished soon.


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## Gary D (Oct 28, 2013)

Howard_Z said:


> Lunkan,
> Because PRA is holding my passport, I do not feel comfortable traveling.
> Here in Makita, I am 1 km from my passport.
> 
> ...


Find a realtor and you will pay well over the odds, I assume you are looking to rent. Most property business is done via a sign, usually hand writen, fixed on an electricity poll outside the property. It usually requires you to walk the streets or ask a trike driver.

As to banks, open one in the area you are going to live. Banks in the Philippines are all autonomous and apart from atm's you will need to travel to your own branch, possibly to even withdraw cash over the counter. The Philippines just doesn't work like the west so lower your expectations accordingly.


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## Howard_Z (7 mo ago)

Well, this trip I only plan on completing the SRRV, open USD bank account, maybe convert the drivers license (still get to keep my USA DL). And just look around at places to live not too far from Makati. 

For Dasmarinas, look at Robinson's grocery store, look at homes/condos, look at rentals, and pay the realtor for driving me around because I am not going to be buying or renting right now.

I know some think this is silly, but this trip is just for the SRRV.
It is not what you would do. It is what I want to do.

Next trip might be spending a winter in Philippines - and having some idea of places I will like to rent will be useful.
I like Makati, but it costs me $40 per day (including taxes) to live in a hotel.
Renting somewhere lower cost is better - but need to feel safe and like the shopping.
Eventually I can see buying a condo - but nothing wrong with renting.

So...not knowing where I will be living, I am thinking about which bank is best for a USD savings account. Can I access the account over the internet? Are the fees ?


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

Howard_Z said:


> Several times I have gone into BPI Family bank exchange a 1000 php for 10 x 100 php bills.
> I go to a machine and tap what I want (use the elderly/PWD machine if it is working), then it releases a paper with a number. Then I sit and wait for a large computer screen to display my number. Odd that sometimes the teller does not have even enough 100 bills to cash a 1000 php bill. But usually the teller has enough.


Go with that... the bank teller doesn't have enough 100 peso bills to make change, that's a huge issue here, "change" unless you use the ATM card for everything.

When I withdraw my money it's always in 1000 pesos and occasionally 500 peso bills if I'm lucky so it's really tough for me to make change in our small Municipality, even the major chained grocery stores ask if I have change it gets old.

Howard, you'll be okay as far as no passport on Luzon, nobody has ever approached me and asked me for my passport and I've been here 12 years, gone through many police checkpoints etc...


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## louiedepalma (9 mo ago)

Howard_Z said:


> So, why is it taking over 5 weeks ?
> Maybe the president of Philippines needs to sign it ?


I see what you did there.


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## Howard_Z (7 mo ago)

M.C.A.: When I checked into my hotel - the clerk wants to see and photocopy the passport.

I expect that any interaction with police - he will ask to see my passport.

For example: Police - a man stole my wallet. Ok, I will make a written report.
What is your name, can I see your passport ?
Oh, no passport ?
Just a picture of it on your phone ?
Oh, your phone was also stolen ?
Hmmm Come with me, and sit in this jail cell until I can verify you are in Philippines legally.

(I have a good imagination)


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## Gary D (Oct 28, 2013)

Banks in the Philippines are very hands on. Open an account in Makiti then move to Lagaspi and try going into the same bank there just isn't going to work.


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## magsasaja (Jan 31, 2014)

M.C.A. said:


> Go with that... the bank teller doesn't have enough 100 peso bills to make change, that's a huge issue here, "change" unless you use the ATM card for everything.
> 
> When I withdraw my money it's always in 1000 pesos and occasionally 500 peso bills if I'm lucky so it's really tough for me to make change in our small Municipality, even the major chained grocery stores ask if I have change it gets old.
> 
> Howard, you'll be okay as far as no passport on Luzon, nobody has ever approached me and asked me for my passport and I've been here 12 years, gone through many police checkpoints etc...


Teller always has enough change, but they save it for regular/business customers. Same with queues and who waits and who doesn’t. Nothing wrong with it in my opinion, as it goes on worldwide. 
Like you never been asked to show my passport to a police officer.


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## magsasaja (Jan 31, 2014)

Gary D said:


> Banks in the Philippines are very hands on. Open an account in Makiti then move to Lagaspi and try going into the same bank there just isn't going to work.


