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Wealth Management for Expats

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PeterSmith
  11/29/2016 15:21 EST

Hi, I am looking for a decent wealth management company in Manila, can anyone please advise about who to trust and who to avoid???

Snowy29
  11/30/2016 03:21 EST

Trust yourself and be wary of everyone else.

It's a tricky one. Corruption is rife in the Philippines even if not especially in financial institutes. Some deliberately some through incompetence.

My partner works for the PNB and regularly tells me about the errors with accounts etc.

Without giving away too much I'd give more info as to what you class as wealth management. Just be wary of people messaging you to help out without checking everything out first.

Most of the major banks have outlets over here just check to what level your money is covered.

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seernai
  11/30/2016 03:33 EST

What you have to remember regarding Branches overseas banks , from a UK point of view the only uk Bank I have seen here is HSBC even then what you also have to keep in mind HSBC Philippines is a totally different entity from HSBC UK so it is not a seamless institution. And can get complicated if you need to pay overseas Bills

GaryD
  11/30/2016 05:16 EST

My cat could manage wealth better than most filipinos.

GaryD
  11/30/2016 05:18 EST

What I should have added is that most expats keep the bulk of there financial assets in their home country not the Philippines where is can too easily go astray.

seernai
  11/30/2016 05:53 EST

I keep everything in my country now and only get what I need for everyday living

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EuroBob
  11/30/2016 06:51 EST

Is HSBC more of a Chinese Bank now that Hong Kong has been returned to China?

http://www.hsbc.com/about-hsbc/company-history/frequently-asked-questions

seernai
  11/30/2016 07:06 EST

HSBC is a Chinese Bank it is Hang Seng it took over the Uk midland bank years ago and has grown into one of the biggest Banks in The World

draks
  11/30/2016 18:37 EST

I am not wealthy but if I was I would not put my money in this country, keep it in USA or wherever you are and just send yourself what you need for a week or a month. Not sure if you know very much about the Philippines but it's absolutely nothing like the west. Show your wealth here and you are inviting people to relieve you of it.

pete98203
  12/1/2016 01:25 EST

Yep your standard corrupt 3rd world country............

pete98203
  12/1/2016 01:29 EST

Don't know if it's advisable to trust ANYBODY in the Phil. Like the other person said - trust YOURSELF ONLY!

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seernai
  12/1/2016 04:01 EST

Hi Pete I don't know why you have such a negative attitude but There good people here who you can trust , not everyone is out to rob or scam you , most guys who have long established relationships Trust their wives or partners with their lives I know I do

seernai
  12/1/2016 04:03 EST

I know a few standard so called first world countries who put the The Philippines in the shade regarding corruption

Yeochief
  12/1/2016 07:40 EST

I live in Meridian, Mississippi and I don't trust anyone here. I do trust my future wife in the Philippines.

EuroBob
  12/2/2016 02:52 EST

YeoChief.....best wishes.

As a general rule, I would NOT advise people to trust another who lives in another country far away.

seernai
  12/2/2016 03:09 EST

Well I did and I got lucky , sometimes you have to trust your instincts sure you have to be very very careful and do your research which I did , As many other expats have done the same. Also you have to keep on top of things. I just take each day as it comes, I live a simple life .

Spruik
  12/2/2016 03:14 EST

>>>
I live in Meridian, Mississippi and I don't trust anyone here. I do trust my future wife in the Philippines.
<<<

Trust needs to be earned over time, it's not a given.

charkee
  12/2/2016 19:12 EST

My wife and I are opening an account with Union Bank. They have a program that accepts payments from Paypal. I use Paypal a lot with my small online business. It's called an EON account. Natives here are telling me it only costs 350 Php a year to keep the Union Bank visa card. I've been here 3 years and have not had any banking in the Philippines before and neither has my Pinay wife.

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