# PI banking



## Johnny B (May 27, 2013)

Hello again! Is there a PI bank that would alllow me to open an account whist not being resident nor employed in the country? Tried 3 different banks on my last vist but it was a no go area... Thanks in advance!


----------



## Asian Spirit (Mar 1, 2010)

Johnny B said:


> Hello again! Is there a PI bank that would alllow me to open an account whist not being resident nor employed in the country? Tried 3 different banks on my last vist but it was a no go area... Thanks in advance!


Dollar accounts can be a bit tricky opening here. You can easily open a Peso acct though and should be able to deposit dollars or your local currency into it. 
Best advice I can give,,, stay away from Philippine National Bank (PNB). BPI as well as China Bank and others are good...


----------



## pauloz (Sep 29, 2013)

Johnny B said:


> Hello again! Is there a PI bank that would alllow me to open an account whist not being resident nor employed in the country? Tried 3 different banks on my last vist but it was a no go area... Thanks in advance!


You should not have any problems with BPI, it worked for me. All you should need is your passport, and a residential address here in Phil somewhere, the address of a friend should do the trick.


----------



## cvgtpc1 (Jul 28, 2012)

Johnny B said:


> Hello again! Is there a PI bank that would alllow me to open an account whist not being resident nor employed in the country? Tried 3 different banks on my last vist but it was a no go area... Thanks in advance!


My experience as well...they wanted the ACR card.


----------



## Johnny B (May 27, 2013)

pauloz said:


> You should not have any problems with BPI, it worked for me. All you should need is your passport, and a residential address here in Phil somewhere, the address of a friend should do the trick.


Ok, will give BPI a shot(no pun intended...) Thank you!


----------



## Johnny B (May 27, 2013)

Gene and Viol said:


> Dollar accounts can be a bit tricky opening here. You can easily open a Peso acct though and should be able to deposit dollars or your local currency into it.
> Best advice I can give,,, stay away from Philippine National Bank (PNB). BPI as well as China Bank and others are good...


Will try BPI. Thanks for advice!


----------



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

*Pnb*



Johnny B said:


> Hello again! Is there a PI bank that would alllow me to open an account whist not being resident nor employed in the country? Tried 3 different banks on my last vist but it was a no go area... Thanks in advance!


I'm looking at changing banks, getting your money out that one takes 30 days plus holidays (PNB), Nov 1 they are closed and so I need to wait till Monday the 4th of November to deposit my check, this means that in December I also need to add an additional 4 days so for the month of December I need to wait 38 days before I can withdraw my money from a simple check deposit also don't forget they require a 100 Peso fee for depositing checks, I'm with Gene this bank is really lacking and no ATM cards, they have national observed holidays but my branch has their own holidays and local holidays that they observe including election day they won't be open or very limited hours of operation.


----------



## yosic (Feb 21, 2013)

Gene and Viol said:


> Dollar accounts can be a bit tricky opening here. You can easily open a Peso acct though and should be able to deposit dollars or your local currency into it.
> Best advice I can give,,, stay away from Philippine National Bank (PNB). BPI as well as China Bank and others are good...


hi'
can you please tell me how's the interest in china bank, let's said - if i put a 100000$ what will
be the monthly bank interest for that amount ?
thanks a-lot, love this forum !!!!!!!!


----------



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

*China Bank*



yosic said:


> hi'
> can you please tell me how's the interest in china bank, let's said - if i put a 100000$ what will
> be the monthly bank interest for that amount ?
> thanks a-lot, love this forum !!!!!!!!



You never want to take second hand information with that kind of cash, it's best to find the China Bank online website and go from there or talk with them here.


----------



## Gary D (Oct 28, 2013)

yosic said:


> hi'
> can you please tell me how's the interest in china bank, let's said - if i put a 100000$ what will
> be the monthly bank interest for that amount ?
> thanks a-lot, love this forum !!!!!!!!


If I had that sort of money to deposit I'd keep it well away from the Philippines. You are only insured up to 500,000 peso (approx $11,000) for failure.


----------



## yosic (Feb 21, 2013)

thank u so much for the quick reply,
is there any other safe options to have a mounthly income from a large amount of us$ deposit
in the philippine ? just want to deposit and have an intrest in a monthly basic... 
i can't find it in the China bank...