True to a point, but things are slowly changing. At BDO you can use any branch nationwide to do your transactions. For inter branch services it’s free within the same province and outside there is 50 peso fee. At least it’s a start!


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

magsasaja said:


> Teller always has enough change, but they save it for regular/business customers. Same with queues and who waits and who doesn’t. Nothing wrong with it in my opinion, as it goes on worldwide.
> Like you never been asked to show my passport to a police officer.


They don't have too many 100 peso bills to give out though, they mainly PNB dispense 1000 and 500 peso bills.


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## Tiz (Jan 23, 2016)

I don't remember the last time that I used cash. I just use credit card or GCash for everything.


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## Tiz (Jan 23, 2016)

I have accounts with 3 banks in the Philippines.

Citibank - by far the best service, functions and reliability. Easy communication to help desk via secure email within the online portal. Any message answered promptly. The only downside is that there aren't a lot of branches.
Daily maximum withdrawal from ATM up to USD3,000 and no charges if you use another bank's ATM.
Recently sold their Philippines retail business to Union Bank, but still currently using Citi's infrastructure (mobile apps, online portal, and banking applications still run from Citi's data centre in Singapore). Time will tell if it remains the best once Union move the processing to their own systems.


BPI - Not too bad, but their apps and online are just not as polished as Citi and not as many useful functions. Seems to have a lot of scheduled downtime to the systems. Advantage is there are branches on just about every block (in metro Manila anyway). Although they will make you go to your own branch for some transactions. (New cheque book, etc)
Help desk can only be reached by phone, and you can expect a long wait to talk to someone.
Daily maximum withdrawal from ATM up to PHP20,000


Security Bank - worst bank I have ever used. example... I just tried to login to the system... and this is what I get. It's the same 99 times out of 100. Unfortunately it's my salary account, otherwise I would close my account. The only thing I do is transfer my salary into Citibank or BPI..


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## bigpearl (Jan 24, 2016)

Tiz said:


> I don't remember the last time that I used cash. I just use credit card or GCash for everything.


G cash yes, up to P 8K per month no fees, great for the phone,internet,Cignal etc. but my local hardware stores don't take credit cards and Jonny cash is the only way paying 50 to 100K for materials ordered and delivered.

Back to the OP's question? Which ever one of the big three will accommodate a visitor without an ACR 1 card or SRRV residence card. Good luck there. 

OMO.

Cheers, Steve.


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## Howard_Z (7 mo ago)

I will have the SRRV.
I suspect it will come Monday - which will be exactly 6 weeks.

I think they may be waiting 6 weeks to see if I get drunk, get into fights, get arrested.
Maybe this is a 6 week testing period ?


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

Howard_Z said:


> I will have the SRRV.
> I suspect it will come Monday - which will be exactly 6 weeks.
> 
> I think they may be waiting 6 weeks to see if I get drunk, get into fights, get arrested.
> Maybe this is a 6 week testing period ?


Just to get an ACR card 13a Visa renewal takes from 4-8 weeks so everything here is very slow, there doesn't seem to be enough workers to handle the burdensome paperwork plus I'll bet only a few can make the final determination after many have checked and rechecked your documentation.


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## bigpearl (Jan 24, 2016)

Howard_Z said:


> I will have the SRRV.
> I suspect it will come Monday - which will be exactly 6 weeks.
> 
> I think they may be waiting 6 weeks to see if I get drunk, get into fights, get arrested.
> Maybe this is a 6 week testing period ?


Drunk? what's wrong with being drunk? " Ask a glass of water" (Douglas Adams)

Cheers Steve.


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## grahamw57 (May 27, 2018)

(I have a Permanent Resident ACR-1)

Tried to open an account with PNB a couple of weeks ago. After form-filling and F-ing around for half an hour , said they weren't satisfied with my signature (slightly different on passport and UK driving licence. Yeah ...WHATEVER. BYEEEE !

Just trying to give them my pension each month. Idiots.


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## Ekspat (5 mo ago)

Tiz said:


> Citibank - by far the best service, functions and reliability.


HSBC is better, they have accounts specifically for expats, the only problem is you don't live in the city near a branch.


