Banking Privacy In The Philippines

[Thomas]

Sorry my mouse is broken so it don't click or click double mostly  :boohoo:  :)    so it became a double post

Edited April 7, 2013 by Thomas

[Thomas]

There is no privacy at all anywhere here in the Phils in banking or anything ..... we had a post awhile back were someone complained that the teller hollered back to someone behind her some very personal  info pertaining to his account ..... everyone in the lobby could hear what was said ..... I think it all stems from the fact that Filipinos live so close together that there are no secrets OR privacy ..... I mean how much privacy can you have in a 1-2 room house with 5-8 people all living in there ....

 

Also the most important reason to not keep large sums of money in the bank is because you are only insured up to p500,000 ..... which ain't a heck of a lot of money compared to western standards .... which would be $12,345 ..... now you know why rich people have so many accounts under so many different names .... if you have a wife you could have 3 accounts ..... yours ... hers and together in the same bank .... after that I believe you need to go to a different bank  ..... :cheersty:

Yes, but asuming we talk about same hollering case, it shouting was about it was LOWER than most Phili people expect foreigners have, so in HIS case it was GOOD for his security   :)

but bad in general, because sure there aren't secrets who are good economical crime targets :( 

..

Except short before buying/building any with higher cost, why having even close to 500 000p in a bank acount??    So that's no problem. 

(=Having much money in a bank acount is WASTING. Even back when I earned as most, I had MINUS in my acount (by having a check credit acount) ON PURPOUSE, because I used close to as much as possible to investing, some on slow sold things as estates (but only what I wanted to use myself), but mainly in stocks/bonds possible to sell fast if necesary.)

----------------------

>lyno/Jollygoodfellow and others

I suppose if buy a house in Phili to live permanent in Phili, and skip having things in your birth country which tax rules make them counting you as still having to much connection to not let you off their tax hooks*  , then I asume most countries have as in Sweden =It's not their business no more what you do with your money. (Except for the RUNNING tax year during which you move.)

*Exception: Retirement pay from Sweden is taxed in Sweden, but isn't counted as connection =Sweden don't bother about OTHER taxes than the one for retirement pay coming from Sweden.

Edited April 7, 2013 by Thomas

[Txpinoy7850]

We have 3 accts, in 3 different banks. Each has no more than about 125,000p. My distrust of ALL banks, extends to the Phils as well......so when we return from the U.S.......................perhaps we hide thousands discreetly among our stuff????????????? Ive even heard of cases where people put several thousand $ inside a few Top Ramen packages, and similar stuff (carry-on ONLY!!!!!). Shoes with "custom soles....etc.If you are very cautious.....this can be advantageous......as you can greatly benefit $100, at a time) with the local black market "money exchange.". Dollars bring the best exchange rate at such places.they say. Uh, er, I think.

[MikeB]

We have 3 accts, in 3 different banks. Each has no more than about 125,000p. My distrust of ALL banks, extends to the Phils as well......so when we return from the U.S.......................perhaps we hide thousands discreetly among our stuff????????????? Ive even heard of cases where people put several thousand $ inside a few Top Ramen packages, and similar stuff (carry-on ONLY!!!!!). Shoes with "custom soles....etc.If you are very cautious.....this can be advantageous......as you can greatly benefit $100, at a time) with the local black market "money exchange.". Dollars bring the best exchange rate at such places.they say. Uh, er, I think.

It's not clear (at least to me) whether you're talking about taking US dollars or pesos out of the country. You are allowed to take up to $10,000 in or out of the Philippines, anything over must be declared and the source and purpose of the transport must be stated. For pesos, the limit is p10,000 unless you have written authorization from the Bankgo Sentral ng Pilipinas. There's no reason to hide it, you're risking fines and confiscation if you're over these limits.  

[earthdome]

 

It's not clear (at least to me) whether you're talking about taking US dollars or pesos out of the country. You are allowed to take up to $10,000 in or out of the Philippines, anything over must be declared and the source and purpose of the transport must be stated. For pesos, the limit is p10,000 unless you have written authorization from the Bankgo Sentral ng Pilipinas. There's no reason to hide it, you're risking fines and confiscation if you're over these limits.  

