Thanks for that. I've been studying this for a week, and you summed it up real nice.

Timely topic for me and so thoroughly explained. Thanks Grandpa!

@Vlogger Grandpa This is another informative video with a great presentation. Thank You!!!

Thanks grandpa. Well appreciated. Be safe.

Hello, Grandpa! :) Appreciate you explaining the banking system in the Philippines. I'm also a Filipino who's planning to retire in the Philippines with my wife. I understand the necessity of having a local bank account but I would limit it for peso account. It's convenient having local bank account for loading gcash, paying utility bills, etc. Not all US credit cards work in the Philippines so it's best to get a local credit card from the same bank, too. I heard you mentioned you have a Charles Schwab account. I'm not affiliated with CS but I have their ATM card. I opened it so I can withdraw cash from any ATM in the Philippines. Exchange rate is always market rate. Charles Schwab refunds all foreign bank fees and they do not charge foreign transaction fee. Only catch is their checking account has very low interest rate. Thanks for your vlog. I'm comparing my plans with your advise. Keep it up, sir!

Grandpa, you made a great point about developing a business relationship with the manager. It’s makes future transactions a lot easier.

Most of this requirements is to prevent people from money laundering from illegal sources. Opening an account savings or checking account is fast easy, just visit a branch during less busy hours or days. PHL needs really needs incoming money to increase the international reserve. Also, foreign deposits is also a welcome revenue income for the local banks. As long as your deposits is not over $10K, otherwise they will report that to the IRS for taxation purposes.

Masyadong mahigpit ang mga bangko sa Pinas. We opened a bank account there, inabot kami ng kapatid ko ng buong araw. Sa BDO SM Edsa kasi kami nagpunta. Ang haba ng pila. Isang katutak na paperworks ang pipirmahan mo.

Hi Vlogger Grandpa, FYI I opened a Peso Account Online with RCBC and it works by just following steps online. They validated my application after verification from their end. I already transfer a small amount to try and it works.

We established BDO $ account 5 years ago, but we never realized the rule of inactivity...now we have to get back to them to figure out if we became dormant...thanks for your input...

Hello Kuya, the banking system has already improved massively. But it's still fare away from being where it should by. Only deposits in Philippines banks are insured up to 250k Peso (but may have changed), so the Philippine banking system is only good for pocket money anyway. Investments cannot be made over it. The good news: Flights to neighboring countries are short. Luckily I not only spent months in the Philippines but also a lot of time in Hong Kong. Also good to know, Western Union has massively reduced commissions compared to 10 years ago. Online credit card payments via Western Union can be picked up within minutes in the Philippines. Prepaid credit cards for Paypal transfers are available through third party partners. The big bright spot, Starlink satellite internet connections by Elon Marks..... I highly respected opinion, you are doing a very good job here, thank you!

I opened a BPI Peso Savings account. Other banks were tough. I had a branch manager inside connection. Now I can avoid lines just request him plus have open line of email and his cell. He also helped me get a Signature Visa Credit Card w/ a nice limit. Know your banker.

Thank you very much for that tip I am planning to retire in the Philippines my wife is from the Philippines also so I will be going there in April I would like to open a bank account for myself so I will try one of those bank why did you are telling me thank you very much my friend have a good day

Thanks for all of the great information Sir..... Norfolk, Virginia !

Very good.and thanks your information

Thanks needed that information.

Easiest to open a bank account is to find a friend who know the manager because a lot of times they can bend the rules. I opened a bank a/c with my senior citizen card (No expiration) an a valid address. Get a cell phone to get a valid address. I don't have to tell them I am a tourist.

we have an account with HSBC in Australia and have been told they will open an account in our name in the Philippines. We are moving there next year.

Thank you for the information!

Yesterday, I opened 2 passport bank accounts with Landbank. Took 3 hours. Take ALL Philippine and foreign ID with you, SSI card (American). Not all offices of banks will allow you to open an account, keep shopping!

Both my parents have PNB accounts for SSS. Only the account holder can withdraw, but anyone can use a bank card at the ATM. We tried to add myself to the accounts so I can access it, but you need to set up a separate joint account since you cannot modify the SSS account.

Have at least three different bank accounts in the Phil for convenient location of ATMs in the malls and near condo developments. For security, withdraw at ATMs inside the bank or the ATM at the bank entrance where a security guard is standing. And it's much safer to withdraw mid-day and preferably with a companion. It's also important not to withdraw on a fixed schedule (like every Wed at 3pm at the same bank) as there are spotters outside banks. Once they figure out how much you withdraw on a particular day of the week or month, they'll nab you outside or follow you home. My uncle got robbed as he always withdrew 25,000 pesos every two weeks on the same day at the same bank.

@mmirafuentess1990

Жыл бұрын

Thanks for the warning about specific time & date and about having 2-3 different accounts. I appreciate this much. The things we worry less or not even whilst in the US.

@1inamillions

Жыл бұрын

Precisely !

We opened our first bank account in Pinoy. It took two hours the pile of documents we had to provide was ridiculous. Was easy to wire from U S.

Whoever or wherever you decide to bank will certainly test your patience.

