Finally Opened A Bank Account

[No name]

When I pick up my cash from the pawn shop, I wont even try to spell it... they count my money out loudly. Usually I send my cash as few times as possible to cut down on the cost.My bank charges me 5% plus $5 per transaction and I can only get P10000 here in Cebu so that gets expensive fast. I only use an ATM when I need cash fast.....I finally went to BDO and opened a bank account. I guess most of the workers don't know we all (maybe nearly all, I'm not aware of any exceptions) that we have to get an ACR card now. He seemed surprised I had one. I know that stopped me before and since I'm often a night owl, I don't get out a lot during the day.But, I went on down and got one today. No problem at all.

[Art2ro]

Most banks have the "preferred client" status, where you get preferential treatment as long you maintain a balance of P250,000 and above. You don't need to stand in long lines and you get a higher daily ATM withdrawal limit and if you're a permanent resident or a dual citizen, they'll even throw in a credit card depending on your source of income. And some banks by phone will even deliver your cash withdrawals to your home upon request through your personal bank manager and or make check or cash deposits on your behalf. HSBC has the same thing, but you have to have their "Premier Account" with a P5 million deposit!

Edited October 2, 2010 by Fil/AmArt

[Jake]

Most banks have the "preferred client", where you get preferential treatment as long you maintain a balance of P250,000 and above. You don't need to stand in long lines and you get a higher daily ATM withdrawal limit and if you're a permanent resident or a dual citizen, they'll even throw in a credit card depending on your source of income.

Way to go Art, I could definitely go for that "preferential treatment". I just need to rob a bank of 250K pesos and then deposit back at the same bank. Hell, I don't even have enough deposit for a sperm bank!DOM forever -- Jake Edited January 23, 2012 by JAKE

[No name]

There are a lot of rich expats here.I wish I was one of them..I keep trying though....$5000 isn't that much, wish I had been smarter when I was still working but noooooo .... If I didn't have enough money for something I just took two steps back and yelled CHARGE. :)

[Steve]

The Mrs and I opened up a BDO account on our last trip there back in February/March. We transfer anything extra that we don't need even if it's just P2k. Every little bit adds up. This way it's out of site, out of mind. Plus it's there when we come back.

[ekimswish]

We opened a new account with BPI last trip, but forgot to try and apply for online banking. I think you have to do it in person, so too late now. But I'd like to do as much online banking as possible, related to business, when dealing with larger amounts. No way, no how, do I want to be carrying a boatload of cash, ever.

[Steve]

We opened a new account with BPI last trip, but forgot to try and apply for online banking. I think you have to do it in person, so too late now. But I'd like to do as much online banking as possible, related to business, when dealing with larger amounts. No way, no how, do I want to be carrying a boatload of cash, ever.

BDO needed to have a form signed and it had to be an original copy. So we had went online, filled out the form, printed it and signed it then took it in the day before we left. Glad we did.

[Jollygoodfellow]

We opened a new account with BPI last trip, but forgot to try and apply for online banking. I think you have to do it in person, so too late now. But I'd like to do as much online banking as possible, related to business, when dealing with larger amounts. No way, no how, do I want to be carrying a boatload of cash, ever.

BDO needed to have a form signed and it had to be an original copy. So we had went online, filled out the form, printed it and signed it then took it in the day before we left. Glad we did.

Hey SteveWas wondering if you have the account in joint names and if that's possible since you are not a citizen or living in the Philippines? I guess as you are married it is OK?

[No name]

So you have to go online to get the form. Then take it to the bank? haha, surely not. Just an option, right?There was a place on my application for spouses name but no option or mention of a joint account.Do they have those? I'm wondering if it would conflict with the privacy laws in the Philippines. If I had too carry a lot of cash, I'd much rather do it in the Philippines than I would in Memphis, Tn.

[Steve]

Hey SteveWas wondering if you have the account in joint names and if that's possible since you are not a citizen or living in the Philippines? I guess as you are married it is OK?

Yes, it's a joint account. We opened it back in March right before we left. Donna is the primary on the account. There are two branches at the Fuente Osmena circle, the one wouldn't open it but the other one did. We had called in advance and spoke with a representative but we ended up going to the wrong branch. Walked out of that one and to the other and had no problems. I think the reason is that the branch we originally went to wassmaller and BDO was shutting it down in a few months (probably closed now).