Confusion Abounds With Current Extension Procedure

[Dutchman]

HI, everyone, let me start by saying that I find this site very organized, clear and most assuredly helpful!  

 

I am planning on arriving in the Philippines for an "extended" period of time; at least six months…hopefully more if I can find the rental and area that suits me in three months (September).

 

My primary concern is understanding the extension procedure and obtaining a ACR card.  It would be great to read some advice on this matter.  thank you.

 

A secondary concern is how to set up a secure bank account.  Four months ago I was there and they would not let me open an account because I had not been there long enough.  Again, I would like to read suggestions on banking.

 

Finally (today) what is the best procedure to exchange American to Philppine?

 

Thank you all so much, Dutchman

[jon1]

It sounds like you are going to be here on a Tourist Visa. The quickest way to obtain a Tourist ACR ICard is to do the following;

 

Do your first extension within one week of arrival (gets you to 59 days)

Do the second extension (2 months) the following week. At that time they will require you to apply for the Tourist ACR ICard. Pay all of the fees and wait 3-4 weeks for that to arrive. So that will put you around the 2 month mark before you get the ACR Card.

 

To open a dollar account, most banks require a $500 (cash) maintenance deposit. So plan accordingly for that.

 

I use the bank for my dollar conversions to peso for the following reasons;

 

1. My bank gives me the live forex rate

2. Security, they deposit the converted money directly into a peso account (minus what I need at the time)

3. No worries about being scammed on the rates and other con games

 

BTW I use BPI for my bank.

Edited June 19, 2014 by jon1

[robert k]

I think there are numerous ways, to get money and best would be what Jon1 described. I don't know if I could swing that so I would get a bank account in which I could deposit checks a month before they were needed and I would draw out what I needed and go to a money changer. I never had a money changer try to cheat me but they knew I was watching carefully. 

 

There are at least a few threads on getting refused a bank account, try different banks and talk to the manager being the most useful suggestions I saw. Make sure that whatever bank you end up with will do business with your foreign bank, not all banks work together. I have had cash wired in by Western Union, but then I was walking around with a wad of cash which turns into a really big wad of cash after you convert it, especially when I got enough to live and travel for a month, plus buy the motorcycle and the changers biggest bill in the small town was 500 piso so I was carrying around a small bale of cash. There are always ATM's until you get things straightened out. I expect to bleed money even if I were moving across the street much less the other side of the world, it's just more fun in the Philippines.

[crad]

It sounds like you are going to be here on a Tourist Visa. The quickest way to obtain a Tourist ACR ICard is to do the following;

 

Do your first extension within one week of arrival (gets you to 59 days)

Do the second extension (2 months) the following week.

could be wrong, but I was under the impression that you couldn't get your second extension before there is one month to go on your stamp. So if your first extension stamp is up to the 15th October, you cannot get a second extension until the 15th of September. Whereas you can get your first extension immeadiately on arrival. You can get a stamp at the airport or even get a taxi directly to the BoI office.

[crad]

the stamp you get on arrival is not a Visa. In fact a Visa is exactly what it is not. That is why it is called a Visa Waiver.

It sounds like you are going to be here on a Tourist Visa.

[earthdome]

I was able to open BPI USD and Peso saving accounts with ATM cards 4 days after I landed. Policies can vary by bank branch. Go to a bank office and ask to speak to the manager about opening an account. Ask them their requirements. All I needed were some passport pictures, my passport and the paperwork from my first Visa extension which I obtained that morning only 4 days after I landed. Letting them know you have several thousand USD cash you want to deposit might also help.

 

I deposit checks written on my US bank and deposit them in my BPI USD account. It takes 3-4 weeks for the funds from that deposit to be available to use due to US Federal government banking rules. Once those funds are available you can use your BPI online account to transfer with foreign exchange from your USD account to your Peso account during banking hours.

 

Works very nicely for me.

[Americano]

Some very good advice here but one thing is missing. I really like BPI and have been using them for almost 5 years but BPI is not in all areas of the Philippines. Which point of entry will you be arriving and where do you plan to live?

[Daydreamer]

I deposit checks written on my US bank and deposit them in my BPI USD account. It takes 3-4 weeks for the funds from that deposit to be available to use due to US Federal government banking rules. Once those funds are available you can use your BPI online account to transfer with foreign exchange from your USD account to your Peso account during banking hours.

I've got to try that one when I come back!! Right now I'm with Metrobank, tried to do an electronic funds transfer with them and my credit union but couldn't, maybe BPI would be better. :thumbsup:

Edited July 4, 2014 by Daydreamer