Best advice I received was to open a Charles Schwab high interest checking account, while in America, in which they return all ATM fees. No need for a local bank as there are too many issues with accessing your own funds.

@vloggergrandpa2707

Жыл бұрын

Have you compared the exchange rate given by ATM machines against the bank exchange rate? I was not able to do this while in the Philippines.

It’s not worth putting your money in any banks in the Philippines. They will ask a lot of documents. The biggest problem is when you withdraw money…they will ask for documents, etc. remember…this is your money deposited in that bank…the bank will give a hard time withdrawing your money. For this reason, please don’t deposit your money in the Philippines. If you are just visiting, just use ATM machine.

@rfbos

Жыл бұрын

Why would anyone open an account if they are just visiting? That seems really dumb.

@hercc6155

Жыл бұрын

I I used my debit card in the Philippines in the ATM it did not work I think only credit cards

@Western-3rdSt.

Жыл бұрын

The documents PNB for example, asked for are 2 different IDs, a utility bill with your name on it (proof of residency), source of income or funds (if you’re receiving SS benefits that’s easy to prove). Maybe it’s only your own experience, and you assumed that everyone will go through the same situations like you. You say that when you withdraw money, they will ask for documents etc? An ID yes, and I don’t consider that the “biggest problem “. That’s standard procedure in any bank that doesn’t see you regularly. The bank needs to protect your deposits the best way possible. I’d be worried if the bank didn’t ask for my ID. By the way, In the Philippines, it’s about perception and they’ll judge people on how they look, this is just a fact I’ve learned to accept. This can work to your advantage if you know how to diskarte.

@hercc6155

Жыл бұрын

Me too .. I used in the duty fee in the airport denied denied … I used ng credit card it’s ok

@arnold1973

9 ай бұрын

i strongly agree. banks are very good in inviting but when you're there, the customer service is a nightmare. especially when youre withdrawing or closing your acct. they will ask you some documents, authentications, certifications from consulate, then youre going to ask to go to online or via phone to transact. we have bad experience where we had passed on from one bank officer to another. its a nightmare. they will rip you off thru various bank charges. a scary experience. PLEASE DONT ENTRUST YOUR MONEY. phils banks are corrupt.

New subscriber here 😁👍

I spoke with PNB in Guam, because i have a child in Manila, i only have to prove my relationship with my child and their ID

I read on Social Security's website, you have to have a dedicated dollar account to have your SS check deposited in the Philippines. There are restrictions on how to withdraw money. Mainly any withdrawals must be made in person with I.D. You might want to take a look at Social Security rules for foreign deposits. Have a great week.

@michaelspencer6523

Жыл бұрын

True, only a ss dirict deposit can br made from usa to philippimes bank account and ssi stops once out of the usa. It supose to stop if you out of the state you get your welfare check paid by the state of your residence. Social security is a tax we pay every week. Ssi is wrefare for the people not worked long anough paying in social security tax or the still a child disabiled in a low poverity home. Ssi is welfare for the poor paid in the state of residence only social security is a tax premimum we pay every week out our work pay check. It a insurance premimum paid for.

@kuyag68

Жыл бұрын

Yes, i made a comment about it too.

I have three bank accounts bpi the one was dormant but i was told that my money still there and i need to go home to update the account and the pnb was dormant and i flew to nyc to visit the branch and I activated my account updated and my BDO atm was expired now i have all one stop shop when going to Philippines to activate all my accounts, just be mindful bring photo ID to open an account and present whatever identification you have , and use your friends or relatives address. But i don’t know this time since i opened my accounts 20 years ago and i only sent money every year

i am from the UK. Open a Wise account. Do the conversion from UK pounds to Pesos with Wise at a good rate, and very cheaply this will be transferred in Pesos to your account in PH. Very easy.

@stephentyas4698

Жыл бұрын

How cheap is cheaply?Remitely charges £3.99 to send money from the uk.

Here's another tip: online banking that requires two factor authentication (aka text msg codes) BDO accepts foreign phone numbers for TFA. While other banks will not (only Philippine phone numbers) say if you are in the US and need to access your account online.

@susanball7051

Жыл бұрын

Thats why i cant access my banking online because my ATM was expired and the bank also changed my account number although I don’t have that hundreds of thousands of pesos but at least i have card to use while vacationing in the Philippines than carrying big cash all the time

By the way, there is no more Citibank effective Aug. They closed. Its only the Citibank investment banking that still operating in Pinas

Great Info thanx! Also, I like the statement, " I'll appreciate it if you hit Like, (chuckle, chuckle) even if you don't like the Video 👍

You have to be there minimum of 3 mos to be able to open even just a $ account and BDO told me there’s no way around it even if you are a former citizen.

I always have a problem with BDO and never have any problem with BPI for more than 18 years now...

@man4YAWEH454

Жыл бұрын

Who is BPI?

Thanks for sharing grand pa(ojitchang)

Thank you for all your videos po napaka informative po kasi we arw thinkinh po na mag retire sa Pilipinas. Paano nga po pala ma cocontact ang Central Bank kapag may complains na ganyan sa local banks?

@vloggergrandpa2707

Жыл бұрын

Email mo ang banko at icopya mo ang Central Bank sa consumeraffairs@bsp.gov.ph asking them to please assist in resolving issues. What will happen is that Central Bank will forward your email to the bank and the bank will be forced to act on your problem.

