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

ART

 

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.

 

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

 

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.

 

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.

 

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 ?

 

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.

 

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)

 

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!

 

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.

 

I have accounts with 3 banks in the Philippines.

1. 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.
   
   
2. 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
   
   
3. 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..
   

 

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.

 

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.

 

(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.

 

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

 

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.

 

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.

 

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.

 

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

Cheers, Steve.

 

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

 

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.

 

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

 

Yep, bank manager 4th time lucky for me.

Cheers, Steve.

 

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

 

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.

 

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

 

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.

 

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.

 

Red tape? get used to that cr@p 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.