[M.C.A.]

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.

 

[M.C.A.]

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.

Go with that... the bank teller doesn't have enough 100 peso bills to make change, that's a huge issue here, "change" unless you use the ATM card for everything.

When I withdraw my money it's always in 1000 pesos and occasionally 500 peso bills if I'm lucky so it's really tough for me to make change in our small Municipality, even the major chained grocery stores ask if I have change it gets old.

Howard, you'll be okay as far as no passport on Luzon, nobody has ever approached me and asked me for my passport and I've been here 12 years, gone through many police checkpoints etc...

 

[M.C.A.]

Teller always has enough change, but they save it for regular/business customers. Same with queues and who waits and who doesn’t. Nothing wrong with it in my opinion, as it goes on worldwide.
Like you never been asked to show my passport to a police officer.

They don't have too many 100 peso bills to give out though, they mainly PNB dispense 1000 and 500 peso bills.

 

[M.C.A.]

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.

 

[M.C.A.]

(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.

Dang.... yea, PNB is tough on the signature, even to get my money it's like a phalanx of filling out forms and two lines, if I need the dollar to peso conversion they have me fill out a form that hey photocopy my ACR card, the one they already have on file lol... in order to withdraw, and when all that is accomplished the final issue is do they have an internet connection, if not it's another stop to the money changer, done this many times, they also make you update your account, you have to bring in your passport, I've been with them 12 years and they had me bring in my new passport, two months ago, new ACR card, also tax information and so I thought the redundancies in withdrawing my dollars was over, they've actually become worse with this new conversion form.

The staffing at our PNB has been nothing but professional and they do treat us very well so there must be some outdated bureaucratic government rule and for sure red tape exists that must be followed, it's good that they make sure we are who we are and we do age and yet what's their concern? They have our photos on file, and our ID, and yet they are so tough on immigration, it's our money and I don't think they are trained as immigration officers, so in a way, it's sort of a human rights issue, and so are other banks easier to withdraw US dollars from (I don't want to use an ATM card for cash withdrawal).

Another note on opening a bank account, they've added something new that we didn't have to do back in 2010, you are required to have a Barangay and a Police clearance along with the photos and copy of your bill statement, passport etc... If this pisses you off to no end, take a long slow breath and head to your Municipality Barangay, cedula and Police clearance may only take one hour to accomplish if not less, the Barangay clearance is good for 3 months the Police Clearance is good for 6 months.

 

[M.C.A.]

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

 

[M.C.A.]

I think it is up to the bank manager if they will allow an expat to open an account. Maybe I had a easy going manager. I never met him. The employee took the paperwork to him to be approved. I never had a problem opening an account with BDO. I hear all these horror stories and wonder why it is so hard to open an account. It took me about 1 hour in Tagum city at BDO to open an account. they were very friendly and helpful. Maybe things have changed in the last few years and it is harder to open an account.. I opened my account with I think $1,000. One employee offers to sponsor me for a credit card.

Maybe most banks don't want an expat account. Might be more trouble then it is worth. Like me,I left in a year after opening an account.

Art

No Art, many Dollar accounts are also retired OFW's or Filipino's that decided to retire to the Philippines after getting their SS, I've talked with several at my PNB bank.

The problem is that rules are very strict here and these banks run autonomously or interpret the rules differently.

 

[M.C.A.]

What it comes down to which bank I'll be using in the future:

Number of branches highway access - pandemic fiasco blocked me (treated as an outsider using trike from our Municipality) from entering our bank located in another city, we were stopped midway on the highway and told to use an ATM along the highway but I use no bank ATM card, the machines around the mall and some banks won't process a foreign ATM card or the machines are always out of money, so I was blocked for two months.

All banks appear to have friendly bank tellers and bank guards, but... What it all comes down to is the bank manager, are they progressive or stalwarts on strict banking law's or interpret bank laws as they see fit, so they give no room for determining customer needs even though in our case we have been joint dollar account holders for 12 years (stuck on stupid) as a pensioner or immigration status, what about the health of the customer, the back forth with redundant and ridiculous requirements, example: Barangay and Police clearance's, requiring an original copy of the SS entitlement letter even though the letter has contact information and phone numbers is there's any questions.

A bank with modern software program, internet banking, ability to pay bills online. Some banks still require photographs in order to open an account even though they should by now be utilizing web cams to capture customer's photos (software).

Staffing shortages always, bank supervisors upper echelon staff appear to be as many as the bank tellers/new accounts officers, also parking and an ATM machine that will process both local and foreign ATM cards.

 

[M.C.A.]

I guess it is the union bank my friend's bank where they used to receive their salary pay it very friendly for the users.

If you perform a Google search you'll find (your friend) where and how many banks are located in a specific region and then make a determination on a bank that fits your needs.