Author Topic: Banking, new laws, no more bank accounts for tourists period  (Read 10984 times)

Offline David690

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #15 on: March 22, 2018, 01:53:02 PM »
Was that this year? The reason I ask is because we checked with a few banks and all told us the same thing, the central bank now audits banks and thus the new requirements must be met or they would lose their ability to have a bank, of course who knows what is true here, but since it came from different banks and since I had been able to help friends get bank accounts last April and May at the same banks, it seems there is some consistency in what the different banks are telling us, so there has to have been something in writing that came down, I will try to do some research and post it if I can find it.

Hi Lee, I opened the account last September whilst on a 30 day tourist visa. 

I am currently on a BB and have applied for an ACR which should be available end of this month.  I will give PSBank a copy to make them 100% happy.

I have transferred several large amounts, up to P1m to that account from Dubai.  For the largest one of P1m I just had to show the screenshot of the amount being withdrawn from my Dubai account.

TBH I find banking here to be one of the least hassle processes, maybe I've just been lucky.

I wish exchanging my UK DL for Filipinos DL was as easy...........
Londoner at heart

Offline Lee2

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #16 on: March 22, 2018, 02:21:30 PM »
Hi Lee, I opened the account last September whilst on a 30 day tourist visa. 

I am currently on a BB and have applied for an ACR which should be available end of this month.  I will give PSBank a copy to make them 100% happy.

I have transferred several large amounts, up to P1m to that account from Dubai.  For the largest one of P1m I just had to show the screenshot of the amount being withdrawn from my Dubai account.

TBH I find banking here to be one of the least hassle processes, maybe I've just been lucky.

I wish exchanging my UK DL for Filipinos DL was as easy...........
Yeah supposedly the new issue started this year, so anyone who opened accounts last year should have not had them, I helped friends open accounts last year with no issues, this year for some reason it all changed, who knows, maybe next year it will be easier again.

As for getting a DL, it can be very easy if you know who to use to help you, there is a person here who a friend used and that person cut out all the red tape including no pee test, if you get to Cebu then I would be happy to give you the contact info, otherwise find someone connected where you will be, they exist, it is amazing what some pesos can do.  ;)
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline David690

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #17 on: March 22, 2018, 02:27:11 PM »
Yeah supposedly the new issue started this year, so anyone who opened accounts last year should have not had them, I helped friends open accounts last year with no issues, this year for some reason it all changed, who knows, maybe next year it will be easier again.

As for getting a DL, it can be very easy if you know who to use to help you, there is a person here who a friend used and that person cut out all the red tape including no pee test, if you get to Cebu then I would be happy to give you the contact info, otherwise find someone connected where you will be, they exist, it is amazing what some pesos can do.  ;)

Yes re the DL, I understand that some LTO offices are easier than others.  Unfortunately for me, I understand that the LTO here in Davao is one of the toughest.  Anyway, I don't want to hijack the thread.........
Londoner at heart

Offline User444

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #18 on: May 04, 2019, 09:16:03 PM »
I tried to open a BDO joint account with my wife today on a BB visa and they said "show me your acr", which I don't have. They also said that even if I do have an acr card, I can't open an account at this branch because I don't live in that city. It was Robinsons Mall in Ortigas, Metro Manila. I live in Taguig. I asked her that if I did live in Ortigas and was able to open an account with them, was I restricted to only using that card in Ortigas? She said I could use it everywhere. I asked her why I couldn't open an account at any BDO to use anywhere in the PH. She didn't have an answer. Seemed odd to me. Anyways, we are going to try PSBank next.

Offline Steve & Myrlita

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #19 on: May 04, 2019, 09:42:35 PM »
I tried to open a BDO joint account with my wife today on a BB visa and they said "show me your acr", which I don't have. They also said that even if I do have an acr card, I can't open an account at this branch because I don't live in that city. It was Robinsons Mall in Ortigas, Metro Manila. I live in Taguig. I asked her that if I did live in Ortigas and was able to open an account with them, was I restricted to only using that card in Ortigas? She said I could use it everywhere. I asked her why I couldn't open an account at any BDO to use anywhere in the PH. She didn't have an answer. Seemed odd to me. Anyways, we are going to try PSBank next.
Try BPI.
Thank you...God Bless...
Bro Steve & Sis Myrlita
Bacolod City, PH
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Offline iamjames

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #20 on: May 12, 2019, 04:07:32 PM »
Friend of mine recently solved the problem by transferring his funds to the girlfriends account. After a few weeks she went missing for a week. When she came back she admitted she had withdrawn all the funds!!! She actually got him to sign a paper saying HE had taken the money from HER account and that he would go away and never bother her again. The mind boggles. 
All I could do was laugh at the mans stupidity. Surely a Darwin case?