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## art1946 (Nov 30, 2017)

When I opened my account at BDO in Tagum City I had to have my ACR card. It really wasn't a hassle. they all were very friendly at BDO. I even had an employee that said he would reccommend me for a BDO master card since he knew me coming to the bank.

art


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## bigpearl (Jan 24, 2016)

grahamw57 said:


> (I have a Permanent Resident ACR-1)
> 
> Tried to open an account with PNB a couple of weeks ago. After form-filling and F-ing around for half an hour , said they weren't satisfied with my signature (slightly different on passport and UK driving licence. Yeah ...WHATEVER. BYEEEE !
> 
> Just trying to give them my pension each month. Idiots.


Yep, had the same thing 10 or more years ago with BDO, armed with ACR1 card, the usual required ID's and a 12 month lease on a Condo. 3 different branches said no as did the 4th and I asked to speak to the manager, success. She advised me not to put more than Au 10k in or could be viewed as money laundering,,,,, LOL.

Cheers, Steve.


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## Gary D (Oct 28, 2013)

Ekspat said:


> HSBC is better, they have accounts specifically for expats, the only problem is you don't live in the city near a branch.


I am with HSBC for my personal account and although having to set it up in Manila have had no need to go to a branch since. The online portal is the same as my UK account so it works.


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

grahamw57 said:


> (I have a Permanent Resident ACR-1)
> 
> Tried to open an account with PNB a couple of weeks ago. After form-filling and F-ing around for half an hour , said they weren't satisfied with my signature (slightly different on passport and UK driving licence. Yeah ...WHATEVER. BYEEEE !
> 
> Just trying to give them my pension each month. Idiots.


Dang.... yea, PNB is tough on the signature, even to get my money it's like a phalanx of filling out forms and two lines, if I need the dollar to peso conversion they have me fill out a form that hey photocopy my ACR card, the one they already have on file lol... in order to withdraw, and when all that is accomplished the final issue is do they have an internet connection, if not it's another stop to the money changer, done this many times, they also make you update your account, you have to bring in your passport, I've been with them 12 years and they had me bring in my new passport, two months ago, new ACR card, also tax information and so I thought the redundancies in withdrawing my dollars was over, they've actually become worse with this new conversion form. 

The staffing at our PNB has been nothing but professional and they do treat us very well so there must be some outdated bureaucratic government rule and for sure red tape exists that must be followed, it's good that they make sure we are who we are and we do age and yet what's their concern? They have our photos on file, and our ID, and yet they are so tough on immigration, it's our money and I don't think they are trained as immigration officers, so in a way, it's sort of a human rights issue, and so are other banks easier to withdraw US dollars from (I don't want to use an ATM card for cash withdrawal).

Another note on opening a bank account, they've added something new that we didn't have to do back in 2010, you are required to have a Barangay and a Police clearance along with the photos and copy of your bill statement, passport etc... If this pisses you off to no end, take a long slow breath and head to your Municipality Barangay, cedula and Police clearance may only take one hour to accomplish if not less, the Barangay clearance is good for 3 months the Police Clearance is good for 6 months.


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## bigpearl (Jan 24, 2016)

Time to try BDO Mark or as Gary says, HSBC then transfer electronically to your current existing accounts. You should go online and see if you can open an account with them as I have done in Australia, from the Philippine, not sure of their requirements.

Good luck to all trying to open bank accounts here.

Cheers, Steve.


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## grahamw57 (May 27, 2018)

I will just continue to remit money to myself via my online UK-based bank, so avoiding the nonsense and paranoia of the banking 'system' here. 
I appreciate it is difficult to trust ANYBODY (nevermind us horrid poriners, with our vast sums of money to launder), in a country run by crooks and the corrupt. C'est la vie.


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## bigpearl (Jan 24, 2016)

Slowly slowly graham, like everything here takes longer than in western countries, just smile and soldier on. Eventually it comes to fruition but put the frustrations aside and have a laugh instead. Makes life easier when you expect the ongoing dramas, slowly I have learnt to bite my tongue and play the game.
As the Vogons say, "resistance is useless". (Douglas Adams).
But persistence wins the day eventually.

OMO.

Cheers, Steve.


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## Gary D (Oct 28, 2013)

bigpearl said:


> Time to try BDO Mark or as Gary says, HSBC then transfer electronically to your current existing accounts. You should go online and see if you can open an account with them as I have done in Australia, from the Philippine, not sure of their requirements.
> 
> Good luck to all trying to open bank accounts here.
> 
> Cheers, Steve.


I had to open my HSBC account here as it couldn't be done ahead of time from the UK. May be a Philippines thing.


