Peso RateWeatherPhilippines Time

Money Transfer

We've found a good way to manage money. I'm sure this could work well with most banks worldwide.

It starts with your partner and yourself opening a joint account at your current U.S., U.K., Aussie etc bank.

Thus, a joint account at your normal bank, in addition to your other accounts. Have your income paid into a normal bank high-interest-earning account, with an online access. These are not trading accounts, and the banks usually don't issue access cards for these accounts. Then, transfer online between accounts whatever you need for living expenses into the joint account, for which you both have ATM cards. This takes us around 30 seconds online.

Passbook Account for Banks

I have been researching about banks in the Philippines and I have read just about all the info regarding banking here on this forum, which is really helpful. The banks have accounts with or without passbooks.  Here goes...

1) I think I understand that with a passbook account, you will get this little book where they stamp it with the amount of money every time you make a deposit or withdrawal.

Seven Rules For Using Your Credit Card In The Philippines November 9, 2005

Over the past month most Americans with credit cards have received a notice that Visa and MasterCard are changing the way that they charge concurrency conversion fees. Notices about Visa/MasterCard included with credit card bills don't address the main problem.

The changes to the Visa and MasterCard are minor. They will both continue to charge a one percent transaction fee for foreign currency conversions. However, now that one percent fee will apply to any Philippine transaction, even if no currency transaction takes place. That goes for all overseas locations not just for the Philippines.

Philippine Bank Structure and ATM Fees

Please remember most all the banks here in the Philippines are franchised. Its not like in the USA where the bank is under a big umbrella. Here one bank under one name can go "out of business"; (bankrupt) and the remainder of the same named banks will stay open.

Opening A Bank Account In The Philippines

Do you need an Alien Registration Card (ACR) You Get Only After Six Months In Country?

There is no law in the Philippines that a foreigner must have an ACR to open an account. There is a law (Anti-Money Laundering Act) that requires customers to produce original documents of identity issued by an official authority bearing a photograph of the customer. Examples of such documents are identity cards and passports. There are other requirements such as evidence of permanent address etc. Also accounts can only be opened face to face. As a matter of internal policy a bank has a right to decide its own policies and many require foreigners to have an ACR. They also have a right to refuse to open an account for a potential customer if they so wish. Getting a credit card is even more difficult and even with an ACR and an account at BPI I was refused one, I managed to get one at Citibank as I had a Immigrant Certificate of Registration, (ICR.) Of course an ICR is even better, shows you are a permanent resident.



Copyright © 2023 Living In The Philippines. All Rights Reserved.