High Networth Individual

[JJReyes]

Does anyone know what is the amount of deposit needed in the Philippines to be considered a high networth individual by a local bank? This opens up a lot of privileges like private banking services. In the United States, for example, someone with a $500,000 mortgage is considered a special customer so it doesn't have to be the amount of deposit.

 

In our case, my wife furnishes her non-Hawaii real estate clients with introductions to certain banks, lawyers, etc. It is up to them to select, but we get privileges in return since she has to inform them about the client(s) and provide background information. The banks know we are a source for referrals for high end customers, so we don't pay when ordering checkbooks; no fees for traveller's checks; no fees for bank manager checks, etc. For preparing simple documents, the lawyers don't bill us for their services.

 

I am starting to assist retirees relocate to the Philippines under the SRRV program. I need one or two banks who will take care of their needs, and in exchange, take care of my personal banking needs. Even the Philippine Retirement Authority is very accommodating. After approving the SSRV application, one requirement is to show up at their office or branch for verification. Since the retirees are located in facilities in Bacolod and Iloilo and they need assistance, it would be difficult for them to make the trip to Cebu. Instead, the agreement is a representative from PRA will fly to the facility to finalize the visa approval process.

 

 

[i am bob]

Would it not be easier to talk to the bank managers in that particular area?   Find out who is conducive to providing a better service for those using your facilities?  I'm sure that a few suggestions to the bank manager of what you might like to see available might just help you get the services you want.

 

I chuckled a bit reading what you services you get for free in Hawaii...  I get all that too - for $16 a month at my bank in Canada.  

 

:mocking:

[JJReyes]

I chuckled a bit reading what you services you get for free in Hawaii... I get all that too - for $16 a month at my bank in Canada.

 

We are not a direct client since my wife and I don't have that kind of money. Certain courtesies are extended because of my wife's ability to refer high networth customers. One privilege I like is free parking in downtown Honolulu, which could cost as much as $8 a hour at some buildings. There is also a Banker's Club downtown where you can have lunch for free and where we can take real estate clients also for a free lunch. The problem is a bank representative will seat at your table and start explaining all kinds of services. We prefer to take clients elsewhere. Actually, there are no restaurants in Honolulu to match the sophication of Tokyo. We would buy Japanese box lunches and then seat at a picnic table next to beautiful beach. You can't do that in Tokyo, Hong Kong or Singapore.

Edited April 9, 2013 by JJReyes

[jpbago]

I chuckled a bit reading what you services you get for free in Hawaii...  I get all that too - for $16 a month at my bank in Canada.  

 

In Canada, I  get all those services and more ( safety deposit box, unlimited atm withdrawals, unlimited cheques, no waiting in line ups, etc) for free . All you need is more than $5K on deposit.

[Thomas]

I chuckled a bit reading what you services you get for free in Hawaii...  I get all that too - for $16 a month at my bank in Canada.  

 

In Canada, I  get all those services and more ( safety deposit box, unlimited atm withdrawals, unlimited cheques, no waiting in line ups, etc) for free . All you need is more than $5K on deposit.

But then I suppose you let the bank loan your money for very litle, so they DON'T do it for free  :)

 

I have almost NEVER had any worth mensioning plus in bank assets since I got old enough to be allowed to make deals myself without permit from parents.

(Depending of economic trends and if I found any interesting object for the moment, I have allways done kind of OPPOSITE. Undepending of if I have needed any loan for private/business startup, I have had loan. When I haven't needed them, then I have mostly used them for investments at stock market or such. (Check credit. Very flexible, but cost much less than common credit cards, so it's often worth to use check credit or other lower interest loans for investments. But NOT to do as many do =Buy close to the top, when it's very popular. Better buy close to bottom  :)

[JJReyes]

I phoned a contact who is a senior vice president with a Hawaii bank. While it is our largest bank with a local name, it is 100% owned by Banque Nationale de Paris, which is ranked in the top 20 globally. He has arranged an introduction with their correspondent bank in the Philippines. A courier is delivering to my office a "Comfort Letter" formally stating I am a valuable client and please assist me. Then he will probably send a PM to the counterpart with more truthful information.

 

Anyway, the assistance request is not for me personally. It is for clients who are relocating to the Philippines.

[jpbago]

But then I suppose you let the bank loan your money for very litle, so they DON'T do it for free  

 

Sorry Tom, but I do not borrow money from the bank nor from anybody else. I do not pay interest either. My Visa credit card is paid automatically on the due date. I credit my Visa on the same day that I make a cash advance so no interest, only the transaction fee. I have Visa shares in my portfolio....they pay me. 

 

All you need is more than $5K on deposit.

[JJReyes]

Sorry Tom, but I do not borrow money from the bank nor from anybody else. I do not pay interest either. My Visa credit card is paid automatically on the due date. I credit my Visa on the same day that I make a cash advance so no interest, only the transaction fee. I have Visa shares in my portfolio....they pay me.

 

It's a good policy to remain debtless especially as you get older. Banks hate it, but I am okay with that. When traveling, I use a major credit card as a guarantee with the hotel and then settle the bill in cash before departure. One reason is the lousy exchange rate on the transaction and some credit cards charge a 3% "foreign transaction processing fee" whatever that means.

[Thomas]

But then I suppose you let the bank loan your money for very litle, so they DON'T do it for free  

 

Sorry Tom, but I do not borrow money from the bank nor from anybody else. I do not pay interest either. My Visa credit card is paid automatically on the due date. I credit my Visa on the same day that I make a cash advance so no interest, only the transaction fee. I have Visa shares in my portfolio....they pay me. 

 

All you need is more than $5K on deposit.

Yes, I guessed that,

BUT I ment you "pay" by letting your bank borrow your 5K+ for (almost) NOTHING, instead of you invest them in something being better at beating the inflation... 

If you can need more cash fast suddenly, then you can get it in a few days if investing in e g stocks,

 

(Of course others don't need to do as I, but I even BOOST it by borrow to INVEST. That's huge difference from borrow to LIVING costs.)

[russellmania]

Sorry Tom, but I do not borrow money from the bank nor from anybody else. I do not pay interest either. My Visa credit card is paid automatically on the due date. I credit my Visa on the same day that I make a cash advance so no interest, only the transaction fee. I have Visa shares in my portfolio....they pay me.

 

It's a good policy to remain debtless especially as you get older. Banks hate it, but I am okay with that. When traveling, I use a major credit card as a guarantee with the hotel and then settle the bill in cash before departure. One reason is the lousy exchange rate on the transaction and some credit cards charge a 3% "foreign transaction processing fee" whatever that means.

I use the Capitol One Venture CC because it has no foreighn transaction fees.