----------



## Gary D (Oct 28, 2013)

yosic said:


> thank u so much for the quick reply,
> is there any other safe options to have a mounthly income from a large amount of us$ deposit
> in the philippine ? just want to deposit and have an intrest in a monthly basic...
> i can't find it in the China bank...


It all depends on the amount of risk you are comfortable with. As a general rule the higher the interest offered the riskier the deal. The mainstream banks offer quite low returns whereas the rural banks can be very good. We had about 100,000 pesos in a local rural bank at 12% interest for a time deposit which my wife had deposited without me knowing, it goes without saying that I was a bit nervious to say the least. We also had another 100,000 in another rural bank at 9%. When the 12% finished we moved it into the 9% bank. You best bet is to spead any large amounts over several banks.


----------



## Phil_expat (Jan 3, 2011)

Remember that if you are a US citizen and your total bank balance value is $10,000 or more you have to report it to the US Government. Most countries have a treaty with USA agreeing to report. Grand Cayman is no longer a safe haven. It is wise to maintain a balance of $9,000 or less.


----------



## overmyer (Aug 15, 2013)

Gary D said:


> If I had that sort of money to deposit I'd keep it well away from the Philippines. You are only insured up to 500,000 peso (approx $11,000) for failure.


Split it up between banks, the PDIC only insure's a bank's depositors for upto P500,000 per individual depositor. You will get your best rates with CDs with 6mo and 1yr deposits giving the highest rates. Again, you can stagger the CDs so not all of your cash is tied up for the time all at once. Just roll them over as they mature if you font need the cash!


----------



## justice (Nov 26, 2012)

Phil_expat said:


> Remember that if you are a US citizen and your total bank balance value is $10,000 or more you have to report it to the US Government. Most countries have a treaty with USA agreeing to report. Grand Cayman is no longer a safe haven. It is wise to maintain a balance of $9,000 or less.


Phil, does that apply to only if you have dollar account or both dollar or php account?


----------



## overmyer (Aug 15, 2013)

justice said:


> Phil, does that apply to only if you have dollar account or both dollar or php account?


The anti-money laundering treaty requires the Philippine banks to report accounts that they have with US citizens (Peso and/or Foriegn currency) to the US government.


----------



## JimnNila143 (Jul 23, 2013)

As far as banks you might consider MetroBank as they have a New York City Branch. I agree with Gary D. You are limited as to the amount you can have in one bank account, the only other option would be to open additional accounts or better yet, maintain your US account and as you need more money, do a bank to bank wire transfer.


----------



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

China bank requires a $500 deposit to open an account but in order to receive interest it requires a minimum balance of $1000. BDO has the lowest bank deposit balance of $200 no interest and with a $500 deposit you do get interest, unsure if they will take SS though, going to find out today.


----------



## Asian Spirit (Mar 1, 2010)

mcalleyboy said:


> China bank requires a $500 deposit to open an account but in order to receive interest it requires a minimum balance of $1000. BDO has the lowest bank deposit balance of $200 no interest and with a $500 deposit you do get interest, unsure if they will take SS though, going to find out today.


Yes they are approved for United States SS. A dollar act for SS only requires just $100 for the initial deposit. Most guys take out all each month except for like $101.00 to keep the act open...


----------



## Phil_expat (Jan 3, 2011)

justice said:


> Phil, does that apply to only if you have dollar account or both dollar or php account?


Yes it does apply to pesos and dollars account.


----------



## Barrymay (Nov 19, 2013)

I'm currently opening a dollar savings account with PNB, from here in Florida. I need to get a signature card verified at the local remittance center and send 2 application forms with photocopies of ID and passport to their California branch. Along with my minimum balance of $500 and $60 application fee. Then I should be set. My banking will be fairly simple, depositing my pension by check. 

Has anyone heard any downside to PNB compared to the other Philippine banks?


----------



## DonAndAbby (Jan 7, 2013)

Barrymay said:


> I'm currently opening a dollar savings account with PNB, from here in Florida. I need to get a signature card verified at the local remittance center and send 2 application forms with photocopies of ID and passport to their California branch. Along with my minimum balance of $500 and $60 application fee. Then I should be set. My banking will be fairly simple, depositing my pension by check.
> 
> Has anyone heard any downside to PNB compared to the other Philippine banks?


PNB may have some advantages but I remember a lot of negatives. Some have said to stay away and I think high fees was the reason. $60 application fee? I guess that is ok if it only applies to opening an account from another country. I could understand that there are costs involved with that.

