Us Dollar Check Deposit Question

[OnMyWay]

I finally opened a dollar and a peso account at BPI last week.

 

I had $500 cash for the minimum in the dollar account but they would not accept four $20 bills (same 4 rejected by Western Union money exchange a few weeks ago!) due to tears, etc.  The lady said no problem since I was also depositing a check from my US bank account.

 

So I deposited the check on the 22nd Phils time and on the 24th Phils time it already shows cleared and deducted from my US Chase bank account.  This was a surprise because I always heard it will take 30 days.

 

The unknown to me is if it is in my BPI account.  I won't have account access until I go back to the BPI office Tuesday or Wednesday and get my ATM cards and online access.

 

So my question for someone who does these check deposits is:  Is this typically how the check transactions show in the US account and it will still be 30 days before BPI credits my account?  Or am I going to be pleasantly surprised when I go to BPI this week and find the money in my BPI account?   :)

 

 

[earthdome]

Short answer. Yes.

 

My first check cleared my bank the next day and the deposit shows on your BPI USD account almost immediately. But the amount of that check is not available to withdraw for 30 days. For my first check it actually took 27 or 28 days before I could start drawing on it. When you check the balance of your BPI accounts online it will show you 2 numbers. One is the total balance, the other is the balance available for withdrawal.

[bootleultras]

Im interested to know the time it would take also as I have a large amount via check to deposit at some stage this week and am curious also.

[OnMyWay]

Short answer. Yes.

 

My first check cleared my bank the next day and the deposit shows on your BPI USD account almost immediately. But the amount of that check is not available to withdraw for 30 days. For my first check it actually took 27 or 28 days before I could start drawing on it. When you check the balance of your BPI accounts online it will show you 2 numbers. One is the total balance, the other is the balance available for withdrawal.

 

Ok, thanks, this is what I suspected!  And actually I was thinking of you when I wrote it because I knew your check was probably recently clearing!   :thumbsup:

[OnMyWay]

Im interested to know the time it would take also as I have a large amount via check to deposit at some stage this week and am curious also.

 

Looks like we are stuck with approximately 30 days!   :unsure:

[Call me bubba]

So I deposited the check on the 22nd Phils time and on the 24th Phils time it already shows cleared and deducted from my US Chase bank account. This was a surprise because I always heard it will take 30 days.

 

altho I dont use "check" deposit currently. I was told that in the past. it took alot longer for the check to Physically  clear from the RP to the US . now with the "scan" process. it doesnt need the actual check to clear, thats why it clears sooo soon,

 yes its cleared your US or home bank..

It doesnt mean that the Rp bank has yet got its money yet, hence the waiting game/

[OnMyWay]

So I deposited the check on the 22nd Phils time and on the 24th Phils time it already shows cleared and deducted from my US Chase bank account. This was a surprise because I always heard it will take 30 days.

 

altho I dont use "check" deposit currently. I was told that in the past. it took alot longer for the check to Physically  clear from the RP to the US . now with the "scan" process. it doesnt need the actual check to clear, thats why it clears sooo soon,

 yes its cleared your US or home bank..

It doesnt mean that the Rp bank has yet got its money yet, hence the waiting game/

 

Yes, it looks to me that BPI (and all the others) have a mandated automatic 30 day float that they are collecting the interest on, but mostly that is there primarily due to previous experiences with rampant check fraud.  30 days gives time for fraud to be unearthed before the cash goes for a walk in the Philippines!

[OnMyWay]

Here is a follow up for anyone interested....

 

I neglected to frequently monitor when my first check deposit cleared because I thought it would be around 30 days.

 

I checked yesterday on Feb 13th and I was pleasantly surprised to see that the $ were available.  The check was deposited on Jan 22nd, so the maximum time it took to clear was 22 days.  It may have been less but I was not checking every day.

 

BPI seems to have decent exchange rates if I want to transfer $ to pesos.  At today's XE.com rates, doing a transfer of $2000 would cost me p 379.80 on the exchange rate at BPI ($9.34).  I will have to check later today if it is worth it to try and exchange outside the  bank.  I think not??

[earthdome]

Here is a follow up for anyone interested....

 

I neglected to frequently monitor when my first check deposit cleared because I thought it would be around 30 days.

 

I checked yesterday on Feb 13th and I was pleasantly surprised to see that the $ were available.  The check was deposited on Jan 22nd, so the maximum time it took to clear was 22 days.  It may have been less but I was not checking every day.

 

BPI seems to have decent exchange rates if I want to transfer $ to pesos.  At today's XE.com rates, doing a transfer of $2000 would cost me p 379.80 on the exchange rate at BPI ($9.34).  I will have to check later today if it is worth it to try and exchange outside the  bank.  I think not??

 

My check deposits have become available to spend in less than 30 days. Seems to be taking 21-25 days for me.

 

Yes, BPI has good exchange rates. Good rates plus the convenience of doing the foreign exchange transfer online makes it a winning solution for me.

[RANDALL RANDALL]

BANKS ARE AS THIEVES. With Electronic Banking a check can clear in 24 hours. The Banking industry makes Billions of Dollars on freezing accounts for 21-30 days using Your Money to collect interest. This is plain and simple. The exchange rate they charge for is another way to sap you out of money. A Bank you are dealing with and have an  account with should do an  exchange at the market price without one penny  of charge. The Bankers are a greedy bunch that should be wear masks.I worked at a Bank so ALL I am telling you is from the knowledge of experience.

THANKS, RANDY