American Citizen: Several Months In The Country = Open A Bank Account Or Currency Exchange?

[John Michael Kane]

I'm a first-time visitor to the Philippines, coming from the US. The company that I work for has me scouting out some office space in the Manila area, and I'll be trying to setup a local division in the next few months. As I'll try to be here at least 90 days, it seems wise to have a local bank account. 

 

I've heard that Banco de Oro is the largest one with lots of branches/ATMs. Does anyone have experience with this bank? If you think there's a better alternative, I'd like to hear your suggestions.

 

Also, right now I have checking accounts with Chase Bank here in the United States. Is it fairly easy to open a checking account with Banco de Oro or some other PH bank and just wire US Dollars to them and have them convert it into pesos? I'd prefer not to travel with tons of USD on me, unless it can be easily converted at the airport or nearby, but I would think the fees would be higher going that route. Yes? No? Other suggestions or tips?

 

Thank you in advance for all the help!

[earthdome]

I have no experience with BDO, have used BPI for over 2 years. You can open both a USD and Peso savings account with ATM card. Then I just deposit a check written on my US bank into the USD account. Due to US financial regulations you have to wait around 3 weeks before you can access the money deposited by check. Make sure you enable online banking for your accounts. Then during bank business hours you can go on the BPI website and transfer with FX from your USD to your peso account. BPI gives pretty good exchange rates for this and slightly better rates online than doing the FX in person.

 

Then you can use your peso ATM card for purchases or just withdraw pesos as needed from an ATM.

 

One word of caution. With the US FATCA laws you should ensure you have less than $10,000 USD combined in all your financial accounts outside of the US or you will have to file an annual report with the IRS detailing your foreign financial holdings.

[Dave Hounddriver]

Is it fairly easy to open a checking accoun

 

Some have told me it is easy.  I always have trouble opening a checking account here.  But a savings account is easy once you have been here 3 months (2 months to qualify for a temporary visitors ACR card and another month before actually getting it).

[OnMyWay]

 

Is it fairly easy to open a checking accoun

 

Some have told me it is easy.  I always have trouble opening a checking account here.  But a savings account is easy once you have been here 3 months (2 months to qualify for a temporary visitors ACR card and another month before actually getting it).

 

 

I have never had a need to write a check in the 2+ years I have been here, so I don't see a need for a checking account.  Savings with ATM works for me at BPI.

[1bigbadbird]

Open a HSBC Bank acct. They are world wide. No fees if you do direct deposits. The local branches are only in about 6 major large u.s. cities but it can be done through the mail. You can use ATM card all over the Philippines at no cost.

[virginprune]

Open a HSBC Bank acct. They are world wide. No fees if you do direct deposits. The local branches are only in about 6 major large u.s. cities but it can be done through the mail. You can use ATM card all over the Philippines at no cost.

I have a hsbc account in the UK. When I have used my atm card here I have had a decent exchange rate. However, there is a fee from hsbc, for using abroad, also a fee for using whichever bank's atm, in my case BPI. The fees are similar to world remit but with a slightly better exchange rate.

If you open a HSBC account here you may get free withdrawals, I cannot comment on that but I would say that if you are only here for 90 days, I would not bother with a local account.

Edited May 16, 2015 by virginprune

[1bigbadbird]

I use a Debit Card at HSBC ATM's and have never been charged for anything. I also use this method to send money to my wife's mother, I just sent them a Debit Card with a pin number. Works great...

[virginprune]

I use a Debit Card at HSBC ATM's and have never been charged for anything. I also use this method to send money to my wife's mother, I just sent them a Debit Card with a pin number. Works great...

That is correct if you are using their own atm's but there aren't many of them here. Just seven branches in all the Philippines, in my case, a four hour road journey away. So I would surmise that mainly the withdrawals would be done at a local bank atm where charges apply.

Edited May 17, 2015 by virginprune