Do a search for PNB here and you will see a lot. I just did and someone said the charge p100 for a check deposit. One example of fees.


----------



## Asian Spirit (Mar 1, 2010)

*Pnb*



DonAndAbby said:


> PNB may have some advantages but I remember a lot of negatives. Some have said to stay away and I think high fees was the reason. $60 application fee? I guess that is ok if it only applies to opening an account from another country. I could understand that there are costs involved with that.
> 
> Do a search for PNB here and you will see a lot. I just did and someone said the charge p100 for a check deposit. One example of fees.





Barrymay said:


> I'm currently opening a dollar savings account with PNB, from here in Florida. I need to get a signature card verified at the local remittance center and send 2 application forms with photocopies of ID and passport to their California branch. Along with my minimum balance of $500 and $60 application fee. Then I should be set. My banking will be fairly simple, depositing my pension by check.
> 
> Has anyone heard any downside to PNB compared to the other Philippine banks?


The list of downsides in using PNB is almost endless and from personal experience, would be the last bank on earth that I would use or recommend. No matter what they may tell or promise you there at home, your experience when here will cause you much frustration and regret.
Also and most important is that if you ever intend on having your US Social Security direct deposited here, PNB (no matter what they may tell you) is NOT on the very short list of banks that are approved by the US government for Social Security. 
Best thing to do is wait till you are here and open an account at China Bank, BPI, or some of the other banks that are reliable and know what customer service is to at least a small degree.


Good Luck:fingerscrossed:


----------



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

*PNB banking*

,


Barrymay said:


> I'm currently opening a dollar savings account with PNB, from here in Florida. I need to get a signature card verified at the local remittance center and send 2 application forms with photocopies of ID and passport to their California branch. Along with my minimum balance of $500 and $60 application fee. Then I should be set. My banking will be fairly simple, depositing my pension by check.
> 
> Has anyone heard any downside to PNB compared to the other Philippine banks?


I use PNB bank and when I signed up they did mention they do the pensions but the account will only be in your name. I was the first one to knock them badly but I started looking around at other banks and man they are all crowded and most are standing room only.

PNB in my area has a compound, parking (Sta Cruz Laguna) Guards inside and out, outside large bathroom building, inside seating and very little waiting time.

I tried looking at BDO on probably the worst day of the year Nov 4th, coming off of a holiday, it was mediocre off street parking, long lines of waiting to pay bills, to get money, all I wanted to do was inquire, I should have asked the bank guard but gave up went to my bank PNB, cashed my check in less than 10 minutes, tipped the guards.

So sanity comes into play also, I would take a look at the area you plan on retiring in and go from there, I have been told by other expats that these other banks work fine but it sounds like you will need to keep plenty of cash on hand (to late for me) at least 3 months of pension worth of cash and withdraw on slow day.

I don't think PNB uses bank ATM cards.... I'm almost positive on this one, this might be another negative for you. the other banks do and it could be an easier way to get your funds and check your online balance, I don't like to mess with anymore cards or credit cards so this is not biggy for me.

Sanity does come into play, you can walk into your bank here and stand for a very long, long time and you could be fighting for a spot also, not fun, when I walk into PNB they give me a number and I wait to be called.

With all that said, I will always keep my options open and keep looking around but so far PNB is my best option for safety, sanity and faster service.


----------



## Gary D (Oct 28, 2013)

It also depends were you live, for me the PNB was the only bank in town for many years, a part from a few rural banks.


----------



## Barrymay (Nov 19, 2013)

Thanks for the help, I'll hold off until I get there.


----------



## Barrymay (Nov 19, 2013)

So that's where I bank now, PNB. On SBMA it's always a short wait. Waiting 21 business days is the only thing to complain about, but it's not a big deal.


----------



## 197649 (Jan 1, 2013)

I have an account at China Bank and PS Bank, Used Metrobank and BPI. China bank does not have credit cards but does have ATM that can be used in many stores. My disability is directly deposited form VA. PS bank has a decent rate on interest. I know that in my US bank I had a few K's and got less intrest than I did in PS Bank with less money. I'd never us BPI again too much red tape for me. Metro would not allow me to use internet banking with my Dollar account (VA direct deposit)


----------



## cvgtpc1 (Jul 28, 2012)

c_acton98 said:


> I'd never us BPI again too much red tape for me.


BPI is the only one I have experience with when we were helping family members get accounts. What a nightmare!


