Deposit Funds in Philippine Banks

Yes, its pretty easy too.  By coincidence I just did a transfer this morning.  The net rate today was 34.625 to the A$. (no fees)  The last one that I did was when it was 42 !!

I have an account with PSBank.  It was easy to get on a Visitor Visa, just needed head office to clear it, then they gave me my ATM card the same day. The branch print them out themselves.

Interesting thread.  Can foreigners open a bank account here?  My wife is Canadian and has a 1 year visa to stay in the country.  I had wanted to open a bank account for her but the bank wanted an ACR or ICR before they will even lift a pen.

I have lived in the PI now for 16 years and it was always the case. You had to have a ACR and be a Resident. Things may have changed for Tourist Visa holders who are here a year.

Hey Abc diamond
Thank you for your response, so your an Aussie and you have a visa, not sure if I applied for a Visa or not last time I travelled there. Is this bank all over the Philippines?
John

skiandugh wrote:

I have lived in the PI now for 16 years and it was always the case. You had to have a ACR and be a Resident. Things may have changed for Tourist Visa holders who are here a year.

It's down to the Banks, some banks allow it on a tourist visa with ACR card, some ask for residency.

I checked it back in 2012, when I opened my first bank account here, after just 3 months in the country.  that was the Allied Savings Bank.
But with the PSBank, I had been here again on a new tourist Visa for just 6 months.

Some banks just refused outright on a Tourist Visa.

I think the RCBC was one that would have given me an account in 2012 also, but I went for Allied as they were the only bank on the island I was living in.

Walterc wrote:

Can foreigners open a bank account here?  My wife is Canadian and has a 1 year visa to stay in the country.  I had wanted to open a bank account for her but the bank wanted an ACR or ICR before they will even lift a pen

An ACR card is essential for any bank, but also mandatory, as far as immigration is concerned, for anyone staying over 2 months.  http://www.immigration.gov.ph/index.php/faqs/acr-i-card

atrabrecha2015 wrote:

Hey Abc diamond
Thank you for your response, so your an Aussie and you have a visa, not sure if I applied for a Visa or not last time I travelled there. Is this bank all over the Philippines?
John

yep, A New Aussie (British).

The PSBank (http://www.psbank.com.ph) is reasonably well covered, but I can use any ATM at a cost of 10 pesos or 7.5 pesos if a Metrobank ATM.  PSBank is part of MetroBank (but totally separate).  Not as big as some banks, but less queues, even at the ATM's.  Check the bank link to see if they are in your area.

You need to apply for a visa after 30 days here, and then at the next visa renewal, after another 29 days, you get the ACR-I card at the same time.  If you don't get a visa extension, then you would have problems, not just with the bank

I just Googled again and was reminded of this statement from one site:  "A tourist cannot get an ACR card. Since almost all banks are looking for an ACR card in order to open your bank account, it is not easy to open "

That might explain why some people think it can't be done.  However, it is wrong...  I am about to renew my Tourist ACR card for the 2nd time...

Look at this image of a Tourist ACR card at the bottom of this page:  http://www.in-philippines.com/alien-cer … gistration

BDO, Bank of the Philippines Island, RCBC and PSBank state that they open bank accounts for Tourists with an ACR card.  I looked at the BDO, but their queues were always too big.  It is a popular bank !

Can a spouse allowed to stay for a year with a balikbayan stamp on his USA passport open an account on his own or a joint account with the wife?

Hi AbcDiamond
Thank you for your response as I appreciate all your messages and to get some form of understanding to how the Banking system works in the Philippines. Many thanks

Mugtech, as stated above, I think a foreigner who is allowed to stay here can only do that with an ACR or ICR.  At least, that's my understanding.

Walterc wrote:

Mugtech, as stated above, I think a foreigner who is allowed to stay here can only do that with an ACR or ICR.  At least, that's my understanding.

That's what it sounds like to me, did not know if anyone knew if there was an exception for bb.

Being a BB, I thought of the same for my wife but alas, it wasn't to be.  That's only with metrobank.  I'm going to check with another bank

I am pretty sure that all banks will need an ACR card for a bank account.

I went to buy a printer at a computer shop 3 days ago... They asked me for my ACR card as an ID !!!  That seems well over the top, but it shows how things are going here now with the ACR card as an ID card.

Things are so different here...

mugtech wrote:

Can a spouse allowed to stay for a year with a balikbayan stamp on his USA passport open an account on his own or a joint account with the wife?

