i am bob Posted July 30, 2012 Posted July 30, 2012 There was a news report either last Dec or Jan that HSBC was closing all it's banks in the Philippines. I know I mentioned it at the time but I'm not sure if there was a link or not. I'll have to look for it once I get home. Link to comment Share on other sites More sharing options...
FlyAway Posted July 30, 2012 Posted July 30, 2012 NO it cant be done, only exception I am aware and seen, Was done at the BPI remittance office(not in the RP), the account was filled out.sent to Manila(branch near their home) Card was picked up there, tho this was several years ago, Probably me you are referring to here. The manager at the remittance office used to work for BPI in Philippines so she knew how to get everything processed. She is no longer with the BPI remittance company here. The new manager has no clue about setting up accounts for people. 1 Link to comment Share on other sites More sharing options...
CalvinJSmith Posted August 2, 2012 Posted August 2, 2012 Interesting reading everyone. It sounds like banking is going to be one of the more complicated activities of my move. I am currently with Chase so will need to plan on another US bank and need to locate two PHI banks. After reading all the forums on banking I was thinking of setting up 3 accounts. 1 in US (bulk of income) and 2 in PHI. I am planning to write checks to fund the two PHI accounts. One in PHI for rent, bills & utilities and the second for personal activities in US dollars. I haven't used a physical check in years so this will be new to me and understand that I will need to manage timing of deposits. I am planning on using ATM & Debit cards and minimal cash. Not sure I understand all the conversion timings, etc. and sure I will learn. Any thoughts or advice on this would be great!! 1 Link to comment Share on other sites More sharing options...
Mike S Posted August 2, 2012 Posted August 2, 2012 (edited) Basically what we do is each month we write a check to cover our expenses for the month (you will learn after a while how much it takes you to live here) we write it on our US bank account (I have 2 in the US) it takes approx 21 working days for the check to be excepted and deposited in your Phils bank account (it only takes 5-6 days for my check to be cleared in the US BUT an additional 21 days for the bank here to record it) ..... long story but just grin and bare it cause it ain't gonna change ..... please remember you are only insured for p500,000 ... that is $11,984 by today's rate ..... so if anything happens and the bank folds you will only get p500,000 back .... We have just 2 accounts here ... a checking with debit card and a US$ account to cover funds coming in from the US ..... we use our checking for paying bills and pay cash for everything else ..... we used to use our debit card but it seems some places just refuse to come out of the dark ages (that's another rather long story) so it is now cash. I don't know nor have I heard of anyway you can set up an account unless you are here physically so that I'm afraid will have to wait until you get here which is what most of us have done .... some I know have off-shore accounts and just withdraw from them with a debit card as they don't trust banks here ...... to me that's a pain but it works for them ..... any of the big banks are as safe as any bank can be as people in the US found out a few years ago ...... ya takes your shot and you takes your chances .... IMHO Edited August 2, 2012 by Mike S 1 Link to comment Share on other sites More sharing options...
earthdome Posted August 2, 2012 Posted August 2, 2012 please remember you are only insured for p500,000 ... that is $11,984 by today's rate ..... so if anything happens and the bank folds you will only get p500,000 back .... Is that 500,000 php per account, per bank or all together? Reason I ask it that I am seriously considering an SRRV which requires me to deposit $10,000 USD in a PRA approved bank. Sounds like my everyday bank would need to be a different bank from the one where I have my SRRV deposit. Link to comment Share on other sites More sharing options...
Beachboy Posted August 2, 2012 Posted August 2, 2012 Anyone have experience with PNB (Philippine National Bank)? I will check out the local branch here next month. Would like to maintain a $ account in the US where it is insured by FDIC. In the Philippines they have peso accounts for direct deposit of Social Security and other pensions. I'll see what they have to offer. Link to comment Share on other sites More sharing options...
