Philippine Individual Checking Account For Foreigners

[TexasRangersFan]

During our recent trip to Manila we stopped at a BPI bank to find out about opening a checking account.

 

What I asked them was.

 

1. Can I as an American open a pesos Checking account?

2. What are the requirements?

3. What documents are required to do so?

 

This was the reply.

 

1. Yes.

2. Copy of Passport.

    Copy of ACR-I Card

 

    Original Authentic Certified Letter from Bank in America where I have a checking account showing I am in good standings with their bank. NO COPIES. NO EMAILED COPIES. MUST BE ORIGINAL.

That is with a US Government check deposited via direct deposit.

 

They answered questions 2 and 3 together.

 

Problem with getting Original Authentic Certified Letter.

1. Mail arrives when it wants to and if it wants to.

2. Alternative to mailing letter is to return to America. Go to my bank. Request Certified Bank Letter. Fly back to Philippines with letter.  Total Cost is around 2500.00 USD for that. Not worth it for me.

 

The direct deposit of US Government checks requires me to go to the embassy then to the VA then to the bank with all documents signed and approved then it takes at least a month for the change over from my bank there to their bank here. They said the funds should be available sometime during the first week of each month after the deposit due to the back and forth thing from their bank here to the Bank of New York to the US Embassy then back to the Bank of New York then back to the BPI bank. We all know thats done electronically however I do believe that in the beginning it will take a week and then after that it will work its way down to only a few days. The deposits would have to be made in a USD account.  Then the funds could be transferred into the Philippine pesos checking account.

 

 

 

 

[Dave Hounddriver]

This is good info.  I just want to point out it is different from my experience.  I suggest your way is better because when I first applied for an account at a Philippine bank they told me foreigners could only have a savings account (in most cases with ATM privileges) and could only deposit funds from non Philippine sources (which would stop someone from working or investing here and depositing the checks).  As with all things Philippines there were ways to work around the rules and each individual's mileage will vary.

 

Again, your info sounds so much better, thank you.

[Mike S]

We use Bank of Commerce and I had to wait for 6 months to open a peso checking account .... we already had a US $ and peso savings account ... the peso savings account had an ATM card attached to it as did the checking once we got it .... because we already had the other two accounts nothing special was needed to open the checking account ..... however when I did get my 13a they wanted copies to add to their file ..... I have my SS deposited to my bank in the US ......

 

It seems their is no set rules when it comes to banks here and each one and each branch has it's own rules and regs ...... gotta love it and of course nothing is in writing .... :hystery: :hystery:           :cheersty:

[TexasRangersFan]

It seems their is no set rules when it comes to banks here and each one and each branch has it's own rules and regs ...... gotta love it and of course nothing is in writing

 

That is very true. I think it also depends on who you talk to at the bank. We have gone to the same bank here in Cebu 4 times and talked to 4 different people and gotten 4 different answers.

 

What I have decided to do for now is to NOT open a pesos checking account. Instead I am opening a USD account and will deposit checks into it from my US bank account. I am going to also open a pesos savings account with ATM and online access with BPI and just do the online transfer thing.

[bootleultras]

This is good info.  I just want to point out it is different from my experience.  I suggest your way is better because when I first applied for an account at a Philippine bank they told me foreigners could only have a savings account (in most cases with ATM privileges) and could only deposit funds from non Philippine sources (which would stop someone from working or investing here and depositing the checks).  As with all things Philippines there were ways to work around the rules and each individual's mileage will vary.

 

Again, your info sounds so much better, thank you.

For me it was much the same as Dave mentioned, I opened an account with PS Bank & even though I preferred a checking they just automatically opened me a savings account, although I didn't need no letter of good standing, just my passport, my i card and 3000 pesos to deposit in the account...the branch did look hesitant at first but once I mentioned to them I had a joint account with my wife in another branch they just got on with it and everything was done within half an hour, even issued me with a mastercard and pin number before i left.

[i am bob]

It appears that there is no rhyme or reason to what you can and cannot get at the banks - it all depends on what they feel like giving you at the time.  If you let them know that you are going elsewhere, you should get a better deal (or not).  And you don't have to be all that honest when you tell them what the others will give you,,,  Add on a Visa or Mastercard..  Multiple accounts...  Free toaster and lechon pit (bbque)...  A new girlfriend if the present one doesn't work out.  If they are interested in your business, make them work for it - not you work to get them to accept you.

 

FYI - I got that from a former bank manager from Pasiig City who lives in Canada now.

[Mike S]

Free toaster and lechon pit (bbque)

 

Damn .... I missed out on those ..... well that takes care of that ..... I'm gonna change banks ..... :hystery: :hystery: :cheersty:

[Dave Hounddriver]

f you let them know that you are going elsewhere, you should get a better deal

 

:hystery:   Now there's a first world attitude that we all wish would catch on here.

[i am bob]

 

f you let them know that you are going elsewhere, you should get a better deal

 

:hystery:   Now there's a first world attitude that we all wish would catch on here.

 

Wait for it - it's coming...  coming...  coming...

 

The gentleman I was speaking with told me that his son is with the same bank he worked with and in higher management.  I wish I could remember which one he said!  Anyway, it is being pushed onto the managers country-wide that, if a foreigner comes in who has a consistent monthly income (pensions for example), they are to try and get the business for the bank - and to use their discretion (within limits of course) on how they do so.  

 

I met him at the hospital coffee shop down the street from me (hey!  They have great coffee!) so I don't know if I will ever see him again but he was very knowledgeable in his facts.  And very well off by the looks of his clothing...  hehe!  This nice old guy was very very forth coming on his views of the Philippines and told me quite a lot of things that are supposedly being planned for the future.  He did say not to count on any of it until it comes through as "daily changes happen by the minute"...  I love that line of his!  For now he is staying in Canada as his daughter (a fairly new mom) had been found to have quite a major heart issue so he and his wife were  here to help the Canadian dad look after the baby.  Luckily she is seeing the same 2 doctors I dealt with and I let him know they are both tops in their field.

[OnMyWay]

I can't see a need for a peso checking account so I never inquired.  Who would I right a check to?  I never had checks in the US for the last few years, until just before I left, because I needed them to transfer $ to my USD BPI savings account.

 

FWIW, BPI Alabang was very accommodating when I opened my dollar and peso ATM savings accounts there.  They do require the passport and ACR card, but I did not have to have $500 cash because I was depositing a USD check too.