Itís Your Money > Banking

Bank Accounts and Credit Cards

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gregpinton:

--- Quote from: bigrod on December 14, 2018, 02:00:18 PM ---If your wife reacquires her citizenship then she is in a different category than us.  Should make things much easier.  The joint account is what we have.  Understand though with a joint account that account is locked upon the death of either party until BIR is settled with.  So joint account is nice but recommend also separate accounts so funds can be transferred quickly before death notification.
--- End quote ---

Thanks for that, i had no idea about this.

I wonder how it would work out if we had a joint bank account and the business account, wonder if we would we be able to shift funds from the joint account to the business account instead, then again the business would be a joint name venture as well, so any account we have set up for the business would be in both names as well.

Also, if either of us passed away while we had the business, and it is a joint venture, would that business account also be frozen ?

David690:

--- Quote from: gregpinton on December 13, 2018, 11:35:43 PM ---Hi everyone, if i end up living in the Philippines in the next year or so (if our plans eventuate) and i get my 13A visa, and the Wife gets her 13G visa, should we open a joint bank account and get a credit card with one of the banks there, and if so, which bank would be best to go with, given we will most likely be living in Palawan.

Is it vital that i have a 13A and the Wife has her 13G (or re-gains her Filipino citizenship) for us to open bank accounts ?

Also, when we send money to the Philippines or need fast cash delivered to us in places in Palawan where there are no ATM's or banks, we usually use Western Union, and just need to go to the nearest collection agency to get the cash.

Is there a better service in the Philippines that we should be using, as we have never had any issues with WU before.

Cheers

--- End quote ---

A simple search will show you which banks have branches where you intend to settle.

I went with PS Bank, for the following reasons: -

1   They opened the account whilst I was on a tourist visa
2   The branch is relatively close to our home
3   The branch manager is very helpful and cooperative.  For me personal service is very important, I never have to queue to be attended.  As soon as I enter, I am waved over to her or her assistants desk, where I receive personal treatment.  Example, I strolled into the bank today and it was really busy.  As soon as she spotted me, I was waved to her desk, where my request to withdraw P1m, was immediately taken care of.  Out within 15 min, the longest part of the proceedings was having the notes put through the electronic counter!

We have 3 accounts, my own, a household account, and a separate account for my asawa, for her personal expenses.

I am still using my Dubai and UK credit cards, but I will apply for a Philippines one at some time.  I have not faced any problem using cards from overseas, but the exchange rate isn't always the best.

Regarding transfers, I transfer from Dubai.  For anti money laundering issues, the banks in Dubai will not transfer directly to a bank in Philippines.  Therefore, I transfer funds to an exchange house in Dubai, of which there are many, and they then transfer direct to Philippines.  I monitor the exchange rate regularly, and wait for the optimum time to transfer.  It takes 24 hours and costs $5.  WU is convenient but is far and away the most expensive way of transferring money.

Hope this is of some help.

Cheers


JoeLP:
Greg,
I'll touch first on your wife.  While neither of my Filipino exes ever gained US citizenship, my 2nd one had a sister who did while she was married to an USAF man.  Anyway, when their dad died and inheritance came up, she just went to the Philippine Consulate(there was one in Chicago where she lived, so this was very easy for her) and paid I think $50 and read the Philippine oath and was given back her Philippine citizenship.  That was it.  Just read what was on a card and paid the fee and she became a dual citizen.  So, if you live near a Philippine consulate that is a suggestion.
Here, I was so set to get the whole bank account, credit card and all that fun.  All I ever did was get the bank account for a touch then finally applied and after a good time got the card that I have not, as of yet, used.  Well, not to buy anything.  I have used the "atm" part of it a few times. 
A lot really depends on where you live.  I live in the capital of my province with over 100k in population living here.  They may be 20, but I cannot think of 10 places here that take cards.  That's how useless they are to me.  Just carry cash when needed otherwise I just don't carry much on me.  Doesn't make sense.  So, you really got to see more about where you're choosing to live.   Currently I just send the money this way once a month form my income that also comes monthly.  Leave some in my bank in the USA and the rest of the check send this way for expenses here.  Add a little to my bank each month, but more to my wife's for other reasons. 
Right now, with your move still out a touch, it's hard to really assess what you really need.  Until you know that...