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## bigpearl (Jan 24, 2016)

Everything here is a Filipino thing Gary, we already know that big time.

Cheers, Steve.


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## art1946 (Nov 30, 2017)

I never had a problem opening an account with BDO bank in Tagum city. I had to show my ACR card. I don't know why people are having a hard time with BDO. They were always friendly with me also. 

art


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## bigpearl (Jan 24, 2016)

You were lucky art, different local banks are franchised here and very unlike western banks that follow the same rules and protocols and then some.
I hear you and what you say but many here have difficulty opening an account while others don't see any problems. off topic but the other day I ordered 12 sheets of Phenolic board (that's what they call it here) I simply call it form ply and ordered half inch thick, what turned up was only a quarter inch thick and useless,,,,,, Sir this is our half inch board,,,,,, 6mm thick to me is a quarter inch, sent it all back and reordered three quarter inch which to me is 18mm thick and what we got was 14 to 15mm board or five eights of an inch but will work.
I don't know if there is any morel to my rant but like everything here, buyer beware. Banks or the neighbors.

OMO.

Cheers Steve.


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## art1946 (Nov 30, 2017)

hey Steve

I have heard problems from other expats trying to open an account. I guess I was lucky. I know the employee told me he had to go get approval for the bank manager. He came back and said everything was okay. 

art


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## bigpearl (Jan 24, 2016)

Yep, bank manager 4th time lucky for me.

Cheers, Steve.


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## bidrod (Mar 31, 2015)

I opened bank accounts in 2010 with no problem. Last few years banks have become harder to open accounts, same for driver's license.

Chuck


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## Howard_Z (7 mo ago)

This morning I walked to the tall BDO building, went to the 29th floor to the PRA offices to verify that this is the right place for the swearing in ceremony and receiving my passport, and SRRV ID.

I went to CITI bank in the same building to ask about US dollar savings accounts.
Well, they say I must have $24,000 minimum to open an account - which they think is 1 million PHP.
1 million PHP is actually a little less than $20,000 USD.
If in any month the balance is lower than 1 million PHP, then there is a monthly charge of 1000 PHP penalty.
I said I will think about it.
I think maintaining $20,000 minimum balance is just too much - no matter how fine the bank is.

Then, I went into BDO bank.
There they spent 5 minutes figuring out what is the closest BDO branch to my address,
but eventually gave up when I said I have no address, I am in a Makati hotel to be close to the PRA.
So, there is a $500 minimum balance.
There are internet online banking for paying bills, but can not make deposits.
They can accept SWIFT transfers from the USA - I don't remember if they have a deposit fee for that.
I think in general there is a $5 fee to deposit a USA check (or was that CITI bank?), and of course a long wait until the funds are available.

So my plan tomorrow is the SRRV swearing in ceremony, followed by opening a USD bank account at BDO.

I just got a phone call from the lady I talked with at BDO bank. She said I need to apply for a USD bank account from a different special BDO branch - the only branch which can open an account for a SRRV ID holder ???? She said she will text the address to me. Sounds strange to me.

I am not sure if I should take a taxi to LTO central office on east avenue, because they will mail my drivers license to the hotel - and I will probably not be there - will be flying back to the USA.


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

Howard_Z said:


> This morning I walked to the tall BDO building, went to the 29th floor to the PRA offices to verify that this is the right place for the swearing in ceremony and receiving my passport, and SRRV ID.
> 
> I went to CITI bank in the same building to ask about US dollar savings accounts.
> Well, they say I must have $24,000 minimum to open an account - which they think is 1 million PHP.
> ...


BDO has $200 minimum balance but no interest given with the lower amount, the $500 balance account will give you interest rates poor ones. 

But? Didn't you already deposit your funds into a bank or is this your final step in the SRRV process Howard? if not here's a link to the partnered banks from the PRA PRA partnered banks so if you click on the BDO icon it gives directions and contacts to their bank and all the other banks listed.

