Philippine bank with US affiliate

19POSTS

12 years ago

The US Government deposits my pension every month to my California bank account. I transfer money to my Philippine bank account using Xoom,com. Not only do they charge a fee, they also give an exchange rate of a couple pesos less than the current amount, resulting in a substantial amount every time I transfer.聽 Is there a Bank in Manila that also has branches in the USA. I believe I could get my pension deposited into that bank and just use ATM for cash with no fees or depreciation of my funds ? ? ?

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Carl24 Active member

26POSTS

12 years ago

I think there is PNB or Philippine National Bank in LA just visit link

Jefft56 Member

2POSTS

12 years ago

Here is what works well .... Open a US Dollar account at BDO (opening deposit is $200.00 plus you will get an ATM Debit card with a Visa logo just like home). Then you can merely do a wire transfer from you US bank account to your BDO US Dollar account .. It will stay as USD and you can choose when and where you want to do the FOREX for it. Here is the really nice part ... if your bank uses either Chase or Wells Fargo as their foreign transfer bank the transfer happens in a matter of a few hours ... in other words ... if the transfer is done by your bank in the US on a US Monday afternoon before 5pm (depending on time zone roughly 8 or 9am Tuesday here) it will be in your BDO account Tuesday afternoon around 2pm .... can't get much easier and faster than that .... The BDO wire fee for your inbound transfer ... $5.00 ... that's it!
Hope this helps

2 members reacted to this post

Corum Member

17POSTS

12 years ago

I suggest using HSBC. You can open a Premier account with them in the US with a minimum deposit of 25,000. After 6 months as a HSBC client, you can either visit your branch or call into their Customer Service and ask to open an account in the Philippines - note that you do not need to deposit any money into the account in the Philippines. However, once you have both accounts set up you can transfer funds between the 2 accounts seamlessly (or so they claim). If you plan on going to the Philippines less than 6 months after opening the US account, go to the Manila branch聽聽with details of your US account and request to setup a new account in the Philippines. Once that account is open you can transfer funds from US to Philippines using their online portal.

I got this info from HSBC in Toronto and they claim the process is the same worldwide.

1 member reacted to this post

tommieboy999 Contributor

192POSTS

12 years ago

I tried doing the bdo bank account when I first got here.. but they charge a fee for everything.. even if you try to withdraw money from a bdo they will charge you if its not the bdo you opened your account in. plus the hassle of waiting on line.聽 for me I use xoom and its only 4.99 cents. they do take a little extra off the top but its not that much.聽 I love being able to get my money in 30 seconds聽 if I need it. that's why I use xoom. I never use a bank card here coz theres a lot of fraud going on and expats are a huge target

rcampsr Active member

54POSTS

12 years ago

Hello,

Wells Farge Bank has a contract agreement with BPI here in the Philippines for money transfers. The only hitch is the first has to originate from the USA.聽 Fees are 5 to 8 dollars for up to $2,500.00 on a transfer.聽 The exchange rate is in a acceptable range, some others like Zoom give a lower exchange rate.聽 Check it out and good luck, RAC

1 member reacted to this post

windyrain Active member

47POSTS

11 years ago

Yeah PNB accepts direct deposit from USA. You can have an access account in citibank then open savings account in citibank makati or ortigas then do the citi global transfer at nooo fee..

silverman Active member

35POSTS

11 years ago

are you still using xoom to transfer maney from canada? I plan on movfing to philippines in near future.

lyn14 Member

1POSTS

9 years ago

is there any one know which US bank affiliate with Philippine bank?

detgator Active member

44POSTS

9 years ago

#10

very interesting for US citizens ! would anyone know of Aust banks affiliation with any phill banks ? would vert much apprec feedback ! cheers

lchilcoat2000 Member

19POSTS

9 years ago

#11

Wells Fargo I have found is easiest and least cost involved to transfer funds
With a truer exchange rate .

Under Express Send your allowed,to send up to $3000 USD per day and it is transferred
To my BDO Account here , within one hour .. Is extremely efficient and easy to use.
But you must be in the USA to set up the account -聽 first time to send .

Cost is $ 4 USD

Other major PH Banks can also be used , just check Express Send under Wells Fargo web site for more information,

Kind regards hope this helps
Larry

Navajo52 Contributor

122POSTS

9 years ago

#12

easyrider wrote:
The US Government deposits my pension every month to my California bank account. I transfer money to my Philippine bank account using Xoom,com. Not only do they charge a fee, they also give an exchange rate of a couple pesos less than the current amount, resulting in a substantial amount every time I transfer.聽 Is there a Bank in Manila that also has branches in the USA. I believe I could get my pension deposited into that bank and just use ATM for cash with no fees or depreciation of my funds ? ? ?