----------



## Asian Spirit (Mar 1, 2010)

cvgtpc1 said:


> BPI is the only one I have experience with when we were helping family members get accounts. What a nightmare!


Any bank that I know of here in "Paradise" is going to fall short of what we are use to in our home countries.
But of the banks I have used here, Chinabank and Metrobank are (in my opinion) the best. Everything here takes a ton of useless paperwork, signatures & counter signatures. Just part of living here and I suppose it won't change anytime soon. I look at it this way. I'm retired and most always have all the time in the world. So who cares if it takes 60 minutes rather than 60 seconds? The workers at the bank have always got a good word to say and if nothing else, it's a nice break from the traffic outside and the oppressive heat...


----------



## cvgtpc1 (Jul 28, 2012)

Jet Lag said:


> Any bank that I know of here in "Paradise" is going to fall short of what we are use to in our home countries.
> But of the banks I have used here, Chinabank and Metrobank are (in my opinion) the best. Everything here takes a ton of useless paperwork, signatures & counter signatures. Just part of living here and I suppose it won't change anytime soon. I look at it this way. I'm retired and most always have all the time in the world. So who cares if it takes 60 minutes rather than 60 seconds? The workers at the bank have always got a good word to say and if nothing else, it's a nice break from the trafficp outside and the oppressive heat...


60 minutes is ok if you know it'll be fruitful! lol


----------



## 197649 (Jan 1, 2013)

Jet Lag said:


> Any bank that I know of here in "Paradise" is going to fall short of what we are use to in our home countries.
> But of the banks I have used here, Chinabank and Metrobank are (in my opinion) the best. Everything here takes a ton of useless paperwork, signatures & counter signatures. Just part of living here and I suppose it won't change anytime soon. I look at it this way. I'm retired and most always have all the time in the world. So who cares if it takes 60 minutes rather than 60 seconds? The workers at the bank have always got a good word to say and if nothing else, it's a nice break from the traffic outside and the oppressive heat...


The sad part Jet is we work our butts off to get to be retired and relax, and what happens, we still want everything to go without a hitch and quick. NEVER in my banking experiences in the US or anywhere else has it ever been without a hiccup or 2. Even today I have to call my US bank to get things done. The relax part is all our lives we lived in hurry so we could get back to work. Now we don't have anywhere to be yet we still want it done now. We unfortunately are part of the problem, just because of our upbringing :grouphug:


----------



## Asian Spirit (Mar 1, 2010)

c_acton98 said:


> The sad part Jet is we work our butts off to get to be retired and relax, and what happens, we still want everything to go without a hitch and quick. NEVER in my banking experiences in the US or anywhere else has it ever been without a hiccup or 2. Even today I have to call my US bank to get things done. The relax part is all our lives we lived in hurry so we could get back to work. Now we don't have anywhere to be yet we still want it done now. We unfortunately are part of the problem, just because of our upbringing :grouphug:


Yep, You are absolutely right on that one. It's amazing how we are so use to getting everything done in a matter of seconds at home and even demand it there. Takes a long time to really slow down after we retire here.
I still find myself getting into a hurry for things at times and then have to laugh at myself each time.
With the banking, I have been taking my 12 and 10 year old daughters with me to the bank and letting them learn and get use to using banks, dealing with bank presidents, using ATM's, paying bills, grocery shopping, and even using the mail room at the VFW in Angeles. Makes it a fun daddy/daughter outing each time and eliminates the stress I use to feel.
It's great to have the time being retired to be able to turn a chore into a fun activity and even have lunch at one of the local malls or VFW with the kids while my wife is at work.


----------



## 3rivers (May 18, 2014)

*ACR card*



pauloz said:


> You should not have any problems with BPI, it worked for me. All you should need is your passport, and a residential address here in Phil somewhere, the address of a friend should do the trick.


how recently was this?

the BPI hotline girl told me yesterday that an ACR card is required now, 100% no exceptions. I'm guessing it's ahead of AEC integration, now the rules are being tightened on everything, even here in Thailand. i.e. no more visa runs, that is a really big surprise for some folks here.


----------



## Asian Spirit (Mar 1, 2010)

3rivers said:


> how recently was this?
> 
> the BPI hotline girl told me yesterday that an ACR card is required now, 100% no exceptions. I'm guessing it's ahead of AEC integration, now the rules are being tightened on everything, even here in Thailand. i.e. no more visa runs, that is a really big surprise for some folks here.


