Best Bank for Dollar Accounts?

[Gator]

5 hours ago, OnMyWay said:

They have a new version of the app that I have not installed yet.  Have you tried it?.

I read the reviews and seems like a lot of issues / bugs still need to be worked out. I’ll keep using the old one until BPI gets their s*^t together. 

[StayAtHomeDad]

Thanks for the input guys. The wife will be inquiring about a new BPI dollar account sometime this week. I appreciate the insights.

[fototek1]

Metro Bank allows dollar transfer from US account to Peso account in the Philippines. 

[Dave Hounddriver]

19 hours ago, StayAtHomeDad said:

I would be perfectly satisfied if I could find a local bank that lets me move money from my dollar account to a peso account without having to go to the branch.

It must be safe to assume that the difference in exchange rate does not bother you.  Many lower income expats prefer to take out US$ and go to a money changer that will give a little higher rate than the bank's online rate.  Often its less than a peso difference but in the past it was quite a big deal.

[OnMyWay]

42 minutes ago, Dave Hounddriver said:

It must be safe to assume that the difference in exchange rate does not bother you.  Many lower income expats prefer to take out US$ and go to a money changer that will give a little higher rate than the bank's online rate.  Often its less than a peso difference but in the past it was quite a big deal.

Recently, BPI online usually beats street changers.  BPI online is 56.1 right now and Villarica online is only 55.4.  Both have not been updated today but usually update around 10 am.

[StayAtHomeDad]

1 hour ago, Dave Hounddriver said:

It must be safe to assume that the difference in exchange rate does not bother you. Many lower income expats prefer to take out US$ and go to a moneychanger that will give a little higher rate than the bank's online rate. Often it's less than a peso difference, but in the past it was quite a big deal.

 

Of course, the exchange rate is important. But as I get older, I find the convenience and time savings to be even more important. Besides, it seems the difference in the exchange rates between banks and moneychangers doesn't seem to be as big as it once was.

[StayAtHomeDad]

2 hours ago, fototek1 said:

Metro Bank allows dollar transfer from US account to Peso account in the Philippines. 

 

Can you do that online or in their app? Or, do you have to visit the branch to transfer the funds?

[OnMyWay]

4 hours ago, fototek1 said:

Metro Bank allows dollar transfer from US account to Peso account in the Philippines. 

I would be very careful with this method.  I suspect there will be a nice chunk of money made on the exchange rate.

[hk blues]

2 minutes ago, OnMyWay said:

I would be very careful with this method.  I suspect there will be a nice chunk of money made on the exchange rate.

Why would it be any different to doing the same with BPI?

I don't have any dog in the fight, just wondering why BPI is recommended but Metrobank not.

[Gator]

8 minutes ago, hk blues said:

Why would it be any different to doing the same with BPI?

I don't have any dog in the fight, just wondering why BPI is recommended but Metrobank not.

I don’t know of a specific reason if one is better than the other as I only have an account with BPI. But what might be a minor factor is the exchange rate. Today at 12:06 pm:

BPI = 56.20

Metrobank = 55.40