Example of BDO: 

*Contact Person:* Kimberly Inumerable
Theresa Capati
*Contact Number*: +63-2-811-5938
+63-2-811-5937
+63-2-811-5939

*Accredited Branches:

PACIFIC STAR – MAKATI*
G/F Pacific Star Bldg.,
Sen. Gil Puyat Avenue cor. Makati Avenue
Makati City

*CEBU - ASIATOWN IT PARK*
G/F TGU Tower,
Salinas Drive cor. J.M. Del Mar St.,
Asiatown IT Park, Apas,
Cebu City


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## bigpearl (Jan 24, 2016)

Howard, good to hear you are getting through the Malarky. Learning curves for all and thanks for sharing.
I have opened a couple of bank accounts with BDO and both accounts require a maintaining balance of P2,000. Similar to what you state. Citi bank were having a lend.
When you get your SRRV card your agent will guide you through the banking and LTO Process and make your life easier.

Good luck mate.

Cheers, Steve.


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## Howard_Z (7 mo ago)

I have not tried to open a bank account because I do not have my passport - the PRA has my passport.
Tomorrow I get my passport and SRRV ID card, so today I was walking into banks asking questions.

Seems BDO is super sensitive about which branch you open an account at - must be closest branch to your home.
I do not have a home.

and yes, I am told to go to BDO at
1226 Sen. Gil J. Pyat Avenue, Makati

If they can not open the account the same day - then forget it.
Or maybe they can collect copies of everything they need including my signature, and
email me another day with the account information?

If there is too much red tape, then a USD bank account will be on my list for my next trip to Philippines.


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## bigpearl (Jan 24, 2016)

Red tape? get used to that [email protected] Howard.
I only have Peso accounts and transfer Pesos from Australia to my bank accounts here as required. No issues and only 40 bucks US maintaining balance.

Cheers, Steve.


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## Howard_Z (7 mo ago)

Steve: I just will not have the time tomorrow to deal with anything which is not quick and easy - 1 hour. If there is lots of red tape and taking days or weeks, then that will be on my next trip to Philippines.


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## art1946 (Nov 30, 2017)

I was with BDO in tagum city when I lived there. I never had a problem with BDO opening an account. I did need my ACR card. The BDO bank was always good to me. I think they are one of the biggest banks in the Philippines. A lot of branches. 

art


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## panzer77 (6 mo ago)

Howard-Z, Thanks for posting all the updates on the SRRV process, it's very insightful to see what you are going through. I plan on starting this process next year.


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## Kalbo832 (7 mo ago)

We are using Metrobank, they were much easier to deal with than BDO. When we tried to open a BDO account for my wife they made us run to 3 different branches to try and open an account, after the third try we gave up. We went to Metrobank opened an account without issues. She has her Philippine passport and national ID and was trying to open an account with 300,000 pesos in cash and BDO didn't want her as a customer. Even with her sugarcane farm paperwork it was pretty insane. 

I don't have an account here yet since I don't have my ACR card, my Charles Schwab account works fairly well without the need of a Philippine bank for now.


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## art1946 (Nov 30, 2017)

I think it is up to the bank manager if they will allow an expat to open an account. Maybe I had a easy going manager. I never met him. The employee took the paperwork to him to be approved. I never had a problem opening an account with BDO. I hear all these horror stories and wonder why it is so hard to open an account. It took me about 1 hour in Tagum city at BDO to open an account. they were very friendly and helpful. Maybe things have changed in the last few years and it is harder to open an account.. I opened my account with I think $1,000. One employee offers to sponsor me for a credit card.

Maybe most banks don't want an expat account. Might be more trouble then it is worth. Like me,I left in a year after opening an account.

Art


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

art1946 said:


> I think it is up to the bank manager if they will allow an expat to open an account. Maybe I had a easy going manager. I never met him. The employee took the paperwork to him to be approved. I never had a problem opening an account with BDO. I hear all these horror stories and wonder why it is so hard to open an account. It took me about 1 hour in Tagum city at BDO to open an account. they were very friendly and helpful. Maybe things have changed in the last few years and it is harder to open an account.. I opened my account with I think $1,000. One employee offers to sponsor me for a credit card.
> 
> Maybe most banks don't want an expat account. Might be more trouble then it is worth. Like me,I left in a year after opening an account.
> 
> Art


No Art, many Dollar accounts are also retired OFW's or Filipino's that decided to retire to the Philippines after getting their SS, I've talked with several at my PNB bank.

The problem is that rules are very strict here and these banks run autonomously or interpret the rules differently.


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## fmartin_gila (May 15, 2011)

M.C.A. said:


> interpret the rules differently.


The key statement.

Fred


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## bigpearl (Jan 24, 2016)

I've mentioned this before and agree with Fred and Mark, most banks are like a franchise under a big banner and while protocols for requirements are in place from say the likes of BDO it's the manager that dictates to the staff what he wants and not the company policies.

