Best Bank?

[Sheriff2144]

Hi Everyone,

Out of all the PRA accredited banks you need to use when retiring in the Philippines, Which one/s have you found to be the best or are the all pretty much the same?

Cheers.

[hk blues]

52 minutes ago, Sheriff2144 said:

Hi Everyone,

Out of all the PRA accredited banks you need to use when retiring in the Philippines, Which one/s have you found to be the best or are the all pretty much the same?

Cheers.

For me, I only have a local currency account so it was pretty much much of a much for me.  I have accounts with both Metrobank and BPI and have no issues with either at all.  Probably best to base your decision on what bank is more local to you and also has the easiest process to open an account unless you have some specific needs which only certain banks offer. 

One advice - don't take no for an answer as this is often the opening statement when dealing with banks here as a foreigner.  Not always, or even often, but definitely sometimes.   

[JJReyes]

Select a bank that has many branches nationwide or an extensive ATM network, assuming you like to move around.  Compare such issues as minimum deposit requirements and fees charged.  Possibly, if you have sufficient money, have accounts in two separate banks.  You can easily move money from one account to the other.  If issues developed, you won't be stuck in the Philippines with no access to cash.  I would also keep some emergency cash at home.

[Freebie]

PRA accredits some banks because of ease of doing business with them. Doesnt mean they are good or have good nationwide coverage. BPI is not accfedited and yet is the second largest bank in Philippines and is generally good.  Their credit card fraud team is good as my card has been cloned 3 times and 3 times they have respnded very quickly. Their online banking is good, ATMS alll over and through BPI can also set up BPI trade account if interested in local stocks.

Forget Landbank which is a govt owned bank ( accredited by PRA ).

Basically the choice comes down to BDO or BPI ( in my opinoin )

[hk blues]

1 hour ago, Freebie said:

PRA accredits some banks because of ease of doing business with them. Doesnt mean they are good or have good nationwide coverage. BPI is not accfedited and yet is the second largest bank in Philippines and is generally good.  Their credit card fraud team is good as my card has been cloned 3 times and 3 times they have respnded very quickly. Their online banking is good, ATMS alll over and through BPI can also set up BPI trade account if interested in local stocks.

Forget Landbank which is a govt owned bank ( accredited by PRA ).

Basically the choice comes down to BDO or BPI ( in my opinoin )

I would add Metrobank to those 2.  

[Mike J]

We are with BPI and so far it meets our needs.

[Dave Hounddriver]

15 hours ago, Sheriff2144 said:

Out of all the PRA accredited banks

 

10 hours ago, Freebie said:

BPI is not accfedited

 

10 hours ago, Freebie said:

Basically the choice comes down to BDO or BPI

I am following the thread as an interested observer and you have confused me here.  OP is looking for an accredited back.  Freebie has said BPI is not accredited and then goes on to say it is one of the best choices.  Is this a mistake or am I missing something?

[JJReyes]

1 hour ago, Dave Hounddriver said:

I am following the thread as an interested observer and you have confused me here.  OP is looking for an accredited back.  Freebie has said BPI is not accredited and then goes on to say it is one of the best choices.  Is this a mistake or am I missing something?

To operate in the Philippines, all banks must be accredited by the Bangko Sentral Ng Pilipinas.  All client deposits are guaranteed, up to a certain limit, through deposit insurance.  The confusion is not all banks are accredited under the SRRV deposit requirement.  To qualify for the SRRV visa, your deposit must be with a bank that is on the SRRV list.  

[longway]

Back to the original question, I am looking at making an SSRV deposit, from the banks that ARE ACCREDITED for this deposit which would you would reccomend as better than the others and why? Maybe all are equal?

[Jollygoodfellow]

2 hours ago, Dave Hounddriver said:

Freebie has said BPI is not accredited and then goes on to say it is one of the best choices.  Is this a mistake or am I missing something?

I think most did not read or understand the OP question which he has posted again.  Which is the best bank in general for normal banking is not the questioned asked and in reality I would say when you deposit for the SRRV you wont be withdrawing or paying bills from that account.