# Best Bank Account



## kingrulzuk (Jan 19, 2010)

Hiya all

Just want to know the best bank account to open in Philippines?

Will need it for deposit and any good interest rates?

Many Thanks

Maven


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## Gary D (Oct 28, 2013)

What will be your immigration status. You will need to hace a ACR card before you can open an account. Normal savings rates are not that different to the UK. The rural banks can give very good rates for time deposits, bare in mind the higher the rate the higher the risk. 8-9% is about as high as yiu would want to go and sleep at nights. You could open an account with one of the Philippines banks in London who might simultaneously open an account in the Philippines but the location of the bank may not be very local to where you will be. Coverage is patchy andnot all banks cover all areas.


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## 197649 (Jan 1, 2013)

Here banks are like gas stations there are mom and pop banks. Don't use them some will rip you off. Go with a big banks. Look on the internet about interests rates and the amenities are different as well. I use China bank, PS bank or Metrobank. There is also BDO. here is a link to a list of banks List of banks in the Philippines - Wikipedia, the free encyclopedia check them out to determine what suits your needs. Don't forget if you do internet banking then that's not offered by some banks. If you have a retired pay being direct deposited. Also if you email a bank with questions don't expect an answer right away.


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

*Philippine Banks locations not all equal*



kingrulzuk said:


> Hiya all
> 
> Just want to know the best bank account to open in Philippines?
> 
> ...


This is something that you'll need to research but don't get no small banking institution, I've seen them go bankrupt and it's on the news people trying to get their money.

You'll need an Immigrant card if married, single there's another Visa with Immigrant card, banks will ask for this, if none you'll be dealing with money changers or using your ATM cards, money changers will take from 2-4 peso's from every US dollar unsure of what they'll take in out in other currencies.

The area you plan on staying in, check out all the banks, some are located in very bad spots, they're all crowded but some worse than others, some banks have compounds with guards in the compound and at the door. Service is another issue, standing in long lines or sitting in chairs, some banks will only allow you to withdraw from the branch you deposit your money in. 

I know that doesn't sound like much help, I use PNB it has a compound and seating but thought of also using the China bank or BDO.


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## Tukaram (Dec 18, 2014)

All the banks here are like franchises - even BDO and BPI. Every branch has different rules. You can only do certain transactions at your "home" bank. I use BPI just for my monthly allowance. all my money stays in the US. I don't trust these mom & pop banks at all!


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## overmyer (Aug 15, 2013)

Tukaram said:


> All the banks here are like franchises - even BDO and BPI. Every branch has different rules. You can only do certain transactions at your "home" bank. I use BPI just for my monthly allowance. all my money stays in the US. I don't trust these mom & pop banks at all!


It's the small, local "rural banks" that you need to be cautious of. The large National Banks (MetroBank, ChinaBank, Union Bank, BPI, PNB, BDO, Security Bank, etc.) are fine as well as Govn't owned banks like Land Bank. If you open a foreign currency acct at a bank branch, you will need to go to that branch to make withdrawals.


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## kingrulzuk (Jan 19, 2010)

Hiya all and happy ney year
Thanks for all the info

My girlfriend who is from San Mateo,Isabela. is working in HK right now and we are getting married in June this year.
After we get married me and her will go back to her place in San mateo and i will be saying for few weeks.then going back to UK
I was thinking of opening a bank account before i go as i want to keep some money for the paper work and for any emergency.

she has BDO account and FICO Bank?

Send from samsung Note 4 mobile


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## fmartin_gila (May 15, 2011)

I think you will find that you will have to wait till you are here to open an account. 

Fred


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

*Immigrant card required for banking*



kingrulzuk said:


> Hiya all and happy ney year
> Thanks for all the info
> 
> My girlfriend who is from San Mateo,Isabela. is working in HK right now and we are getting married in June this year.
> ...


Happy New year kingrulzuk. Philippine banks require us as expats to submit for copy our Immigrant card, another Philippine ID such as a Philippine drivers license or Postal ID card along with two photo's (forgot size but it's listed on each bank online website), copy of electrical bill. It won't be easy to open a bank account here, so it fuel's the extra jobs they create Money Changer's.

Same requirements when applying for an internet connection minus the photo's but proof of financial stability...Lol get ready for what's called the Philippines, "red tape" and bureaucracy.


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## kingrulzuk (Jan 19, 2010)

Hiya all 
Thank you all for the info again

What is this Red Tape?


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## Gary D (Oct 28, 2013)

kingrulzuk said:


> Hiya all
> Thank you all for the info again
> 
> What is this Red Tape?


It's that wonderous material that hold the whole of the Philippine fabric together. Why have one peson and a computer do a job when you can employ ten people to do the same job. Well one short contract under paid employee and 9 supervisors half of which are too important to work.


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

*Red Tape*



kingrulzuk said:


> Hiya all
> Thank you all for the info again
> 
> What is this Red Tape?


All the procedures, paper work required for an Immigrant or similar card, once finished the ID card isn't enough, you'll need another Philippine form of ID and photo of account/account holders, proof of address (electrical bill). 

I'm unsure what currency the banks hold other than dollars and peso's? This could be another issue. :confused2:

And then the Merriam Webster def: red tape noun
A series of actions or complicated tasks that seem unnecessary but that a government or organization requires you to do in order to get or do something official routine or procedure marked by excessive complexity which results in delay or inaction. :rain:

Red Tape could apply to just about every single government agency, one of the worst ones in my area is the LTO branch or the spot you'll go to get your license with 90 days of landing (Don't forget), they'll be over 100 people waiting to renew the license or registration, you'll have to fill out all the forms over like it was your first time on renewals and only one CASHIER, she also takes breaks and lunch while you wait, the staff behind the wall and windows number's 17 and above but all compartmentalized they still got my initial license sc***ed up.... Instead of having me as an American they put on my license that I'm an Indian national, I'm a Norwegian/French and extremely white looking, had to wait another 3 hrs to get that fixed, seriously you can't make this stuff up, that's how it works in my area.


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## kingrulzuk (Jan 19, 2010)

O Dear sounds bad.

How is British Embassy in Manila? is it as bad as this so called red tape?

I will need to do the paper work of my future wife to bring her to UK.
Will it be ok in Manila or should i do it in hong kong?

Thank you all for all the info


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## Gary D (Oct 28, 2013)

kingrulzuk said:


> O Dear sounds bad.
> 
> How is British Embassy in Manila? is it as bad as this so called red tape?
> 
> ...


It's all done online now so a visit to the embassy may not be necessary.


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