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Moving to Philippines? Banking advice.

Discussion in 'Money Matters' started by Markham, Aug 21, 2012.

  1. Markham
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    Markham BANNED Lifetime Member

    The first thing to be aware of is that all the Philippine Banks are owned by the rich families and some of them are not as stable as they might appear. Bank failures are not unknown here - you may have heard about "Legacy" and the Rural Banks which pretty much amounted to fraudulent practices by the owner. Also - and this applies to foreign banks too - your accounts are only "protected" (and I use the term loosely) to a maximum of PHP500,000 - and that is for all your accounts with any one bank.

    If you are planning to live in Manila, Cebu or Davao, then you may wish to move your UK accounts to HSBC, if you're not already a customer. HSBC has branches in each of the cities I've mentioned. You can then ask your local manager to arrange for you to have accounts with HSBC in the Philippines which he will do through HSBC's International Division. You will have to make an initial deposit into (one of) your Philippine account(s) of around GBP10,000 at the time of application and I'd suggest you have Sterling deposit account and a Peso current account, but do NOT transfer your entire wealth to the Philippines! If you haven't already done so, apply for Internet Banking, you will definitely need it. Your accounts will be opened at the main branch in Manila but they will send your cheque-books and ATM cards to your nearest branch for you to collect.

    If you're not already a Premier customer and even if you don't qualify for free Premier banking, do apply: it will have significant advantages including free and immediate currency transfers between the UK and Phils. In addition, once you have permanent residency status, you can apply for a local credit card with an immediate PHP500,000 credit limit (the initial ceiling for non-Premier accounts is significantly less).

    If you don't plan on returning to the UK, except for a visit of less than 3 months, ask your bank to "externalise" your accounts. This will ensure that you won't be charged tax on interest accrued.
    • Agree Agree x 1
  2. royal
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    royal Member

    Hi,

    I realise your post is 2012, but I would like to ask what sort of exchange rates do HSBC give compared to others when transferring, as they obviously don't charge a transaction fee? At the moment I transfer money to Transferwise with a different bank to HSBC here in the UK.
  3. Markham
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    Markham BANNED Lifetime Member

    Unless you are a HSBC Premier customer and you're transferring between HSBC UK and HSBC Phils you will be paying a fee to transfer the money. The exchange rate varies according to customer type and where the transfer takes place. It is better to use the Hong Kong market than London for Peso-Sterling transactions so do the transfers in Sterling.
  4. royal
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    royal Member

    Okay, thank you for the info and your prompt reply.
  5. johncar54
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    johncar54 Member

    Just in passing

    Before you leave UK, I would suggest you open, or at least do not close, any bank /building Society account which you might need. I say that because most banks allow you keep an account if to leave UK but after you have left, will not allow you to open a new account.
    • Informative Informative x 1
  6. royal
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    royal Member

    Thanks for the heads up. Sound advice.
  7. John Surrey
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    John Surrey Active Member

    For a number of years I have used BPI Europe for GBP and BPI (local branch) for PHP...

    However they kept on asking me for more and more information to support their money laundering requirements (a lot of it seemed to be more marketing related) and once even stopped my transfer ...

    So I am now using TransferWise - one of many brokers now able to complete transfers usually within a couple of hours... I think I get a better rate and less hassle.

    Below is a good site - some of the brokers want a UK cell phone number too - so as someone else said above - try to get things sorted before you leave:

    https://cuex.com/en/money-transfer/philippines?fco=gb&fcu=gbp&tcu=php&amt=send&am=1000&ct=personal
    • Dislike Dislike x 1
  8. Bootsonground
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    Bootsonground BANNED

    I don`t trust banks unless I give them much less than I can afford to lose.

    WOW..Scary!!
    I wonder who else they share that rich mine of data with?
  9. oss
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    oss Not Here Staff Member

    Why, are you laundering money? ;) :D

    I had to provide lots of detailed information about family in the Philippines a few years back to WorldRemit in order to continue using their service, they have to share it with those who audit them namely Governments.
    Last edited: Nov 2, 2019
  10. Bootsonground
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    Bootsonground BANNED


    As I am in no rush,I`d rather pack up my Pounds and stuff them into a BB box rather than sending my poor babies over via a dirty banker!

    I guess so!
    • Funny Funny x 1
  11. oss
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    oss Not Here Staff Member

    You mean you still have someone sitting on your pounds in the UK outside a bank, jeez you left the UK more than 10 years ago you've lost a lot of value in them old pounds :D

    Saying that you would have lost a lot of value having them in a bank anyway but you could have made a mint with even basic investments over that period with your pounds.

    You do realise that it is ultimately a 'dirty banker' :) as you put it that turns them into peso for you.
  12. Bootsonground
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    Bootsonground BANNED

    I no longer have any bank account`s in the UK. Free at last!
    Please do not ask me again where I keep my little lovelies as it`s starting to make me a bit emotional.

    If we occasionally get paid here in Pounds and need to change them into Peso`s, I have an agent in town that I use as he gives me a better rate than the scum bag banker here..
    His name is Mr Zingh and his office is called The Bombay bazarr.
    • Funny Funny x 1
  13. oss
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    oss Not Here Staff Member

    Yeah but one way or another he converts that currency through a bank :D

    Interesting that you confirm that the Indian community are well involved in the money business, I've heard that elsewhere.
  14. oss
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    oss Not Here Staff Member

    Did you ever pay NI Contributions in the UK, you lived in the Philippines as a youngster and worked in the UK for a good long time but in your industry it could well have been cash in hand minimum reporting to HMRC.

    The reason I ask is that if you did pay NI then you will have at least some entitlement to a state pension from the UK probably not the full pension but you should have entitlement, also did you notify HMRC 10 or so years back that you had left or were intending to leave the country, just askin' :)

    They don't generally like it if you don't speak to them before leaving.
  15. graham59
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    graham59 Well-Known Member

    Where on earth did you get that idea... for 'ordinary' British Citizens ?

    Source please.
  16. graham59
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    graham59 Well-Known Member

    The British government should be hoping that as many of their 'retirees' as possible decide to leave the country.
    It will save them a bloody fortune. :like:
  17. royal
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    royal Member

    @John Surrey
    Cheers for the info. I also use Transferwise, pretty good service.
    Another service I have used, to accept money from the guy who bought my car, is Revolut.
    Large amount transferred to me in less than 1 minute, then same again into my other bank account. Very impressive!
  18. royal
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    royal Member

    Do you have a contact number for Mr. Zingh please?
  19. Bootsonground
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    Bootsonground BANNED

    I`d be lying if I said that I knew for sure.. The Mrs paid in for just over 20 years..
    Me,perhaps half that!
    I think I might have told you before that I was advised many years ago to arrange my own pension funding. I know others here and in other countries that have taken a similar path.
    If they decided to give me 50 Quid a week and I lived that long,I`d be ecstatic..
    It would top up my beer and restaurant allowance.
  20. Bootsonground
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    Bootsonground BANNED

    Phone: 0908 172 6302

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