Hi 3Rivers,

An ACR Card IS required for any and all types of bank accounts opened by a foreigner. This includes Peso accounts as well...


----------



## overmyer (Aug 15, 2013)

Jet Lag said:


> Hi 3Rivers,
> 
> An ACR Card IS required for any and all types of bank accounts opened by a foreigner. This includes Peso accounts as well...


Strange as I have both doller and peso accounts at several different banks an do not have an ACR card. The accepted a copy of the visa stamp in my passport in its place!


----------



## Asian Spirit (Mar 1, 2010)

overmyer said:


> Strange as I have both doller and peso accounts at several different banks an do not have an ACR card. The accepted a copy of the visa stamp in my passport in its place!


You're lucky as all new accounts opened now must have the ACR card info. Some guys opened accounts back before the cards existed or like you, before it was a requirement..


----------



## Taswegian (Dec 2, 2011)

Hi Guys,
I just opened a BPI account 5 days ago, only needed my passport (i do not have an acr card).
What probally got me through was i use to have an account years ago with them but they never even asked for a ACR card.
Just like with all business here it probaly depends on the mood of the manager at the time..lol

cheers


----------



## Asian Spirit (Mar 1, 2010)

Taswegian said:


> Hi Guys,
> I just opened a BPI account 5 days ago, only needed my passport (i do not have an acr card).
> What probally got me through was i use to have an account years ago with them but they never even asked for a ACR card.
> Just like with all business here it probaly depends on the mood of the manager at the time..lol
> ...


That's cool and glad you got lucky. I still do not fully understand why that law is in place. I see no reason that the government should have a right to know where I bank, the amount in the account(s), or that I have an account here at all. Seems like an invasion of privacy to me.


----------



## esv1226 (Mar 13, 2014)

We never had an ACR card. When we opened our peso and dollar accounts with BPI last year, we showed our passports for identification. They asked for a street address. I chose BPI because they have ATMs in many places.


----------



## overmyer (Aug 15, 2013)

esv1226 said:


> We never had an ACR card. When we opened our peso and dollar accounts with BPI last year, we showed our passports for identification. They asked for a street address. I chose BPI because they have ATMs in many places.


Most Banks and many companies offering services have the ACR card listed as an "official" requirement for foreigners but many are willing to wave that requirement in exchange for your passport's ID and valid visa pages.


----------



## kenslvr (Aug 21, 2013)

*banking*

I've thought about opening an account at BPI, which has branches in the USA, then linking them to my local bank. I did a little digging and found this thread: 

[We have an account with BPI. When we want to put money into the account, we just have our USA bank send a check to the BPI office in San Deigo (National City). The BPI office there deposits it into our BPI account and voila, the money is there and available for withdrawl from any BPI bank branch in the Philippines. 

Time and Costs to process: 

3-5 days for our USA bank to send the funds (US Mail) to the BPI bank branch in Californina. (no fee involved - source and target insitutions are both in the USA - it's basicaly the same as an electoinc Bill Pay transiaction)

1 day for the BPI bank branch in National City to process the deposit. Competitive currency exchange rates from USD to PHP (no commission or other fees for currency exchange). Flat fee of 7USD per deposit.

Total Time: less tan 1 week. Total Cost: $7USD. Reliability: 100% - have been doing this for more than 2 years now.

I have been trying to convince the BPI Bank Branch in National City to accept electronic transfers from US Banks, but so far no luck. If they will ever agree to this, then the Total Time to Process would decrease to 2 days. The process is very reliable, can be done from anywhere in the world (no personal visits required), but due to the 1 week time frame, this isnt a solution for "emergencies". ]

Hope it helps


----------



## overmyer (Aug 15, 2013)

kenslvr said:


> I've thought about opening an account at BPI, which has branches in the USA, then linking them to my local bank. I did a little digging and found this thread:
> 
> [We have an account with BPI. When we want to put money into the account, we just have our USA bank send a check to the BPI office in San Deigo (National City). The BPI office there deposits it into our BPI account and voila, the money is there and available for withdrawl from any BPI bank branch in the Philippines.
> 
> ...


1 week check clearance still beats the 21 business days to clear when US check is deposited here (Philippines).


----------



## cvgtpc1 (Jul 28, 2012)

Sign up with RemitHome and link your US bank acct and BPI accounts. Go online and transfer for 10 bucks, money is there right away (take holidays and weekends into account). It's how we send money to a relative. They have a BPInoy account.

