euro/ sterling account in the Phils

[costakid]

Hi, can anyone tell me please that if and when I open a local bank account in the Philippines that I'll be able to open both a euro and sterling account as well as peso?

If so is that all banks or only certain ones?

Am I right in thinking that if this is possible that I'll be able to withdraw my funds in euro/ sterling cash should I require it?

I've only really heard people talking about dollar accounts.

   

[Jack Peterson]

4 hours ago, costakid said:

Hi, can anyone tell me please that if and when I open a local bank account in the Philippines that I'll be able to open both a euro and sterling account as well as peso?

If so is that all banks or only certain ones?

Am I right in thinking that if this is possible that I'll be able to withdraw my funds in euro/ sterling cash should I require it?

I've only really heard people talking about dollar accounts.

   

Good morning my friend, in a a very short reply No to all, the Foreign accounts are Dollar only. I am not even sure you can draw Dollars from the accounts as it is Dollars going in and Peso coming out, there would be no need to draw Dollars and then have to change it, you Certainly cant draw Euro/Sterling from any bank. The main reason for Dollar accounts is because it is the Accepted currency all over the World. I guess this is not the answer you wanted but unfortunately it is the way it is.

 

Jack

Morning All

[earthdome]

1 hour ago, Jack Peterson said:

Good morning my friend, in a a very short reply No to all, the Foreign accounts are Dollar only. I am not even sure you can draw Dollars from the accounts as it is Dollars going in and Peso coming out, there would be no need to draw Dollars and then have to change it, you Certainly cant draw Euro/Sterling from any bank. The main reason for Dollar accounts is because it is the Accepted currency all over the World. I guess this is not the answer you wanted but unfortunately it is the way it is.

 

Jack

Morning All

You can draw out dollars. But if it is more than a few hundred dollars you may want to let the bank know a few days in advance to ensure they have the USD cash on hand.

[Gator]

12 hours ago, Jack Peterson said:

Good morning my friend, in a a very short reply No to all, the Foreign accounts are Dollar only. 

 

Jack

 

 

17 hours ago, costakid said:

Hi, can anyone tell me please that if and when I open a local bank account in the Philippines that I'll be able to open both a euro and sterling account as well as peso?

If so is that all banks or only certain ones?

Am I right in thinking that if this is possible that I'll be able to withdraw my funds in euro/ sterling cash should I require it?

I've only really heard people talking about dollar accounts.

   

Sorry Jack - you can have accounts in the Phils in currencies other then Pesos and Dollars, BUT only at certain banks like HSBC and perhaps at other non-Phil banks like Citi and Chase (I have a Euro account in the USA with Chase, but have not tried to access it while in Cebu).

As earthdome said, if the currency is anything other then the Peso, then it would be a good idea to inform the bank ahead of time when making a withdrawal. On behalf of an Aussie friend (using a power of attorney) I once withdrew just a few hundred pounds from HSBC (Cebu) and had to wait 3 days for them to "assemble" the cash.

 

Edited September 29, 2016 by Gator

[Jack Peterson]

11 hours ago, Gator said:

Sorry Jack - you can have accounts in the Phils in currencies other then Pesos and Dollars, BUT only at certain banks like HSBC and perhaps at other non-Phil banks like Citi and Chase (I have a Euro account in the USA with Chase, but have not tried to access it while in Cebu).

 OK! so there are a couple maybe but I tend to think the OP was meaning  "High Street Banks" not obscure ones that would not be likely in the vicinity they live and may not want the smaller account.  I say this because HSBC closed my account 2 years ago when they drew their  Horns in and I did not have enough going through the Account to maintain it to their Criteria, Added to which that was a Dollar account. BYMMV 

Jack

 Morning All

[robert k]

I was just reading that one can get CD in USD, Euro, GBP, Canadian and Aus dollars. The AUS gave about a 3% yield! The others not enough to worry about and maybe better to be liquid.

[costakid]

Many thanks for your help, much appreciated. 

[PeterC]

I have a sterling account with BPI in Makati main branch and have drawn pounds out in the past. The exchange rate is less than bringing it over from BPI Europe star account but I use it as a back up for emergencies and have issued UK cheques that take about a month to clear. The are other BPI branches scattered around the country that offer these services but i find the Makati one easier to get to.