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Banking in the philipines

Last activity 11 September 2023 by Larry Fisher

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windsurfer51

Just wondering if anybody would have some advise as to which bank would be best to open an account with debit card options.

I am planning on renting a condo and stay in Cebu city for 4 months starting in nov 2023

Enzyte Bob

Use your debit card from your home counties bank if you are only going to be in the Philippines four months. On a four month stay I don't think you could qualify for an account in a Philippine bank.

Lotus Eater

Yes copy that. As a visitor myself I always carry two Debit cards from two different UK banks just as a back up.

You might lose one or worse case scenario it could be stolen. Some banks don't include ATM charges on withdrawals and of course the best exchange rate is always through a Debit or credit card while abroad.


As per previous comments on this forum regarding rentals. I would not commit to renting a condo until you arrive in Cebu City. Airbnb it for a week say and physically check out a potential condo: preferably one that prohibits karaoke, pets and kids.

November is an excellent month to start your visit. Tail end of typhoon season going into a drier period and a darn site warmer than Canada for the next 3 months. You may even as a Canuck be given the nomenclature 'Snowbird' :)

windsurfer51

Good ideas, thank you

Ivo sonnenberg

I got a banc account by BDO wenn i had my ACR card. But even with that it can be hard. I just went there and asked the woman who handled me out for dinner, that did the trick. That was years ago, maybe now its more easy. I believe they also wanted to see a copy of the contract of the house i was renting at the time. It was in Puerto Princessa were i lived on Palawan. If you are there, dont go north to el nido, go south the tribes there are starving, buy something from them and make them teach you to feed the crocodils from hand. The nativs will show you nature as you never saw it before.

NN3M/DU3

Most of the larger merchants, and even smaller ones like WalterMart in the provinces, use BDO as their payment gateway so it makes sense to choose BDO for a PH bank account.


I was able to open a bank account on my first trip here as a tourist ... but had to get "barangay clearance" first.  This is a document that says you are a resident.  If your GF knows the captain getting barangay clearance is pretty simple.  Then you go to the nearest municipal building and pay a small tax.  Mine was p52.  (Even though we had just met, he knew I intended to live there.  He had already heard about me.)


I remember being asked to print my name then sign over the top of the printed name.  I thought that was strange, but it's the norm here.


Taking the tax receipt, barangay clearance, and passport, we chatted with the bank manager for a few minutes, then began filling out the paperwork.


I found it very convenient to have a local bank in PH.  Before I came here I could transfer USD easily through Wise, Remitly, or Sendwave, and track how funds were being disbursed on the other side.  Having a local debit card makes transactions work where your US-based credit card is not accepted.  (Friendship Market, for example.)  And you get free or cheap (like p10) ATM withdrawal fees instead of international US fees (a few bucks per).

willTol

I am a bit late to the party but I would recommend Maya bank as long as you got a Philippines phone number, it's easier to open an account there as a foreigner, they only ask for your passport. You can then order their visa or mastercard, you can also transfer Wise, Remitly, or Sendwave there

Enzyte Bob

willTol said . . . . . I am a bit late to the party but I would recommend Maya bank as long as you got a Philippines phone number, it's easier to open an account there as a foreigner, they only ask for your passport. You can then order their visa or mastercard, you can also transfer Wise, Remitly, or Sendwave there

****************************************


Is Maya bank primarily a digital bank? Do they have any brick & mortar or ATM locations?

Lotus Eater

@Enzyte Bob



"Is my money safe with Maya Savings? Absolutely. We own a digital banking license from the Bangko Sentral ng Pilipinas, meaning our customers are protected by very strict standards and guidelines. In addition, deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor."


That works out at US$ 9K. If you stick with your home country bank you will have a much better level of protection if things go tits up. Would I have piece of mind that PDIC would pick up the tab if the worst happened? Do I have confidence in the Philippine banking system? I think you all know the answer to that one.

willTol

@Enzyte Bob they are but if you want quick and hassle free banking that's the way to go, they don't have physical locations but you can withdraw from pretty much all banknet Atms, there's like a P20 fee max depending on the bank and you can also cashout from places like SM, Savemore, Ayala malls, plenty of Maya center and other places in Cebu

pnwcyclist

Just use your home country bank debit cards and bring two for backup. After 9 years visiting and living in Cebu and other areas that's all I have ever done. I do also transfer as needed from my bank to GF's BPI account. No need to open a local account and there can even be disadvantages to that anyway from tax perspective. Keep it simple.