A Balikbayan can now stay for up to 3 years without leaving, just need to get re-"balikbayaned" each year at a BoI office.  http://www.in-philippines.com/balikbaya … hout-visa/

hi everyone!
theres alot of banks to choose from like BPI (bank of philippine island), BDO (banco de oro), metrobank, security bank, allied bank (is a bank partner of metrobank), china bank and many more but these banks i mention can work on international banking..

Security Bank will not give an account to a foreigner on a Tourist Visa, even with an ACR card.  At least they didn't in 2013 when I went into the Makati office to try.

Hi, My suggestion is to stay away from any Philippine banks, HSBC or Barclays also as they are governed by a totally restrictive set of rules by the National Bank. Their service sucks and their procedures are more than awkward. Banking in Philippines is pure masochism and I know what I am talking about as I have gone through 3 institutions. One more worthless than the other.
Philippine banks are nothing else but institutionalized robbers set up to extract dubious fees from their clients and stealing money from overseas worker by giving them pathetic exchange rates on their remittances to their families.

Take Aussie Dollars as you can use any money changer without standing in long queues or use your Visa or Mastercard to withdraw money. The commission will be less than what your bank will rip off you.

flyforcash wrote:

Hi, My suggestion is to stay away from any Philippine banks, HSBC or Barclays also as they are governed by a totally restrictive set of rules by the National Bank. Their service sucks and their procedures are more than awkward. Banking in Philippines is pure masochism and I know what I am talking about as I have gone through 3 institutions. One more worthless than the other.
Philippine banks are nothing else but institutionalized robbers set up to extract dubious fees from their clients and stealing money from overseas worker by giving them pathetic exchange rates on their remittances to their families.

Take Aussie Dollars as you can use any money changer without standing in long queues or use your Visa or Mastercard to withdraw money. The commission will be less than what your bank will rip off you.

Using Visa or Mastercard for Cash would cost me 200 pesos each time plus whatever the Australian bank charges, plus the FX rate charges.
Using the PSBank is free.

Have you banked with the PSBank ?  i've been with them for over a year now, with NO FEES at all, and a very fast service.
I can do internet banking, paying bills using my phone, etc.

When you say: "Their service sucks and their procedures are more than awkward".  What specifically do you refer to?  Depositing is pretty easy, you fill in a slip, take it to the counter with the money, they give you a receipt, and you leave.  Well that's what I do here.
Withdrawals are mainly at an ATM up to 30,000 per day, with no charge (using same bank ATM), or 10 pesos ($0.28) at an non linked bank. (Compared to the up to $2 in Australia)

I wish the banks in Australia were as good at not charging fees. But in all countries there are good and bad banks.  I used to say the same as you, about Australian banks, until i settled with one that I found good, after being ripped off by others.

For those people who are here for a short time, and can bring enough of their own currency, it is not an issue, as they do not need a Philippines bank account, and can get good rates at the small dealers.  34.8 yesterday compared to the 34.65 that I got on an internet transfer, (bank to bank in 3 days via a free currency transfer service).  Not that much of a difference though.

Hi,
I can appreciate your comment, but try to get some service like international transfer or currency exchange for greater amounts of Pesos and you are screwed.

flyforcash wrote:

Hi,
I can appreciate your comment, but try to get some service like international transfer or currency exchange for greater amounts of Pesos and you are screwed.

I gave up using any bank for International transfers decades ago.  Banks are notorious for their overcharge on FX rates.
EG Current rates right now:

Australian Bank : $ 1.00 AUD = ₱ 31.51 PHP
My Currency Service: $ 1.00 AUD = ₱ 34.99 PHP

So a cost of the equivalent to almost 35,000 pesos in commission kept by the Australian Bank. on a $10,000 transfer.

Hi John
I too am Australian, I am a pensioner and live here permanently in Philippines.My pension is paid in to Philippine banks and I have never had a problem, I have two banks. Metrobank and BDO and there is little difference between them I would recommend either. They are not as efficient as our banks but nothing here is. Banks have 24 hour hotline phone and email service but the phone will never be answered and the email never replied to.If you are just traveling I would recommend bringing Australian dollars, I always did this in the past before I settled here permanently. It is expensive to transfer money from Australia to here, if you are drawing from your Australian bank account from ATM here it is expensive. Australian Dollars are easily changed here in Cebu or Manila you will get a much higher rate.

John, If you are looking to open a bank account here as a traveler, you cannot, I opened a new bank account one month ago. I have lived here 13 years and I needed ACR permanent I card, passport and drivers license Australian and Philippine, they love I,D.Everyone here is racist and we are second class citizens, not to be trusted.
In Australia anyone can open a bank account,even an American.