To add - RemitHome only deposits to accounts in BPI Direct Savings Bank and BPI Family Savings Bank.


----------



## Nickleback99 (Aug 6, 2011)

kenslvr said:


> I've thought about opening an account at BPI, which has branches in the USA, then linking them to my local bank. I did a little digging and found this thread:
> 
> [We have an account with BPI. When we want to put money into the account, we just have our USA bank send a check to the BPI office in San Deigo (National City). The BPI office there deposits it into our BPI account and voila, the money is there and available for withdrawl from any BPI bank branch in the Philippines.
> 
> ...


---------------------------
Another thing to consider for Less $ charge is to open a Wells Fargo Account in US and then you can open and Express Send Remittance account with them to link to a BPI account in PI (perhaps even the one in San Diego?) and then you Can wire funds Directly to the BPI account which usually posts in about 3 days. You can do it on line, Or you can call the special Wells Fargo # and do over the phone. You'll get the conversion amount either way and be told what the margin is. All for a cost o $3.50 per transaction last time i did it. My wife has the BPI account and I have the Wells Fargo account. Works like a charm every time we've done it.


----------



## Barrymay (Nov 19, 2013)

overmyer said:


> 1 week check clearance still beats the 21 business days to clear when US check is deposited here (Philippines).


April was 36 total days to wait with the 4 holidays including May 1st.
Usually there's only one holiday per month, but at only 100php a month, a good deal.


----------



## jon1 (Mar 18, 2012)

lastyle7 said:


> Hello Folks, thanks for the great info, but curious why expats choose
> dollars accounts since you will have to follow up with a money changer.
> I'm guessing the rate is a little better but definitely not sure if it's that
> much better for having the hassle.
> ...


I use the USD account as it is free movement of money via check for deposit. I plan ahead and have money ready when I need it (deposit a minimum 1-2 months ahead of when needed).

I got tired of paying "international, conversion and local bank fees" after my first year here. I will still use my credit card on occasion (hotel bills, large appliance purchases) but everything else is cash. I just hold onto my dollars and exchange them for pesos within my bank when the peso rate is acceptable.


----------



## esv1226 (Mar 13, 2014)

We have both peso and dollar accounts. Hold on the dollars (more stable currency) and transfer to the peso account when exchange rate is favorable. 
I do not have to change dollars to pesos for stuff from Royal and Duty Free shops. They accept both currencies.
From experience, many stores will give a discount for cash purchases (you need to ask for it), but not when you use a credit card.


----------



## bbazor (Nov 18, 2013)

lastyle7 said:


> Guessing I could write a check out to my gf and have it deposited into her BPI account, yes?


Yes, you can do that. But, I think that she must have an account to do it that way.


----------



## bbazor (Nov 18, 2013)

Sorry, I misread your post. You said that you wanted to deposit it into her account, so she already has one. I have done exactly what you mentioned and you are indeed correct.


----------



## esv1226 (Mar 13, 2014)

Yes, she can deposit your check into her account. However, she won't be able to readily use the money. The 20 or 25 (I don't know the number of days) day BPI clearance policy still applies. The check amount may be deducted from your account, but it won't show in her account until "the bank is ready to post". Who uses the cash in the meantime?


----------



## bbazor (Nov 18, 2013)

lastyle7 said:


> My intentions were to write the check for future use (after 30 days)
> 
> Never thought about it but wonder if the check has to be made out in pesos.


If it is a US bank, you make the check to her name in dollars. She must have a dollar account. Or, you could make it out to yourself and deposit into your dollar account.

IMO, this is the best way to transfer money as long as you have a large enough buffer. There is no fee and you don't get ripped off on the exchange rate.


----------



## cvgtpc1 (Jul 28, 2012)

What does one do if they were buying a house $100K cash, or a car for $20K? You just transfer the entire amount over and deal with the forms and red tape?


----------



## Kory (Jan 21, 2012)

cvgtpc1 said:


> What does one do if they were buying a house $100K cash, or a car for $20K? You just transfer the entire amount over and deal with the forms and red tape?


Yes, just wire it over and fill out all of the forms. They just want to know where it came from and where it is going. If you are doing anything illegal then you'll have to consult with an attorney.

Does anyone know if you have to file every year after your account hit $10k only once or do you only report that single year?


