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Specific Questions on RP Banking

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Snowbound
  6/26/2022 16:18 EST

I really appreciate all the helpful info I get on this blog. I will ask for a little more.

I will be retiring and settling in Pototan, which is a rural suburb just outside of Iloilo City.

My wife and I will be entering the Philippines separately. She is a dual citizen and will enter in November, and I will enter with a tourist visa in December.

After the holidays, I will apply for an extension and a 13a visa. My ticket is round trip, but I won't use the return.

Here's my question. I want to open a Philippine bank account in Pototan. The PNB has a branch there. I want to deposit $20K USD. I know that the banking laws are pretty intrusive, both here and there, for any transactions greater than $10K USD. I will still keep at least 2 US bank accounts in the states for pension, social security and annuity deposits. I'm told to keep at least 2 active accounts just in case a problem arises with paperwork with one.

What requirements can I expect from the Philippine bank and what information will I need to have with me when I get there in order to open a checking account?

Thanks

Asawa
  6/26/2022 23:37 EST

IF opening in the US, it's simple the "Know thy Borrower" laws are pretty much the same for all branches. From the PNB Website:

Completed application form
2 IDs (Passport/state-issued ID)
SS Number
Proof of address
2 signature cards
2 ID pictures

I'm not sure what type of ID Pictures, but I would speculate that it's probably passport-style photos cut out to that size/shape. I'd use the particular branche's phone number to call and verify before I visited.

I can attest that if you deposit money in a US Branch, you (or a relative with access) can access funds once they've been verified. If you make domestic transfers from another US bank to a PNB Branch in the US, it's considered a local domestic transfer.

You can setup bill pay from any credit union or mega-bank to a PNB US Branch, and transfer money like you would between any to US banks such as Wells Fargo, Chase, Citi, Bank of America, Sun Trust, or a Credit Union. Once that money is transferred, it can be accessed from a branch in the Philippines. Three days, is the longest I've ever had to wait for PNB to validate an ACH (Account Clearing House) transfer over bill pay, so that the money could be drawn upon in the Philippines.

Withdrawing large amounts of money at any Philippine bank (once you travel abroad) seems to take about 30-60 minutes, a silly amount of paperwork, and an reviews by two tellers + a manager. It's best to set aside half a morning or afternoon when/if you need to grab more than 25,000php ($500) cash.

I hope that helps!
-Asawa

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trappedinhell
  6/26/2022 23:37 EST

You have to sign forms and submit a few identification documents in order to prove your identity and your residency at the branch you wish to open an account. In your case it's the PNB (Philippine National Bank). Generally the documents you will need are:

Immigration documents such as your Alien Certificate of Registration Card (ACR) or in some cases the Immigrant Certificate of Registration

Passport or ID

Proof of address such as rental contracts or utility bills

A minimum initial deposit (amount set by the bank)

Passport size photos (some banks take your picture using a webcam)

Each bank and each branch have different requirements and I think it depends upon the bank manager of that particular branch. I tried opening an account at BDO and the bank manager was requiring me to get a Barangay Certificate from the Barangay Captain where I live. So I went to BPI (Bank of Philippine Island) instead and they accomodated me just fine.

Lawdog
  6/27/2022 00:00 EST

Just call PNB in NYC and they will tell you all you need to know. If they don't answer I know the branch manager of PNB in Iloilo and can reach out if something is sitting right or you need clarity once you land to complete the transaction I can make the email or phone call to get you headed in the right direction. I used PNB initially for my condo loan in NYC and after paying it off they were up front with rates, proper paperwork and communication throughout the process.

draks
  6/27/2022 20:20 EST

Pen a remittance account they don't require a minimum balance. Personally I would avoid BDO both me and my wife have had big problems with money disappearing from the account. Be aware that ATM fraud is quite prevalent here, card scimming and false fronts on ATM machines. Don't use free standing machines they are easier to put false fronts on.

Shellback
  6/28/2022 21:45 EST

Hello....Just A couple of things, from my experience......I was unable to open an account anywhere without the Alien Registration Card. With the Tourist version, I could not open A Dollar account, only A Peco account.
Some banks will allow one to deposit using your check from your account in the U.S. This usually took 30 days to clear, in order to withdraw any Funds. I opened an account with one bank and the clearance time was recently changed to just 8 days. To open A Dollar account, I was required to deposit at least $20.00, in U.S. currency. Using the Dollar account, I simply kept an eye on the current exchange rate, for the best time to exchange.
Deposits are insured at A maximum of P500,00o. So it is best to have at least 2 bank accounts.
Best to use one of the Big Banks, rather than A Rural/Local bank. I opened an account with A rural account and was later informed that I could withdraw for at least 30 days. A kick in the teeth, but I had the second bank and rode it out.
All of this is my personal experience banking in the Philippines.
Best to you.

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