Hi EasyRider,

Philippine National Bank has branches in the US. We use for all our banking needs here in the islands including my US Social Security direct deposits. Metrobank has a large branch in NY City.
What I did when almost ready to start collecting Social Security (at 62yrs old) is contact the US Embassy in Manila for advice. I opened a US dollar account (for Social Security only) at Metrobank here in Central Luzon. My first deposit was right on time and have never had an issue with them since. Years ago I had an account with and was the worst mistake I made with banking.

Go to at the US Embassy website for contact information. Call or email them; they are real good at helping to get you set up for direct deposits. There are only a few banks that are approved for direct deposits here so be choosy. Others may have other opinions but I've been with Metrobank for several years now and not ever a problem-not even once.
It should be noted here that if you have your SS deposited to a Philippine bank there is no charge at all for the service, at least at Metrobank. Also, if I use my ATM card at a different bank here such as BPI etc, I pay only P11 peso in service charges. That' far less than even a cup of coffee.

Just remember, if you have it direct deposited here, you and only you will be able to access that account. Must be done each month IN PERSON and no ATM card can be issued on that account per US law.
We opened a peso account with them (including an ATM card(s) and then I just transfer what I want into it each month so my wife and kids have access to finances.

Additionally, if you have SS deposited here and maintain only a Philippine address, you do not have to pay into Obamacare or Medicare part B. That is not usable here anyway.

Navajo52

dok49 Active member

36POSTS

8 years ago

#13

I have a Wells Fargo account and a BDO USD account.聽 Wells Fargo refuses to allow any transfers online or by phone unless I physically walk into a branch and set up the process. When I try to use a transfer service they all want a USA phone number to send a SMS code.聽 When I call and ask why,聽 their answer is you must be physically in the USA.聽 Any help?

lchilcoat2000 Member

19POSTS

8 years ago

#14

I receive all of my transfers from. Wells Fargo to BDO here in Davao . It works great and the transfer is here within one hour .

Yes you are correct you must physically be in front of the Wells Fargo banker in USA to open and start this service. Once you do that it works wonderfully.

I think that they do the physical appearance in front of a Wells Fargo banker In USA to stop any type fraud or false internet entry to your account
Security is only thing I would think of why that is.
Kind regards

lchilcoat2000 Member

19POSTS

8 years ago

#15

Also I have Magic Jack on line USA phone number
That rings in USA and I answer here in
Philippines plus it has vm for I think it鈥檚 39 $ usd per year

So they can cAll that number USA number which is local
Call but rings here to you on your mobile nr
For any sms code they send you for verification purposes

dok49 Active member

36POSTS

8 years ago

#16

I don't understand why they won't let a correspondent bank officiate that. It's pretty lame you can't get at your own money anymore.

dok49 Active member

36POSTS

8 years ago

#17

I tried behind a VPN but they could tell.

lchilcoat2000 Member

19POSTS

8 years ago

#18

Wells Fargo also has what they call a secur ID RSA that gives you a new pw every 30 to 40 seconds and goes on your key ring . Maybe that can help also with your identity back to them . It costs I believe $ 25 for the id process. You might ask your banker you deal with at Wells Fargo in the USA if that would help. I have one but have never used it.聽

Wells Fargo does have a Philippines Customer Service Call Center here in the Philippines. But they report back to the states.

dok49 Active member

36POSTS

8 years ago

#19

Yes,聽 I've spoken to the call centre,聽 useless for anything but a nice chat.聽 I've even tried to set up a power of attorney but again.聽 Must walk into a branch. What irks me is I was recently in the USA and the branch manager sent me away with a smile telling me I could organise everything online. Screwed again. It's unbelievable.

lchilcoat2000 Member

19POSTS

8 years ago

#20

I had the same issues you are having
Hot聽 over here to set it up and then told I have to do back in the USA face/face

Frustrating to say the least.

Chriszel Member

1POSTS

7 years ago

#21

They have chase bank branch in makati. You might probably wanna open an account with them.

hilvicryan Member

2POSTS

7 years ago

#22

hi, i'm a little confused by your answer. is PNB related to citibank?

Marine Sgt Member

1POSTS

3 years ago

#23

@windyrain thank you for your great info and pretty smile to go with it

Yoginee ViP

3414POSTS

3 years ago

#24

Hello Marine,

Welcome to expat.com!

You have commented on a thread that was last active in 2019.

Also, the user @windyrain has not been active since 2015.

