Author Topic: Banking, new laws, no more bank accounts for tourists period  (Read 12669 times)

Offline Frosty

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #30 on: August 03, 2019, 12:17:09 AM »
You make some good points about holidays and week ends. I never thought about them
we were making deposits to see how long it takes and if we encountered any problems
so far we have not had any problems.
To me its a simple way to transfer money with a very small fee

Offline David690

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #31 on: August 04, 2019, 07:56:50 PM »
You make some good points about holidays and week ends. I never thought about them
we were making deposits to see how long it takes and if we encountered any problems
so far we have not had any problems.
To me its a simple way to transfer money with a very small fee

the fee is reasonable, but I suspect that you will not be getting the best exchange rate.
Londoner at heart

Offline bigrod

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #32 on: August 05, 2019, 05:29:59 PM »
the fee is reasonable, but I suspect that you will not be getting the best exchange rate.

You have the option of converting at the bank or withdrawal and converting somewhere else for a better rate.

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

Offline David690

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #33 on: August 05, 2019, 06:06:14 PM »
You have the option of converting at the bank or withdrawal and converting somewhere else for a better rate.

Chuck

Hi Chuck

Yes of course, I didn't notice you were talking about a $ account, silly me.
Londoner at heart

Offline Frosty

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #34 on: August 08, 2019, 05:58:24 AM »
When I was talking to my wife last night she told me that any amount $4999.99 and below was a $5.00 fee
above $5000.00 was a $35.00 fee.
I think if you plan on making a deposit with a personal check you should find out about the fee first.

Offline spin

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #35 on: October 28, 2019, 07:36:45 PM »
How things have changed since we last lived in Philippines. Guess we have an uphill road ahead of us this time.

Offline ABCDeVil

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Re: Banking, new laws, no more bank accounts for tourists period
« Reply #36 on: October 28, 2019, 11:36:21 PM »
I found out that BDO will not allow you to with draw money from an account that's on a different island

Hi Frosty,

My wife and I have separate BDO accts, but we travel all over the country and have had NO problem withdrawing any amount, no matter where we are in the country.

EG, earlier this year, we traveled to Manila, Dumaguette, Cebu island, then onto Mindanao (various places) then back to Manila on the way home to Zambales. At no time did we have any problem, withdrawing money, from either an ATM or over the counter at another BDO branch. Even using our BDO debit card at shops "point-of-sale". In all our travels over the last 6-7 years, around the Phils, we have never had any issues with our BDO accts.

The only time BDO seemed concerned (made an inquiry to us), was when I transferred AUS$9999 per day over a 2 week period. I took my own laptop into my BDO main branch, opened my Aus bank acct, showed them, which they were ok. NO photocopy or anything. Then they asked what the money was being used for, so I explained we were buying a house n lot. After purchase, went back to the BDO branch, showed the house sale papers and all was good with them. I did not borrow a piso, did not give them any photocopy, just showed them where / why / when / etc and all was smooth.

A few years ago, whilst still living full time here in Zambales, we traveled to Davao to buy a car. Advised my BDO branch to expect me to withdraw a very large amount at some branch in Davao. Was asked which branch, I replied, somewhere in Davao. Whilst in Davao, when I found the car to buy, I visited the nearest BDO, told them how much (a few hundred thousand piso's) to buy the car. They advised that they needed to contact my branch. So my wife and I went out, had a coffee, returned to the BDO, 30 mins later and collected the cash. It seems my main BDO branch, made a note on my acct, as to what I was going to do. All went very smooth. The 30 mins delay, was just to confirm and to count the cash.

ABC