Atm's

[Higg-num]

YES ! USAA does charge 1% ATM fee unless one is military TDY / PCS. Looks like Capital one bank account and / or HSBC. I think I know how to best proceed from this point. THANKS guys !

[Dave Hounddriver]

Here is a problem an aquaintance of mine encountered. He trusted his live in partner so much that she was the one to take his bank card to the ATM whenever he needed another 10K pesos. She always came back promptly, with the card, the receipt and the exact amount of money.

He did not figure out until many months later that she would often make a second 10K withdrawal, pocket the money and toss the ATM slip. He thought he was going through money very quickly and she was living with another foreigner by the time he figured out what she was up to.

Lesson not learned though. He is now married to the next gf and still gives her the atm card to go get money. Wonder if she pockets any?

[cebu rocks]

Now I know there has to be a bank SOME freaking where in the states that if you keep X amount of U.S. dollars in checking they would NOT charge you P.I. ...ATM fee's.

KanoJoe posted about this and then ( Should be read in the strongest of Southern American accents ) up - n- R U N N O F T . :hystery:

Anyone know of a bank like this ????

HSBC with is the best I still say if you have over the minimum balance no fees at all ... This includes all foreign banks so when in the RP your HSBC card is considered a local card .

No 200 pesos fee and no bank fee at most atms . Also very easy to open a local peso account if you have a account at home . They give the best exchange rate Just few real branches but good service . Most won,t be able to get the premier account but the basic one still avoids the 200 international fee .

[MikeB]

Remember folks...I will not be a citizen there in Cebu and am not allowed to have a local checking account unless it is attached to /have branches in my home country U.S.A. ( This is my understanding @ this point )

You don't have to be a citizen to open a local acct, they will be happy to hold your money regardless.

[Dave Hounddriver]

I will not be a citizen there in Cebu and am not allowed to have a local checking account

I have been told by more than a few banks that temporary residents are allowed savings accounts, but not checking accounts. I have been told that we are allowed to deposit checks from foreign sources, but not income from Philippine sources. But those same banks have let me deposit income from Philippine sources so their rules are not so strict. I was not, however allowed to open a 'checking' account but luckily I have no need of one.

[Call me bubba]

YES ! USAA does charge 1% ATM fee unless one is military TDY / PCS. Looks like Capital one bank account and / or HSBC. I think I know how to best proceed from this point. THANKS guys !

The 1% fee is what is charged my mastercard/visa NOT the bank

only very few banks waive this "fee/charge"

some US & other countries banks do charge more.

Higg-num, on 28 April 2012 - 10:47 PM, said:

I will not be a citizen there in Cebu and am not allowed to have a local checking account

dave hounddriver Posted Today, 10:45 AM

I have been told by more than a few banks that temporary residents are allowed savings accounts,

but not checking accounts. ......

........, however allowed to open a 'checking' account but luckily I have no need of one.

when I inquired a few years ago,

I needed to have a "savings" account active for a period of time(6months) and then would I be allowed to open a Checking account,

I guess this is to "prevent fraud" and to know their customer better before they give them more access(privileges)

if you need a "write" a check .

Ask about the BANK or MANAGERS check(draft) . its under 50p at BPI .other banks I have seen its a lot less.

this way you have the check,with the security of the bank backing it up with FUNDS available

Edited April 29, 2012 by Call me Bubba

[Mike S]

I needed to have a "savings" account active for a period of time(6months) and then would I be allowed to open a Checking account,

I was told the same thing at the bank we use ..... but decided to wait until after we were married before doing so .... at first I only used the checking account to pay my rent and utilities but now I use it along with it's ATM card to pay for 75% of everything else ...... just so much easier and safer ..... for us that is .... everyone else is different

[i am bob]

HSBC... Hmmm....

HSBC has stated that they are going to cut way back on what it has in certain areas... I know here in Canada they are closing their "Loans" part of the company though they will keep the banks open. I seem to remember hearing something about them closing many (if not all) their banks in the PI as well though I don't remember the source at the moment. Not sure but I could be wrong... Has anybody else any info on this?

[Higg-num]

Heard the same Bob. Source was a finacial furtune 500 based web site. I'm going with Cap-1 for now.

[kaku]

There are a number of banks and credit unions which don't charge ATM fees (Ex: Fidelity Investments offers a visa/debit card that doesn't charge ATM fees). Unfortunately, most will charge you a currency translation fee (dollars to pesos). This can be 3% or more. You should verify this fee prior to comitting to a bank.