Itís Your Money > Banking

Bank Accounts and Credit Cards

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gregpinton:
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

starrt:
Hi,

I am sure that many more have had similar experiences, and you can read this in different threads here on this forum, and the answer to your banking question would be, it depends...

It depends not only on the bank but also on the branch manager and /or the account manager. It has nothing to do with the type of visa, but they will ask for some sort of proof of residency, both for opening an account and applying for credit.

One thing is pretty consistent is that the credit cards are issued by a division apart fromn the actual branches so chances are you will ahve to wait about 6 months before trying to apply for a local credit card, and depending on your age, cash balances in the bank, etc, you may, or may not, get one.

I am still using, and will continue to use, my credit card from my bank in Canada. I have had a few issues with it at some stores but overall here in Metro Manila it can be used at most places.

Good luck.
Thomas

bigrod:
When you finalize your 13a in the Philippines(if applied for in home country) you will be issued an ACR-I card with a 5 year expiration date.    Most banks require the card to open accounts.  Personally I would want a Bank that is near my residence.  In my personal experience getting to know your branch manger is crucial.  They can facilitate many of the transactions you might need.  In regards to getting a credit card many have a hard time and others do not.  I deal with BDO and the branch manager makes a recommendation on the credit card application.  I got a card a few years back with no problem, but we had an account with the bank for a few years.  The CC limit on ours increases annually by about 50K php. I know another individual that has been here about 20 years and still cannot get a CC from the different banks.  With BDO there some transaction if done at different branches or outside our area we are charged a service fee.  Heard many of these fees are not charged by BPI and possibly other banks.  I use BDO because the opening/maintaining balance for the dollar account is $300 less than most other banks. CC from what I heard over the last nine years here are not issued until 2 years residency, not sure if that applies to only foreigners.  This being the Philippines that 2 years may not be a hard and fast rule if the branch manger endorses your application.Not having to look at 13a/13G for spouse myself guess that would be a choice of what provides the most benefits.

Chuck

gregpinton:
Thanks starrt, interesting that you are still using your Canadian credit card, as we have never had any issues using our Australian cards while traveling the Philippines.

I just thought we should have a joint personal bank account, and would open a business account if we establish the business in Palawan, and then apply for a credit card for both accounts, which is what we would do here in Australia.

Just wanted to find out if there is a particular bank over there that is favored more than the others, and which have brances in cities such as Puerto Princesa on Palawan Island.


--- Quote from: bigrod on December 14, 2018, 11:47:50 AM ---When you finalize your 13a in the Philippines(if applied for in home country) you will be issued an ACR-I card with a 5 year expiration date.    Most banks require the card to open accounts.  Personally I would want a Bank that is near my residence.  In my personal experience getting to know your branch manger is crucial.  They can facilitate many of the transactions you might need.
--- End quote ---

Wow, that is one heck of a nightmare, things must have changed a lot from 25 years ago, when my wife and i walked into the Pasig branch of the PNB and she opened an account in her name, issued her pass book, and i think we wired ourselves $5000au from our Aust bank account via western union to use as an initial deposit, which was being used to buy 2 beachfront lots, one in Batangas and another on mindoro island.

bigrod:
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.

Chuck

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