I have 2 account in the Philippines bikol region 1 metro bank , last year just open local in my town I never have a problem like other saying,I’have dual citizenship, my nephew and niece hold my passbook,May konti mga sangla lupa Sa akin tubo deposit nila tuwi ani and profit for my harvester,I never have problem,

@rachelboticario4761

Жыл бұрын

I have a bank account in Philippines and I don't have problem to

BPI has a very low exchange rate $ to pesos. Open with BPI which has one of the higher rates. I don't need a bank account here yet as I use Charles Schwab and take money out of BPI atm. Charles schwab REFUNDS ALL ATM FEES. I receive about $45-55 refund each month. Also, FYI, all SM malls and many other stores use BDO when you make a purchase via ATM card or credit card. Get your money via BPI and pay with cash at these places. Many may say, it's only a few dollars difference in rates. Haha, what most don't do is calculate what that difference is over a 1 year period. I've saved over $600 in difference just in 7 months of being here using BPI. NOT just a few dollars!!!! So, between NO atm fees and using cash at stores, you can see longterm results giving you more money to spend on retirement.. BTW, you can open a CS savings account online and transfer money to it or have your SS deposited. CS is insured by USA fdic, not PH.

@rfbos

Жыл бұрын

@@TJ-hy4lh If you mean credit cards, I'm not sure as I do not use any here. I do have 3 as an emergency but use a budget with what I collect each month. I would check with you CC companies and see if the offer any. Watch out for the foreign exchange fees though with CC. That alone could run up some extra bills

Most banks don't except if on tourist visa even with ACR card...

Good job grandpa my late husband used to have i -card at the time and this enabled him to open a bank account through metrobank 🎉 it was easy just show two valid identification

re HSBC in Canada: "...We've agreed to sell our banking operations in Canada to Royal Bank of Canada". This is ongoing and should complete late 2023.

After one and a half years in country in Metro Manila (between 2018-2020)I tried to open a bank accounts at BPI, BDO, PNB and China Bank. I was turned down by all of them after providing all the requested documents, reason being that my ACR-I card said Tourist on it and all branch managers said I need to have a Resident ACR-I card. As far as I know, as long as you are extending your visa as a tourist, you are not able to get a resident ACR-I card.

@vloggergrandpa2707

Жыл бұрын

If that is what they said, then that is how it is. No one can just open a bank account in the Philippines, unlike in the U.S.

@23FABILA

Жыл бұрын

@@vloggergrandpa2707 The background story to this; is after 2016 or there about the U.S. IRS adopted the requirements of annual reporting of all overseas accounts of U.S. citizens back to the IRS. The filings and red tape involved would create an administrative burden on the institutions involved. So now, with few exceptions, they will simply refuse unless you are a resident visa holder. Prior to this, most all could open a bank account in the Philippines and most of the world and so many that I know did. And they are now either grandfathered in or their bank accounts have been closed by the institutions.

I have a PNB Pandacan Branch, I sent money directly to my account for couple of years, I haven’t deposited for 3 years because was very busy doing the immigration paper work for my siblings and when my siblings arrived in the US after two years my father died. So I totally forgot about my bank account in PNB while I cleaning my filing cabinet I saw the receipts of the money I sent amounting to almost $10,000. I called up the bank in Pandacan and the banker who took my call said my account is active but has a zero balance and told me to see PNB branch to see the transaction. I checked it here and they took all my money for the reason of inactivity. I was really furious my hard earned money gone.

@glendatrottier8842

Жыл бұрын

🥵😞

@lermaukegbu6068

Жыл бұрын

That is very sad and infuriating! not acceptable way to do business. Did they try to resolve the matter? I would find a way to report such to authorities. I hope PNB refunds your money.

@marlynrotor9428

Жыл бұрын

@@lermaukegbu6068 No, they told me the same reason, inactivity and the account is dormant. What can I do I’m here in the States. It is so disappointing.

@vloggergrandpa2707

Жыл бұрын

Send the bank a letter. If they fail to answer and resolve the matter, send a letter to Central Bank of the Philippines.

@marlynrotor9428

Жыл бұрын

@@vloggergrandpa2707 Thank you so much I will definitely do that.

Hi blogger grandma ❤this is very helpful info…still have my bdo in ph ❤ I ask ph bank if I can transfer even I become a permanent resident here 🇺🇸 yes it’s ok ✅ bdo for me is good grandpa blogger! I have no problem! I still continue but soon I need personal appearance as debit expired soon! Salute Grandpa 👴 watching from Florida ❤true different initial deposit! RCBC, still Philippines 🇵🇭 Citizenship ❤very well said host❤big help blog to everyone here❤!!!

@michaelspencer6523

Жыл бұрын

There no not many philippines banks in usa any more, 1 in california, 1 in chicago, 1 in ny. Thats it, for al i,t not possible

I have metro bank n rcbc! I make sure i don’t put my money together in the same bank😄U never know!!

