Writing Ones Self A Check To Deposit In The Phils?

[OnMyWay]

 

Looks like the delay is, in fact, on the US side.  I was surprised.

 

I have heard others say that the check cleared their US account within the first week but they still could not access the money for 30 days.  IF it is on the US side then every other country should be able to deposit checks and have them clear much faster.  I asked my bank manager (years ago) if I could open a Canadian dollar account and deposit checks drawn on my Canadian bank.  She said Yes but I still have to wait 30 days for the checks to clear AND I have to take the money out in pesos because, unlike US dollars the bank does not keep a supply of Canadian dollars on hand to allow me to withdraw and they will not bring them in special for me unless I am a VERY important customer.

 

EDIT:  Taking the money out in pesos means I am subject to whatever exchange rate that bank wants to give me on that day.  It is never in my favor.

 

 

Yes, this is my experience.  My most recent check was deposited at BPI Subic on May 5 and deducted from my U.S. Chase bank account on May 7.  Funds available in my BPI account on May 30th.

 

My theory is that they hold the funds due to massive check fraud in the past.  Just a theory. I think BPI still pays interest on the funds but the money does not show as "available'.  Not a big issue for me as it is far better than paying ridiculous fees for other transfer services.

[Gerald Glatt]

What if the check is written in pesos or for peses is it debited at the exchange rate when written or when finally available to you?

[scott h]

EDIT: Taking the money out in pesos means I am subject to whatever exchange rate that bank wants to give me on that day. It is never in my favor

 

Never, ever, ever, ever exchange home currency for pesos at the bank. Always use an outside vendor. If a huge amount and your worried about security, ask the bank if they have a exchange dealer on call. (of the 3 banks I have used here, all have had one) they will normally send a representative down and exchange it at a better rate on the bank grounds, then deposit or whatever your pesos.

 

As with everything, rules and policies change branch to branch. Our branch charges 200 pesos per $2000 check we deposit. If we want to deposit a large amount (10k let say) I forget exactly, either they wont don't it or the service fee is outlandish (BPI here in Manila).

 

Suggest OP asks all the questions before settling on a branch

[earthdome]

Never, ever, ever, ever exchange home currency for pesos at the bank

 

That depends on your bank. BPI has competitive rates that are close enough to what you get on the street to make it worth the few centavo's you lose to use them for FX.

[OnMyWay]

What if the check is written in pesos or for peses is it debited at the exchange rate when written or when finally available to you?

 

I don't think this scenario would ever occur.  If a check is written in pesos it would be from a peso account, and depositing to a peso account, there would be no exchange rate involved.

 

Dollar checks are deposited only to dollar accounts.  That is why you have to get a dollar account opened first.  Then you choose when to convert to pesos any time after the check clears.

[OnMyWay]

As with everything, rules and policies change branch to branch. Our branch charges 200 pesos per $2000 check we deposit. If we want to deposit a large amount (10k let say) I forget exactly, either they wont don't it or the service fee is outlandish (BPI here in Manila).

 

Huh?  I would ask to see the schedule of fees and/or talk to the manager and then get another bank if they don't budge.  I would not bank at a bank that charges me to deposit money.

 

In almost 3 years of banking with BPI, the only fee I have ever been charged is p15 when I used another bank's ATM.  My accounts were opened at an Alabang branch and I have never switched them to Subic.

[scott h]

Huh? I would ask to see the schedule of fees and/or talk to the manager and then get another bank if they don't budge. I would not bank at a bank that charges me to deposit money.

 

Like I said, as you Know OMW things vary from bank to bank. Do you deposit dollar checks drawn on a USA bank for deposit? just to make sure we are comparing apples to apples.

 

But the bottom line is that my wife if happy dealing with this branch because they have safe deposit boxes there. And a P200 fee per check is more than worth having to deal with an unhappy wife.

Edited June 11, 2015 by scott h

[Dave Hounddriver]

What if the check is written in pesos or for peses is it debited at the exchange rate when written or when finally available to you?

 

If you mean writing a check on your dollar account but designating it as Pesos the bank will give you a very poor exchange rate.  The banks hate to handle that kind of check as each one has to be manually handled and that means they actually have to work.  They therefore punish you by giving poor exchange rate and high handling fee.  Such was explained to me by my Canadian bank manager.

[intrepid]

In almost 3 years of banking with BPI, the only fee I have ever been charged is p15 when I used another bank's ATM. My accounts were opened at an Alabang branch and I have never switched them to Subic.

 

OMW,

So from this statement can I assume BPI will allow me to open both dollar and peso accounts?  BPI is where my wife wants to bank.  Just curious, do most Philippine banks offer both dollar and peso accounts?

[OnMyWay]

 

In almost 3 years of banking with BPI, the only fee I have ever been charged is p15 when I used another bank's ATM. My accounts were opened at an Alabang branch and I have never switched them to Subic.

 

OMW,

So from this statement can I assume BPI will allow me to open both dollar and peso accounts?  BPI is where my wife wants to bank.  Just curious, do most Philippine banks offer both dollar and peso accounts?

 

 

Yes, that is correct.  I think most Philippine banks have dollar accounts and peso accounts, and some have other currencies too.  This is probably because there are so many OFW.

 

Here is a link to BPI interest rates, and you can see dollar and other rates at the bottom.

 

https://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/DepositRates1