Banking in the Philippines

[mj_i_am]

BPI the best....

[revi]

I am now currently banking with Banco De Oro.. sa deposits lang not sa loans..

Why? Coz all their branches are open til 5:30PM.. sa mall nga 7PM pa eh.. tapos one stop shop pa kasi almost all utility bills can be paid here.. andito savings, current accounts and T/Ds ng family ko.. pati pala FCDU account.. Ang problem lang medyo mahaba ang pila twing paydays (15 & 30).. Choose BDO branches that are small, especially not those located sa SM malls.. siyempre may mga favors din diyan sa pila if you have a substantial deposit..

 

I have a current account with Standard Chartered Bank.. okay din kaso malayo sa akin eh.. so hindi ko masyadong nagagamit.. okay din hindi kasi masyado mahaba pila dito..

 

Sa loans, maganda ang PS Bank.. competitive ang rates.. especially sa Car Loans..

[makeurday64]

I suggest BPI and METROBANK.

[Patricio]

if you have a large amount of cash to stash, i advise you to put it in several banks to lessen the risks and hassles, esp. during emergencies.

 

I have ATM accounts in a few banks, 1 for Expressnet, ! Megalink, 1 Bancnet. Despite their interconnections, you'll always find the other network inaccessible during peak perods like payday. Also pag kinain ng 1 ATM ang card mo, pwede ka pa rin magwithdraw from another bank acct elsewhere.

 

Tapos pag may excess cash ka outside your short-term funds (for example, beyond your 3-month's worth of expenses), you can try time deposits or special savings accounts (SSA). Yung SSA, parang TD pero passbook, saka wala nang doc stamp taxes na babayaran.

 

If you have a little more money, I suggest investing in treasury bills, para konti lang risk but higher interest. Or try UITF's or unit investment trust funds.

 

Banco de Oro's Peso Bond Fund is OK. Minimum P 100t to participate, you can withdraw anytime after minimum 30 day holding period. The bank pools your money with others and invests it in government securities. My placement in the past 2 months has an effective interest rate of 16% p.a. Not bad at all.

[redax]

That is high considering the current one year treasury bill rate is 8.976%.

[dodo]

Are banks open on Saturday in Manila?

[redax]

Keppel used to be. You might want to verify that though. This is the one in M. de la Fuente corner Fajardo (Lealtad) in Sampaloc

[dodo]

Keppel used to be. You might want to verify that though. This is the one in M. de la Fuente corner Fajardo (Lealtad) in Sampaloc

<{POST_SNAPBACK}>

 

I want to open a peso and dollar account when I get there in a few days. Preferably with a bank that has online banking since I am based in the US. I was thinking of Metro Bank because I like their online banking site. I was hoping they were open.

[rickyv]

hi, to all of those who work in banks, especially in allied bank, can you

please guide me to claim my fathers money in the bank. He just died last monday.

[walangiba]

My sympathies to you and your family on the passing of your father.

 

If you inquire from Allied Bank regarding their requirements for claiming a deceased account, they will gladly assist you. Some documentary requirements though, may take a while before you can secure them.

 

Offhand, these are the usual documents you'll need to submit to the bank:

 

1. Proof of evidence of bank deposit (passbook, deposit certificate, etc)

2. Identification papers of deceased

3. Identification papers of heirs (his spouse and children)

4. Marriage Contract

5. Birth Certificate of children

6. Death Certificate

7. Certification from BIR that all taxes have been paid (estate)

8. Extrajudicial Settlement among Heirs

9. Affidavit of Publication from newspaper of general circulation

10. Other documents as required by bank's approving officer/committee

 

Your bank may or may not require all of the above, or may even ask you to submit other documents not mentioned in this list, depending on amount of deposit involved, and if the submitted documents are to their satisfaction.

 

Pag ok na, they will issue you a Manager's Check payable in the names of all the heirs. If you are authorized by your mother and siblings to transact on their behalf, just secure a written authorization signed by each of the parties.

 

Wag kang matakot, you will be able to claim the funds, although it make take time. Many people think, pag wala kang documents na ma-submit, goodbye na ang pera. That's not true.

 

Is the account of your father a joint account or in his name alone?

 

Good luck, and if you have other questions , feel free to contact me.

[Dr_PepPeR]

My sympathies to you and your family on the passing of your father.

 

If you inquire from Allied Bank regarding their requirements for claiming a deceased account, they will gladly assist you.  Some documentary requirements though, may take a while before you can secure them.

 

Offhand, these are the usual documents you'll need to submit to the bank:

 

1.  Proof of evidence of bank deposit (passbook, deposit certificate, etc)

2.  Identification papers of deceased

3.  Identification papers of heirs (his spouse and children)

4.  Marriage Contract

5.  Birth Certificate of children

6.  Death Certificate

7.  Certification from BIR that all taxes have been paid (estate)

8.  Extrajudicial Settlement among Heirs

9.  Affidavit of Publication from newspaper of general circulation

10. Other documents as required by bank's approving officer/committee

 

Your bank may or may not require all of the above, or may even ask you to submit other documents not mentioned in this list, depending on amount of deposit involved, and if the submitted documents are to their satisfaction.

 

Pag ok na, they will issue you a Manager's Check payable in the names of all the heirs.  If you are authorized by your mother and siblings to transact on their behalf, just secure a written authorization signed by each of the parties.

 

Wag kang matakot, you will be able to claim the funds, although it make take time.  Many people think, pag wala kang documents na ma-submit, goodbye na ang pera.  That's not true.

 

Is the account of your father a joint account or in his name alone? 

 

Good luck, and if you have other questions , feel free to contact me.

<{POST_SNAPBACK}>

 

While these are the usual requirements, most of the time the branch manager will have discretion on whether to require all these doucments or not. It is very difficult but not impossible to bet a certification from the BIR that all estate taxes have been paid. You will need to work on the Extrajudicial partition first, then have it published, present the Deed of Partition and Proof of Publication to the BIR who will then assess the estate taxes which you must pay within 90 days from date of death of the deceased otherwise there will be a corresponding penalty. I'm not too sure about the 90 day period but the BIR is strict on penalties nowadays.

 

At the end of the day, a joint and/or account is still the way to go to avoid all the hassle.

 

Talk first to the Branch Manager to see what he can do about your father's account. Good luck.

[krystalgold]

tago ko nalang sa baol

[rickyv]

thank you to both of you

[bRIX]

^ that's the most useless thing you can do.

[patola18]

I bank with HSBC.... you get the best service at their branch in enterprise in makati

 

most of the time, i do all my banking transaction over the internet, pay my bills using online @ hsbc, transfer funds to other banks ..alomost everything

 

if you send them a message thru the email services of their online banking, they will give you an answer immediately

 

interest rates of my deposits are also very competitive