Hi Grandpa. I am a us citizen in Cebu now just over a week. Before I came to the Philippines, I traveled to the Manhattan branch of Philippine National Bank and I opened a peso saving account with debit card there. The Manhattan branch really isn't a bank, I would really describe it as a remittance center with 4 employees, but they were happy to take my $100 fee and process the application for me. I deposited $2000 to begin. The big problem that I had was the fact that I was unable to provide a Filipino address, but they let that slide until I was actually in the Philippines. My trip was delayed by two weeks, and I received a couple emails from PNB Manhattan asking again for my Filipino address, but I put them off by saying I just didn't have it yet. When I finally arrived, I went into the local branch and filled out the exact same forms again that I had already done in Manhattan. I am still waiting for my debit card, but I will get it now eventually. You are correct that I will need to be in the Philippines for 6 months before I will be able to open a checking account, and they refused to open a dollar account without an ACR card. I will apply for my ACR card voluntarily before I am required to at 59 days, it is possible to do so. Once my account is open, I will be able to write myself a check from my US credit union and deposit it in my peso savings account, and I will have my money after the check clears in 40 days. While the clearing time is excessively long, I will avoid the fees charged by zoom and western union, etc. by waiting. I also will avoid problems with my US debit card being shut down by fraud alerts etc by writing myself checks. My US debit card doesn't work here in some places, and I haven't needed to use an atm yet because I brought a large stack of cash with me. My best advice to any foreigner who wants to do this would be to bring a lot of cash with you to avoid stress. The worst thing for an expat to do is to run out of cash. Cash is definitely king here. I bought a car here yesterday with a large stack of pesos, and when I asked the car dealer, he said he does almost all his transactions in cash, which surprised me.

@cpd969

Жыл бұрын

Wtf $100 fee? Damn!

@michaelbeggs2013

Жыл бұрын

@@cpd969 It cost me much more, a flight from Maine to Manhattan, a night in the hotel, uber rides, and food. More like at least 300

@mmirafuentess1990

Жыл бұрын

To avoid declaration, just bring with you $9,999.00 cash (I believe this is a common knowledge). Happy travels.

@glendacastillo6504

Жыл бұрын

Why not do a bank to bank transfer, instead of writing a check, you can set up a bill pay online. It's like paying yourself, all you need is bank account and routing number to transfer money.

@rfbos

Жыл бұрын

Your better off to keep your bank in the states and transfer from there or use Charles Schwab savings account and go to BPI (one of the higher exchange rates) to widthdraw pesos. Charles Schwab refunds all atm fees at end of month. Make sure with any USA bank that you place a travel notice otherwise, your card could get turned down because of a fraud alert. In over 7 months, I have had no issues at all.

I opened my Peso savings account to BDO, when I stayed only for 3 weeks. 😀

@Djoox

Жыл бұрын

What papers they need?

@Djoox

Жыл бұрын

I was planning too but don't know how please share naman po?

@rfbos

Жыл бұрын

Every branch is different but you could go to another BDO branch, and they would deny you if not 180 days or more. You undoubtedly are one of very few.

Hi, grandpa I been in the Philippines 3 month now and I am a balikbayan I'm so worry cauz when watch you're blog you said i have let social security know before going to Philippines but I don't do natakot ako matrouble ba ako? Mawala ba ang sss ko my social security is direct to American bank

Grandpa, my wife and I are both on social security every month.My question is; Can we ask SSA to send our monthly check to our JOINT account? Or do we need to have separate individual account in a bank in the Philippines 🇵🇭? Which one does SSA allow? You have a always been a big help to our kababayan. Thank you, SIR!

@vloggergrandpa2707

Жыл бұрын

I'm guessing when I say that you should have separate accounts. The reason is that one cannot make a withdrawal unless you withdraw it in person. That means it would not make sense to have a joint account since the account holder (you or your spouse) will need to be the one to withdraw. You can open a third joint account and just move the money to that account "in person." At that point, either of you can make a withdrawal. You also do not have to withdraw from your SS Account every month. You can do it every two or three months to save you the hassle of trip to the bank.

@rusan7186

Жыл бұрын

@@vloggergrandpa2707 ,Thank you grandpa 👴.

problem is maintaning balance 2000 in BDO .. need to be 0 maybe they fix soon ..

My wife and I are both US citizens but my wife is a former Philippine citizen we opened a Peso, Dollar and Big account at PNB over 25yrs ago with no problem. I'm not sure what was needed back then. Not sure if we needed to add her sister to our accounts because she is a Philippine citizen.

@mmirafuentess1990

Жыл бұрын

25 years ago the banks in the Philippines were begging Balikbayans to open a “$” account with bare minimum requirements, mine was (city) police clearance, my old Filipino passport & my late husband’s US passport.

Charles Schwab doesn't have a competitive rates. I used their ATM in the Phil and got a very low xchange rate

@rfbos

Жыл бұрын

Use CS card from BPI atms. BPI has one of the highest foreign exchange rates. I use CS always and have had no issues at all

@Jimmy-ux7ct

Жыл бұрын

@@rfbos I'll try BPI. Thanks!

What about Chase? Citi is closing their consumer ops in the Philippines and HSBC has closed their consumer banking division in the States.

@romeliatabalba4287

Жыл бұрын

They have a Chase Bank in the Philippines,but it's not affiliated to Chase Bank in America .

