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Author Topic: Setting up a bank account in Iloilo  (Read 4696 times)

Offline bojidai

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Setting up a bank account in Iloilo
« on: September 30, 2012, 12:34:12 PM »
I am a Vietnam veteran moving to Iloilo and want to setup direct deposit for my veteran pension.  Please advise.

Offline BudM

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Re: Setting up a bank account in Iloilo
« Reply #1 on: September 30, 2012, 03:02:05 PM »
Quote from: \"bojidai\" post=47523
I am a Vietnam veteran moving to Iloilo and want to setup direct deposit for my veteran pension.  Please advise.


Whatever the procedure is, I think they do the same with all types of veterans.  Plus, I believe it is the same for all types of ex-pats (if you are an expat) whether veteran or not.  Let\'s just say, the same for all types of foreigners.  I keep hearing though that it is best to have your direct deposit go to your home country bank account, then do whatever means of transfer you want to a dollar account and then either convert it to a peso account or withdraw and convert elsewhere or whatever you want to do with it.

Also, I think if you are not already there, I think you have to provide proof of residency.
Whatever floats your boat.

Offline Art, just a re(tired) Fil-Am

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Re: Setting up a bank account in Iloilo
« Reply #2 on: October 01, 2012, 01:01:17 AM »
Quote from: \"bojidai\" post=47523
I am a Vietnam veteran moving to Iloilo and want to setup direct deposit for my veteran pension.  Please advise.

Welcome to the forum dojidai,

Since this was your first post about direct deposits, I would first recommend you read all of the topics under Banking here: http://www.livinginthephilippines.com/index/index.php/Banking/  
which will probably answer all of your banking questions.
"Life is what we all make it to be"!
"It's always a matter of money"!
"Do on to others as they would do on to You, but do it first"!
"Different strokes for different folks"!
"Que Sera Sera"!

Offline Lee2

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Re: Setting up a bank account in Iloilo
« Reply #3 on: October 01, 2012, 02:02:05 AM »
Quote from: \"bojidai\" post=47523
I am a Vietnam veteran moving to Iloilo and want to setup direct deposit for my veteran pension.  Please advise.


Welcome to the forum. If you set up an account in the Philippines with direct deposit of your military pension, then only you will have access to it and it will be a passbook account and that is one of the reasons most people go with opening a Philippine peso ATM account and US dollar account which usually requires $500 to $1000 cash to open the dollar account and p3000 to p10000 in cash to open the peso account depending on the bank you pick and then keeping your money direct deposited in the US and writing a US dollar check and depositing it in your Philippine dollar account and then waiting 21 to 30 days for it to clear and then withdrawing it to convert to pesos at a local money changer who will most always have a much higher rate than the banks thus saving the fees involved with direct deposit and the beating you would end up taking on the conversion rate you would end up getting from the bank.

I see Art has already answered, if you read the section he provided then there is a wealth of info there which can help you to decide which way you would prefer to go but let me say that all the fees and the beating you will get on the conversion rate for direct deposit can really add up especially when a person is trying to get by on a pension. I would rather spend the extra money myself than let the banks make it and I figure the fees and conversion beating yearly on say $1500 a month would add up to about the cost of a nice dinner out monthly at a fancy restaurant or even as high as a round trip ticket and vacation to another country yearly.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline Art, just a re(tired) Fil-Am

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Re: Setting up a bank account in Iloilo
« Reply #4 on: October 01, 2012, 09:04:06 AM »
Quote from: \"bojidai\" post=47523
I am a Vietnam veteran moving to Iloilo and want to setup direct deposit for my veteran pension.  Please advise.

Would you care to share more about yourself without going into too much about your personal affairs? Forums are all about sharing and receiving helpful information in turn.
With your introduction as it stands, there\'s really not much you have described about yourself so that we can adequately answer your specify questions. You can go directly to the index, appropriate category and post your questions or comments there.
Sounds familiar! Did I just repeat myself? Sorry! :woohoo:  :dry:  :huh:  :lol:
"Life is what we all make it to be"!
"It's always a matter of money"!
"Do on to others as they would do on to You, but do it first"!
"Different strokes for different folks"!
"Que Sera Sera"!

Offline bigrod

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Re: Setting up a bank account in Iloilo
« Reply #5 on: October 06, 2012, 02:19:23 PM »
BDO has the lowest minimum for a dollar savings account that I have found, $200.00.

Chuck
Life is  to short not to live it right the first time