Us Dollar Cash Deposits Held One Week In Pi

[Mr Lee]

I just thought that I would bring this to the attention of some forum readers.......... Certain banks in the Philippines, such as BPI and some others, even hold US Dollar cash deposits for one week before they become available for withdrawal......... I would guess that this is to make sure that none of the bills are counterfit......They also make you list all serial numbers so that they have a record of what bills you deposited in their bank......The hold of course can be overturned by the bank manager if you ask first and make arrangements ahead of time with them and have a relationship with that bank.....I have personally found that it is a very good idea to get to know the managers and higher ups in any bank we do business with, it helps to smooth out any problems we might have along the way. For additional info, Ciitbank does not put a hold cash US Dollar deposits, so I would guess that their employees are better trained or have better test equipment to spot fake money.I guess the money changers are also better at spotting fake money than the real banks because they take almost all currencies and do not blink an eye when taking them, so be advised in case you plan to need your dollars soon after you deposit it, to ask the bank you do business with, what the rules for holds are in that bank.One more heads up is, only bring new crisp hundred dollar bills, you will get a better exchange rate for them and if the bills are damaged in any way, chances are good that the banks or money changers within the Philippines will not take them. I would have to also assume that would also be the case with all other currencies.

[Markham]

I just thought that I would bring this to the attention of some forum readers.......... Certain banks in the Philippines, such as BPI and some others, even hold US Dollar cash deposits for one week before they become available for withdrawal......... I would guess that this is to make sure that none of the bills are counterfit......They also make you list all serial numbers so that they have a record of what bills you deposited in their bank......The hold of course can be overturned by the bank manager if you ask first and make arrangements ahead of time with them and have a relationship with that bank.....I have personally found that it is a very good idea to get to know the managers and higher ups in any bank we do business with, it helps to smooth out any problems we might have along the way. For additional info, Ciitbank does not put a hold cash US Dollar deposits, so I would guess that their employees are better trained or have better test equipment to spot fake money.I guess the money changers are also better at spotting fake money than the real banks because they take almost all currencies and do not blink an eye when taking them, so be advised in case you plan to need your dollars soon after you deposit it, to ask the bank you do business with, what the rules for holds are in that bank.One more heads up is, only bring new crisp hundred dollar bills, you will get a better exchange rate for them and if the bills are damaged in any way, chances are good that the banks or money changers within the Philippines will not take them. I would have to also assume that would also be the case with all other currencies.

I'd be very wary of any bank that took more than a full banking day to verify cash deposits, regardless of which currency those deposits are made. Sounds to me as if those banks want to use the Dollars on the overnight deposit market and trouser all the interest made.Your point about ensuring all your Bills are new and clean is well made, however I have never had to list the serial numbers of any notes I've deposited (with HSBC) - they may, of course, list them in the back office but I have no way of knowing that!One other point worth bearing in mind is that bank accounts are only guaranteed to a maximum of 250,000 Pesos - though there has been talk of raising this limit. (That's currently US$5,128,

[tom_shor]

I just thought that I would bring this to the attention of some forum readers.......... Certain banks in the Philippines, such as BPI and some others, even hold US Dollar cash deposits for one week before they become available for withdrawal......... I would guess that this is to make sure that none of the bills are counterfit......They also make you list all serial numbers so that they have a record of what bills you deposited in their bank......The hold of course can be overturned by the bank manager if you ask first and make arrangements ahead of time with them and have a relationship with that bank.....I have personally found that it is a very good idea to get to know the managers and higher ups in any bank we do business with, it helps to smooth out any problems we might have along the way. For additional info, Ciitbank does not put a hold cash US Dollar deposits, so I would guess that their employees are better trained or have better test equipment to spot fake money.I guess the money changers are also better at spotting fake money than the real banks because they take almost all currencies and do not blink an eye when taking them, so be advised in case you plan to need your dollars soon after you deposit it, to ask the bank you do business with, what the rules for holds are in that bank.One more heads up is, only bring new crisp hundred dollar bills, you will get a better exchange rate for them and if the bills are damaged in any way, chances are good that the banks or money changers within the Philippines will not take them. I would have to also assume that would also be the case with all other currencies.

I'd be very wary of any bank that took more than a full banking day to verify cash deposits, regardless of which currency those deposits are made. Sounds to me as if those banks want to use the Dollars on the overnight deposit market and trouser all the interest made.That was my first thought too. They use your money interest free for a week. I'd find another bank. Your point about ensuring all your Bills are new and clean is well made, however I have never had to list the serial numbers of any notes I've deposited (with HSBC) - they may, of course, list them in the back office but I have no way of knowing that!Yes I had a $100 bill once with a tiny corner missing and no one would take it.One other point worth bearing in mind is that bank accounts are only guaranteed to a maximum of 250,000 Pesos - though there has been talk of raising this limit. (That's currently US$5,128,

[retired]

I just thought that I would bring this to the attention of some forum readers.......... Certain banks in the Philippines, such as BPI and some others, even hold US Dollar cash deposits for one week before they become available for withdrawal......... I would guess that this is to make sure that none of the bills are counterfit......They also make you list all serial numbers so that they have a record of what bills you deposited in their bank......The hold of course can be overturned by the bank manager if you ask first and make arrangements ahead of time with them and have a relationship with that bank.....I have personally found that it is a very good idea to get to know the managers and higher ups in any bank we do business with, it helps to smooth out any problems we might have along the way. For additional info, Ciitbank does not put a hold cash US Dollar deposits, so I would guess that their employees are better trained or have better test equipment to spot fake money.I guess the money changers are also better at spotting fake money than the real banks because they take almost all currencies and do not blink an eye when taking them, so be advised in case you plan to need your dollars soon after you deposit it, to ask the bank you do business with, what the rules for holds are in that bank.One more heads up is, only bring new crisp hundred dollar bills, you will get a better exchange rate for them and if the bills are damaged in any way, chances are good that the banks or money changers within the Philippines will not take them. I would have to also assume that would also be the case with all other currencies.