It is a bit harsh to say that everyone in the Philippines is racist, as a matter of fact, the Filipinos are rather submissive to foreigners (which is not good either).
But of course they are human beings and it all depends on the individual approach. Attitude such as shouting, getting angry or other negative behavior almost always land one on the "loss of face" list and then the respect is gone.
The second class citizen remark I also false. Sorry if you had made bad experience in this matter.

Now to banking, I like to explain WHY it is required to have an ACR:
The ACR and other identity requirements are not only made by Philippine banks, but also by other nations around the Globe, mostly implicated due to the "War against Terrorism".
Thus, not only an Identity, but also a RESIDENCE ADDRESS has to be established, so that Organized Crime and/or Terrorists can not open multitudes of Accounts with dubios ID's or ID's without a local address. (Passports do not have addresses!)
It is in theory possible to open an account  with a local drivers license, but the Rules and Regulations for banking (Which were not done by Banks, but by the lawmakers, as everybody can imagine, the banks aren't happy either, because it makes their live harder and lessens their income too) need an ACR for foreigners.
ACR because of the Terrorists/OC, and the only control mechanism the Country has against those is the Immigration, henceforth they require this Id. During the issuing of ACR Fingerprints and Iris scans are taken and checked against the database for wanted Terrorist/OC, just like in the USA....I guess taht is where they got the Idea from. They cannot yet do this at Airport as in modern rich western countries. So all they got is the Passport which only does not really help, as we all know that they can be obtained easily for criminals.
Wether Australia and or other Countries allow Foreign Citizens to allow unlimited banking without any documentation, is unbeknown  to me, but I can assure that they certainly check very careful (in the background) WHO open an account and also have more modern (read Big Brother) technology to prevent Criminals to use the banking system freely.

Conclusion is, one now needs an ACR, I just opened a third bank account here in my town and the Bank Manager is a very close buddy since 17 years.
(During this process he explained that all to me, i just simplified and added some foreign remarks)

I hope this will help everyone to understand and take a bit of the frustration out, but it is all because of 9/11 and 'NEVER AGAIN".
The Philippine just try to do their share as much as possible so they won't become a Harbour or Supporter for  Terrorists.

Ccchapo wrote:

In Australia anyone can open a bank account,even an American.

I know people on a Tourist Visa in Australia and they were unable to open bank accounts in Australia.  Student Visa holders can though.
Yet, in the Philippines I am on a Tourist Visa, and have opened accounts with two Philippine banks.

Stranded Shipscook wrote:

Now to banking, I like to explain WHY it is required to have an ACR:
The ACR and other identity requirements are not only made by Philippine banks, but also by other nations around the Globe, mostly implicated due to the "War against Terrorism".
Thus, not only an Identity, but also a RESIDENCE ADDRESS has to be established, so that Organized Crime and/or Terrorists can not open multitudes of Accounts with dubios ID's or ID's without a local address. (Passports do not have addresses!).

The ACR card, a Bureau of Immigration ID requirement for people staying over 59 days is, in theory, a good idea, but in reality? 
I got my ACR card in Cebu while staying for one month in a short term condo.  That was in 2013. 
It is still registered at that address, even though I have renewed it in other parts of the Philippines, they don't seem too interested. 
I feel that the ACR card is now just another way to get more income in from us.
And I never can understand why the price is in US Dollars and pesos..  The ACR cost is US$50 + 500 pesos.

There is difference between a tourist I-card or ACR card which is renewed every year and a permanent A13 I-card or ACR card. I find that for purposes of I.D. most institutions require a permanent I-card.

Ccchapo wrote:

There is difference between a tourist I-card or ACR card which is renewed every year and a permanent A13 I-card or ACR card. I find that for purposes of I.D. most institutions require a permanent I-card.

That could well be the case for some institutions, but I used my tourist ACR card to open two banks accounts. Allied Savings Bank and PSBank. 

It is worth mentioning that 'some' banks do accept both types, and specifically allow tourists to open accounts.  Obviously the two I mentioned, plus some others.  However the Allied Savings Bank became part of  PNB Savings Bank last year.

Tourists are not allowed to open a account in the bank.  The only way you can open an account in the bank is if you have a resident visa .

alzayas wrote:

Tourists are not allowed to open a account in the bank.  The only way you can open an account in the bank is if you have a resident visa .

Where is your information from ?

