Bankaccount

Very difficult or impossible, unless you have an ACR-1 card. Our accounts are in my wife's name.

Even though I have a CitiBank Account in the states, I could not open a CitiBank account here and have them linked for easy transfer of funds.

I had a tax return check from the IRS made out to my wife & myself and our bank BDO would not accept it.

Good Luck

thanks for your reply

Can you at least use a debit card to withdraw funds to spend in the Phils?

Tsmslf wrote:

Can you at least use a debit card to withdraw funds to spend in the Phils?

Yes, you can withdraw funds with a debit card. at BDO  I can withdraw 10,000 PHP multiple times, at CitiBank I can withdraw 15,000 PHP multiple times.

I pay a premium 3% service charge each withdrawal by my debit card holder at a ATM. If I wish to make purchases on my foreign debit card not only do I pay the 3% premium, but I pay a premium to the local bank who processes the card for the merchant tacked onto my bill.

Is thr only a dr card issued by the bank which owns the ATM?is any bank debit card o

Tsmslf wrote:

Is thr only a dr card issued by the bank which owns the ATM?is any bank debit card o

I'm referring to my CitiBank account in the States, I withdrew at BDO ATM using my stateside Citi debit card. I paid fees at both banks when using my Citi debit card.

Hope that helps.

Yes, thank you

I have been here 5 years (going back and forth) and do not use a local bank account. I have never felt compelled to get the required ACR card and don't want the Feds knowing I live here half the year which they will know if you open an account due to FATCA. But one of my US banks, Wells Fargo, has a service called Express Send that is explicitly designed for sending remittances. It is linked to my GF's account at BPI and I can transfer funds quickly (1 hr) and easily directly into her account, which is how I have always paid the rent and send her expense money. The fee is $5 for any amount sent, and they nick you a little on the exchange rate (about 1 peso) but I love the convenience.

When here in the PI I can use any of my 3 different debit cards to withdraw from any ATM, but as previously mentioned there are fees, which vary. So one of the three is an online bank which I recently joined that advertises no ATM fees. They reverse up to $4 for each transaction, even in foreign countries  (up to 6 transactions/mo). So now what I do is I transfer a lump sum into that bank every month and then use that debit card to withdraw cash, so as to incur minimal ATM fees. The max they will reverse is $4 so I still end up paying about a dollar since most ATM transactions here in PI charge $5.

Agreed on this :

"Don't want the "xxx" knowing I live here half the year which they will know if you open an account due to "×××××"

Very Good point....last thing you want is for a foreign govt / institution trying to 'squeeze yr xxxxs' whilst you suffer here in silence trying to lead a simple lfe &  keeping your cost of living to a bear minimum!

Wtf do they know what we expats hv to go through here daily just to maintain life as it is?

Oops...sorry...dun mean to be rude!!!...jus started wif my "long neck tanduay'.

Thanks

pnwcyclist wrote:

I have been here 5 years (going back and forth) and do not use a local bank account. I have never felt compelled to get the required ACR card and don't want the Feds knowing I live here half the year which they will know if you open an account due to FATCA. But one of my US banks, Wells Fargo, has a service called Express Send that is explicitly designed for sending remittances. It is linked to my GF's account at BPI and I can transfer funds quickly (1 hr) and easily directly into her account, which is how I have always paid the rent and send her expense money. The fee is $5 for any amount sent, and they nick you a little on the exchange rate (about 1 peso) but I love the convenience.

When here in the PI I can use any of my 3 different debit cards to withdraw from any ATM, but as previously mentioned there are fees, which vary. So one of the three is an online bank which I recently joined that advertises no ATM fees. They reverse up to $4 for each transaction, even in foreign countries  (up to 6 transactions/mo). So now what I do is I transfer a lump sum into that bank every month and then use that debit card to withdraw cash, so as to incur minimal ATM fees. The max they will reverse is $4 so I still end up paying about a dollar since most ATM transactions here in PI charge $5.

Any bank that asks for a SS# off the bat due to fatca  is the wrong bank. If you never put $50k into it there is no requirement for the bank to report it.

You will have to do an FBAR if you ever have $10k & up at one time in the aggregate of your accounts. But you can easily avoid that.

And have you tried getting a $ account to do an ExpressSend transfer? I am asking because I don't know if it is possible, but if it is, then it might be a good alternative.

Also, some banks have an OFW option for $ accounts that allows a 0 balance. they might let you have it if you ask.

I was not aware of dollar accounts when I set it up, unfortunately,  and never remember to set it up again when I'm stateside. It is a bit of a process to set up initially,. but I suspect it would work, as I do that with Moneygram (dollars to dollars) when I use them occasionally.

pnwcyclist wrote:

I have been here 5 years (going back and forth) and do not use a local bank account. I have never felt compelled to get the required ACR card and don't want the Feds knowing I live here half the year which they will know if you open an account due to FATCA. But one of my US banks, Wells Fargo, has a service called Express Send that is explicitly designed for sending remittances. It is linked to my GF's account at BPI and I can transfer funds quickly (1 hr) and easily directly into her account, which is how I have always paid the rent and send her expense money. The fee is $5 for any amount sent, and they nick you a little on the exchange rate (about 1 peso) but I love the convenience.

