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Author Topic: Bank Accounts and Credit Cards  (Read 24995 times)

Offline gregpinton

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Bank Accounts and Credit Cards
« 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
« Last Edit: December 13, 2018, 11:49:13 PM by gregpinton »

Offline starrt

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Re: Bank Accounts and Credit Cards
« Reply #1 on: December 14, 2018, 10:41:02 AM »
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

Offline bigrod

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Re: Bank Accounts and Credit Cards
« Reply #2 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.  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
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Offline gregpinton

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Re: Bank Accounts and Credit Cards
« Reply #3 on: December 14, 2018, 11:54:38 AM »
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.

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.

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.

« Last Edit: December 14, 2018, 12:03:18 PM by gregpinton »

Offline bigrod

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Re: Bank Accounts and Credit Cards
« Reply #4 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.

Chuck
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Offline gregpinton

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Re: Bank Accounts and Credit Cards
« Reply #5 on: December 14, 2018, 05:18:05 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.

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 ?

Offline David690

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Re: Bank Accounts and Credit Cards
« Reply #6 on: December 14, 2018, 07:25:51 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

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


Londoner at heart

Offline JoeLP

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Re: Bank Accounts and Credit Cards
« Reply #7 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.
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...
In the land of the blind, the one eyed man is king.

Offline gregpinton

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Re: Bank Accounts and Credit Cards
« Reply #8 on: December 15, 2018, 12:47:57 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.

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.

Offline JoeLP

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Re: Bank Accounts and Credit Cards
« Reply #9 on: December 15, 2018, 02:57:40 AM »
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. 
In the land of the blind, the one eyed man is king.

Offline gregpinton

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Re: Bank Accounts and Credit Cards
« Reply #10 on: December 15, 2018, 11:33:08 AM »
Dual citizenship in the Philippines was introduced in 2008 (i think) prior to that, any Filipino who took out citizenship in another country like my wife did, automatically lost their Filipino citizenship, which in effect made her no more of a filipino than myself (in many ways)

I wanted her to apply for her Filipino citizenship and renew her passport years ago, but she claims she doesn't need it because Australia is her home, my parents have basically adopted her as their own, and she only has 2 brothers left living in Manila with their families, plus a bunch of cousins and nieces and nephews.

She still has 11 years to go before she will get her old age pension and her superannuation (she can retire early but will need to live off her superannuation until aged 67) but because i am only 62 and not working any more, i need something to do with my time, and i always wanted to run a tourist business in Palawan for several years, and live there to run it, even if the Wife stayed home with our daughter and continued working until she is at least 60.

Anyway, before we can start our business or buy any investment houses, she has to regain her Filipino citizenship and get her passport, after that we can basically do whatever we like, and with my 13a, even i can buy my own investment properties and own/run a business as well, and get bank accounts.


Offline David690

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Re: Bank Accounts and Credit Cards
« Reply #11 on: December 15, 2018, 08:01:55 PM »

 and with my 13a, even i can buy my own investment properties and own/run a business as well, and get bank accounts.

Depends what you mean by properties.  If it is a house that you have built and 100% financed, yes you can register it in your name.  You will not however, own, or have title in your name, of any land here.
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Offline JoeLP

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Re: Bank Accounts and Credit Cards
« Reply #12 on: December 16, 2018, 02:24:00 AM »
Dual citizenship in the Philippines was introduced in 2008 (i think) prior to that, any Filipino who took out citizenship in another country like my wife did, automatically lost their Filipino citizenship, which in effect made her no more of a filipino than myself (in many ways)
Yes.  That is why my ex's sister lost her Philippine citizenship.  She became an American(her husband pressured her as he was in the military(USAF)) and there was a special setup where foreign spouses go preferred treatment and paid lower costs when they were married to someone in the military.  So, she went through it in less than 2 years if I remember correctly for real cheap on the wallet.  Anyway, like you said, she lost her citizenship.  The ONLY thing she had to do was go to the Philippine consulate, fill out a form, turn it in,(pay the fee) then go read the oath that was on a small piece of paper.  A card really.  That was it.  She is now a dual citizen.  They do NOT ask for a lot for their former citizens to become citizens again.
My point it, for a former Philippine citizen who wants their citizenship back, it's that damn easy.
In the land of the blind, the one eyed man is king.

Offline jjcabgou

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Re: Bank Accounts and Credit Cards
« Reply #13 on: December 16, 2018, 10:39:07 AM »
I have and use two American credit cards and never had a problem.  If you do plan on using a credit card from another country I would suggest ensuring your credit card does not charge foreign transaction fees.  If they do, ask them to waive that, if they refuse, the just get a different credit card. 
I have also used western union exclusively over  the last 5 plus years and have had no problems.   For the best rate, I send my money in dollars and just exchange for pesos when I pick up my money.

Offline gregpinton

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Re: Bank Accounts and Credit Cards
« Reply #14 on: December 17, 2018, 12:51:37 PM »
Depends what you mean by properties.  If it is a house that you have built and 100% financed, yes you can register it in your name.  You will not however, own, or have title in your name, of any land here.

I must be missing something here, when the 13a was bought up in my other Topic i was sure that once i got my 13a (after my wife gets her residency and citizenship back) i would be allowed to buy a house and lot, or land, and build my own house, and even start or buy a business.

think i need to go back and read thru all the paperwork again.

Getting a bit of topic here.