We have 3 accts, in 3 different banks. Each has no more than about 125,000p. My distrust of ALL banks, extends to the Phils as well......so when we return from the U.S.......................perhaps we hide thousands discreetly among our stuff????????????? Ive even heard of cases where people put several thousand $ inside a few Top Ramen packages, and similar stuff (carry-on ONLY!!!!!). Shoes with "custom soles....etc.If you are very cautious.....this can be advantageous......as you can greatly benefit $100, at a time) with the local black market "money exchange.". Dollars bring the best exchange rate at such places.they say. Uh, er, I think.

 

Before I had my BPI USD account I would bring US $100 bills to cover my expenses during my visit, well under $10,000 USD. When going through US airport security I would put the money belt in my laptop backpack. Then on the plane before landing in Manila I would put it back on my waist underneath my clothes. I always carry a throw away wallet with a few thousand pesos to satisfy any robber.

 

If you hide the money in those other ways when going through airport security and it is found you will look like someone trying to smuggle out more than $10,000 USD which would trigger an investigation perhaps resulting in you missing your flight.

[Daydreamer]

Adding on a question under this topic, Will I be able to open a savings account with only my passport

and  tourist (visa on arrival) visa? 

 

What about safety deposit boxes, are they usually available at the larger banks? (or are they sold out with a waiting list?)

 

I have a short trip to Cebu in July, ( moving there in October) and would like to do both the above if possible.

 

 

Thanks in advance for input from anyone with this experience.

I was able to. But after reading some of the earlier posts, I'd keep the balance kind of low (like below 20 or 30000 pesos)to be on the safe side. So, if you run into some of the harsher realities of living in the Philippines you won't take a real hard hit financially.

[Daydreamer]

What about safety deposit boxes, are they usually available at the larger banks? (or are they sold out with a waiting list?)

As for those, I don't know squat about them. If I need one of those, I'll get one back home in the US. Because the reason being, if your banking privacy is not safe, what makes you think that that safety deposit box will be any safer.

[robert k]

 

Adding on a question under this topic, Will I be able to open a savings account with only my passport

and  tourist (visa on arrival) visa? 

 

What about safety deposit boxes, are they usually available at the larger banks? (or are they sold out with a waiting list?)

 

I have a short trip to Cebu in July, ( moving there in October) and would like to do both the above if possible.

 

 

Thanks in advance for input from anyone with this experience.

I was able to. But after reading some of the earlier posts, I'd keep the balance kind of low (like below 20 or 30000 pesos)to be on the safe side. So, if you run into some of the harsher realities of living in the Philippines you won't take a real hard hit financially.

 

I think you are on to a good thing here but 20,000 to 30,000 is about two to three weeks living expenses. If you are going to live off the debit or credit card, why bother? If I were worried about the bank and things that could go wrong, I would still probably keep 2 months living expenses in the account and deposit a check monthly to replenish what I take out, keep debit and credit cards for backup, insurance for the hospital.

[Daydreamer]

I think you are on to a good thing here but 20,000 to 30,000 is about two to three weeks living expenses. If you are going to live off the debit or credit card, why bother? If I were worried about the bank and things that could go wrong, I would still probably keep 2 months living expenses in the account and deposit a check monthly to replenish what I take out, keep debit and credit cards for backup, insurance for the hospital.

 

That's true, and I never really though about it like that. But then again, my living expenses are almost nil and I'm living in a poorer part (and probably the iffiest at best safety wise)of the Philippines. All I have is rent, food and cellphone/wireless expenses which is very cheap at the moment. But I think that will all change once i move somewhere else. I could live off the debit card, but where I'm at right now, its not advisable. I try to keep all purchases on a cash basis, unless i go on one of my exploratory excursions then I'll use my debit card. And thankfully I haven't gotten anything worse than a case of diarrhea (knock on wood)and that was from eating too much at Jollibee(Aloha burger meals) :hystery: 

[stevewool]

my plan is to keep my account open here in england still my pensions and the rent from my property will be going into that account,

We shall have bank accounts in the phils , a joint account and accounts for each other, like many have said before you need so much cash there for the just in case things, but its a long time till we are there so i just will keep reading what others are saying about day to day living over there