----------



## George6020 (Apr 18, 2014)

I have had a BPI USD account as well as a Php account. My credit union in North Carolina charges $10.00 for ANY amount of wire transfer. So far, I have only wired USD, but for a fee, they will convert to Pesos, and transfer to my Php account. The transfer takes 2-3 days.

In the past, I have also written a check to myself, deposited to my USD account.....and waited the 25-30 days for it to clear before I can access it. Then I can exchange USD for Php at BPI, or withdraw USD and go to a local money changer for a higher rate.


----------



## jon1 (Mar 18, 2012)

Kory said:


> Yes, just wire it over and fill out all of the forms. They just want to know where it came from and where it is going. If you are doing anything illegal then you'll have to consult with an attorney.
> 
> Does anyone know if you have to file every year after your account hit $10k only once or do you only report that single year?


I believe that the FBAR reporting is only per year. So if you are not above $10K next year, no worries.

Another option for large purchases is if the seller (local or US Citizen) has a USD bank account. You could write them a check and the money transfers the same as if you deposited in your account. In the case of the seller being a US Citizen, you could do a bank to bank transfer in the states and it would never have to be an issue with the IRS. The only thing on this is that it will take several weeks for the money to become available in the seller's account. So if you go this route, I recommend keeping the receipt until it shows available in their account and as proof of payment for the transfer paperwork.


----------



## MeroRandy (May 28, 2014)

Hi. I am wondering if the FATCA law that will go into effect on July is causing problems for expats in Phil. I am in Mexico now, and some Mexican banks are closing the accounts of Americans and/or refusing to open new ones. FATCA requires all foreign banks to report transactions of Americans. I hear it is a significant administrative burden, which is the reason for the discrimination against Americans. Hopefully this will not complicate the lives of Americans living abroad.


----------



## George6020 (Apr 18, 2014)

Hola......I've been in the Philippines for 4 years. I have an account in BPI and Metrobank. For 2+ years, there was no reporting that I was aware of, but last year BOTH banks required me to complete a form which allows(requires) them to report the balances/international transactions to the IRS, for tax purposes. It only required me to complete a 1 page form, approx. 5 minutes...and it does NOT effect any of my banking transactions....its the same as before. I'm not sure if I will be required to complete this form every year, but its really no problem.


----------



## MeroRandy (May 28, 2014)

George6020 said:


> Hola......I've been in the Philippines for 4 years. I have an account in BPI and Metrobank. For 2+ years, there was no reporting that I was aware of, but last year BOTH banks required me to complete a form which allows(requires) them to report the balances/international transactions to the IRS, for tax purposes. It only required me to complete a 1 page form, approx. 5 minutes...and it does NOT effect any of my banking transactions....its the same as before. I'm not sure if I will be required to complete this form every year, but its really no problem.


Thank you for your reply George 6020. It's good information, especially since when I go to Phil I plan to first look to Metrobank for an account.

My concern really is for the future--not too distant future really. This FATCA rule goes into effect on July 1. It represents an administrative cost burden for banks anywhere in the world where Americans live. I have already read in other places that some banks are closing the accounts of Americans and/or refusing to open new ones. Lets hope that this doesn't happen in Phil.


----------



## Asian Spirit (Mar 1, 2010)

George6020 said:


> Hola......I've been in the Philippines for 4 years. I have an account in BPI and Metrobank. For 2+ years, there was no reporting that I was aware of, but last year BOTH banks required me to complete a form which allows(requires) them to report the balances/international transactions to the IRS, for tax purposes. It only required me to complete a 1 page form, approx. 5 minutes...and it does NOT effect any of my banking transactions....its the same as before. I'm not sure if I will be required to complete this form every year, but its really no problem.


Same here with both banks. My understanding with both is that they only give a "detailed" report to the IRS if your balance goes over $10,000us in any of your accounts. Thats part of the deal that allows *some* of the banks here to handle US Social Security deposits etc.
Uncle Sam has a very long arm indeed..


----------



## MeroRandy (May 28, 2014)

Jet Lag said:


> Same here with both banks. My understanding with both is that they only give a "detailed" report to the IRS if your balance goes over $10,000us in any of your accounts. Thats part of the deal that allows *some* of the banks here to handle US Social Security deposits etc.
> Uncle Sam has a very long arm indeed..


Here is a little more information on the FATCA thing. If does impose some extra requirements on foreign banks.

FATCA :: American Citizens Abroad (ACA)


----------