Since you are new on the forum, do not hesitate to introduce yourself on the discussion New members of the Philippines forum, introduce yourselves here - 2022.

Cheers,

Yoginee

大咖福利影院 team

Richilyn Member

1POSTS

3 years ago

#25

@Jefft56 can you open a checking account there in california?

Larry Fisher Serial expat

637POSTS

3 years ago

#26

I'm the new guy, so be easy on me! First post beyond intro.

I'm moving from Las Vegas to Cebu in November.聽 I will be filing for Social Security after the 1st of the year.

I have money in my bank, a small credit union. I've done wire transfers with them via phone but that's because I have a template set up already to go to my fiance's bank. I get a good exchange rate with them because we wire in USD.聽 But the fee is $35 each time.

We will be living in the province 2 hrs from Cebu City.聽

I'm going to bring max cash but we'll need more soon. I'm going to get dental implants in CEBU then we have some work to do on the house. Like new roof, bedroom expansion, inverter AC. To name a few.

Advise on how you would handle everything? Including filing for SS at Consular office and where to send it. Thanks!

Larry

1 member reacted to this post

Enzyte Bob ViP

4301POSTS

3 years ago

#27

I'm the new guy, so be easy on me! First post beyond intro.
I'm moving from Las Vegas to Cebu in November. I will be filing for Social Security after the 1st of the year.

I have money in my bank, a small credit union. I've done wire transfers with them via phone but that's because I have a template set up already to go to my fiance's bank. I get a good exchange rate with them because we wire in USD. But the fee is $35 each time.

We will be living in the province 2 hrs from Cebu City.

I'm going to bring max cash but we'll need more soon. I'm going to get dental implants in CEBU then we have some work to do on the house. Like new roof, bedroom expansion, inverter AC. To name a few.

Advise on how you would handle everything? Including filing for SS at Consular office and where to send it. Thanks!
Larry
-@Larry Fisher

Wow . . . . Las Vegas my previous home, actually Henderson.

I would be a little more conservative because of Murphy's Law (Every that can wrong will go wrong). There are many things you will have to do before moving.

(1) Don't come to the Philippines until your first SS check is direct deposited in your account.

(2) Open an account at a larger bank that has 24/7 customer service, use this bank for your ss direct deposit.

(3) Make arrangements to have a mail forwarder, so you will have a US address.

(4) Notify the Post Office of your new mailing address so they can forward your mail for the next year.

(5) Notify your credit union and credit card companies of the change of address. Set up everything to be paperless in advance.

(6) Ditch wire transfer. . . too costly, there are several companies that have low transfer related cost and have good exchange rates.

(7) Have your fiance' open up a Peso account, you can do your transfers of Dollars to Pesos.

(8) Don't bring Max Cash, bring Min Cash, enough to cover incidental purchases. You can always transfer cash as needed from the states.

(9) Keep your money in the states where Only You have control of the money.

(10) Get a US internet phone number.

(11) Go to Seafood City Market (big Filipino grocery store in Las Vegas & Henderson) and purchase Balikbayan boxes to send your personal stuff & housekeeping stuff in advance. Many of your favorite things easily available (US) cannot be found in the Philippines.

(12) Buy extra clothing & footwear, most of the men's clothing (larger sizes) is not available in the Philippines.

(A) Be ready for cultural shock.

(B) Don't make babies.

(C) If you want to get married do it by internet in Utah a US legal marriage.

3 members reacted to this post

pnwcyclist Philippines Expert

1489POSTS

3 years ago

#28

Great advice frrom Enzyte Bob.

I鈥檓 in agreement. Don鈥檛 come over until financials are set up and functioning properly.

Personally I would also do the dental implants in Thailand.

Larry Fisher Serial expat

637POSTS

3 years ago

#29

1. Not waiting until March incurring more expense living here.

2. Looking at Citibank as the one to use with access in Cebu City. But also looking at Schwab for the no ATM fees. I could transfer into that account as needed. HOWEVER,聽 Cit Bank, a division of First Citizens Bank has 2.70% apr currently.聽 That's an extra $200+usd per month value currently. Pretty substantial with a $1500 per month SS retirement.聽 The good part is home and property paid for. Just needs improvement work.

3. Looking into that also.

4. Naturally

5. I'm already paperless on that end.

6. Yea, N/A

7. She has already.

8. Not sure about that yet. Looking into dental implants for entire mouth a.s.a.p. after arrival.

9. Of course.

10. Oh? How?聽 Interesting.

11. Already part of the plan.

12.聽 Same as above.

A. Not shocked.

B. She can't, we're both too old for that shit.