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Gaudente

opening bank account as a tourist

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I am interested in investing in p2p lending platforms in Philippines and to do that I need to open a local bank account.

I do not live in Phils nor I desire to , so to open the bank account I would just come with the 21 days tourist visa exemption on arrival. Has anyone been able to open a bank account as a tourist ? Which banks and branches do you advice for trying ?

Would opening a stock market brokerage account with a local broker help to get a bank account also ? 

 

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1 hour ago, Gaudente said:

Which banks and branches do you advice for trying ?

All I can really say is you wont know until you get here. Philippine banks are funny in some ways. Usually you need documentation showing a local address such as a utility bill or the like. Some people have opened an account with out it, if you search past topics you might find a few stories. But frankly you wont know until you go from bank to bank and try. Each manager interprets their corporate rules differently at times. 

Gook luck :thumbsup:

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1 hour ago, Gaudente said:

I am interested in investing in p2p lending platforms in Philippines and to do that I need to open a local bank account.

I do not live in Phils nor I desire to , so to open the bank account I would just come with the 21 days tourist visa exemption on arrival. Has anyone been able to open a bank account as a tourist ? Which banks and branches do you advice for trying ?

Would opening a stock market brokerage account with a local broker help to get a bank account also ? 

 

30 day visa and good luck with your wishes these days unless you wine and dine the manager of your chosen branch and can then manage an appointment initially. Good luck with your endeavours Gaudente, many others here will chime in I am sure. BTW welcome to the forum, plenty of banking threads if you care to delve.

Cheers, Steve.

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While it is true that each bank interprets the rules differently or in fact each officer at each bank, the common denominator seems to be demonstrating residency. that might take the form of a resident visa, the Balikbayan privilege, a lease agreement, etc. But showing up on the 30 day visa with nothing else will be an uphill battle.

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2 hours ago, Gaudente said:

I am interested in investing in p2p lending platforms in Philippines and to do that I need to open a local bank account.

I do not live in Phils nor I desire to , so to open the bank account I would just come with the 21 days tourist visa exemption on arrival. Has anyone been able to open a bank account as a tourist ? Which banks and branches do you advice for trying ?

Would opening a stock market brokerage account with a local broker help to get a bank account also ? 

 

As far as I know banks will ask for your ACR card and you can’t get one of them until your second visa renewal (in country for more then 59 days). 

Not saying it’s impossible to open an account without one, but highly unlikely. 

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3 hours ago, Gator said:

As far as I know banks will ask for your ACR card and you can’t get one of them until your second visa renewal (in country for more then 59 days). 

Not saying it’s impossible to open an account without one, but highly unlikely. 

Actually it's quite easy to do without an ACR - if you have a Balikbayan stamp in your passport. 

I attempted to open 2 bank accounts. One was a snap - no problem by showing the BB + my lease agreement. But the other bank required 6 months residency, so the wife opened the account and I will get added at 6 months.

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As a tourist you may be limited to a savings account. Money lending can be very high risk, and not just to your money.

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Maybe it's hi risk but the returns...financing some crops small amount we'll see how it goes.

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14 hours ago, Gaudente said:

I need to open a local bank account.

If the major banks do not help you, try the Rural Banks or the Credit Unions.  Disclaimer:  I have not tried to open accounts with these since before the big crash in 2009 but it used to be very easy . . .  and risky.

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24 minutes ago, Dave Hounddriver said:

Credit Unions. 

Just for general information, based on my experience with our local  credit union (only one example I am afraid) our local credit union requires members to be Philippine citizens. I was bored so read the by laws, and yup, it was in black and white. So all the cash there is in the wife's name :console:

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