I opened PNB account , I started sending an email, the forms/instruction in email, printed it and mail to PNB branch in CA, it took -3 months to be given a new account number, its going to 4 months already Im still waiting for my ATM/DEbit card.Email staff are responsive though.

My experience with PNB DOLLAR ACCOUNT I had an account with $8,000.00 I was dealing with the bank manager, she was well aware of my account. at the time PNB was on papers , when they convert to computer banking my account disappeared... the manager I was dealing with was transfered to another branch, to make my experience short I was not able to get my money back. doing business at the bank in the Philippines will kill one of your day. I now don't trust Philippine banking system.

What are the advantages of having a peso account? You can just open a dollar account, withdraw dollars then convert it to pesos (w/ more favorable exchange rate).

@vloggergrandpa2707

Жыл бұрын

It all depends on your need. If all you do is deposit money so you have something to withdraw when you are in the Philippines, then you are right. It's best to withdraw dollars and exchange it there. On the other hand, if you are taking advantage of exchange rates, you could have deposited money when it was at P59.00 compared to today's P57+. It's all a personal choice.

@mvescuadra

Жыл бұрын

You have to be physically present in the local bank to withdraw from your PHL dollar account. Most of the time you can only withdraw from the branch that holds your dollar account. If you live near the bank branch where your dollar account is located, it should not be an issue. But If you happen to need additional cash while in a city far from the branch location, then you are out of luck. You will not have this problem if you have a PHP account since you can withdraw from any of their ATM from anywhere in the country.

The ACR is given based on your visa status. It is not given to those with a tourist visa.

@vloggergrandpa2707

Жыл бұрын

A tourist can obtain or should obtain an ACRI card if staying more than 59 days. Here is a link regarding this information: twomonkeystravelgroup.com/how-to-get-acr-icard-philippines/

@man4YAWEH454

Жыл бұрын

​@@vloggergrandpa2707I have heard of this card. What is it for? 😃Thank you.

Banking in the Philippines like the PNB charges taxes for every interest you make and online really sucks.

I have always liked your videos. Does anyone know how long I can stay in the Philippines on my first visit here in December. I know they want me to have a return ticket but how long can it be between arrival and departure dates. I want to do VISA extensions every 30 days but hopefully my return ticket can be 4 months from my arrival date? I get a lot of different information on that which is why I am asking. I do enjoy your videos look forward to hearing more of them soon!

@dannyv2468va2

Жыл бұрын

@jeff havel Thanks I was told to have an open ticket return (Which is in April) The extension I will start when I arrive in Cebu. Hope everyone has a great holiday season!

@rfbos

Жыл бұрын

@jeff havel I thought this as well, but recently I've seen quite a few people that were asked for their onward ticket by BI when doing their extensions.

@rfbos

Жыл бұрын

@jeff havel Don't tell me what I've seen here on youtube. Doesn't matter if you are right or wrong about it. Every bi office is different and what is supposed to be clear law doesn't exist in the Philippines. BI officers can ask whatever they want at any time. Try disputing them, you'll be asked to leave the office. Now that I've seen in person. Expat thought his arguing was going to intimidate the officer. He just called the floor guard and asked him to return another day when he changes his attitude.

what if I visit from the U.S. (U.S. Citizen only), my Philipina opens an account with me there during my visit, it can be a peso account? I visit approximately 30 days at a time.

grandapa is it easier for a foreigner to open an acct at pnb branches in new jersey or new york and would they carry over to the phillipine branches

@vloggergrandpa2707

Жыл бұрын

One would think so, but I'm not sure. Better ask them what restrictions it has when in the Philippines.

Banks will not open a bank account with the ACRI-card if it says tourist on it.

@23FABILA

Жыл бұрын

Yep, that was my experience also at BDO, PNB, BPI and China Bank.

I was able to open a DBP savings bank account with a barangay ID and 2 pics. The initial deposit is 500php.

@mayabella1101

Жыл бұрын

Really? Thanks for the info

I have a question for you concerning Land Conversion Process. Might you be able to help. If so is the a private way to communicate with you. JJ

@vloggergrandpa2707

Жыл бұрын

Sorry, but I don't know anything about land conversion process. 😞

Why not just open Philippines bank and keep US bank account and wire transfer from US account to Philippines account when you need money?

@johnsherman4035

Жыл бұрын

I was doing that until two days ago when my American bank told me that they will no longer do this for me because I'm not in "Wealth Management. " It's caused a big problem.

Grandpa, I’d like to move to the Philippines but I’m having a hard time figuring out what bank I can apply while in the US to set it up for direct deposit to receive child support. What bank can I open while here in the US?

@vloggergrandpa2707

10 ай бұрын

I use BDO (Banco de Oro). However, remember that you can't open a bank account while you are overseas.

That is a good suggestion Grandpa to talk to the manager rather than the teller , BDO tell me they do not accept british pensions , yet I have a BDO savings account as a british retired man in the Philippines, I have a permanent residency ACI card too.