OMO.

Cheers, Steve.


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## art1946 (Nov 30, 2017)

steve

I agree with you about BDO. I think the manager dictates the rules at his back. I had no problem with the BDO bank in tagum city. the manager signed off on the paperwork for me to open a checking account. No hassles!!!

art


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## bigpearl (Jan 24, 2016)

Hear you art and seems you and others hit the right banks unlike others. An example is material thickness and sizes, the owner/manager dictates the sizes, no standards. I ordered 20 sheets of Phenolic board for boxing a half inch thick, delivered was a quarter inch thick and was sent back to the shop and the manager complained to me that that is their half inch thick and that's what everyone uses,,,,,,, purchased half inch thick from another hardware and it was the correct size and only 50 pesos per sheet dearer. 
Sorry to wander off topic but it seems to me that all dictate their own standards, banks included.

Cheers, Steve.


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## Howard_Z (7 mo ago)

The oath is just signing forms - no real oath.

The PRA Marketer/Helper was there. He told me which BDO bank branch to go to - that he knows the manager.

It was a 1km walk, and when I entered the bank, before I could even go to a kiosk, a bank employee called my name. Apparently the PRA Marketer called the branch manager. I had immediate VIP level service.

I opened USD account and PHP account both with its own ATM card. After signing over a dozen times, I was told to go to lunch for 1 hour. I came back and they are still doing work. It took over 3 hours, and activated my ATM cards at an ATM, and I started the process for onilne banking.

So, now I know why banks do not want to open new accounts - because it is alot of work, and for foreigners they are unsure and at some steps have to ask someone else what to do.The Philippines create lots of paper and computer work - much more than you expect at a USA bank.

Here's something SRRV people need to know. Before leaving the Philippines you must notify the PRA and they will give you an exit letter. When entering the Philippines, need to notify PRA within 3 days.


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## DonAndAbby (Jan 7, 2013)

I have been with BPI for 10 years and have never had a major problem. The branch near my neighborhood has a very high amount of expats as customers. I have known the current manager since he was assistant manager 10 years ago.

One good thing with BPI right now is that their dollar exchange rate is excellent. They revamped their foreign exchange system and with that came higher rates. I hope it stays this way. You can exchange from your dollar account to your peso account 24/7 now and the rates are higher than any street changer. Villarica used to the have the highest changer rates but now they are behind BPI.

Right now at 9 am I can get 57.35 at BPI online. XE midmarket rate is 57.41.


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## bidrod (Mar 31, 2015)

BDO 57.40 right now!

Chuck


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## DonAndAbby (Jan 7, 2013)

bidrod said:


> BDO 57.40 right now!
> 
> Chuck


Just went to BPI and they gave us 57.60. Our visitors wanted to exchange a $100 bill and when the manager said he could give 57.60, I exchanged too.

Edit: Now I got home and you can get 57.70 online at BPI. The rates are changing quickly!


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## Tiz (Jan 23, 2016)

I just checked Wise: As of 1 min ago, 1 USD → 58.6370 PHP


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## DonAndAbby (Jan 7, 2013)

Tiz said:


> I just checked Wise: As of 1 min ago, 1 USD → 58.6370 PHP


Wise is a fine service but this topic is not about transferring money. Wise starts with the mid-market rate (like XE) and then they deduct some fees. Their rate right now is 58.66 but the net rate after fees is 58.13. If I were to transfer $5000 with Wise, the fee is about $40.









That is why I continue to recommend that permanent residents get a dollar and peso account, then write yourself dollar checks from your U.S. Then exchange when the time is right, like now. I wrote myself a big check a few years back and just finished exchanging the dollars in the last few days.

The only fee for me doing this is a $5 check deposit fee from BPI. For exchanging, there are no fees. With BPI's new 24/7 online exchanging, I can do it anytime without fees. Right now, the online rate is 58.35, so if I exchanged $5000, the pesos are 291,750. Almost p1000 more than Wise.

BTW, that BPI rate is frozen for the weekend. If rates go down, you can still get 58.35 all weekend.


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## AppalachianBiker (10 mo ago)

I've read other places that some expats use Xoom to transfer from the states to their Philippine bank and I'm not sure what they charge but they're affiliated with PayPal and they have a charge for everything.


