Itís Your Money > Banking

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

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David690:

--- Quote from: iamjames on March 21, 2018, 01:43:22 PM ---No country gives accounts to tourists. You always have to give proof of residency : Phone Bills, Electric bills, etc.

--- End quote ---

I arranged my account with PSBank whilst on a tourist visa.

Lee2:

--- Quote from: David690 on March 21, 2018, 01:47:29 PM ---I arranged my account with PSBank whilst on a tourist visa.

--- End quote ---
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.

bigrod:

--- Quote from: iamjames on March 21, 2018, 01:43:22 PM ---No country gives accounts to tourists. You always have to give proof of residency : Phone Bills, Electric bills, etc.

--- End quote ---

I got an account with BDO on a tourist visa with less than a month after my arrival in 2010.  No bills in my name at that time.  Was lucky and had an ACR-I card just a few days after arrival.

Chuck

Lee2:
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.  :(

Lee2:

--- Quote from: bigrod on March 21, 2018, 04:14:00 PM ---I got an account with BDO on a tourist visa with less than a month after my arrival in 2010.  No bills in my name at that time.  Was lucky and had an ACR-I card just a few days after arrival.

Chuck

--- End quote ---
I have accounts in my name both dollar and peso and we stay on a BB stamp and I have never had an ACR card but it seems something changed very recently, or someone is now checking to make sure banks are staying within the rules. I did not check with BDO because they used to be the strictest and would not open an account for me in the past while other banks would, even Citibank, so I skipped them but will give them a try next week when my friend comes back from his vacation to another island.

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