Did you find inquire about the 3 different accts? Cause i ask bpi if i 2 accts and its not insured 500,000.each but its only insured both accts for 500,000 meaning if they go bankrupt god forbids if you have.500,000 each you only get 500,000 instead

@theresamaloles5717

Жыл бұрын

Instead of getting 1,000,000.00

@vloggergrandpa2707

Жыл бұрын

The accountd l be in two different names. For example: your name, your joint accoint with your spouse, and your spouse name. That will result in 3 insured accounts.

I'm in baung I'm from the US bpi Bank are they any good?

So which bank is better for social security transactions from the US? My bank is Navy Federal credit union how will my pension from NFCU be transferred to the bank in the Philippines? Tnx

@MaCH-2X

Жыл бұрын

i think BDO REMIT is da best way.. i just open an acct recently here in canada tru BDO REMIT, but still you can ask more question/info to them..

Grandpa, I have a BDO account in the Philippines. I deposited via wire transfer over $100k to build a house there. Do I need to disclose it in my tax return in the US? What form do I use?

@vloggergrandpa2707

4 ай бұрын

Yes you do. I have a vlog on this. Search "FATCA/FBAR non-compliance".

hello vlogger grandpa, I want to ask if you know that can a former Filipino able to open a bank account in the Philippines without a local Philippine address and/or TIN (tax identification number)?

@vloggergrandpa2707

Жыл бұрын

I would thing that a tax ID is mandatory. Otherwise, how can they report interest paid to the BIR_IRS.

@supermelville7838

Жыл бұрын

You need a local address , tel bill, utilities, etc

@karenklosinski4526

Ай бұрын

I am former Filipino citizen, tried to open a bank account in ph. Unfortunately I was not able to open. Customer service sucks specially BDO. I provided 2 valid i.d which is u.s passport and driver license still they won't accept as valid i.d

which Banks allow online banking that requires two factor authentication (aka text msg codes using American phone numbers i open at Robinson Bank only allows Philippine numbers?

@vloggergrandpa2707

Жыл бұрын

You have to call your bank/s because there are too many banks to survey for that kind of information.

@Lewis-iz7gy

Жыл бұрын

@@vloggergrandpa2707 Does BDO allow that?

@vloggergrandpa2707

Жыл бұрын

@@Lewis-iz7gy On BDO, they use my US phone number.

Why don't you explain the Citibank New York handling ALL direct deposits to Philippine banks. Mine was sent last Friday and still don't have it

@vloggergrandpa2707

3 ай бұрын

Did you ask Citi to give you evidence it was sent,; then follow up with your Philippine bank why said deposit has not been made to your account?

@timledbetter1781

3 ай бұрын

@vloggergrandpa2707 I tried. They hang up on me, and their email is hidden. I emailed them, with no reply. I was not yelling, and the bank here doesn't know why. All citibank will give them a list of wires for the day, and I haven't been on it. I already don't like citibank, and this isn't helping, I was paid by social security at 00:05 on 4/4/2024. It was updated a week ago, still nothing. I do NOT like them, but the Embassy chose that, not the banks here.

@indabiagini8527

3 ай бұрын

If you deposit your Sss Intthe If you deposit your sss and withdraw only as you mentioned is it in Dollar amount ,

How do I get appointment to talk to Central Bank regarding my frozen account in BDO? Thank you po.

@vloggergrandpa2707

Жыл бұрын

Send a letter or email. Appointment is not necessary.

Hello Grandpa, I am about to apply SSS pension in the Phils. in January next year (actually they owe me 5 years of my pension already). My question to you, should I open up a dollar account or a peso account? Obviously, my pension is in peso currency and the reason for opening up an account is for this purpose only. I am living in the USA and a US citizen, thank you!

@mayabella1101

Жыл бұрын

I have the same problem.I live in Belgium and payed SSS when I was still a Phil national.Ive been naturalized and of pension age. I've no Phil bank acc.What process will I take to avail of my SSS?

@92646snake

Жыл бұрын

Grandpa posted a video 2 months ago regarding the WEP (Windfall Elimination Provision) policy of SSA. I suggest that you watch that video as it may impact you. WEP could possibly result in deducting your PHL SSS pension from your US SSA pension.

@92646snake

Жыл бұрын

@@mayabella1101 If your consulate in Belgium has an SSS representative, you can contact that person to avail of your SSS pension without going back to PHL. My friend in the UK was able to activate his PHL SSS pension by working through the SSS representative in the London consulate office.

@mayabella1101

Жыл бұрын

@@92646snake ,thank you I will figure it out how to extract my SSS pension. I think the logical way is to have a dual citizenship, by then I can open a Phil bank account pffffff

I been here in the Philippines for one month and I still don't have a bank account

@julianarodriguez3635

Жыл бұрын

@@iggi70 how long you been in the Philippines iam from Chicago

What about people that apply for 13a can they get a bank account

@kitty_s23456

Жыл бұрын

Yes. The bank will ask for client's passport, copy of ACR card & 13A visa, plus other docs.

I thought its 2 years dormancy period . I was told its 2 years dormancy period

@vloggergrandpa2707

Жыл бұрын

I think it depends on the bank. I don't think this is a legal requirement...only bank's.

Which banks in the Philippines are affiliated with Chase bank; do you know?

@vloggergrandpa2707

9 ай бұрын

Not really. I suggest calling Chase.

