Opening A Bank Account But I'm Not In Pi As Yet

[i am bob]

Well, gentlemen, get ready for the Interest Rates for the banks in PI to drop. There was a news report in one of the newspapers the other day (I read Google News for the Philippines daily) that the country is going to be dropping it's Prime Lending Rates. This is to fight inflation caused by the increase in demand for Filipino Goods and Services. And the goal is to keep the Peso to Dollar ratio within the target range. This article isn't showing on Google News today so I don't have the link handy.

So, while this won't keep the Interest Rates up and paying the Primo Pesos at the bank but it will keep our Exchange Rates for our Home currencies at a better value!

:dance:

[wayneseymour]

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.

I saw it on: http://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/TimeDepositRates2 under Plan ahead BPI BPI Family Savings Bank

[OnMyWay]

I saw it on: http://info.bpiexpre...meDepositRates2 under Plan ahead BPI BPI Family Savings Bank

Oh, OK, those would be the CD rates so your money is locked up for X months. I only looked at the savings account options. I might have to look at the short term CDs once I am over there.

[FlyAway]

On a "Tax" note, they automatically take out around 20% of your interest earned.

My BPI savings account credited me with P171.78 in interest payments then subtracted P34.36 for tax/service fee.

[MikeB]

On a "Tax" note, they automatically take out around 20% of your interest earned.

My BPI savings account credited me with P171.78 in interest payments then subtracted P34.36 for tax/service fee.

Yep, just checked, never noticed it before.

[OnMyWay]

On a "Tax" note, they automatically take out around 20% of your interest earned.

My BPI savings account credited me with P171.78 in interest payments then subtracted P34.36 for tax/service fee.

I knew about the tax deduction but now I am wondering, can an expat get that back? It is an income tax and we are not supposed to pay tax on the first 90 k USD income, if I recall correctly.

[FlyAway]

On a "Tax" note, they automatically take out around 20% of your interest earned.

My BPI savings account credited me with P171.78 in interest payments then subtracted P34.36 for tax/service fee.

I knew about the tax deduction but now I am wondering, can an expat get that back? It is an income tax and we are not supposed to pay tax on the first 90 k USD income, if I recall correctly.

This was the Philippine governments share from what I understand.

[OnMyWay]

On a "Tax" note, they automatically take out around 20% of your interest earned.

My BPI savings account credited me with P171.78 in interest payments then subtracted P34.36 for tax/service fee.

I knew about the tax deduction but now I am wondering, can an expat get that back? It is an income tax and we are not supposed to pay tax on the first 90 k USD income, if I recall correctly.

This was the Philippine governments share from what I understand.

My CPA girlfriend just told me that it is called "Final" tax and it is a flat tax applied to all interest regardless of who you are. It is not considered in annual income tax calcs.

[FlyAway]

So does that mean you are subject to income tax based on the original interest earned? Is that "Final" tax just extra the PI government gets?

[Call me bubba]

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,

thanks to FLYAWAY for the posting

Posted 05 October 2010 - 10:11 PM

My wife and I were able to open a BPI account here in the US.

The local "Seafood City" market has a BPI remittance office. They will gladly open a peso or dollar account for you.

All that was needed were passport size photos, ID and proof of joint residency.

(For us it was our automobile insurance policy and the car registration). They will ask what branch you want the account based out of.That branch is where you will pick up the ATM cards in the Philippines.

There is a small service and courier fee involved, I do not remember the exact amount because it was minimal.

They also will setup the online banking for us here but we have not done that yet.

This service was offered because they want the remittance business.