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## bigpearl (Jan 24, 2016)

I simply move money from my bank accounts in Oz to bank accounts here in PH. Costs me AU 5 bucks (Westpac) and the exchange rate based on market index is around 0.12 to 0.14 off the current benchmark updated every 5 to 10 seconds. Always wait for your currency to rise, I monitor daily.
No dramas and 1 to 3 days to clear and always the phone call from the bank,,,,,, sir did you know? A large deposit was made.

Good luck and enjoy your time here.

Cheers, Steve.


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## AppalachianBiker (10 mo ago)

According to my bank state side, I can use my bank debit card in the Philippines with a 1% charge per transaction until I get 13A and ACR. I can book lodging on Air BNB as needed. I'll carry a couple of prepaid travel Visa cards to get quick ATM cash. Being careful with the cash. I know tipping isn't necessary in the Philippines but I do it anyway. It's tough enough to earn a living there. I always carry brand new crisp uncirculated $2 dollar bills which apparently are rarely seen there. The folks I do tip are very appreciative. I have used the $2 bills for a long time, even when I was traveling and working around the USA. The waitresses don't forget.


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## freebiefan (Nov 11, 2020)

Take the P2P bus.. easy to find as now theres Ayala One where all the buses are. Buses are fine and clean and will give senior discount. no need for a taxi all the way to Dasma. Took P2p bus to alabang town centre last week, only P88. Same time as a taxi would have taken. Took P2p to Nuvali in Laguna/Cavite week before.. P125 only. Save yourself some money. The p2p Buses are safe n easy.


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## freebiefan (Nov 11, 2020)

M.C.A. said:


> Go with that... the bank teller doesn't have enough 100 peso bills to make change, that's a huge issue here, "change" unless you use the ATM card for everything.
> 
> When I withdraw my money it's always in 1000 pesos and occasionally 500 peso bills if I'm lucky so it's really tough for me to make change in our small Municipality, even the major chained grocery stores ask if I have change it gets old.
> 
> Howard, you'll be okay as far as no passport on Luzon, nobody has ever approached me and asked me for my passport and I've been here 12 years, gone through many police checkpoints etc...


30 years on and off and also NOT ONE PERSON has ever asked for passport. I travel to many islands and certainly never ever take passport. My Postal ID acts as valid ID. Postal ID very easy to get if you can show an address ie phone bill, utility bill, bank statement etc.


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## freebiefan (Nov 11, 2020)

Howard_Z said:


> like Makati, but it costs me $40 per day (including taxes) to live in a hotel.


Plenty of airbnb places in Makati. Get out of a hotel and get some privacy. 
Even plenty of airbnb places in Valero street right behind where you stay. Maybe same price or less especially if you are a long stay guest.


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## bigpearl (Jan 24, 2016)

OMO but if you intend to stay long term simply lease a condo/rental and do your travelling/looking from a base. @ PHP 2K per night? that's 60K per month, we rented a 3 bed 3 bath condo in San Lazaro STA Cruize for 25K per month and no dues as it was a new building, semi furnished and 6 security gaurds 24/7, opposite a big mall and 30 minutes from Makati, not that we went there often and 2/3 klicks from Bens work, motorbike to get there.

Off topic yes and if you can't sort out your banks and financial situation then best to stay in your own country. Last time I went to Thailand I ordered Thai baht from my bank in Oz and arrived in Phuket with the correct money, hire a bike, buy a beer, dance with the girls etc.

As for the OP's submission/post the best bank is only found once you do your own research, same with brokers and other financial institutions, money changers etc.

I had a look and no banks involved, the figure I paid for the property are simply for my lease/ own the improvements, paid up front for 25 years is PHP 20K per month for a 3 bed 2 bath home absolute beachfront, renewable lease for another 25 years? It's only PHP 10K per month and in a legal contract and encumbered title my better half gets 25%, my kids get 25% each and my sis, the executor the balance, they will all do well, no banks involved when I move on and never a problem from my Australian bank accounts, only BDO, Tsismis or money laundering laws? Do your homework.


Cheers, Steve.


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## ar-em (2 h ago)

I guess it is the union bank my friend's bank where they used to receive their salary pay it very friendly for the users.


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## art1946 (Nov 30, 2017)

I used BDO bank in Tagum city when i lived there. They have a lot of branches in the Philippines. I was always treated nice when banking there. 

art


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