Heads Up: My experience with Metro, BDO, and BPI Checking Account Set UP

[Mike J]

8 hours ago, KenM said:

Thanks for the information. I now need to wire transfer funds from Chase in the states into the account at BPI. There is no option to wire funds in Peso from Chase. Can the Peso account accept a wire transfer in dollars? If not, is there a different service I should use? Or must I also set up a dollar account? I really dont' want to go through that again.

I don't intend to write checks except when post dated checks are required for purchases. I want to be able to pay things digitally like my rent. 

You should be able to also set up a dollar account with BPI.  After that is done you can either wire dollars into the account and/or deposit dollar checks into the account.  If you are retired and collecting social security you can also have your SS check electronically deposited into the dollar account if you choose that option.  If you deposit dollar checks it takes about 30 days for the check to clear to make the funds available.  You can then (using the internet) transfer funds from the dollar account into the peso account.  

Edited May 24, 2022 by Mike J

[Freebie]

Had a checking account with BPI for many years and realised had only been using it for one or two checks a year .

BPI at some point told me I needed to have a minimum balance of 20K in it otherwise there was a monthly charge.

Changed it to a new checking account with them that only required a 10K balance. After 6 months and realising I still wasnt writing and wasnt going to be writing cheques any more , closed it.  Lifes much simpler with online banking. " oh but sir the signature you used on the cheque isnt the same as on our cards...".. Well spotted Kimosabe..."my signature on your card was made 25 years ago when I set up my account. Im sure my signature might have changed a tad since then.. :)".

No signatures needed for online !

[KenM]

To confiirm, wire transfer to a peso account must be in pesos? Annoying that Chase doesn't have that option. Another option is Western Union. They will transfer into pesos. I am not retired. I work remotely. I want most of my money in the U.S. but I want some money here in an account. I live in fear of losing my debit card and credit card from the U.S. With western union do I need to consider a second dollar account? The reason for the checking account is to pay things digitally in pesos. Like my rent. And to have checks for those times when it may be necessary. Chase has high fees for internationally purchases on the credit card. Cash out also. Should I ask about a local credit card and how much trouble is that? 

[Tommy T.]

Many of you guys seem to be having a lot of hassles with transferring US dollars to the Philippines and then spending it here in pesos...

Perhaps I am just very simple or ignorant - I have been accused of both:

I have two accounts at PNB (Philippines National Bank). One is a dollar account and one is a peso debit savings account.

It is so easy to do a wire transfer from my Schwab account into the PNB dollar account. Sure...there is a fee, but it is not exorbitant - maybe $25 for a $20,000 transfer. And it only takes a couple of days, depending on weekends or holidays...
Then I visit the bank, take out some pesos that have been converted from dollars - in cash. The rest I have converted to pesos and deposit in my peso debit account - which is also a savings account. It is very simple and straightforward. I use the debit card to pay a number of accounts, including Signal (for TV), PLDT and some others that come up. It could not be simpler - except the web pages can be confusing and weird at times.

It took a while to figure out how to do this, but it was worth the hassle. Now, most transactions are very simple and the debit card works in a lot of situations....

Good luck as you all muddle through the Philippine bureaucracy... Try different banks, perhaps?

Edited May 25, 2022 by Tommy T.

[hk blues]

1 hour ago, KenM said:

To confiirm, wire transfer to a peso account must be in pesos? Annoying that Chase doesn't have that option. Another option is Western Union. They will transfer into pesos. I am not retired. I work remotely. I want most of my money in the U.S. but I want some money here in an account. I live in fear of losing my debit card and credit card from the U.S. With western union do I need to consider a second dollar account? The reason for the checking account is to pay things digitally in pesos. Like my rent. And to have checks for those times when it may be necessary. Chase has high fees for internationally purchases on the credit card. Cash out also. Should I ask about a local credit card and how much trouble is that? 

I have a Peso account with Metrobank that I use for transferring money from the UK.  I simply instruct my UK bank to make the transfer in GBP and when it hits the Metrobank system they automatically convert it to Pesos at the current rate.  Sure, there is a small fee but I have no idea how much as I only see the net amount paid into the account. My UK bank will in fact transfer in Pesos if I wish but the GBP/Peso rate at Metrobank is much higher than the same rate from my UK bank - up to 10% more!

As for cheques, I have only needed a cheque once in my 7 years here, for my house purchase which is a (hopefully) one-off experience.  If I did need another I would just get one from my bank here and pay the small fee for such a service. My savings account is the one I use for online payments.   

[Possum]

I have accounts at Metrobank, PNB and BDO. I prefer Metrobank simply because they are nicer at my local branch. USD savings account at all 3 and peso account in Metrobank. It was time consuming to set up as everything has to be typed out, printed and signed. I signed my name more times in one day opening the Metro account than I normally do in a year. Even then the account was delayed because the signatures didn't match the one on my passport exactly. They are big on signatures here. Converting from USD to peso is fairly easy but I get a better rate in person than online. My wire transfers from USA to Metrobank are for all practical purposes instant. If I transfer at night the money is there in the morning. The banking system inside the bank reminds me of the US banking system 40+ years ago so I use online as much as possible. Be aware of the low limits on the money insured in the bank. They total all accounts together in one bank, not separately.

[Jollygoodfellow]

3 hours ago, KenM said:

To confiirm, wire transfer to a peso account must be in pesos? Annoying that Chase doesn't have that option. Another option is Western Union. They will transfer into pesos. I am not retired. I work remotely. I want most of my money in the U.S. but I want some money here in an account. I live in fear of losing my debit card and credit card from the U.S. With western union do I need to consider a second dollar account? The reason for the checking account is to pay things digitally in pesos. Like my rent. And to have checks for those times when it may be necessary. Chase has high fees for internationally purchases on the credit card. Cash out also. Should I ask about a local credit card and how much trouble is that? 

Easy to use Worldremit to transfer money, https://www.worldremit.com/en . It will arrive in peso and bank to bank almost instant and to BPI. As for paying rent, tell the landlord you will pay into their bank account and transfer from BPI.

[OnMyWay]

4 hours ago, KenM said:

The reason for the checking account is to pay things digitally in pesos. Like my rent.

I'm confused.  How do you want to pay your rent?  A check is not digital.

 

[KenM]

Bank to bank transfer from philippine bank to landlord's account

[OnMyWay]

2 hours ago, KenM said:

Bank to bank transfer from philippine bank to landlord's account

You can do that with a saving account.