wayneseymour Posted August 3, 2012 Author Posted August 3, 2012 Basically what we do is each month we write a check to cover our expenses for the month (you will learn after a while how much it takes you to live here) we write it on our US bank account (I have 2 in the US) it takes approx 21 working days for the check to be excepted and deposited in your Phils bank account (it only takes 5-6 days for my check to be cleared in the US BUT an additional 21 days for the bank here to record it) ..... long story but just grin and bare it cause it ain't gonna change ..... please remember you are only insured for p500,000 ... that is $11,984 by today's rate ..... so if anything happens and the bank folds you will only get p500,000 back .... We have just 2 accounts here ... a checking with debit card and a US$ account to cover funds coming in from the US ..... we use our checking for paying bills and pay cash for everything else ..... we used to use our debit card but it seems some places just refuse to come out of the dark ages (that's another rather long story) so it is now cash. I don't know nor have I heard of anyway you can set up an account unless you are here physically so that I'm afraid will have to wait until you get here which is what most of us have done .... some I know have off-shore accounts and just withdraw from them with a debit card as they don't trust banks here ...... to me that's a pain but it works for them ..... any of the big banks are as safe as any bank can be as people in the US found out a few years ago ...... ya takes your shot and you takes your chances .... IMHO Hey mike like your post...I have a question sorry if it sounds green hornish but inquiring minds need to know I saw a rate sheet from BPI the other day in which they offer a BFB Cash-A-Month term deposit at 1.375% and a family saving bank account which boost a 4.250% monthly? I just curious is this interest rate based on a per aunum: principle X % /360 or just principle X %?seems they are paying out a lot for depositors with large deposits on a monthly basis although they only grantee 500,000.00. whats the scoop if you know..sorry for sounding naive but never paid attention in math class failed physics and never got through calculus:( Link to comment Share on other sites More sharing options...
Mike S Posted August 4, 2012 Posted August 4, 2012 Hey mike like your post...I have a question sorry if it sounds green hornish but inquiring minds need to know I saw a rate sheet from BPI the other day in which they offer a BFB Cash-A-Month term deposit at 1.375% and a family saving bank account which boost a 4.250% monthly? I just curious is this interest rate based on a per aunum: principle X % /360 or just principle X %?seems they are paying out a lot for depositors with large deposits on a monthly basis although they only grantee 500,000.00. whats the scoop if you know..sorry for sounding naive but never paid attention in math class failed physics and never got through calculus:( Wish I could help but I know nothing about interest rates paid here in the Phils ..... I have no interest bearing accounts for a number of reasons but they only pertain to my situation ...... Hopefully someone with a lot more knowledge can answer your questions on interest rates ...... Link to comment Share on other sites More sharing options...
OnMyWay Posted August 4, 2012 Posted August 4, 2012 Hey mike like your post...I have a question sorry if it sounds green hornish but inquiring minds need to know I saw a rate sheet from BPI the other day in which they offer a BFB Cash-A-Month term deposit at 1.375% and a family saving bank account which boost a 4.250% monthly? I just curious is this interest rate based on a per aunum: principle X % /360 or just principle X %?seems they are paying out a lot for depositors with large deposits on a monthly basis although they only grantee 500,000.00. whats the scoop if you know..sorry for sounding naive but never paid attention in math class failed physics and never got through calculus:( Wish I could help but I know nothing about interest rates paid here in the Phils ..... I have no interest bearing accounts for a number of reasons but they only pertain to my situation ...... Hopefully someone with a lot more knowledge can answer your questions on interest rates ...... All the BPI rates are quoted Per Annum and the interest is paid monthly on our Maxi-Saver. On Maxi-saver and a few other accounts they give you a 1% PA bonus for the month if you don't withdraw. I'm not sure where you saw the 4.25 as I don't see anything near that. With the bonus we are getting 2.XX PA and I think it went down since we opened it. Still a lot better than the .01 Mike is getting on his HSBC! :hystery: Interest on the BPI dollar accounts is a tiny bit higher than the incredibly low interest we get on the deposit in the US. I saw .125 and .25 PA, depending on the account. 1 Link to comment Share on other sites More sharing options...
Mike S Posted August 4, 2012 Posted August 4, 2012 Still a lot better than the .01 Mike is getting on his HSBC! :hystery: :hystery: :hystery: :hystery: and they wonder why I only keep about $1250 f in my account ..... it would be less but I need that just as a safe guard ..... 1 Link to comment Share on other sites More sharing options...
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