I'm thinking about moving to the Philippines. What's the best bank to use there?
Posted on Nov 21, 2008 under Retire Rich |Ive done a lot of research of several different different countries to retire in. Im not rich but have enough I think. Does anyone have any suggestions on how to move money into the Philippines? I know that there are several banks listed such as Citi and some others Im not too sure about. TKS jdw
metrobank and rcbc.
both solid and stable banks.
October 10th, 2007 at 4:48 am
metrobank and rcbc.
both solid and stable banks.
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October 10th, 2007 at 4:49 am
would it not be a better idea to talk to the bank ? Choose a bank with branches both in the US and the Philippines. Good luck, I envy you.
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October 10th, 2007 at 4:54 am
Citibank, Metrobank ,HSBC,BPI,RCBC,Etc.
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October 10th, 2007 at 5:02 am
Depends on city you are going to,I quess.I went to Legaspi city and stayed for 6 months.I used legaspi bank, and they seemed very friendly and good to deal with. Also if you take trvelers checks it takes 40 days to clear, which I found out after I got there.Good to take some cash just in case…just be careful . And injoy ,it is a nice place, lots of different fruits and foods. when I was there, 20 to 25 dollars canadian bought food for a family of 7 for a week. And we lived high on the hog on that.
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October 10th, 2007 at 5:08 am
We bank locally at Metrobank and Equitable. In the US we bank at Citibank, but we were told they were not linked here to the US so there was no benefit in us using them (although here they are still a great bank). Honestly our selection was based on what was conveniently located to us as we spend a lot more time at the bank now than we used to.
We moved a lot of the money in cash (please note LEGALLY it is $10K per person). The rest was done by transfer but note that it can take THREE weeks for the money to show up here (although it will be removed from your US account after a couple of days). I do not know where it is in the time between accounts.
Although the banks here are really good, we still keep the bulk of money in the states and have here only what we need as the FDIC insurance in way higher than the local government insurance. The banks that have been suggested to you by everybody so far have been around forever, have huge amounts of money, and therefore are not likely to get into trouble at all.
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Bank here…..came from the US….bank there still as well.
October 10th, 2007 at 5:59 am
I recommend Bank of the Philippine Islands. It's a conservative bank with very good reputation and highly reliable.
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October 10th, 2007 at 6:00 am
metrobank and bpi are the leading local banks.
citibank is also a good choice but only if you plan to live in Metro Manila or Metro Cebu. citibank has very few branches and its never heard of in the provinces
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October 10th, 2007 at 7:37 am
bad idea,, better stay wherever you are, health care in the philippines sucks!
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October 10th, 2007 at 7:46 am
Ya there are many types of bank that will help you in the Philippines besides your money will be high value in the Philippines in terms of currency exchange. you can ask Metrobank, BPI, Banco de Oro but i know there is a goverment program for foreigners who retire, you might want to log in Philippine website
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October 10th, 2007 at 9:12 am
why u choice phils , hard life there stay in usa cared u there
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October 10th, 2007 at 10:16 am
My Filipina wife and I snowbird to the Philippines where we own a condo in Ermita. We bank with both Metrobank and Bank of the Philippines (BPI). Both of these banks are great. there are also other fine banks, so I recommend you go with a reputable bank in the area you decide to reside. keep in mind there is much inconsistency in the Philippines when it comes to expat banking. Some banks may require you to have an ACR. Whatever bank you decide to go with, check with the bank first to determine if your Immigration status will allow you to bank with them.
ken Rice
http://www.ricexpats.com
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http://www.ricexpats.com
October 10th, 2007 at 2:27 pm
Bank of the Philippines Islands…they have kiosks at the malls as well…and they have ATM machines in the most unlikely places…like MRT/LRT stations/ gas stations/ groceries….
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October 11th, 2007 at 1:16 am
BPI or PCI/Equitable. Both are reputable and stable. We use PCI/Equitable and have had no troubles.
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October 13th, 2007 at 7:59 pm
Bank of the Philippine Islands is pretty well known; so is Metrobank. They're one of the more trustable banks. I think Banco de Oro (BDO) might be pretty good too. There's a Citibank in the Philippines too (I think there's one near Eastwood, Libis that's pretty big)
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