I'd be very wary of any bank that took more than a full banking day to verify cash deposits, regardless of which currency those deposits are made. Sounds to me as if those banks want to use the Dollars on the overnight deposit market and trouser all the interest made.That was my first thought too. They use your money interest free for a week. I'd find another bank. Your point about ensuring all your Bills are new and clean is well made, however I have never had to list the serial numbers of any notes I've deposited (with HSBC) - they may, of course, list them in the back office but I have no way of knowing that!Yes I had a $100 bill once with a tiny corner missing and no one would take it.One other point worth bearing in mind is that bank accounts are only guaranteed to a maximum of 250,000 Pesos - though there has been talk of raising this limit. (That's currently US$5,128,

[Mr Lee]

Alan, as you know, there are a lot of things that do not seem to make sense to us who come from other countries but letting your wife withdraw from your account, really would be a no no in most any other country. :) That is why I have my checks deposited in US banks, write a check here and wait for it to clear the 21 days or withdraw the funds with an ATM at Citibank here.BTW, I watch them clear my bank in the states on-line and they clear in one or two days, but as you said, they keep the float and make money on it. What I really do not understand is when I write a check on CitiBank US and deposit it in Citibank Philippines and then it takes 21 days to clear at Citibank Philippines, but as we always say, this is the Philippines and we have to expect the unexpected here. :) Things have gotten better over the years and there are now ways to get the money even faster with a wire but I am frugal and refuse to pay any fees that I do not have to pay.

[Mike S]

Well .... at BOC ..... once the check clears my bank in the US ...... generally about 4-6 working days I can draw on the funds here even though the check has not actually cleared for another 12 or so days ..... I know this is true as when I was sick and needed to draw out more money then normal ......... I made a comment that I could only get XXXX amount out of my account as my check from the US had not cleared the 21 days yet ...... I was told by the bank official that no ..... I could draw more as long as I didn't go into the amount required to keep the account open ...... So I guess it all depends on the bank or maybe the bank officials ....... who knows ..... it's da Phils .... hahahaha

[Mr Lee]

Well .... at BOC ..... once the check clears my bank in the US ...... generally about 4-6 working days I can draw on the funds here even though the check has not actually cleared for another 12 or so days ..... I know this is true as when I was sick and needed to draw out more money then normal ......... I made a comment that I could only get XXXX amount out of my account as my check from the US had not cleared the 21 days yet ...... I was told by the bank official that no ..... I could draw more as long as I didn't go into the amount required to keep the account open ...... So I guess it all depends on the bank or maybe the bank officials ....... who knows ..... it's da Phils .... hahahaha

As I always said, make a point of knowing the higher ups in the bank if at all possible, because rules were meant to be bent here in PI, if they want to bend them.Mayen is a great lady at the Bank of Commerce near Robinsons and she goes above and beyond when it comes to being a great Filipino as well as a great bank official to deal with. I think Mayen once told me that her job was to upgrade the foreigners opinions of Filipinos, one foreigner at a time, or something to that effect, and she is one lady that we are very happy to have met and call a friend.

[retired]

I just thought that I would bring this to the attention of some forum readers.......... Certain banks in the Philippines, such as BPI and some others, even hold US Dollar cash deposits for one week before they become available for withdrawal......... I would guess that this is to make sure that none of the bills are counterfit......They also make you list all serial numbers so that they have a record of what bills you deposited in their bank......The hold of course can be overturned by the bank manager if you ask first and make arrangements ahead of time with them and have a relationship with that bank.....I have personally found that it is a very good idea to get to know the managers and higher ups in any bank we do business with, it helps to smooth out any problems we might have along the way. For additional info, Ciitbank does not put a hold cash US Dollar deposits, so I would guess that their employees are better trained or have better test equipment to spot fake money.I guess the money changers are also better at spotting fake money than the real banks because they take almost all currencies and do not blink an eye when taking them, so be advised in case you plan to need your dollars soon after you deposit it, to ask the bank you do business with, what the rules for holds are in that bank.One more heads up is, only bring new crisp hundred dollar bills, you will get a better exchange rate for them and if the bills are damaged in any way, chances are good that the banks or money changers within the Philippines will not take them. I would have to also assume that would also be the case with all other currencies.

I'd be very wary of any bank that took more than a full banking day to verify cash deposits, regardless of which currency those deposits are made. Sounds to me as if those banks want to use the Dollars on the overnight deposit market and trouser all the interest made.That was my first thought too. They use your money interest free for a week. I'd find another bank. Your point about ensuring all your Bills are new and clean is well made, however I have never had to list the serial numbers of any notes I've deposited (with HSBC) - they may, of course, list them in the back office but I have no way of knowing that!Yes I had a $100 bill once with a tiny corner missing and no one would take it.One other point worth bearing in mind is that bank accounts are only guaranteed to a maximum of 250,000 Pesos - though there has been talk of raising this limit. (That's currently US$5,128,

[Mike S]

I think another reason too Alan is because if you should pass away your wife could continue to receive your money even though you were gone ........ and as we both know the US SS office wants and needs every penny you have ...... The law reads that you (someone .... you'll be gone) must repay the amount deposited in your account if at any time during the month that you pass away ...... so even though it is the 30th of the month and you lived for 29 days in that month the total amount received for that month must be paid back ...... Now get this as you know when you sign up for SS they will not pay you for the first month but pay you during the following month according to your birth date ....... so I would think that you have an additional month coming after you die ...... but not so says big brother ....... give it back ...... I needs it .......