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Good bank for an expat in the Philippines?


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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?

Having a blonde moment.  It's the advance account I have. 

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What law JGF about not opening accounts? I am sure this still depends on individual banks, I see many here on Tourist Visa with new Bank Accounts, the main Agenda seems to be ACR cards and proof of Ad

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

I have a UK HSBC account and opened a Philippines HSBC account on my tourist visa.  I can instantly send my Sterling from the UK to a Sterling account in the Philippines for free then watch the exchan

3 hours ago, Snowy79 said:

 It's the advance account I have. 

Your UK was Advance, and then your new PH was another Advance?   

I have a US HSBC account that isn't Advance, I'm wondering if I open an Advance in PH, will they be able to link,  will they even be able to see it and use my address on it like they did with yours. If not, hopefully I can upgrade the US account to Advance.

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8 hours ago, Shady said:

Your UK was Advance, and then your new PH was another Advance?   

I have a US HSBC account that isn't Advance, I'm wondering if I open an Advance in PH, will they be able to link,  will they even be able to see it and use my address on it like they did with yours. If not, hopefully I can upgrade the US account to Advance.

Yes my UK account was also an advance and straight forward to set up. Linked in seconds. 

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On 10/2/2020 at 8:12 PM, Snowy79 said:

Yes my UK account was also an advance and straight forward to set up. Linked in seconds. 

Was the PH account a peso account or your home currency? Apparently there are restrictions if you open a peso account and you want to make global transfers.

 

 

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17 hours ago, Shady said:

Was the PH account a peso account or your home currency? Apparently there are restrictions if you open a peso account and you want to make global transfers.

 

 

I have a pound and a peso account in the Philippines.  I send Sterling instantly from the UK to my Sterling account in the Philippines.  I get a debt card for that account and can withdraw from most banks with no charges but I lose about 1 peso in the pound.  I watch the exchange rate and when I'm happy I message the bank to move the Sterling into peso in my current account.  I lose about 1/4 of a peso that way and I also have a debit card which I can withdraw for free.  It takes one to two working days to do that exchange. Sometimes I win sometimes I lose as the exchange rate may change before my money converts.

I lost over 1m peso on a massive rate change about 4 yrs ago. I had been sitting with the profits of a house sale in my UK account and the rate had been hovering around 59 to 61 peso for a while with rumours of the pound crashing.  I made a mental agreement if it hit 63 peso I'd exchange to buy a condo here. About a month later it hit 63 peso so I transferred, it hit just over 64 by the time it changed so I was happy.  One week later it hit over 69. :sad: Only for a few days though before dropping again to about 63. 

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