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Author Topic: How Do You Open A Bank Account In The Philippines  (Read 15854 times)

Offline don.herrington

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How Do You Open A Bank Account In The Philippines
« on: January 01, 2008, 06:04:45 PM »
Got to the bank. Yes, got to go there and sign up. You need two pieces of ID. Foreigners should always bring their passports.

Some bank will say you need an Alien Resident Certificate, ACR.  You do not. If you open a US dollar savings account you do not. If you open a peso account you do, my understanding of this date, January 1, 2008.

It is good to have another foreigner who has an account go with you. But usually they will be happy to help you. Go to the branch manager and introduce yourself. Things here are done not by rule as the primary consideration but by relationships being most important. With the proper relationships, rules and procedures made enforced by humans can be \"adjusted,\" buy  them.

Travelers checks are a pain. I hope someone will write more on them. Many use ATM\'s. I hope someone who uses ATM not just a bank account as I do to get money will write something.

I will come back to this later. I hope other add to what I have started.

Respectfully,
Don

Don A. Herrington
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Offline Jan

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Re: How Do You Open A Bank Account In The Philippines
« Reply #1 on: January 01, 2008, 06:12:18 PM »


Some bank will say you need an Alien Resident Certificate, ACR.† You do not. If you open a US dollar savings account you do not. If you open a peso account you do, my understanding of this date, January 1, 2008.


Ron, I tried in 4 local banks and failed to open. Next time I hope to find someone to join me as you sugested.

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Re: How Do You Open A Bank Account In The Philippines
« Reply #2 on: January 01, 2008, 06:47:54 PM »
Guys,

I opened an account with HSBC here with little fuss, just needed Php100,000 which I transferred with my Visa Debit card. The Php100k has to be kept as a balance to keep the account open but I got online banking, ATM cards & cheque book.

I was not living in the PI at the time, just on a visit & it was set up in just a hour. I can give anyone in Manila area a HSBC contact to help if needed.

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Re: How Do You Open A Bank Account In The Philippines
« Reply #3 on: January 01, 2008, 08:30:37 PM »
We have opened accounts with the Coconut Planters Bank and the Allied Bank before we moved here and had no problems. Since moving here we have opened Allied Bank accounts in different branches very quickly and again with no problems. The only minor problem was with BPI that insisted on two photo ID\'s from both of us for a joint account. I was OK and could have opened an account but my wife only had one at the time. We decided that they were being too difficult and did not bother.

Colin

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Re: How Do You Open A Bank Account In The Philippines
« Reply #4 on: January 02, 2008, 02:56:46 AM »
Procedures and required information to open bank accounts vary from bank to bank.† For instance, the bank I use is Philippine National Bank. I chose PNB only because it was the nearest branch when I built my house in Cebu.† They need nothing more than a signature and adequate identification, which could be a passport and/or driver\'s license.† You may also create an account while you\'re still abroad, peso or dollar.† You don\'t need to be in the country or even Filipino.† You only need to visit one of the PNB RCI\'s (Remittance Center Inc) to have your signature witnessed.†

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Re: How Do You Open A Bank Account In The Philippines
« Reply #5 on: January 02, 2008, 09:12:39 PM »
Procedures differ from bank to bank† ???

Needed 2 IDs - an address in the philippines - minimum deposit (varies on type of account from P500 for a passbook savings)

I was helped by my fiancee already being a customer, we opened joint accounts at BPI checking (minimum P10,000), RCBC savings (P10,000) and Postal savings (P5000)
A referral from an ex-pat customer didn\'t hurt either

BPI has ATM, RCBC & Postal passbooks.......RCBC and Postal open on SATURDAY mornings....very useful at times

Union Bank wants a P100,000 before they\'ll rent us a safety deposit box

Offline fred

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Re: How Do You Open A Bank Account In The Philippines
« Reply #6 on: January 03, 2008, 08:29:58 PM »
HSBC were very explicit that I could not open ANY account without an ACR card.
The banking adviser did not know this and suggested to me that as a foreigner I simply could not open an account.
I asked her to check her companies policy notes on the computer in front of her.
This is when she learned of the ACR requirement.
This was a requirement for either a Peso acc. or a Sterling/Dollar acc.

Fred.

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Re: How Do You Open A Bank Account In The Philippines
« Reply #7 on: January 03, 2008, 08:36:56 PM »
Fred,

Which branch of HSBC? I know it was 2 years ago now but as I said earlier, I had no problem opening a Power Vantage account at the Ortegas branch in Makati. I will try to check with my contact & get back on this.


