PNB RCI\'s (Philippine National Bank Remittance Center Inc)

PNB RCI CHARGES
Same business day remittances to on-line PNB Branches, no limit. Peso remittances are withdrawable from 1,600 ATM\'s nation wide (as of 12/13/2007):

$6.00 for amounts up to $500
$7.00 for credit to PNB accounts (any amount)
$9.00 for credit to other banks, pick-up at PNB branches, door to door (any amount)
$10.00 Web remit service; dollar to peso, dollar to dollar

Excluding Web remit, remittances to Dollar accounts range between $10 to $50 for amounts from $0 to $6,001 and above.

OPENING PNB ACCOUNT FROM ABROAD
Anyone can open a variety of accounts at PNB through any one of their RCI\'s in the US or Canada.  You don\'t have to be in the RP and you don\'t have to be Filipino.  You may obtain an application form and have your signature witnessed in person by an RCI\'s manager.  You\'d send the application to the headquarters of the RCI in LA.  They will open your account at whatever PNB branch you desire in the RP and send you whatever comes with the account (checkbook, savings book, ATM card, etc).  You don\'t have to step a foot out of the US or Canada to do it.  There are a variety of services available and 1-800-PNB-8788 will get you to the RCI that services your location.  There\'s a charge of $45 to open a new account and it may take a month or two.

REMITTANCES TO PNB
For the past dozen or so years I\'ve worked out a system to handle pensions to provide living expenses in the RP that works for me.  There are dozens of variations, but this is how I do it. 

I have all of my income direct deposited to one of my Credit Union accounts in the US.  It is accessible through the Internet.  My CU offers a free Bill Pay service.  I use it to pay whatever bills happen to pop up in the US.  Part of the service includes an automated payment to my PNB peso account through one of the many PNB RCI\'s in the US.  The payment is made electronically and the amount is deposited the same day in my PNB account.  Each of these routine exchanges cost $5 (with my senior discount).

This way I don\'t have to keep any of my life savings in a Philippine bank, but have almost immediate access when a need arises.  This works for me, your mileage may vary.

[steveinvisayas]

Hi Ron,

I used this system to open an account at PNB in Bohol which I just posted on here. I\'ll pick up the ATM card in Tagbilaran when I arrive in April. I\'m not clear on the procedure you mention for getting the transfered funds available immediately? Or did I miss something?       I learned about this (from you?) on the LinP3 group and appreciate your sharing this info.

Thanks, Steve

Steve, when a electronic check is sent to any one of the dozens of PNB RCI\'s from my Credit Union in the US, it is deposited instantaneously in a peso account at my local PNB branch.  That\'s what I meant by immediately.  I have set up a periodic payment (one a month) at my Credit Union that\'s automatic and I can modify that or create new transfers as needed on the Internet.  There are dozens of PNB RCI\'s scattered about the US and Canada.  I\'m not certain that similar services might be available in Europe.

[lwood]

Hi Ron,
Do you have any experience with direct deposit into the PNB account?  Does the PNB account have to be in pesos?  I will be going to PNB in Naga today and will report back what I find out.  This looks like the most promising way to transfer money to the Philippines with small banking fees.  Thanks for the tip

Hi Ron,
Do you have any experience with direct deposit into the PNB account?  Does the PNB account have to be in pesos?  I will be going to PNB in Naga today and will report back what I find out.  This looks like the most promising way to transfer money to the Philippines with small banking fees.  Thanks for the tip

No, you can remit to a dollar account as well if you like.  Costs are much higher to dollar accounts however, from $10 for amounts up to $100, graduated to $50 for amounts $6,001 and above.  There\'s also a \"web remit service\" for a flat fee of $10, dollar or peso.  Your PNB branch should be able to explain all of the methods to you. 

I don\'t waste my time with dollar accounts.  Had one once and it was more cost and trouble to me than it was worth. With the rise of the peso value, it\'s even worse. Your mileage may be different

[lwood]

Went to PNB and this is a good solution.  Your correct the USD fees and a $500.00 minimum to open a dollar account are not worth trying to beat the exchange rates game. But for pesos it\'s relatively inexpensive.  Thanks for the tip