Check Deposits

[Mike S]

It is also a way to make additional funds by holding your money ..... in this day and age of electronic transactions .... I write my check on the 1st of each month .... from Cebu it goes to Manila and to my bank in Florida ..... my bank CLEARS this check by the 5th of each month but it is not credited to my account until the 29-30 ..... so if it takes 5 days to clear the US it should only take 5 more days to back to Cebu ..... as I said they are using your money to make additional interest on EACH foreign transaction ..... multiply that by 10,000 to 100,000 per month and you get the whole picture ....... I used to do the same thing with vendors in the US ..... never pay before 30 days ..... use their money to make you money .....

[Jim Sibbick]

I know I can get my Canadian Military Pension deposited directly into my Philippine bank account (once I have one) and in Philippine Pesos...I wonder if they would make me wait the 22 days as well?

If it is deposited electronically, then no. Even if the Philippines bank is backwards in their operating systems and have to process the payment manually, then it will be just a few days for the processing.If the Canadian bank sends a cheque to the Philippines, then yes, expect to have to wait while the cheque is cleared.Regards: Jim

[i am bob]

I know I can get my Canadian Military Pension deposited directly into my Philippine bank account (once I have one) and in Philippine Pesos...I wonder if they would make me wait the 22 days as well?

If it is deposited electronically, then no. Even if the Philippines bank is backwards in their operating systems and have to process the payment manually, then it will be just a few days for the processing.If the Canadian bank sends a cheque to the Philippines, then yes, expect to have to wait while the cheque is cleared.Regards: Jim

Thanks Jim!This would actually be a Canadian Federal Government deposit... Oh, my! That could really be trouble! :cheersty:

[Ashanti]

Heres an animation of how cheque clearing works.

Nice that you included an animation to explain check clearing, annoying that it included audio that started playing when I viewed this page.

sorry.......... i dont control the presentation, i just copy and past the website (im not internet savy)

[earthdome]

Heres an animation of how cheque clearing works.

Nice that you included an animation to explain check clearing, annoying that it included audio that started playing when I viewed this page.

sorry.......... i dont control the presentation, i just copy and past the website (im not internet savy)

Right. One thing you could have done is link to the presentation rather than embedding it in the page.No harm done.

[Retirednlovinit]

I deposited Amex Travelers checks to PNB and had to wait 30 days. I later asked about depositing a personal check on my US account and they said that is ok but it would take 30 days. I figured out how to make direct transfers so I have not tried depositing a check.

I deposited Amex Travelers checks to PNB and had to wait 30 days. I later asked about depositing a personal check on my US account and they said that is ok but it would take 30 days. I figured out how to make direct transfers so I have not tried depositing a check.

[Mike S]

Once you get used to depositing a foreign check and waiting the 22 working days for the check to be credited to your account it is simple and cheap ..... and what most people living here full time do ..... you just have to get over the fact that they keep your money that long ...... after all ... different country different rules ..... just remember if you are from the US they have lots of different reporting requirements for foreign bank accounts ...... and so VERY stiff penalties for failure to comply .....

[Call me bubba]

I deposited Amex Travelers checks to PNB and had to wait 30 days. I later asked about depositing a personal check on my US account and they said that is ok but it would take 30 days.

You had to wait 30 days for a AMEX TRAVELERS CHECK?,( is their a AMEX office near you to cash in person?)

or when your in a major town(cebu/manila) cash the AMEX travlelers check

then deposit in your bank. can that be done or too far?too much trouble?

OMG what a sorry state of the RP banking system when this happens?

have you reported this to AMEX or BSP to see if this is REAL/Correct way to do this type or transaction?

[Dave Hounddriver]

when your in a major town(cebu/manila) cash the AMEX travlelers check

I bet you don't know anyone who has done that. I certainly don't. I know many who have tried though. For some reason no one likes travelers checks in Philippines.

[Call me bubba]

when your in a major town(cebu/manila) cash the AMEX travlelers check

I bet you don't know anyone who has done that. I certainly don't. I know many who have tried though. For some reason no one likes travelers checks in Philippines.

Thank you Dave, I (us) have learned something new.

I was totally unaware that it was "hard" to cash AMEX or other types of Travelers checks.

Has any one had any experience in cashing travelers checks

could you please share your it with us.

(no i dont mean that kind of experience :nudie: )

I know of, in Metro manila, 2 Amex "offices" not sure if it is a "true" AMEX.

SM-megamall & Malate (ermita) not sure of that office

as when i last went there, late 2011 ,it had moved,so many new construction..

Edited May 1, 2012 by Call me Bubba