Offline fred

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Re: How Do You Open A Bank Account In The Philippines
« Reply #8 on: January 03, 2008, 08:44:43 PM »
This is HSBC in Robinsons Imus.
5000 PHP maintaining balance for a local PHP acc.

Offline steveinvisayas

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Re: How Do You Open A Bank Account In The Philippines
« Reply #9 on: January 04, 2008, 03:30:18 AM »
I opened an account with PNB (Tagbilaran, Bohol branch) in the Philippines from California by going online to the PNB Los Angeles main office, getting their phone # and speaking with a very helpful lady who sent me the necessary paperwork. I had to give copies of two IDs (drivers license and passport), get two photos to attach to the main application form and a bank check for $300. I wanted a \'Super Teller\' (ATM) peso account as my fiancee told me that PNB is not open Saturdays so the passbook only account is less useful. The fee is $40 to open such an account and the minimum deposit is $160 but I put in a little more, what the heck. PNB says that you can have your Social Security retirement checks deposited which I may do when I\'m eligible in 2 years.

I dropped by the Los Angeles office to sign the signature card and give them all the paperwork. They say it takes about 6 weeks to process all of this and that the Tagbilaran branch will have my ATM card, etc when I go over there in April. The hardest part of all this was the LA holiday traffic, dang!

I followed the advice I read on the LinP3 group and first had my fiancee open an account at a PNB in Cebu so I could transfer money to her easily. She had to get copies of her birth certificate and NBI clearance and also two photos plus the P10,000 opening deposit. Then it was a simple matter of my going online to the PNB RCI and authorizing them to deduct any amount up to $1000 from my US bank account to transfer to her account in Cebu. This is accomplished in two days. I have been paying $5 fee for transfer of P5,000 and P10,000 which is a nice savings from the $14 Western Union charges. I\'ll be able to do this from my US account to my new PNB account once I get over there I believe.

Hope this helps,†  Steve
Steve Crawford
Damilag, Bukidnon

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Re: How Do You Open A Bank Account In The Philippines
« Reply #10 on: January 04, 2008, 08:49:54 AM »
This is HSBC in Robinsons Imus.
5000 PHP maintaining balance for a local PHP acc.

Hi Fred,

That explains the need for ACR. I was referring to opening an account when 1st arriving here. HSBC allow a foreigner to open a Peso account as long as it is a Power Advantage account, which requires a deposit of Php100,000. This only required my passport to open & took about an hour. I maintain this account as my \'emergency\' fund. I drawer from my UK account for living expenses.

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Re: How Do You Open A Bank Account In The Philippines
« Reply #11 on: January 04, 2008, 08:58:03 AM »
I tried to open an HSBC account when I first moved here, but was told that I could not withdraw from it for 6 months. This defeated the object as I needed it for immediate spending money, so I opened one in Allied Bank instead.

Colin

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Re: How Do You Open A Bank Account In The Philippines
« Reply #12 on: January 04, 2008, 01:40:05 PM »
Colin,

Again, I don\'t understand this unless it is a different type of account (not Power Vantage) or with HSBC Savings Bank, which is different from HSBC.

I was here for 1 week & needed to set up an account with cheque book so I could have 12 post dated cheques for the 1yr interest free payment on our house. I deposited Php100,000 from my Visa Debit card & they gave me a temporary cheque book there & then. Each month I then transferred from my HSBC in Malaysia, enough to cover each post dated cheque as they were presented. Our ATM cards followed shortly after.

Very friendly, very helpful & very professional here & in Malaysia.

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Re: How Do You Open A Bank Account In The Philippines
« Reply #13 on: January 04, 2008, 02:23:24 PM »
Keith,

I don\'t remember the name/type of account but it was at their head office, the tower block in Makati. They were very helpful, but it was part way through the application process that we found out about the 6 month rule. They did not offer us any account that we could use immediately.

Colin

Offline Rick B

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Re: How Do You Open A Bank Account In The Philippines
« Reply #14 on: January 09, 2008, 09:59:39 PM »
I have opened a bank account in Davao (HSBC) in advance of being there (going from the UK in 1 weeks time) but when i have asked quetions about what i can and what i can\'t do between my accounts here in the uk and when i am in Davao, i have had contradictory answers, i have adopted the stance of lets wait and see, there will be a will and a way somehow