PH Foreigner Friendly Banking

[M1ke]

Can you please recommend a bank with easy, foreigner friendly KYC where it is possible to open common debit \ savings account with as Balikbayan having only Passport and no permanent stay?

Tried to signup online in BDO and Union Bank with no success yet.

Also is it possible to send money thru SWIFT to GCash or Maya? I found this code for Globe Telecom, Inc. (GCash) - GLTEPHMT but did not try.

[hk blues]

5 hours ago, M1ke said:

Can you please recommend a bank with easy, foreigner friendly KYC where it is possible to open common debit \ savings account with as Balikbayan having only Passport and no permanent stay?

Tried to signup online in BDO and Union Bank with no success yet.

Also is it possible to send money thru SWIFT to GCash or Maya? I found this code for Globe Telecom, Inc. (GCash) - GLTEPHMT but did not try.

I think you might struggle with opening a bank account.

A quick online search says you can send money out using the SWIFT code you mention but nothing about sending money in - same with PayaMaya.  You may have to use an intermediary money transfer service and have it send to GCash or PayaMaya.

[Gator]

I would think you being married to a Filipina you won’t have too much of a problem opening a joint account. Worse case, open one in your wife’s name only. You can then load your GCash from the account (BPI doesn’t charge a fee). You can use a remittance service, like World Remit, to load GCash (via your current debit card). 

[hk blues]

5 hours ago, Gator said:

I would think you being married to a Filipina you won’t have too much of a problem opening a joint account. Worse case, open one in your wife’s name only. You can then load your GCash from the account (BPI doesn’t charge a fee). You can use a remittance service, like World Remit, to load GCash (via your current debit card). 

I'm not sure if even a joint account would be possible - I had an account with Metrobank and wanted to open a joint account with my wife there.  It was no issue as I have my ACR and 13a but they did ask to see them before opening the joint account even though I was already a customer (it makes no sense I know but we know where we are). 

[BrettGC]

14 minutes ago, hk blues said:

I'm not sure if even a joint account would be possible - I had an account with Metrobank and wanted to open a joint account with my wife there.  It was no issue as I have my ACR and 13a but they did ask to see them before opening the joint account even though I was already a customer (it makes no sense I know but we know where we are). 

My experience is that many Philippine businesses and institutions have a set check-list that they will not deviate from no matter the circumstances or prior business with said business.  It can be frustrating but I guess it's all an excercise in arse covering so fair enough I reckon and in the case of the banks, covering all bases when it comes to the money laundering laws.  

It's interesting that you mention joint accounts.  We obtained a joint loan by me just showing my ACR and passport.  Tourist ACR that is.  My wife of course had to provide the full-documentation.  Definitely a case of YMMV when it comes to financial institutions.  

Edited July 13, 2023 by BrettGC

[hk blues]

3 hours ago, BrettGC said:

My experience is that many Philippine businesses and institutions have a set check-list that they will not deviate from no matter the circumstances or prior business with said business.  It can be frustrating but I guess it's all an excercise in arse covering so fair enough I reckon and in the case of the banks, covering all bases when it comes to the money laundering laws.  

It's interesting that you mention joint accounts.  We obtained a joint loan by me just showing my ACR and passport.  Tourist ACR that is.  My wife of course had to provide the full-documentation.  Definitely a case of YMMV when it comes to financial institutions.  

Yep.

After 8 years I'm so used to the way things work I don't even begin to question why - I just nod and comply whilst inwardly shaking my head!

I may be wrong but It reads to me like the OP wants his own account here where he can send money to from his home base and then enable his partner to access funds via GCash rather then the account itself. Not necessarily the worst idea if he can make it work.

[GeoffH]

I haven't done it for a while but I have used a SWIFT code to send Aussie dollars (which get converted to php by the bank) to a local bank account (not in my name).

It took a while to get the SWIFT code from the local branch, the transactions took a few days to process and the exchange rate wasn't as good as Western Union or World Remit which is why I haven't done it for a while.

But yes it is (or at least was 2 years ago) possible.

[hk blues]

4 hours ago, GeoffH said:

I haven't done it for a while but I have used a SWIFT code to send Aussie dollars (which get converted to php by the bank) to a local bank account (not in my name).

It took a while to get the SWIFT code from the local branch, the transactions took a few days to process and the exchange rate wasn't as good as Western Union or World Remit which is why I haven't done it for a while.

But yes it is (or at least was 2 years ago) possible.

I transfer money infrequently from my UK bank to my local bank here (in my name) using the SWIFT system - nowadays it seems to take a day to arrive in my account here but the rate is competitive.  

The only issue I would foresee is if the destination account is in a different name - this would be bank dependant though, my bank specifically doesn't allow it but, as per your message above, yours does (or did).

[The Carabao Whisperer]

I use GCash Mastercard. I don't think the transfer fees are the same from foreign to regular ph bank.

 

Before, you could transfer money for free to ShopeePay and then transfer for 15 pesos to GCash. (so I transferred like 200k for 30 piso)