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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!
 

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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...
 
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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.:cool: All you should need is your passport, and a residential address here in Phil somewhere, the address of a friend should do the trick.;)
 

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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.
 

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Discussion Starter · #5 ·
You should not have any problems with BPI, it worked for me.:cool: 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!
 

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Discussion Starter · #6 ·
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!
 

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Pnb

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.
 

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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 !!!!!!!!
 

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China Bank

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.
 

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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.
 

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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...
 

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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.
 

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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!
 

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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?
 

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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.
 
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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.
 

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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...
 
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