When here in the PI I can use any of my 3 different debit cards to withdraw from any ATM, but as previously mentioned there are fees, which vary. So one of the three is an online bank which I recently joined that advertises no ATM fees. They reverse up to $4 for each transaction, even in foreign countries  (up to 6 transactions/mo). So now what I do is I transfer a lump sum into that bank every month and then use that debit card to withdraw cash, so as to incur minimal ATM fees. The max they will reverse is $4 so I still end up paying about a dollar since most ATM transactions here in PI charge $5.

What is the name of the online bank?

W9XR wrote:

Tsmslf wrote:

Can you at least use a debit card to withdraw funds to spend in the Phils?

Yes, you can withdraw funds with a debit card. at BDO  I can withdraw 10,000 PHP multiple times, at CitiBank I can withdraw 15,000 PHP multiple times.

I pay a premium 3% service charge each withdrawal by my debit card holder at a ATM. If I wish to make purchases on my foreign debit card not only do I pay the 3% premium, but I pay a premium to the local bank who processes the card for the merchant tacked onto my bill.

Is there any particular bank that lets bigger ATM withdrawal amounts compared to other banks in PI?

BPI will allow 20k

"DBP" too will allow 20k max
Wif 2 withdrawals (10kx2)max

Hobbit112 wrote:

BPI will allow 20k

Thanks.

manwonder wrote:

"DBP" too will allow 20k max
Wif 2 withdrawals (10kx2)max

Thanks for the input!

** Duplicate post **

Robal said.. What is the name of the online bank?

Aspiration Bank.. but there are other online banks like Ally that may do the same.

pnwcyclist wrote:

Robal said.. What is the name of the online bank?

Aspiration Bank.. but there are other online banks like Ally that may do the same.

Thanks a bunch!

robal wrote:

W9XR wrote:

Tsmslf wrote:

Can you at least use a debit card to withdraw funds to spend in the Phils?

Yes, you can withdraw funds with a debit card. at BDO  I can withdraw 10,000 PHP multiple times, at CitiBank I can withdraw 15,000 PHP multiple times.

I pay a premium 3% service charge each withdrawal by my debit card holder at a ATM. If I wish to make purchases on my foreign debit card not only do I pay the 3% premium, but I pay a premium to the local bank who processes the card for the merchant tacked onto my bill.

Is there any particular bank that lets bigger ATM withdrawal amounts compared to other banks in PI?

Before I had bank accounts in PH. (7 years ago so things may have changed) I used my Australian debit card at ATMs max 10K with a fee of 200 pesos from the bank and then conversion fees from my bank back home. I found out eventually that I could go to HSBC and draw 40K with only a 200 peso charge.
Trouble is there are not many HSBC branches, even in Manila.

Cheers, Steve.

I arrived in the Philippines on Sunday.  On Monday, I walked into the PRA office in Clark to apply for an SRRV visa.  They sent me to a bank down the street (Bank of Commerce).  One hour later, I had a USD account and a separate Peso account.   The next day I used Transferwise to deposit money into those accounts.  The day after that the monies had been deposited.  No ACR was ever even mentioned.
The Bank of Commerce is OK except they don't have many branches or ATMs, at least in Angeles City.  But for the ease of opening the accounts it was worth it.  I can always change later.

AaronAardvark wrote:

I arrived in the Philippines on Sunday.  On Monday, I walked into the PRA office in Clark to apply for an SRRV visa.  They sent me to a bank down the street (Bank of Commerce).  One hour later, I had a USD account and a separate Peso account.   The next day I used Transferwise to deposit money into those accounts.  The day after that the monies had been deposited.  No ACR was ever even mentioned.
The Bank of Commerce is OK except they don't have many branches or ATMs, at least in Angeles City.  But for the ease of opening the accounts it was worth it.  I can always change later.

Congratulations on yr SRRV
If u flip over yr SRRV (ID card) ...you will find a clause stating : ACR exemption per M.O.A with C.I.D dated Oct 24th 1986
(So yes you are exempted from applying for yr ACR).
This card will also allow you to convert yr foreign DL to a local DL too!

Good Luck

My comment about no ACR was only meant to indicate that bank accounts could be had without it.  There were other posts that indicated that bank accounts without it would be difficult or impossible.

AaronAardvark wrote:

My comment about no ACR was only meant to indicate that bank accounts could be had without it.  There were other posts that indicated that bank accounts without it would be difficult or impossible.

The only reason you were *not asked to provide an ACR card is because PRA had already informed *yr respective bank that you were an *official applicant into their SRRV prog.

cannot even find on google anymore the name of the bank that failed years ago

Philippine Destiny wrote:

cannot even find on google anymore the name of the bank that failed years ago

Haha PD....yes there are so many banks here that have failed just in the last 2yrs (Surigao)...& on a side note : glad you are up & about mate!

