Good bank for an expat in the Philippines?

[roddavis]

On 5/11/2020 at 11:03 PM, GeoffH said:

If you are on a tourist visa you will find it difficult, if not impossible to open a Philippines bank account.

Just keep/get a bank account in the country you are from and do money transfers or ATM cash withdrawals. There are so many money transfer companies listed, so why worry can/can't get a local bank account here with form xyz/ID. Just wait until you are established here before opening an account and where! 

[Howard]

On 5/17/2020 at 9:28 AM, Jack Peterson said:

 What law JGF about not opening accounts? 

 

 

 

 

Mostly the American laws that international banks have to follow if they want to continue to do business with American banks. Look up FATCA. Any American that opened an account here with a larger bank had to fill out a lot of initial FATCA paperwork when they opened their account.(Again, maybe not one of the local small banks...But they are not covered by PDIC insurance and if they fail or just disappear to the province...You're Screwed!) Overseas banks with American account holders have to submit paperwork every year on them. Are there laws like that from other countries? Probably, and maybe the banks here  just find it easier to group all foreigners together when approving accounts. My guess on why it's hard for a tourist to get an account? because they figure it's a lot of work, paperwork and hassle for someone who might leave the country next week.

[Plumbot]

Hey! You can check Blackcatcard. It works all over the world. The account is opened online in just a few steps (registration is a bit weird, I had to take selfies several times but it's much easier than applying to countless number of banks without any positive result). That's a euro Mastercard card so it is convenient for you as, I suppose, you are a EU resident. You can withdraw money at any ATM accepting Mastercard. Check its conditions on their website, that's quite a decent card

[Jollygoodfellow]

On 8/10/2020 at 8:43 PM, Plumbot said:

Hey! You can check Blackcatcard. It works all over the world. The account is opened online in just a few steps (registration is a bit weird, I had to take selfies several times but it's much easier than applying to countless number of banks without any positive result). That's a euro Mastercard card so it is convenient for you as, I suppose, you are a EU resident. You can withdraw money at any ATM accepting Mastercard. Check its conditions on their website, that's quite a decent card

I dont see any reason someone wanting a bank account in the Philippines would want another account somewhere else. Im sure the OP has a bank account in his home country and his cards will work here to. Seems like your pushing an agender promoting this? 

[Balisidar]

54 minutes ago, Jollygoodfellow said:

I dont see any reason someone wanting a bank account in the Philippines would want another account somewhere else. Im sure the OP has a bank account in his home country and his cards will work here to. Seems like your pushing an agender promoting this? 

Yeah, that's what I was thinking as well.  Join an expat forum yesterday just to post that?

[Avalon]

If you have a valid Passport and ACR iCard you are permitted to open an account - but the reality is it will vary from branch to branch.

I've been living here since 1997 on a Tourist Visa - only now (two weeks ago I believe) did my 13A get approved in BI Manila as the lockdown gave me no choice but to apply for a 13A (married since 2013)

I had accounts here with HSBC (Peso, HKD and GPB) and UnionBank (Peso Debitcard) in 2017 when BDO Angeles approved my loan for a new Toyota 4x4 Hilux - on a Tourist Visa.  The vehicle was PHP1.52 million on 25% deposit so the loan was about PHP1.1 million.

As part of the loan setup I needed a Savings Account with BDO for the direct debit payments to come from and so I went to my local BDO in Concepcion, Tarlac to open this locally.  The manager apologised that he could not open such an account for a foreigner - only a joint account with my wife.  I showed him the letter from BDO Angeles approving the loan and said "You better ring this guy then and tell him you can't do it".  A huddle ensued followed by a big smile and "Sir. we can open your account!"

My point is one branch of BDO would give me a vehicle loan on a Tourist Visa - the next wouldn't give me a Passbook Savings Account.  If you get refused, smile, go to the next branch, rinse and repeat.

BSP (Central Bank) rules are purely Passport and ACR iCard - the rest is local bank and branch interpretation.

 

[Shady]

On 5/12/2020 at 10:55 AM, Snowy79 said:

You can Globally link them online from the HSBC site and it takes seconds.

Just  to confirm, your account with HSBC was Premier? Because I think that's the only way you can link.

[Snowy79]

4 hours ago, Shady said:

Just  to confirm, your account with HSBC was Premier? Because I think that's the only way you can link.

Just a basic HSBC Premier account. 

[Shady]

5 hours ago, Snowy79 said:

Just a basic HSBC Premier account. 

ha, there's nothing basic about Premier, it's one of the best bank accounts if not the best, but those requirements,  $75,000 minimum balance?

[Snowy79]

5 hours ago, Shady said:

ha, there's nothing basic about Premier, it's one of the best bank accounts if not the best, but those requirements,  $75,000 minimum balance?

As long as I have over 100k peso in the account that is all I need.