gregpinton:

--- Quote from: JoeLP on December 15, 2018, 12:10:26 AM ---Greg,
I'll touch first on your wife.  While neither of my Filipino exes ever gained US citizenship, my 2nd one had a sister who did while she was married to an USAF man.  Anyway, when their dad died and inheritance came up, she just went to the Philippine Consulate(there was one in Chicago where she lived, so this was very easy for her) and paid I think $50 and read the Philippine oath and was given back her Philippine citizenship.  That was it.  Just read what was on a card and paid the fee and she became a dual citizen.  So, if you live near a Philippine consulate that is a suggestion.
--- End quote ---

If a Filipino took out Australian citizenship before 2008, they lost their Filipino citizenship, and for me to get 13a residency my wife needs to have her Filipino citizenship re-instated, which she can do by simply submitting all the paperwork required to the Philippine embassy in Canberra or consulate in Sydney, once that is done i do exactly the same to get my 13a card.

Once my wife regains her citizenship/residency again, she needs to re-new her old Filipino passport, however to do that, she must make an appointment for a face to face interview either at the Philippine embassy in Canbera, or consulate in Sydney, it cannot be done by mail, nor can it be done thru the Philippine consulate offices in the capital cities of each state in Australia.

For Filipino people who live in other places in Australia and need their passports done, it can be a very expensive exercise, and it is crazy not to allow the interviews to be done at the consulate offices in each capital city.

JoeLP:
I came to the Philippines in 2009 with my ex(the 2nd one).  This was at the time of her father's unexpected death(neighbor found him dead in his house).  Anyway, that was win the sister went to the Philippine Consulate in Chicago with us.  My ex needed to renew her Philippine Passport as she never got it updated/renewed after she arrived in the USA in 1985.  So she went with her birth certificate, marriage certificate, and a few other items to prove she was who her expired passport said she was and that she was now married and had a name change. 

At the same time is when her sister, who had to wait in a longer line than us, actually finished first as she filled out one form, turned it in and had it "authorized/passed" and then moved to the next line(where we found her when we finished going through the process of getting my ex's passport taken care of) as she was only about 10 back in the line.  At the end of that line, with the certificate that the form awarded her she turned it in to "read/recite" the oath on the paper.  With that, and ONLY that, she was awarded her Philippine citizenship again.  But, with some restrictions that others have mentioned.  But, that allowed her any my ex to "co-inherit" the property there father had.  The third sister was the youngest and moved the to the USA at the same time as them, but was only 5 and never gave a damn about returning to the Phils and didn't care about owning any property.
We were in that consulate for about a good 6 hours, but when we left, the ex had her passport in hand.  It was all done right then and there.  No wait for anything to be mailed.  The ex's sister had her legal status as a citizen of the Philippines again also and became a dual citizen. 
And we weren't there the complete 6 hours(the ex and I) as she had to run down out of the tower to the Walgreen's next door to get some things done that were required and she didn't have on her.  So maybe about 30 minutes of those 6 hours we were out. 
She had no interview, but she did have an appointment with a "case manager" type person who pretty much just went over all her stuff to make sure her claims were accurate, and to make sure her reason for an emergency passport replacement were legit(death of father took care of that). 
Things may have changed in the last 9+ years and who knows if the Philippines runs their consulates different in different countries.  But that's who I know what I know. 
I laughed when I was watching woman after woman(there are men that do it also, but the day I was there, nothing but women were in the line) walk up to the window, hold the little card with the oath on it, and read it through the speaker in the window one after the other to be told they have been approved and are Philippine Citizens again.  So easy.  So crazy easy.  Even my ex laughed at it as she became "Americanized" over the 24 years she lived in the USA. 

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