Cheers

manwonder wrote:

Philippine Destiny wrote:

cannot even find on google anymore the name of the bank that failed years ago

Haha PD....yes there are so many banks here that have failed just in the last 2yrs (Surigao)...& on a side note : glad you are up & about mate!

Cheers

I am talking about the one that held the SRRV deposits. It was maybe 10 years ago. Something like that.

as for "up and about" I am almost finished painting the water tower. Top half is finished. Bottom half is primed and will be painted tomorrow. Then it is on to the 120' of welded wire mat. Hopefully finish before the rains. Three months now without a drop of rain.

Philippine Destiny wrote:

manwonder wrote:

Philippine Destiny wrote:

cannot even find on google anymore the name of the bank that failed years ago

Haha PD....yes there are so many banks here that have failed just in the last 2yrs (Surigao)...& on a side note : glad you are up & about mate!

Cheers

I am talking about the one that held the SRRV deposits. It was maybe 10 years ago. Something like that.

Mine was "DBP" : Development Bank of the Phils....jus popped into their Surigao branch yesterday...all looked ok!

manwonder wrote:

Philippine Destiny wrote:

manwonder wrote:

Haha PD....yes there are so many banks here that have failed just in the last 2yrs (Surigao)...& on a side note : glad you are up & about mate!

Cheers

I am talking about the one that held the SRRV deposits. It was maybe 10 years ago. Something like that.

Mine was "DBP" : Development Bank of the Phils....jus popped into their Surigao branch yesterday...all looked ok!

Back in the day there was only one bank where you could make the deposits. That one failed. Made a lot of people sad.

Do you remember what happened to the SRRV holders who lost their deposits with the bank going under?  With me and my meager $1500 deposit it would not be a real catastrophe  If it was 10K or 20K, that would be more difficult.

AaronAardvark wrote:

Do you remember what happened to the SRRV holders who lost their deposits with the bank going under?  With me and my meager $1500 deposit it would not be a real catastrophe  If it was 10K or 20K, that would be more difficult.

Well, it is never fun even when they eventually pay. But any single account with more than 500k is hosed for the amt over that limit.

So you are military? What about the yearly fee is that $10 or $360?

Also, I think that the only reason you did not have any trouble opening bank accounts is because you went to the SRRV holding bank and they know that you are getting the SRRV. If you had gone to any other bank without an SRRV ID or ACR you would not have been able to open the account.

Philippine Destiny wrote:

Also, I think that the only reason you did not have any trouble opening bank accounts is because you went to the SRRV holding bank and they know that you are getting the SRRV. If you had gone to any other bank without an SRRV ID or ACR you would not have been able to open the account.

Agreed!

It was not easy to get Google to cough it up but I found the bank closure and it did not work out well for some. Keep in mind that this was 2008 and much has changed and safeguards have been installed (but still be careful)

4.2 Bankwise  was  closed  in  CY  2008  due  to  bankruptcy  and  was  put  under  receivership  by  the  Banko  Sentral  Ng  Pilipinas.    It  was  gathered  from  inquiry  that,  after  coordination  with  the Philippine Deposit Insurance Corporation (PDIC), the deposits of the 25 retirees cannot be recovered because no record of such deposits was turned-over by Bankwise to PDIC.  In view thereof, PRA could be implicated of liability as regards the visa deposits of the 25 retirees.

this report is on the PRA website and it is called the 2017 Annual Report
https://pra.gov.ph/wp-content/uploads/2 … Report.pdf

Philippine Destiny wrote:

It was not easy to get Google to cough it up but I found the bank closure and it did not work out well for some. Keep in mind that this was 2008 and much has changed and safeguards have been installed (but still be careful)

4.2 Bankwise  was  closed  in  CY  2008  due  to  bankruptcy  and  was  put  under  receivership  by  the  Banko  Sentral  Ng  Pilipinas.    It  was  gathered  from  inquiry  that,  after  coordination  with  the Philippine Deposit Insurance Corporation (PDIC), the deposits of the 25 retirees cannot be recovered because no record of such deposits was turned-over by Bankwise to PDIC.  In view thereof, PRA could be implicated of liability as regards the visa deposits of the 25 retirees.

this report is on the PRA website and it is called the 2017 Annual Report
https://pra.gov.ph/wp-content/uploads/2 … Report.pdf

Thanks PD...Its still a little worrying as "2008" bank closure was during the world wide financial crisis of that time.....wonder how well customers are protected today with whats going on in the current financial climate!

Philippine Destiny wrote:

Also, I think that the only reason you did not have any trouble opening bank accounts is because you went to the SRRV holding bank and they know that you are getting the SRRV. If you had gone to any other bank without an SRRV ID or ACR you would not have been able to open the account.

In an earlier post, it was me that said it's next to impossible to open an account without a ACR.

Now if I am not mistaken with a SRRV you have to deposit $15,000 USD.