Offline Peter

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #21 on: May 12, 2019, 04:15:27 PM »
Friend of mine recently solved the problem by transferring his funds to the girlfriends account. After a few weeks she went missing for a week. When she came back she admitted she had withdrawn all the funds!!! She actually got him to sign a paper saying HE had taken the money from HER account and that he would go away and never bother her again. The mind boggles. 
All I could do was laugh at the mans stupidity. Surely a Darwin case?

Doh!  :-X :-X :-X :-X

Peter
Noli nothis permittere te terere.
Virtus autem corruptibilis est,
summa virtute prorsus corrumpitur,

Offline User444

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #22 on: May 13, 2019, 11:31:32 AM »
I stopped pursuing this because I don't really need a bank account here. My Charles Schwab card works great. I was trying to open a joint account for USA visa purposes for my wife. "Co-mingling of resources"

Offline User444

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #23 on: June 24, 2019, 12:53:07 PM »
I still don't have a PH bank account, but my wife's co-worker's friend works at Security Bank and was trying to meet the monthly quota for opening new accounts. The account manager said they would open a joint account for us even though I don't have an acr card. It depends on the bank.

Offline User444

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #24 on: June 27, 2019, 02:20:07 PM »
My wife wanted to apply for it anyways but then the bank changed their mind. You must have an ACR.

Offline David690

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #25 on: June 27, 2019, 04:13:06 PM »
My wife wanted to apply for it anyways but then the bank changed their mind. You must have an ACR.

You can apply for an ACR whilst on tourist visa or BB.  I have one.
Londoner at heart

Offline M.C.A.

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #26 on: June 27, 2019, 05:25:42 PM »
My wife wanted to apply for it anyways but then the bank changed their mind. You must have an ACR.


Here's a link if you're on a BB Visa and want an ACR card  http://immigration.gov.ph/services/alien-registration/voluntary-application-for-acr-i-card
My views would be from someone who lives out in the province close to in-laws on a pension.  Norwegian and French heritage.

Offline Frosty

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #27 on: August 01, 2019, 04:46:56 AM »
I just got back about 2 weeks ago. the bank we use is BDO
We got our $ account 10 or 15 years ago
The bank account was set up on Bohol.
We are staying on Negros Or.
I found out that BDO will not allow you to with draw money from an account that's on a different island
It's strange to me they can lookup the account they can see the balance they can see everything about the account
But they would not let us with draw any money. They said it's a different branch.

We set up a second account the only id we showed was our U.S. passports.
We do have a locale address but we did not have any proof that we lived at that address.
There are some restrictions on how soon you can make a withdraw from the account.
I wrote a personal check on a US account for deposit just to see if it would work and find out the cost
I was told it could take up to 26 days to access the money.
they told me the cost was $5 for the transaction.

 

Offline M.C.A.

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #28 on: August 01, 2019, 08:07:26 AM »
I just got back about 2 weeks ago. the bank we use is BDO
We got our $ account 10 or 15 years ago
The bank account was set up on Bohol.
We are staying on Negros Or.
I found out that BDO will not allow you to with draw money from an account that's on a different island
It's strange to me they can lookup the account they can see the balance they can see everything about the account
But they would not let us with draw any money. They said it's a different branch.

We set up a second account the only id we showed was our U.S. passports.
We do have a locale address but we did not have any proof that we lived at that address.
There are some restrictions on how soon you can make a withdraw from the account.
I wrote a personal check on a US account for deposit just to see if it would work and find out the cost
I was told it could take up to 26 days to access the money.
they told me the cost was $5 for the transaction.

Frosty it seems like the timeline after depositing a check is more like 45 days, this is just my own observation dealing with PNB and I've also talked with other banks and they said the same thing because I was going to switch banks.  Business days, so they don't count holidays and weekends and they actually double up the days on holidays and at times they mention that they can be held up longer at times, so it's complicated to say the least. 
My views would be from someone who lives out in the province close to in-laws on a pension.  Norwegian and French heritage.

Offline bigrod

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #29 on: August 01, 2019, 08:32:49 AM »
Frosty it seems like the timeline after depositing a check is more like 45 days, this is just my own observation dealing with PNB and I've also talked with other banks and they said the same thing because I was going to switch banks.  Business days, so they don't count holidays and weekends and they actually double up the days on holidays and at times they mention that they can be held up longer at times, so it's complicated to say the least.

I have had a BDO $ since 2010 and it has always taken 20 business days.  So it will be 26-28 days or longer if holidays.  It has never taken 45 days.

Chuck
 









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