Chase Bank

[anthonytt]

On my way back to Metrobank N.Y.

Just got off the phone with them. They didn't send anything yet and she's letting me stop the account , so I'm going to pick up my $.

Thanks Onmyway because I'm going to keep my chase checking account in New York open a dollar account at BPI and just write myself a check every month from my chase us account wait for it to clear in my BPI dollar account then withdraw as needed. Does anyone know if I need to bring a letter or something from my chase bank to the Philippines to open the dollar account BPI ? Thanks

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I use a BPI USD and peso account. No letter is needed from your bank. I not only deposit checks I write to myself from my US bank, I have also deposited checks sent to me from others.

I was able to open the account within 4 days of arrival last Dec. I did have to go to immigration and get my first visa extension. BPI wanted to see the background check paperwork from immigration as part of opening the account. I needed that, my passport and 2 passport pictures. You will also need $500 cash to deposit in the account and an address in the Philippines. When I opened my account I also deposited a personal check written to myself from my US bank. I think I needed 3000 pesos to open the peso account. The account types I opened were ATM accounts. Make sure you bring enough cash or have access to getting enough cash to meet your needs for at least the first month or two you are here.

WIthin a few business days I was able to pick up and activate the ATM cards for both my USD and peso accounts and setup the online banking account. Within about 5 business days I was able to use the cash I had deposited. As others have said, when you deposit a check you have to wait 3-4 weeks before those funds are available to spend. It is very convenient with BPI to just watch the exchange rates and when they look good use your BPI online account to transfer funds from the USD account to the peso account. I also pay my Smart Teleco bills online from my BPI account.

As others have reported what you need to open an account may vary by BPI branch office.

One thing to note is that US financial laws require you to file an annual report with the IRS if you have financial assets outside of the US which in aggregate total more than $10,000 at any one time. So I try to ensure I always keep the total of all my Philippine bank accounts below that.

Thanks for the info...much appreciated

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[anthonytt]

Does anyone know if I need to bring a letter or something from my chase bank to the Philippines to open the dollar account BPI ? Thanks

No letter. From memory, to open your BPI dollar account you will need your passport, another id and $500. Make copies of your ids before you arrive. Similar for the peso account but I don't recall the opening minimum. Check the BPI website.

Thanks, At least I have a plan now for my banking

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[MikeB]

The Know Your Customer (KYC) rules come from US Anti Money Laundering (AML) laws which the US is able to impose on banks in most countries outside of the US.

It's BSP policy under the Philippine Anti-Money Laundering Act. 

[earthdome]

 

The Know Your Customer (KYC) rules come from US Anti Money Laundering (AML) laws which the US is able to impose on banks in most countries outside of the US.

It's BSP policy under the Philippine Anti-Money Laundering Act. 

 

Of course, but BSP has that policy because of US financial laws requiring KYC and AML.

[Call me bubba]

anthonytt, on 03 Oct 2013 - 06:50 AM, said:

Does anyone know if I need to bring a letter or something from my chase bank to the Philippines to open the dollar account BPI ? Thanks

 

As the previous poster has said you "DONT NEED"

but...... if you have 1. it would impress the bank manager

that your status  is" good"

 

its another 1 of those things that you really dont need Yet it could come on handy

[i am bob]

 

 

The Know Your Customer (KYC) rules come from US Anti Money Laundering (AML) laws which the US is able to impose on banks in most countries outside of the US.

It's BSP policy under the Philippine Anti-Money Laundering Act. 

 

Of course, but BSP has that policy because of US financial laws requiring KYC and AML.

 

 

Actually, I have to interject and say that it's not.  The Philippines had their Anti-Money Laundering Act - which  included all the info on "Know Your Client" - signed 28 Sept 2001.  The KNC in the USA?  The Secretary of the Treasury signed for 26 Oct 2002.  So the Philippines wins this one by just over a year.

 

One of things I have noticed over the years?  I live on the Canada - US border so I often watch both news casts.  So many of the laws that come into effect in either of our countries?  They are already in affect in other countries and often are the basis for how the laws are written in our own countries.  So we really can't say that the any country leads the world in many of these things - it's a cumulative effort!

 

:mocking: 

[earthdome]

Actually, I have to interject and say that it's not.  The Philippines had their Anti-Money Laundering Act - which  included all the info on "Know Your Client" - signed 28 Sept 2001.  The KNC in the USA?  The Secretary of the Treasury signed for 26 Oct 2002.  So the Philippines wins this one by just over a year.

 

Regardless of nit picky details of what law was passed when. The US Federal Government has been pressuring other countries and banks for many decades to limit banking and financial privacy. This goes all the way back to 1970 and the US "Bank Secrecy Act", which was not about keeping your banking information secret, but forcing banks to report your private banking information to the US government: http://en.wikipedia.org/wiki/Bank_Secrecy_Act

 

I think what you found was just the US government tightening the screws even more after 9/11/2001.

 

I don't consider implementation of KYC and AML laws a win. It is a loss of privacy for us individuals in our financial transactions.

[i am bob]

 

Actually, I have to interject and say that it's not.  The Philippines had their Anti-Money Laundering Act - which  included all the info on "Know Your Client" - signed 28 Sept 2001.  The KNC in the USA?  The Secretary of the Treasury signed for 26 Oct 2002.  So the Philippines wins this one by just over a year.

 

Regardless of nit picky details of what law was passed when. The US Federal Government has been pressuring other countries and banks for many decades to limit banking and financial privacy. This goes all the way back to 1970 and the US "Bank Secrecy Act", which was not about keeping your banking information secret, but forcing banks to report your private banking information to the US government: http://en.wikipedia.org/wiki/Bank_Secrecy_Act

 

I think what you found was just the US government tightening the screws even more after 9/11/2001.

 

I don't consider implementation of KYC and AML laws a win. It is a loss of privacy for us individuals in our financial transactions.

 

 

I completely agree with  you regarding how the government is just trying to turn the screws in tighter...

 

Just a note though...  The US government tried to stick their fingers into Canadian banking years ago and they didn't like it when told to stick it somewhere else.  There was no KYC in the US until 2002 - just a loose agreement between a few of the banks themselves - yet the US was pushing for the Canadian government and banking system to give them information on all Canadians and their banking info.  This was in the around 40 years ago.  Funny how the Canadian $ dropped immediately after from being worth more than the US $ to being worth 60 some odd cents and remained there for years.  And, coincidently, the American government insisted the same of all other countries BEFORE even suggesting it for their own people.  This is why I get "nit-picky"...  No one country should have the power to destroy the lives of innocent people in other countries - including countries that they call their allies.

[robert k]

Chase is my bank also so l am glad l brought cash. My cards work in China Bank atm's though.

[anthonytt]

anthonytt, on 03 Oct 2013 - 06:50 AM, said:

Does anyone know if I need to bring a letter or something from my chase bank to the Philippines to open the dollar account BPI ? Thanks

As the previous poster has said you "DONT NEED"

but...... if you have 1. it would impress the bank manager

that your status is" good"

its another 1 of those things that you really dont need Yet it could come on handy

Thanks I need to go speak to my banks manager here too just in case May need his help one day