Philippines Insider" The Ultimate Philippines Travel Guide for Tourists and Expats
Philippines Insider" The Ultimate Philippines Travel Guide for Tourists and Expats

Author Topic: How Do You Open A Bank Account In The Philippines  (Read 15858 times)

Offline stillbilly2002

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Re: How Do You Open A Bank Account In The Philippines
« Reply #30 on: June 12, 2008, 06:01:15 AM »
thank you manila cockney,great post very informative billy

Offline napamoore

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Re: How Do You Open A Bank Account In The Philippines
« Reply #31 on: June 16, 2008, 02:00:36 AM »
I wanted to open an account in the PI now before I move there. There is a BPI remittenace center at the local Sea Food City store. I inquired there and they gave me the web address for BPI. I followed the on line instructions and they forwarded me an email with the forms I needed. (requires 2 passport size pics). I filled out the forms and took them and the pics to the local remittance office for verification of my signature etc. They then entered all the information into the computer, and sent the hard copy on to BPI in the PI. In about a week I had an account number and remitted a deposit to the account. Within an hour I received a text message saying the deposit had been received and was available for withdrawl. (the remittance fee is $7.00) I thought this was very cool and talked to my wife about using this method as a way of sending money to her family. She typically pays $12.00 to $16.00 to send money. All her family would need is their own BPI account. Her brother had one so we gave it a shot and it all went well. Again I received a text message in about an hour that the money had been received and her brother could withdraw. He also got a text message telling him the same thing.
I also have on line access to my account. This seems to have worked out OK for me and a nice side benefit of saving money when sending to relatives in PI.

Mike

Offline Gray Wolf

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Re: How Do You Open A Bank Account In The Philippines
« Reply #32 on: June 16, 2008, 02:50:32 AM »
I wanted to open an account in the PI now before I move there. There is a BPI remittenace center at the local Sea Food City store. I inquired there and they gave me the web address for BPI. I followed the on line instructions and they forwarded me an email with the forms I needed. (requires 2 passport size pics). I filled out the forms and took them and the pics to the local remittance office for verification of my signature etc. They then entered all the information into the computer, and sent the hard copy on to BPI in the PI. In about a week I had an account number and remitted a deposit to the account. Within an hour I received a text message saying the deposit had been received and was available for withdrawl. (the remittance fee is $7.00) I thought this was very cool and talked to my wife about using this method as a way of sending money to her family. She typically pays $12.00 to $16.00 to send money. All her family would need is their own BPI account. Her brother had one so we gave it a shot and it all went well. Again I received a text message in about an hour that the money had been received and her brother could withdraw. He also got a text message telling him the same thing.
I also have on line access to my account. This seems to have worked out OK for me and a nice side benefit of saving money when sending to relatives in PI.

Mike

Good deal.† I have one question though.† How much of a fee does BPI charge your brother in law?† We used to send regular wire transfers to the family when I first brought Gloria to the US.† My bank charged me $20.00 per transfer, then the family was charged an additional 10% by their bank on the withdrawal amount.† You might check into what fee BPI charges your family to withdraw from the account.† It might be a good idea for you to open a second account in your name and send the ATM card to the family to withdraw money.† That\'s the method I\'ve been using for some time now.† YMMV

 
Louisville, KY USA - Bagong Silang, Caloocan City, PH

Offline napamoore

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Re: How Do You Open A Bank Account In The Philippines
« Reply #33 on: June 16, 2008, 03:28:28 AM »
Good question Gray, I\'ll check with her brother to see if BPI charged him. I suspect though since it is from the BPI remittance center to a BPI account vs a US bank to a Philippine bank, there should be no charge.

Mike

Offline napamoore

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Re: How Do You Open A Bank Account In The Philippines
« Reply #34 on: June 16, 2008, 11:20:57 AM »
The charge at the bank was 10 pesos Gray. I think not a bad deal overall. $7.00 to send. Approximately 25 cents† to withdraw. Overall $7.25. At the moment I\'m really pleased with what I can do through BPI.
I hope I continue to be that pleased :-)

Mike

Offline Gray Wolf

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Re: How Do You Open A Bank Account In The Philippines
« Reply #35 on: June 17, 2008, 01:04:32 AM »
The charge at the bank was 10 pesos Gray. I think not a bad deal overall. $7.00 to send. Approximately 25 cents† to withdraw. Overall $7.25. At the moment I\'m really pleased with what I can do through BPI.
I hope I continue to be that pleased :-)

Mike

Good Deal!†  :)
Louisville, KY USA - Bagong Silang, Caloocan City, PH