@kjcide

5 ай бұрын

JP Morgan Chase in BGC.

for srrv requirements you need a Filipino bank, no?

@vloggergrandpa2707

Жыл бұрын

You will to house your "required investment" but not for day to day spending and earnings. If you buy a condo to meet the required investment, then no bank account is necessary.

I'm in the Philippines has tourist I went to BDO and they told me that I can't open a bank account with them because I'm just a US tourist

@vloggergrandpa2707

Жыл бұрын

Did you have an ACRI card?

@pinayswissitalian81422

Жыл бұрын

I do

@vloggergrandpa2707

Жыл бұрын

@@pinayswissitalian81422 Try another bank but be sure you have been there for more than 180 days if you are opening a peso account.

@pinayswissitalian81422

Жыл бұрын

@@vloggergrandpa2707 too late because I have 14 days in the Philippines then I go back in Arizona Consequently trying to open a bank account in the Philippines during a 27 days vacation is basically impossible ....so I'm going to figure it out something else before my early retirement in 2026 since I was able to interact with the US Bank of America Mobile App here in the Philippines ... like you said it isn't easy to open a bank account in the Philippines and Bank of America is only in Manila

@pinayswissitalian81422

Жыл бұрын

@@vloggergrandpa2707 I did with MetroBank and is basically the same story of BDO

What about pension? Canadian pension send to direct in bank in pinas?

@mvescuadra

Жыл бұрын

You need to submit the Foreign Direct Deposit Enrolment Form for Canadian Pension. Pension will be deposited in local currency only (PHP).

@mvescuadra

Жыл бұрын

www.tpsgc-pwgsc.gc.ca/recgen/pdf/etranger-abroad-form.pdf

@man4YAWEH454

Жыл бұрын

​@@mvescuadraDo not forget to change your mobile phone service to international or pick up sim card from local.

Can I use Wells Fargo bank in The Philippines ?

@mmirafuentess1990

Жыл бұрын

I bank with WF & when I was there in April-May & July-August, I used my card at BPI, PNB, BDO & their International ATM’s.

@92646snake

Жыл бұрын

You can use your WF ATM card to withdraw from local ATMs. WF will assess a $5 fee while the local bank that owns the ATM will apply a 250PHP fee. Total fees from both WF and local bank is approximately $10 per withdrawal. However, if you are a WF Portfolio Plus client (overall relationship $250K or more), all foreign ATM fees (including the local bank) are waived immediately at the time of ATM withdrawal, unlike Charles Schwab accounts where you must wait till end of the month for reimbursement.

@susankeeley5551

Жыл бұрын

pano if ma keep kolang ang US bank ko like WF acct at pag andon ako sa pinas maka pag wdraw naman ng peso amount thru remitly kasi yan naman ang gamit ko dito sa USA Remitly app. everytime mag send money ako sa pinas . at nag stay ako ng pinas 9mos. always cash money gamit thru remitly at never ko nagamit ang ATM WF card ko ..mag pension and SSS benefits ko dyan pumapasok lahat sa WF acct ko USA wla akong phil. bank account ! no problem naman …so tanong ko pedi ba yon kasi plan kona mag retired soon sa pinas ? so need ba talaga may phil. bank account?

@mmirafuentess1990

Жыл бұрын

@@susankeeley5551 simplest way is to send money to yourself via remittance company such as Remitly, Pangea, Wise, etc and you’re good to go.

Don’t entirely rely on SS to live and retire.

@rfbos

Жыл бұрын

Coming from one that believes, never retire, work until you can't, doesn't surprise me with your response. Why would anyone take that advice when the idea for retirement is to enjoy yourself while you can. If I did what you believe, I wouldn't be able to do anything when I retire.

@susanball7051

Жыл бұрын

That depends on how big is your dollar pension a month . But if you are relying on peso pension of course its too small like getting only 9k pesos a month pension of course that’s too small

@joseyabut4688

Жыл бұрын

That’s Philippines retirees in pesos, very hard …

@JasJinCebuMD

6 ай бұрын

Yes you can it depends on how much your SS..this is for 2023.. $800-$1000- good for one person $1,500-2,000- good for two person That is just an idea to retire in Philippines, you can rent apartment from $200-$500 depends where you at. More expensive in the city area. Electricity usually $100-$300 depends how many devices you have or comfort of life you have. Food usually $200-$400 again it depends how you budget or manage your lifestyle. Just trying to help a Lil bit. I'm still curious if you can get Disability SS in Philippines without telling the US SS that your staying for few months or stay for good in Philippines. Hope it's not gonna stop. Please share if you have info. Thanks

Can the US green card holder allow to open a Philippine bank account?

@vloggergrandpa2707

Жыл бұрын

Yes, because it means that you are a Philippine citizen and still have a Philippine passport.

@mariamartinalumpkin

Жыл бұрын

@@vloggergrandpa2707 thank you for the respond sir. But I want to know exactly if I need to go to the Philippines to open a bank account personally?

@vloggergrandpa2707

Жыл бұрын

@@mariamartinalumpkin yes you do, unfortunately.

@vloggergrandpa2707

Жыл бұрын

@@mariamartinalumpkin Yes, bank account can only be opened personally in the Philippines. Once it is opened, you can do transactions online.