I am a Tourist.  I have a Tourist Visa, a Tourist ACR card and I have banks accounts in the Philippines.  I do NOT have a resident Visa.

As I am a Tourist and have a Philippine bank account, then "A Tourist CAN get a bank account".

If they can't, why did I get one at two separate banks ?  And why do some other banks, but not all, say that I can have an account.   I know others here on tourist visas, that also have accounts.

I would like to know where this bit about Tourists not being allowed to open a bank account in the Philippines comes from.

I opened a BDO an account a few months ago, and all that was required was my ACR card, and my passport, and they opened an account for me without a hitch.
And I am only on a tourist visa.

You can open a banking account with a tourist visa, to say that you cant is absolute rubbish.

ABCDiamond wrote:

Stranded Shipscook wrote:

Now to banking, I like to explain WHY it is required to have an ACR:
The ACR and other identity requirements are not only made by Philippine banks, but also by other nations around the Globe, mostly implicated due to the "War against Terrorism".
Thus, not only an Identity, but also a RESIDENCE ADDRESS has to be established, so that Organized Crime and/or Terrorists can not open multitudes of Accounts with dubios ID's or ID's without a local address. (Passports do not have addresses!).

The ACR card, a Bureau of Immigration ID requirement for people staying over 59 days is, in theory, a good idea, but in reality? 
I got my ACR card in Cebu while staying for one month in a short term condo.  That was in 2013. 
It is still registered at that address, even though I have renewed it in other parts of the Philippines, they don't seem too interested. 
I feel that the ACR card is now just another way to get more income in from us.
And I never can understand why the price is in US Dollars and pesos..  The ACR cost is US$50 + 500 pesos.

Although a bit of topic, i try to help you out with an answer also. The 500,-is the express fee and under different accounting methods. (Which truly is a way to make extra cash,but isnt that everywhere in the world? I just came back from Germany and was shocked for what they charge now everywhere)

Now ACR card:
The fine print on the issuing of the ACR card, if you reread my post carefully, is that they take fingerprints and Irisscan and therefore would catch known terrorists or criminals. Address can be changed, known or not, the crooks don't care, however you are obliged to always give your address, if changed, to the Immigration, they then would issue a new card, for which they would charge another 500$ plus 500 php express fee. (Maybe better not to insists too much). So in practise the Immi guys just want to avoid shouting and screaming expats because of those address changes And kazillions of Forum threads about that. Why not simply put a sticker....? well those days are over, worldwide since 9/11.
Now, if you use your ACR card to open your bank account, the bank already know that you have passed the Criminals barrier, you most likely are also give them your current address, so everything is ok.

Stranded Shipscook wrote:

The 500,-is the express fee and under different accounting methods.

But why do they make the charge in US$.  All other Immigration fees are in pesos.

Stranded Shipscook wrote:

Address can be changed, known or not, the crooks don't care, however you are obliged to always give your address, if changed, to the Immigration, they then would issue a new card, for which they would charge another 500$ plus 500 php express fee. (Maybe better not to insists too much).

To contradict myself on the point of the Philippines just trying to make money.  I renewed my Visa in Cebu in April, for 6 months, and mentioned that my ACR expired on 5th May, so can i renew it now. They said no, renew at the next Visa renewal. So, now in June, and my ACR has expired, I go to my new local BoI, and ask to renew the ACR card, they check my passport and see my Visa runs out in October, and they say wait till October... and just renew it at the same time.

They don't want my money ???  Now that is something I am really puzzled by...

i'm confused.  one post said $50 US, plus the 500ph.  another post said $500 US plus the 500 ph.  which is correct?  i'll be moving there permanently in 2 months from the US.

Can somebody help me here please?
I want to transfer money from Australia, to the Philippines, and would appreciate advice on how to do this with out using my Australian AMT card.
I have been transferring in 20,000 peso`s lots, and so far it has cost me a fortune in bank fees.
Is there another way that I can do it so as to reduce the fees?
Thanks in advance.

i have been using Paypal for transferring money there.  it goes to my fiance's Paypal account.  transaction fees for that is very reasonable compared to what the banks charge, imho.

I meant my ATM card...I hit the wrong keys.

It's expensive whichever way you do it, there's no easy answer. When I was coming and going I would bring my maximum allowed $10,000 cash every time I came, I got good rate on the streets and I was happy. Now I'm retired and living here permanently my pension is paid into my bank account here, I get good rate and I'm still happy. Withdrawing from an ATM card here on a foreign bank is expensive.