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- Category: banking
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How about Banking in the Philippines?
Wise Words from Billy Ray.
1. You have to be in the Philippines to set up bank accounts.
2. No problems with wire transfers bank to bank. I did that with the Land bank and China bank here in Dumaguete City. The U.S. banks will handle the reporting of $10,000 or more leaving the Country. But, if the U.S. Government thinks there's something fishy about transferring such large amounts, they could put a stop to it and tie it up with investigations.
Remember, the Government OWNS the money, (Government property), you don't regardless what you think, and can control it's movement!
3. No the RP Government will not tax your money. Only interest earned at 20% unless it's in a time deposit for 5 years or longer.
4. China bank charged me $3.00 at their end for the wire transfer. I don't remember what the Landbank did, if anything?
The best advice I can give is leave most of your funds in the USA, have an account with a debit card for funds here, UNTIL you understand, (key word), how the Pinoy investments works. And that's almost like forgetting what you know or think you know! There's money to be made with investments in the Philippines ONCE you get your feet on the ground with a good understanding. BTW, we generate pesos, (investments and rentals since 2005), and live on pesos, but that's not every bodies cup of tea!
A LOT of expats will tell you NOT to bring in any more then you need to live on, PERIOD! Bottom line, that's their comfort zone, you'll need to find yours and DON'T be in a hurry to do it. B-Ray
List of Banks in the Philippines
The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. At present, there are seventeen universal banks, 23 commercial banks, 84 thrift banks, 711 rural banks, 44 cooperative banks and twelve non-banks with quasi-banking functions, all licensed with the Bangko Sentral ng Pilipinas.
Powers of a Commercial Bank
A commercial bank has the power to accept drafts and issue letters of credit discount and negotiate promissory notes, drafts, bills of exchange, and other evidences of debt; accept or create demand deposits; receive other types of deposits and deposit substitutes; buy and sell foreign exchange and gold or silver bullion; acquire marketable bonds and other debt securities; and extend credit.
University Savings and Loan Bank
Village Savings and Loan Association
Vizcaya Savings and Loan Association
Wealth Development Bank
World Partners Bank