Philippine bank question PDIC

[robert k]

2 hours ago, hk blues said:

In theory you may be correct, but for practical reasons living here kinda makes having an account here desirable.  I keep enough here to last up to 2 years and just replenish from the UK when it drops to less than 3 months.  So, if my bank when bust It would hurt but not that much.  I'm more worried about my UK banks going bust!  

The US IRS/Treasury department has requirements if you keep even fairly modest sums overseas. Frankly, I do everything I can to stay legal and I still don't want to attract any more attention from them than necessary. My post that you quoted was tailored to the OP. I don't think he would have the same experience as someone from the UK.

[Tommy T.]

3 hours ago, Dave Hounddriver said:

you have a will that they accept.

That's on my list. I have no heirs, no USA family...no one there. So I want to make sure all my assets will go to L here. I have been very remiss on doing a will...

[Tommy T.]

I also feel I am fortunate in that I found an attorney that I feel I can trust implicitly... Yeah yeah yeah... maybe I am mistaken, but, so far she has done a really good job for me concerning construction contracts, land leases, etc. ....

[Dave Hounddriver]

2 hours ago, Arizona Kid said:

I keep mine in my mattress.

You too?  It actually works great.  That way you can roll over and slide out 500 for her without having to get up and find your wallet or show her to the door. 

[Gary D]

11 hours ago, Dave Hounddriver said:

OR one of the big banks here that are owned by foreign companies.  Less likely to fail.

I didn't think that was allowed in the Philippines, HSBC etc are just franchises and I assume Philippines rules apply.

[Dave Hounddriver]

6 hours ago, Gary D said:

I didn't think that was allowed in the Philippines, HSBC etc are just franchises and I assume Philippines rules apply.

Read the foreign investment negative list.  Foreigners cah own 100% of Philippine banks provied they follow all the rules of the Banko Sentral

[dj3642]

On 7/3/2019 at 12:35 PM, Tukaram (Tim) said:

I would not keep that much money in the PIs. I keep my money in my US bank.

... ok then how do you get your money from the US when you need to have it moved here??  when i originally sent money over here.. i had to be there in person.. 

[Tommy T.]

8 minutes ago, dj3642 said:

... ok then how do you get your money from the US when you need to have it moved here??  when i originally sent money over here.. i had to be there in person.. 

I do wire transfers from my bank in USA. Usually transfers same day or next and funds are available in about 2 to 3 days normally - weekends, of course, don't count. I do it all online then just call the bank here to verify funds received.

[dj3642]

2 minutes ago, Tommy T. said:

I do wire transfers from my bank in USA. Usually transfers same day or next and funds are available in about 2 to 3 days normally - weekends, of course, don't count. I do it all online then just call the bank here to verify funds received.

i just went to my us bank website and it specifically states that outgoing international wire transfers from the US have to be done in person.. may i ask what bank you use??.. i may have to go back to the US and open up an account with a bank that i can move money here.. FROM here.. 

[Tommy T.]

1 minute ago, dj3642 said:

i just went to my us bank website and it specifically states that outgoing international wire transfers from the US have to be done in person.. may i ask what bank you use??.. i may have to go back to the US and open up an account with a bank that i can move money here.. FROM here.. 

I use Charles Schwab. It actually comes out of an investment account (still cash) rather than the attached bank account. The only stipulation is that it must be US $ transferring as US$ - so it goes into my US$ account at my bank here. I was surprised how easy it really is to do...