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Discussion in 'Money Matters' started by SoldierRJ88, Aug 29, 2018.
Just curious how hard or easy it would be
I wouldn't. They have a minimum amount that you have to keep in there, and if you drop below it they close your account.
So, effectively, they are keeping some of your money.
Thanks yeh wouldn’t want to loose a load if I just had a few peso’s under the minimum or something
Depends on the account and ATM fees.. My accounts have very small balance requirements and fees are low as I don`t need to withdraw on a daily basis.
Well something like that would be good enough for me
I can’t recall the exact amount, I think around £7k is the amount the government will protect if the bank goes bust. Anything above is not recoverable.
Well that’s not a bad amount I suppose it’s basically because I wanna start sending money for my wedding and saving
The deposit guarantee scheme (PDIC) is supposed to protect the first Php500,000 across all accounts held by a depositor. As any of the foreigners who lost quite large sums when the Rural Banks collapsed in 2007/8 will attest, foreigners are not protected.
I guess I’m that case just save in my fiancé’s bpi account
I'm surprised that nobody has mentioned that it is pretty much impossible to open an account without having an ACR iCard (Alien card) and you can only get that after several months residence.
HSBC might allow the opening of a sterling account to a foreigner, I think I looked into that about 14 years ago but they wanted about a £1000 first deposit, so after all these years I still don't have an account although I would probably try for a UK HSBC account and then try to get a local HSBC account when I finally retire.
Metrobank have a 10,000 peso balance requirement on their current account and 2,000 peso requirement on their ATM card account, Ana never maintains the balance requirement so she gets charged 650 peso a month (300 and 350 peso on the two accounts) but they never close them.
Cheers for the info OSS
In your shoes, I'd open a deposit account with a UK bank and use that to hold the "wedding money" which you transfer as one lump sum when you actually need to stay paying for stuff. By doing this you'll save money on the many smaller cash transfers you would otherwise have to make.
I personally know of two guys (foreigners) that got their original deposits back from PDIC after the Legacy rural bank collapse.. They had the 5 year 20% per annum interest accounts (tax free). Back then the PDIC insurance was for Max. 250 K per depositor.
The extra greedy ones that lost ALL of their money were those that chose to invest in other Legacy schemes not covered by the PDIC offering 40% tax free interest per annum!!
If you deposit lets say 500K in BPI and 500K in BDO,both accounts are insured.
The claim procedure for the legacy pyramid scam is still online for those wanting to understand the claims procedure should they have been silly enough to put too much cash in a failed rural bank!
I was able to open an account in PSB, Philippines Savings Bank on just a tourist visa, but they did ask me to obtain the ACR card and let them have a copy once obtained. Minimum balance is very low, something like P3k, and the ATM card withdrawal limit is P20K per day. I don't have a cheque book on the account. We also have 2 other accounts at the same branch, a Household account and a Personal account for the wife. HSBC have very few branches in Philippines, Manila, Cebu and Davao as I recall.