USD account or PHP account? Banks in Phils.

Larry Fisher asks. . . .  I need to quit delaying and just open a Philippine Bank account. Especially with such awesome exchange rates available right now. So I'm planning to go down to my wife's bank today to open an account. I'll deposit 10-20k php or whatever to open it. Then I'll transfer a few thousand USD via Wise or such. My question is around USD account or PHP account? I've heard mention of this before by expats. But I don't "get it". What's the difference and what's the point? (I don't know if her bank even offers both, just asking in advance).

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Some time ago, six years in fact when I came to the Philippines, I was unable to open an account at BDO, so I used my wife's account. She had Dollar & Peso accounts. After the proper paper (13A) I could have opened an account but didn't bother. Being married now 18 years there is no problem with trust.

Well anyways using Wise, I could transfer USD from Citibank USA to Peso account to BDO. I ran into a snafu trying to transfer with Wise transferring USD Citibank to BDO USD. Wise could not transfer Dollar to Dollar.

I think the problem was no profit, (vigorish) on the exchange rate being dollar to dollar. I never persuade it any further as it was not important to me. There were many workarounds I could have used.     

Thanks Bob. I've been using remitly and just picking up at the pawnshop in town (don't ask me to spell them). But while I'm saving from the ATM fees, the vig is still 1.5-1.8p per dollar off the forex. So I looked at Wise again today and finally linked my bank and the vig is less than 1p per dollar. So I want to take advantage while the rate is high. I just need to open that account. Of course it's Saturday today. And while I was up at 4am checking my stocks while the market was open (because it's Friday in the US), I didn't think anything of it and went to town to open an account....ooops. It's SATURDAY in the Philippines bro!

Larry I simply go bank to bank from Oz to PH and .1% lower than the live market rate,,,,, I watch don't worry.

No problems. costs me 5 aussie dollars to send a million pesos or more at near live market rates. Been using this system for over 5 years.

Cheers, Steve.

@bigpearl Is there something unique about the Australian banking system? No fees to send, hidden or otherwise? From Canada (cnd$ to pesos) there always seems to be some sort of fees esp if bank to bank.

@Dude55

No there is a 5 buck fee from my bank but they are pretty much on the ball with live market exchange rates, and give you 30 seconds to lock in the transaction, as said about .1% lower so a million pesos we lose around P1K, no complaints. initially the BDO account we transferred to here were charging us P200 per deposit and we went in and questioned the manager, he blamed some intermediary for taking those funds, told him he was talking crap as bank to bank there is no one in between and if they charge that 200 peso fee again we will move to a decent bank,,,,,, never been charged since, like most things here taking the piss.

Don't put up with the B/S.

Cheers, Steve,