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Barrie J Dent

Good bank for an expat in the Philippines?

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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! 

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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.

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