American Expats Left Frustrated As Banks Cut Services Abroad

[earthdome]

I opened a BPI peso savings and checking this week and will do USD next week.

The bank manager asked me to get a confirmation letter from my US bank (duh)!

I said, but I already have a BDO account, a BPI family express account plus my ACR card and US passport what's the deal? She said regulations (another way of saying I have no clue).

She opened my accounts after I said, it's fine ... I will just do it at another bank.

My reason for the BPI account was the BPI Family express doesn't allow USD->Peso exchanges on the web.

It's a bummer coz I'd have to go to a physical BPI family branch to do it and they are few and different than BPI itself. They just their website and name :)

BDO does costly wire transfer ($10 USD) and has no online exchanges like BPI does.

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Yeah. Its real easy with a BPI USD and peso account to do FX during business hours online. I have an app on my phone to help watch the FX rate. Then try to do the USD to peso FX online with BPI when the rate looks good. I fund the USD account by depositing checks written on my US credit union account.

[tomaw]

The problem was they made foreign banks leery of allowing Americans to have accounts.

A bank, or anyone else not wanting to take our money? That's a first! :-)

[tomaw]

When I move to The Philippines I plan on having both a US bank account and a Philippine bank account. Which should I have my SS Check deposited into? US bank seems more secure but the Philippine bank seems easier and cheaper to withdraw from.

Edited September 16, 2014 by tomaw

[robert k]

I know it sounds counterintuitive, a bank that doesn't want money but it was the IRS imposing reporting requirements on foreign banks. The banks don't want the reporting hassle. I think it was pretty well hashed out and my take was you can have a bank account if you will waive the confidentiality of your account for IRS reporting purposes and if your account is not interest bearing. I'm sure you can figure out the ramifications. :1 (103):

[Alby]

Earthdome, that's one of the best ways to do it.

Tomaw, I just keep few 1000s in a Filipino bank account.

I have recently discovered that BPI is best. They do online exchange from USD account to Pesos savings account and they have lower limits to waive fees.

BDO asks for 100,000 P to open a checking when BPI asks for 10,000 P.

Just make sure you don't open the account with other banks that have BPI in the name coz some of them use BPI and the website but provide less service like BPI Family Express.

Mind you, I am thinking of opening and account with HSBC here. They have branches around the world including the US.

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[Kai San]

have you guys tried using bitcoin to transfer funds from ur us bank to philippine bank? im currently testing sending money from coinbase to coinxchange.ph

[Alby]

Kai. Pls. try it and let us know the procedure. Just make sure that banks here accept bitcoin for exchange, etc.

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[Tukaram (Tim)]

i see no reason to keep more than a couple thousand dollars here at any one time. All my money stays in the US.

[Alby]

That's what I do too Tuka. It's not that I don't want to but it's not advisable to do otherwise!

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