Need a bank recomendation.

[longway]

I am in the process of wiring my SRRV deposit to a bank and would like to know the pros and cons of any of these. I would like one that you have had a good or bad experience with as I know nothing about any of them. The permitted banks are:

Philippine National Bank All Branches
Unionbank of the Philippines All Branches
Banco de Oro Pacific Star Branch
Cebu IT Park Branch
Shinhan Bank RCBC Savings Corporate Center
26th Street, Taguig City
Bank of Commerce All Branches
KEB Hana Bank 21/F Zuellig Buildng., Makati Ave.

Thanks for any advice you might have for me.

LW

[JJReyes]

Choose a branch that is close or convenient for you.  Introduce yourself to the branch manager.  Also open a checking and/or savings account.  Your customer status at the bank is dependent on the aggregate amount of money you have including your SRRV account.  This could be useful in the future.

[longway]

I am wiring this money to the Philippines from the U.S. this week. So no opportunity before sending to meet anyone at the bank. I have no prior relationship with any of these banks. Is there one bank that someone has used that never makes a mistake and has superior customer service, Or inversely, is lousy, I don't know yet where I will be living but usually stay in Cebu if that makes a difference as to which bank to use. I'm just concerned of sending money to an unknown entity without any knowledge.

Edited April 8, 2023 by longway

[Old55]

1 hour ago, longway said:

I am wiring this money to the Philippines from the U.S. this week. So no opportunity before sending to meet anyone at the bank. I have no prior relationship with any of these banks. Is there one bank that someone has used that never makes a mistake and has superior customer service, Or inversely, is lousy, I don't know yet where I will be living but usually stay in Cebu if that makes a difference as to which bank to use. I'm just concerned of sending money to an unknown entity without any knowledge.

Good question and JJ makes a great point. You will first be in the Cebu area perhaps best to choose a bank branch in Cebu City.

We've had our BPI account for over 20 years in Cebu City and so far has been a good choice. We live in the US and visit every year so not Expats often dealing with a local branch so take that as you may. 

Edited April 8, 2023 by Old55

[mountainside]

I used PNB last time.  I've read comments on other forums that PNB has lately been very slow in returning PRA deposits.  My prior marketer mentioned a couple months ago that BDO is very unhelpful, and that Bank of Commerce is now the quickest processor.  

Edited April 8, 2023 by mountainside

[Jollygoodfellow]

1 hour ago, Old55 said:

We've had our BPI account for over 20 years in Cebu City and so far has been a good choice. We live in the US and visit every year so not Expats often dealing with a local branch so take that as you may. 

BPI is not on his list for SRRV

 

[Jollygoodfellow]

4 hours ago, longway said:

I would like one that you have had a good or bad experience with as I know nothing about any of them. The permitted banks are:

I use Union Bank for banking and find no problems. The only problem is they don't have a lot of ATMs around so often have to pay a small fee to use other ATMs but what your looking for is to deposit your SRRV so that should not be a problem. 

[Dave Hounddriver]

1 hour ago, longway said:

I am wiring this money to the Philippines from the U.S. this week. So no opportunity before sending to meet anyone at the bank. I have no prior relationship with any of these banks.

Do I understand that you are planning to open an account at a Philippine bank while you are still in the USA?  And send money without meeting anyone at that bank?  Wow.  You are braver than I am.  I didn't even know that was possible.

[BrettGC]

The wife uses Union Bank and I use PNB, we're both very happy with their respective services.  I've not heard anything either way with regards to their dealings with SRRV holders. 

I use PNB as they're everywhere, every tin-pot town that calls itself a city has at least one full branch, not just an agency for deposit/withdrawal only like many of the BDO branches in smaller towns are.  For example, at the BDO agency here in Guihulgnan, you can't even open or close an account. 3 people working in there and 3 guards daily... 

The wife is happy with Union bank after being a BPI customer for many years - she left BPI due to excessive fees on visa debit cards - only downside is as @Jollygoodfellow mentioned; not a lot of ATMs around so it's a small "other" ATM fee most of the time. 

Edited April 8, 2023 by BrettGC

[mountainside]

1 hour ago, Dave Hounddriver said:

I didn't even know that was possible.

It's an SRRV-only thing.  The account is held for the benefit of the Philippine government.  The SRRV holder will never touch it, until it comes time to get the deposit back upon cancellation or death.  I was pretty nervous about wiring funds from the US for my previous SRRV, but it all worked out fine with no problems.