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Banking in the Philippines


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#141 Dr_PepPeR

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Posted 23 June 2011 - 01:47 AM

Go for a five year plus one day TD - tax exempt.

High yielder po ito diba Dr. Pepper?


Because there is no 20% withholding tax and it is long term, yes it is usually higher yielding.

#142 Doctor X

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Posted 05 May 2012 - 12:09 PM

I live in the US but am now becoming more invested in the Philippines in preparation for my retirement. I am involved in one business (transportation) and will be starting up another biz, supplying some hardware goods from the US to factories in the Philippines.

First question, is there a better way to transfer/send money (USD) to the Philippines from the US instead of wire transfers? For example, can I set up a US Account here in Los Angeles and my representative in the Philippines can write a check against it. We're talking amounts of 500K to 1 Million pesos transaction. W/c bank is preferrable? Citibank?

Also, anybody experience in shipping/receiving items from the US to the Philippines? Anybody in the import/shipping biz here that can offer insights. The regular carriers, UPS, DHL and Fedex are prohibitively expensive.

E


Well what my wife and I do is get a cashiers check from our bank here in the U.S. made out to our bank in the Phil (MetroBank dollar account) then when we come on one of our visits deposit the money. It normally takes around 45 days to clear. The bad part is the waiting period for the check to clear and the monies to be deposited. You can also open an account at a bank like China Bank or HSBC that have branches in both the U.S. and the Philippines, heard that it is quite easy. We normally deposit between 800K to 1 million peso each year for our retirement.

We shipped a container of household goods two years ago, it was a pain in the you know what. I would suggest contacting a shipping broker there in the Phil and go through them to make your importing easier fro you.

#143 mch

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Posted 28 August 2014 - 11:47 AM

Banking here is about 20 years behind the developed world. Even though they have computerized systems, they can't quite let go of the carbon copies and antiquated ways of doing things :)

#144 rhubs

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Posted 29 October 2014 - 03:28 PM

May nagpapatulong po sa akin gumawa ng ATM account sa BDO. Siya at ng friends niya.

Ano requirements to open one?

Pwede po ba ako gumawa ng multiple accounts as their proxy? May additional requirements din po ba ito?


#145 rhubs

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Posted 29 October 2014 - 11:29 PM

Also, anong 2 Valid IDs ang pinaka madaling gawin? E kung gumawa na lang ako ng company ID at alumni card na may Name, Birthday, signature naman. Tatanggapin ba?

#146 nobody080182

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Posted 30 October 2014 - 12:22 PM

^rhubs, documentary requirements and lists of valid IDs are usually found in the Company's website. Opening multiple accounts is usually a red flag for banks that the depositor is up to something suspicious, better avoid it if you can. Also, do not falsify documents/ID's.

#147 Google

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Posted 22 October 2015 - 03:33 PM

Also, anong 2 Valid IDs ang pinaka madaling gawin? E kung gumawa na lang ako ng company ID at alumni card na may Name, Birthday, signature naman. Tatanggapin ba?

 

 

usually, banks require one government issued ID and one non-government issued ID.






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