New arrival - Money Matters - Page 2

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New arrival - Money Matters - Page 2


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  #11 (permalink)  
Old 11th October 2013, 10:55 PM
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Originally Posted by cvgtpc1 View Post
I'll attempt to research this further. When I was on vacation last time I tried to open an account but was told I needed this ACR card. So I could get one eventhough a tourist, open an acct, and be on my merry way back to the US?
I opened my account and they needed my ACR Card but they didn't seem to familiar with it also all the other things that go with opening an account, they need pictures (each bank as size of photo on website) copy of electrical bill, I think that was it and $500 deposit plus another $40 for bounced check, they made me do this unsure if this is a bank-wide policy.

The money savings pays for itself in less than 6 months or even sooner depending on how much you deposit every month.
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Old 11th October 2013, 11:54 PM
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Originally Posted by mcalleyboy View Post

I opened my account and they needed my ACR Card but they didn't seem to familiar with it also all the other things that go with opening an account, they need pictures (each bank as size of photo on website) copy of electrical bill, I think that was it and $500 deposit plus another $40 for bounced check, they made me do this unsure if this is a bank-wide policy.

The money savings pays for itself in less than 6 months or even sooner depending on how much you deposit every month.
The $500 for dollar savings opening/maintaining balance is pretty standard. The $40 bounce check is questionable as any US check is held for three weeks. The photos are standard for all new accts.

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Old 12th October 2013, 10:37 AM
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Default Check holding

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The $500 for dollar savings opening/maintaining balance is pretty standard. The $40 bounce check is questionable as any US check is held for three weeks. The photos are standard for all new accts.
They hold my check for 30 days plus holidays last year because of Holidays and the 1st landing on weekends I had to wait almost 45 days to get my money from PNB.
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Old 12th October 2013, 11:10 AM
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I opened an account with BPI before I got my ACR I card, while I was on a
Tourist Visa, during the first 2 weeks I arrived here, all they required was my passport.
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Old 12th October 2013, 11:36 AM
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Default Check holding

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I opened an account with BPI before I got my ACR I card, while I was on a
Tourist Visa, during the first 2 weeks I arrived here, all they required was my passport.
Pauloz, whats the wait time for your check? Curious and do they also add holidays to that time frame and charge a 100 peso fee for check deposit.

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Old 12th October 2013, 11:56 AM
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I opened my account with Philippine Peso cash, I do not know if they will open an account with a check or not, never needed to. But I am sure they probably would if you put in cash as well as the check. BPI seem to be more flexible than BDO in my experience.


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Old 12th October 2013, 12:23 PM
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Quote:
Originally Posted by mcalleyboy View Post
Pauloz, whats the wait time for your check? Curious and do they also add holidays to that time frame and charge a 100 peso fee for check deposit.
I opened my BPI dollar and peso accounts at one of the BPI office in Alabang, across from Festival Mall. For the dollar account I brought $500 cash and a check for a few thousand. They rejected some of the USD bills (torn, rips) but they were fine to open the account with the remaining $420 cash and the check. They were always very helpful and nice to us there at that branch.

I'm not sure of the exact methodology for holding checks, but my USD checks usually take 21-25 total days, weekend and holidays included. There is no charge for a check deposit.
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Old 12th October 2013, 03:34 PM
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Default Fees

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Originally Posted by DonAndAbby View Post
I opened my BPI dollar and peso accounts at one of the BPI office in Alabang, across from Festival Mall. For the dollar account I brought $500 cash and a check for a few thousand. They rejected some of the USD bills (torn, rips) but they were fine to open the account with the remaining $420 cash and the check. They were always very helpful and nice to us there at that branch.

I'm not sure of the exact methodology for holding checks, but my USD checks usually take 21-25 total days, weekend and holidays included. There is no charge for a check deposit.
I'm still trying to figure out all the gyrations people do to get money there before we move over...

You just do this to save the 200P plus ATM fee right? That fee is significant but in a pinch and if desperate you could simply use your US ATM card to get cash from the US account right? I'm speaking to daily expenses, pocket money, etc, not about needing cash to buy a car or other major purchase.

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Old 12th October 2013, 11:01 PM
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Default US Banks

Quote:
Originally Posted by cvgtpc1 View Post
I'm still trying to figure out all the gyrations people do to get money there before we move over...

You just do this to save the 200P plus ATM fee right? That fee is significant but in a pinch and if desperate you could simply use your US ATM card to get cash from the US account right? I'm speaking to daily expenses, pocket money, etc, not about needing cash to buy a car or other major purchase.
Once you get here, hopefully there's family members that can mail credit cards and checks, it can be set up so your pension gets deposited or part of it in a bank so no more dealing with checks but if your US bank finds out that your living here they will close your account. Many places here don't accept credit cards even the major restaurants like Shakey's, Mcdonalds actually that might depend on ownership, these cash machines always run of out of cash when you need it most, what if they take the card?

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Last edited by M.C.A.; 12th October 2013 at 11:02 PM. Reason: grammar
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Old 13th October 2013, 01:07 AM
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Quote:
Originally Posted by cvgtpc1 View Post

I'm still trying to figure out all the gyrations people do to get money there before we move over...

You just do this to save the 200P plus ATM fee right? That fee is significant but in a pinch and if desperate you could simply use your US ATM card to get cash from the US account right? I'm speaking to daily expenses, pocket money, etc, not about needing cash to buy a car or other major purchase.
Yes, its to save on the p200 (approx. $5) ATM charge on the Philippine end and the "Foreign ATM" fee, if any from the US Bank. US ATM/Debit & credit cards (mostly Visa/MC) work fine here. A lot of retailers don't accept credit cards and many who do pass their "fees" on to the user. ATMs are usually limited to p10,000 per transaction. If using your US Bank card overseas be sure to notify your bank so they can note that on your account! You don't want to have a transaction declined because your bank hit your account with a "fraud alert" freeze (happened to me. Now also have international toll free number to call just in case.).
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