AlbertaDonuts

@pnwcyclist

Thanks< I had not thought about bringing a second bank card, duhhhh.  Just ordered it.  I appreciate your comment which I have acted on.


Donald

Capt. K

What about making large cash purchases like a scooter, motorbike or even a car? Wouldn't it be easier to transfer those funds from a bank in the home country to the local bank then withdraw that money from the local bank? Or, is there a better solution?

bigpearl

Welcome to the forum Capt. K.


Yes, direct deposit. We leased a condo here 13 years ago and paid the owner a year in advance and the funds direct to her PH. account, purchased a beach house here 6/7 years ago and I shopped online with brokers for the best exchange rates and fees, that money was direct deposited to the agents trust account from Australia.

New car purchase direct deposit from Australia to the dealership.


Once you are here for 4/5 months and obtain an ACR1 card then open a bank account here and transfer funds there, if you just want a scooter small bike then they are only AU 2 to 3K new. US 1,400/2,000.


You can also rock up here with US 10K cash without declaring, make sure to bring the receipt where you got the funds from incase.

As others have mentioned bring your debit and credit cards and be prepared for the fees and lower exchange rates but a must as back up.


Good luck.


Cheers, Steve.

Capt. K

@bigpearl Thanks for the reply. When you say direct deposit from Australia to the payee's bank account, are you referring to an ACH (bank to bank) transfer or a remittance service such as Wise, Remitly, Western Union, etc.?

I just applied for my ACR-I card and should have it in another week...just before my 60th day here. Once I have the ACR card, I plan to checkout a number of local banks as recommended by various expats (some for and some against): BDO, BPI, Bank of Commerce, etc.  As I understand it, each branch varies on the requirements for foreigners to set up an account so I'll just check them and see. Being able to put a few ₽1k in an account and using their debit card would be a nice addition to my Charles Schwab debit card although I will only be here for another 5 months, then go back to prepare for a permanent move. I'm just wondering if the bank would be sending mail to my current address which will be invalid when I leave.

That brings up another question which I will create a new post for...availability of Post Office boxes in the PH.

bigpearl

@Capt. K


Bank to bank, my account/s to their/receivers nominated account for the transaction, never used Remitly, Wise, western union etc. no need.

As for opening a bank account good luck, just be patient, might take a few branches. All correspondence with our banks here are digital, no mail. Stipulate that when opening an account.

Nice to set up an account or 2 before your permanent move.

If you can avoid the postal system here please do, they are as useless as tits on a bull, and many complain about things going missing.


Good luck.


Cheers, Steve.

Larry Fisher


    What about making large cash purchases like a scooter, motorbike or even a car? Wouldn't it be easier to transfer those funds from a bank in the home country to the local bank then withdraw that money from the local bank? Or, is there a better solution?
   

    -@Capt. K


I landed here Nov 28th. I purchased a car Dec 5th? Sight unseen, new car, Salesman close relative of my gal and "we know where he lives". It was only a Brand New Mitsubishi Mirage hatchback. Roughly $13,000 USD. I sent the money via wire transfer to the car dealerships account. It was there in 24 hours. But didn't clear the dealers account for 30 days. And the receiving bank wouldn't give answers to someone else's account. It wasn't until I made a shit ton of noise with the dealership manager to do his job and account for the money that it appeared to clear. But that was a month. I absolutely wouldn't have minded if I got this information, in writing ahead of time, or the bank fully explained. But it "appears" like it was sitting there to be cleared of money laundering. Yet no policy nor statement of effect was ever given.

One of the frustrations of the Philippines. Is it really that hard to just be straight with people? Too many blank stares when it comes to accountability. But I love it here! Just gotta turn the patience mode on "high".

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