What about banks that has branch out there in the Philippines. I had been banking with B of A and Citibank. Can I use the branches there?

@unearthedstoriesonline

Жыл бұрын

It's always better to open a local bank account. US banks that have branches in the Philippines are only available in Metro Manila with limited locations. BPI is the best local bank...

@mvescuadra

Жыл бұрын

BofA has an office in Makati but they are not engaged in retail banking. They only cater to large commercial and merchant banking clients. Citibank used to have a few retail banking branches but they recently closed those down last August.

@man4YAWEH454

Жыл бұрын

Consider Charles Schwab.

@rfbos

Жыл бұрын

I wouldn't do Citibank. They just decided to get out of the Philippines

Hi grandpa I have questions po na expired napo any Philippine passport last August this year and just pass my us citizen application last June 24,2022. As of now wala pa po sana Akong balak kumuha ng dual citizen Kasi matagal pa naman Plan namin mag forgood need ko po ba mag apply ng dual cetizen since May savings ako sa axa axelerator worth of 300,000 and also I have saving in pag ibig mp2 nasa mga 500,000 On top of that May nabili ako na lote na 1000 square meters worth of 650,000 at patuloy ko parin hinuhulugan ang SSS ko? We’re planning to go home for vacation next year April 7, 2023 magkaka problema po ba ako kapag umuwi ako na us passport nako? Meron pa naman ako mga valid id’s like sss ID and pag ibig ID.

@vloggergrandpa2707

Жыл бұрын

There is no reason to wait since it is so inexpensive to get a dual citizenship -- $50 one-tme fee, that's it! To get a Philippine passport, it's only about $100 for $10 years ($10 per year). You will spend for time and money worrying about whether it is required or not. 😉

@m8tyone

Жыл бұрын

Red tape is a headache in Philippine banking system. Example, signatures. You are required to submit 10 signature samples in your application. If and when you try to make a withdrawal using a teller and your signature does not match one of your submitted samples, they are more likely deny your withdrawal. Banks are more likely to hold on to your money as long as possible. If your account is a dollar account you will also be tacked with a fee. Philippine Banks will always find ways to make you pay on your own money.

Never ever open a bank account in the Philippines. I had a bad experience in one of the bank in PI and it gives you hard time to withdraw money…even in business, don’t invest your money so many redtapes to process business documents

Grandpa, may tanong po ako. Nakatira ako ngaun dto sa amerika for 5 years na. Meron akong BDO account sa pilipinas at may laman pa kaso hnd ko na sya nahuhulugan ng 3 yrs cgru. Ang tanong ko po ay kung magiging citizen ba ako dto sa amerika at paguuwe ako sa pilipinas para ayusin ung bank ko hindi ba ako magkakaproblema kung American citizen na ung status ko? Hnd nmn po kaso maiwithdraw ng family ko ung pera dhil ni isa sa kanila ay wala akong ka joint account at ang sabi ng bdo ay ako lng daw tlg ung makakakuha nung pera ko at saka ung bank account ko ay natransfer na sa ATM dhil matagal ko n daw kasing hnd nahulugan. kabayan savings kasi ung account ko noon dhl nagofw ako sa middle east pero hnd p ako nakakauwe. Grandpa, makukuha ko pa din po ba ung pera ko medyo concerned ako dhil medyo malaki naman ung ipon ko doon kaya naguguluhan ako kung magproceed ako magapply ng citizenship dhil sa bank account ko. sana mabigyan nyo ako ng kasagutan

@vloggergrandpa2707

Жыл бұрын

Kailangan mo pa bang sabihin na ikaw ay american citizen na?

I don't trust anything online

DBO REQUIRES YOU TAKE A PICTURE AND A FINGER PRINT

I really fell asleep with this way too long of explanation

@jola2805

Жыл бұрын

That’s why there is fast forward 1.5, 1.75 or 2x faster. I always use this

BDO is not a safe bank.

@man4YAWEH454

Жыл бұрын

Really?

@MrPogiBalut

Жыл бұрын

@@man4YAWEH454 Agreed

Good information. Opened two[2] PNB accounts in NYK. Dollar and Peso accounts. Just change 1 month expense at airport and wait for 90-day ACR-approval for other expenses. Salamat👍🏞

Is better keep your money in your country and you can use the credit cards,like monzo,revolut or wise ecc, you can change all the currency whit this credit card, me I give up to open bank account in Philippines

I own some condos in the philippines and i don’t have an ACR-I Card, how am I supposed to deposit my rentals? It’s really tough. Also, it’s a bit strange as a foreigner you can buy and own a condo but you can’t open a bank account 🥹😭

@vloggergrandpa2707

Жыл бұрын

Welcome to the Philippines! You should have checked all the requirements before buying a condo such as who will manage, who will collect, how to deposit rentals, how to file tax returns, if any, etc. Some people use some Filipino friend they trust to deposit their rentals collected. Some will not trust anyone! Those are options you have but may not want to exercise. It's not easy to do business in the Philippines when you are a foreigner.

@adamapple337

7 ай бұрын

It's actually FBAR and FATCA that is causing difficulty to Open foreign bank account for US citizens