Itís Your Money > Banking

Banking, new laws, no more bank accounts for tourists period

<< < (3/8) > >>

Peter:
Lee.

Asking for proof of source has been part of the international anti-money laundering efforts for many, many years.

I use MetroBank Remittance Centre in London to transfer funds as required. I transfer online, using the (free) interbank 'FasterPay Service', from my UK bank to the MetroRem centre. MetroRem then direct deposit in our Metrobank account, here in the Bataan. Normally 3 or 4 hours delay, as the UK is either 7 or 8 hours (summer/winter time) adrift from us and the London end transfer to here is done manually. So we go to sleep here and wake up with Pesos in the bank next morning.

If funds are in excess of Stg. 3,000, then (UK) MetroRem "Terms and Conditions" state they 'MAY' ask for proof of source. I was asked a couple of times, about 8 or 9 years ago when we were extending our house and the sums were larger than usual, but nothing since then (touch wood.) We regularly transfer, so have built up a relationship with them and are on first name terms with the manager and the 3 guys who are at the "coal face". Got their personal, UK mobile numbers as well in case of any problems. LOL!

Never had our local branch query any deposits either. Not even when we opened the account with a sizeable cash deposit back in 2006.

Of course, things may be different in other areas!

Peter

M.C.A.:
These banking rules have been tough since I first got here in 2010 so I keep mentioning how tough they are but many still claim it's so easy so good to hear another get real story, I've been to several banks they all required my Immigrant card but then again these banks aren't offical Bureau of Immigration Officers so I find it hard they can figure out what card is legal to open a bank account, so many variations but last year they started color coding the Visa ACR cards.

bigrod:

--- Quote from: M.C.A. on March 21, 2018, 05:52:43 PM ---These banking rules have been tough since I first got here in 2010 so I keep mentioning how tough they are but many still claim it's so easy so good to hear another get real story, I've been to several banks they all required my Immigrant card but then again these banks aren't offical Bureau of Immigration Officers so I find it hard they can figure out what card is legal to open a bank account, so many variations but last year they started color coding the Visa ACR cards.

--- End quote ---

First off MCA you were on a 13a before you came here so your status is different from a tourist to begin with.   The rules are tough? I had a checking account in less than 2 month after my arrival. If my memory serves me correctly my ACR-I card always identified me as a tourist when I got my first one in June 2010.  As far as banking is concerned at least with BDO it depends on the branch manager.  Example it is required that loans not be given after 65 years old and paid off by that age.  I got a new car loan in 2016 at 68 years old and it will paid off at 71 years old, yes it cost me a higher down payment and max 3 year financing.  Could somebody just arrived here get that probably not, but can an established account holder get it?  I did.

Chuck


Chuck

suzukig1:

--- Quote from: Lee2 on March 21, 2018, 04:15:41 PM ---Oh another item that came up, if we who already have bank accounts here wish to wire or deposit large sums of money, over p500,000, then we would have to provide the bank with proof where the funds came from, I do not think that is new because CityBank Philippines when we had an account there used to make us do that but until recently BPI and BOC never made us do that, but both told me yesterday that we would now have to provide that proof if we were to deposit money to buy another property with.  :(

--- End quote ---

At the end of last year, 2017, I wire transferred USD greater than $10k USD to both BPI and BDO.  Both held up the deposits until I called them back (they called) to explain what the money was for.  I told them living expenses and that was good enough.  My impression was that they needed to put a reason down on some form.  All wire transfers less than $10k USD don't get any scrutiny.

Lee2:
All I know is that it is getting made harder and harder for new expats to live here but for us, we will be fine because we already have a checking, 2 ATM accounts in one bank and a dollar account as well as a peso ATM account in another bank, but for new people moving to the Philippines, my post was meant only to let them know that they might not be able to open a bank account without having a builder help them or having a resident visa. My friend wishes to buy a second hand condo, so he will not have a builder to help him should he continues on with his plan to buy that second hand condo that I found for him, to possibly make a deal with the owner.

As for others, as late as last year we were able to help friends open bank accounts including checking accounts without all this new bs, something has to have changed this year, I just hope this is not a sign of the things to come for future years getting even harder, as a lot of people who wish to move to the Philippines may end up very disappointed if they do not have a retirement visa of some type, or are not married to a dual citizen.

Navigation

[0] Message Index

[#] Next page

[*] Previous page

Go to full version