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

[Call me bubba]

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.

here is a previous topic thats NOW CLOSED but it may have somehelpful info that you could use

http://www.pnb.com.ph/index.php?option=com_content&view=article&id=166&Itemid=69'>http://www.pnb.com.ph/index.php?option=com_content&view=article&id=166&Itemid=69

http://www.pnb.com.ph/

[i am bob]

It is an income tax and we are not supposed to pay tax on the first 90 k USD income, if I recall correctly.

I would assume that you will be taxed the same as anybody coming from any other country... The 90K exemption is on money made and taxable in the US... Money made in the Philippines would be automatically taxable under the Philippine tax system.

Reason for edit: I omitted the words "and taxable" in my original post. Guess I wasn't quite awake yet!

Edited August 5, 2012 by i am bob

[earthdome]

It is an income tax and we are not supposed to pay tax on the first 90 k USD income, if I recall correctly.

I would assume that you will be taxed the same as anybody coming from any other country... The 90K exemption is on money made in the US... Money made in the Philippines would be automatically taxable under the Philippine tax system.

When multiple governments could be involved it has to be made clear which one is being referred to.

For those who are US citizens your income is reportable to the IRS and taxable regardless of where you reside in the world. The first $90K USD or so made outside the US is exempt from paying income tax.

[OnMyWay]

The 90K exemption is on money made and taxable in the US... Money made in the Philippines would be automatically taxable under the Philippine tax system.

Ok, thanks for the clarification. I was confused! :bash:

[Beachboy]

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.

here is a previous topic thats NOW CLOSED but it may have somehelpful info that you could use

http://www.philippin...topic/5522-pnb/

http://www.pnb.com.p...d=166&Itemid=69

http://www.pnb.com.ph/

Thanks Bubba for the links .. it's the info I'm looking for and thanks Flyaway for your past experience with PNB .. that's the account set-up I'm interested in.

[Beachboy]

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. Like This Selective Quote

:hystery: I love the term "Final" -- it means I've finally got your money and you're not getting it back ! (actually 20% tax on interest is about the same as in US)

[OnMyWay]

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?

No, I checked with my CPA and she says interest earned in your Phils bank is not considered in your annual income tax calculations. The bank collects the 20% tax and that is "Final".