opening bank account as a tourist

[Dave Hounddriver]

16 minutes ago, scott h said:

our local credit union requires members to be Philippine citizens.

Hmm.  As you say, just one example.  I wonder how so many of my friends put money in their local credit union?  Are there special deposit accounts for foreigners?  Some of these guys are single so do not have a wife to put it in their name.   I would ask these friends how they do it but each time I do I hit a brick wall.  People often do not like to talk about something that is working that well.  Fear of others jumping on the bandwagon and spoiling a good thing?  Or is there something shady about it so they do not like to talk about it?  I get curious when people do not like to share info so lets dig into this one. 

[scott h]

2 minutes ago, Dave Hounddriver said:

Are there special deposit accounts for foreigners?

At our Credit Union, there is a category listed as special member. The way I read it, looks like it is for relatives that took citizenship in another country. Kant remember all the details, but I didn't bother perusing it. At our local union the tellers all know me and my wife so they let me transact all our stuff. (mainly paying bills, but some deposit and withdrawals) with no hassle. But they would not let me put my name on the account as a primary client. 

But as you say Dave,,,,almost everything is negotiable here 

[mogo51]

13 hours ago, scott h said:

But frankly you wont know until you go from bank to bank and try. Each manager interprets their corporate rules differently at times. 

That is definitely true, I was able to get one after a few months here with some difficulty as I did not have ACR card.  Got a local of many years (westerner) to support me and also had a long term lease which was the clincher.  It seemed to me to be their main concern, long term residency. Go for the bigger banks IMO.

[Snowy79]

15 hours ago, Gaudente said:

I am interested in investing in p2p lending platforms in Philippines and to do that I need to open a local bank account.

I do not live in Phils nor I desire to.

 

From the experience I've had of lending in the Philippines it roughly translates as give me and you'll never see it again. 

I know of two people that lend money and one that sells clothing to friends etc. One that lends money is always moaning about non repayment the other lends to females and is like a wild cat. If she's not paid she will go after them and physically drag them outside for educating. The one that sells clothes has lost most of her close friends due to non payment. 

On top of this I don't know the legalities of lending money but I'm sure you'll have to be registered and pay the usual fees. Good luck with your adventure but if I never lived in the Philippines it would be the last thing I'd do. Its too easy for locals to disappear here and good luck trying to get your money back via the court system. 

[Gary D]

I pushed into a corner a borrower will resort to the 25 cent fix.

[Gator]

21 hours ago, davewe said:

Actually it's quite easy to do without an ACR - if you have a Balikbayan stamp in your passport. 

I attempted to open 2 bank accounts. One was a snap - no problem by showing the BB + my lease agreement. But the other bank required 6 months residency, so the wife opened the account and I will get added at 6 months.

Maybe you missed the part where the OP asked about opening an account using only a tourist stamp. 

[Jack Peterson]

15 minutes ago, Gator said:

Maybe you missed the part where the OP asked about opening an account using only a tourist stamp. 

 No doubt this was missed but to me it is Ruse, 

 I am of the opinion we'll never hear from this member? again 

[davewe]

2 hours ago, Gator said:

Maybe you missed the part where the OP asked about opening an account using only a tourist stamp. 

Nope - I referenced it in my previous post:

"While it is true that each bank interprets the rules differently or in fact each officer at each bank, the common denominator seems to be demonstrating residency. That might take the form of a resident visa, the Balikbayan privilege, a lease agreement, etc. But showing up on the 30 day visa with nothing else will be an uphill battle."

[fillipino_wannabe]

Tried this today lol. Tried 4 banks, all want an ACR card.

BPI said no
BDO said I can on a tourist visa when I've lived here for a year.
DBP said I can open one but need to get barangay clearance (don't have proof of address).
PNB are phoning me back on Monday, think they'll need the same as above.


That's in a small town though, think it would be easier where there's a lot of expats, my gf asked in BPI in Manila before when I first got here and they said to just bring my passport.

Where are you finding guys to lend to out of interest?

Edited December 15, 2017 by fillipino_wannabe

[Jollygoodfellow]

1 hour ago, fillipino_wannabe said:

That's in a small town though, think it would be easier where there's a lot of expats,

No I dont think so as rules have changed.