Banking in the Philippines

[@jimmy5002]

These informative videos are the best. Thank you Ginno and Dazel!

[@dazeltv1351]

You’re welcome our friend!

[@joeblow1688]

Late catching this post. This was extremely helpful information for me. Thanks.

[@dazeltv1351]

Glad it was helpful my friend!

[@premanando127]

Very handy information - thanks

[@dazeltv1351]

You’re welcome our friend.

[@cadizwilmo9687]

Thanks for the bank information. You look well, Sir!

[@dazeltv1351]

Thank you my friend! The daily walks are helping me boost my energy.

[@shultzm41]

Hello from Tucson, Arizona

[@dazeltv1351]

Thank you my friend. I miss my friends in Tucson.

[@The-Contractor]

"Cement" is a component of concrete. The house is made of concrete as are all of the homes from what I have seen.

[@dazeltv1351]

Thank you for the information.

[@michaelbeggs2013]

New viewer and subscriber here, Gino. I am an American retired in Cebu for almost a year now. I also opened a bank account at Philippine National Bank in Manhattan before I retired in Cebu last year. I just want to clarify for any of your viewers that want to follow this method that you actually need two bank accounts to transfer money from America to the Philippines. You need a dollar passbook account and a peso savings account with a debit card. I use the same method of depositing a check written to myself on my US bank and it is the cheapest method to transfer money. They only charge 100 pesos. I think their exchange rate is good enough that I do not bother going outside the bank. I just exchange and deposit pesos in my savings account. I find I really don't need a checking account here, and they would not open a checking account for new customers anyway.

[@dazeltv1351]

Thank you for sharing the information regarding opening two bank accounts (dollar passbook account and peso savings account) with Philippines National Bank. My friend from Rhode Island is also headed to Cebu for a month to check it out. Thank you for subscribing to our channel. Take care our friend.

[@franky3231]

Hello sir, I am in Sacramento right now and after watching this video I contacted PNB and got some info from them in an email and also talked to the agent in LA. They want to run the paperwork through their Los Angeles office and since I am 7 hours away they have an officer in San Francisco which is 2 hours from me who will just do the authentications. It says on the paperwork that there is 100 dollars processing fee and the lady on the phone said I need to submit two separate forms for dollar account and Peso account so I might be charged 200 dollars processing fee plus the minimum balances. Then I have to put everything together and mail it to Los Angeles office with the money. One question though, can I convert this account in Philippines from US account to PH account so I can use it in Philippines? I am on tourist visa, someone said they might ask for that long term permanent visa. I just wanted to make sure I can convert it once I get to PH? Please let me know Thank you

[@dazeltv1351]

@@franky3231 All I had to do was transfer my PNB Los Angeles account to the PNB Kalibo Aklan branch. PNB Kalibo branch did not ask my visa status in the Philippines.

[@michaelbeggs2013]

I believe you can because I did so. The fees are correct and there is a $500 minimum deposit for the US dollar account.@@franky3231

[@franky3231]

Sweet, thanks brother. @@dazeltv1351

[@RobertMays-s3r]

The banking info you provided is useful, and not just for the Phillipines, but other locations too.

[@dazeltv1351]

Yes; could be applicable to other Asian countries too.

[@kevinbarney4256]

Tucson, AZ. The Old Pueblo. Bear Down. I'm guessing that you were stationed @DM? Good banking and money exchange places/ procedures info. Yeah, Vietnam is pretty much the same as far as crisp bills gets you a better rate. You might also get a cross eyed look if the bill is totally wrinkled and shabby looking, lol. Good forward thinking to set up an account online before departure. Preparing ahead is key and helpful to ease stress later

[@dazeltv1351]

I wasn’t stationed at DM; but got a job at St. Mary’s Hospital after I retired from the USAF. I used DM’s gym, BX, and Commissary while in Tucson though. Haha…I know about the cross eyed look when you hand them a wrinkled bill. Take care my friend.

[@johnp.9947]

Great info this morning! Bank of the PH has a branch in the Chicago area (NW), there's even a Jollibee in the same complex.

[@dazeltv1351]

Thank you for sharing the information on Philippine National Bank in Chicago area. Jollibee is everywhere now! :)

[@horacesubayar794]

Hi guys, always helpful to get bits of tidbits about the Philippines and it seems like the Philippine banks like to nickel and dime you as much as American banks do. What is the obsession with new $100 bills when all money has a value?

[@dazeltv1351]

Yes; everything in the bank has fees. I couldn’t believe the first time I had to pay a fee to deposit a check into my dollar account. The $100 bill seems to be the money of preference in the Philippines. You should see how they scrutinize the $100 bill when they exchange it. The put it through a light machine and look at it from all angles. 😁

[@horacesubayar794]

@@dazeltv1351 That is really nuts.

[@stevenjacques6208]

Good video!

[@dazeltv1351]

Thank you our friend!

[@vondoromal7016]

Great information! I would also like to add that even national bank act like local banks when a person do not have access to their money unless thry go back to their original bank. ie, a Metrobank in Queszon city is a different bank in Manila. An ATM can certainly help people get their money, but at times unreliable. The Philippines can do so much to improve banking and its going to take Expats like us to demand it!

[@dazeltv1351]

Thank you for sharing information regarding the original bank or the bank branch designated on the account. I forgot to mention that. I was surprised when that happened to me for the first time. Coming from the U.S.; I thought since it is the same bank that I could access my money.

[@vondoromal7016]

@@dazeltv1351 it's a tragedy I say. The Philippines is slowly becoming a card country where a person doesn't need to bring cash I think... Things like G-cash are also getting popular. Thank you for what you do Gino!

[@Robmar40]

@@dazeltv1351 BPI bank doesn't have those restrictions. We can use any bank branch in the PH to conduct transactions. Their online banking is also top notch. Wire or transfer USD fro the US and then exchange online as needed into pesos when rate is faavorable.

[@dazeltv1351]

@@vondoromal7016 You’re welcome my friend.

[@dazeltv1351]

@@Robmar40 I will keep that in mind if we decide to switch banks. Banco de Oro was really good a few years ago when we opened our account; but now it seems their service has gone down. Their ATM machines in Kalibo where we live is not working half the time.

[@RONALD......]

Good info..

[@dazeltv1351]

Thank you my friend.

[@PinoyZo1]

Thank you for video, I am planning on moving back to my hometown and was wondering what’s the best option.

[@dazeltv1351]

You’re welcome my friend.

[@mgysgtk8835]

Unfortunately, we not as lucky. We have an account in Dau Angeles City. When we in Hawaii, the Hawaii PNB was supportive and kept our book up-to-date. Now in 48 states, New York emailed me that they basically couldn't do anything much for updating our account. But they can take our money and deposit it. But even deposit our money comes with hefty fees.

[@dazeltv1351]

I understand Sir; the branches here in the Philippines seem to have a different policy per branch. I know I can only withdraw dollars at my PNB Kalibo branch and nowhere else.

[@faronray5765]

Have a question for you. If you have a PNB account in the States and you had your direct deposit going there, could you transfer the money from your PNB account in the States to your PNB account in the Philippines?

[@dazeltv1351]

My military pension (direct deposit) is to my U.S bank; I have never switched it since I retired in 2004. I just don't want any problems or delays in receiving my pension. Your idea on transferring your direct deposit to PNB account in the states sound like it would work; but I would recommend you check with the PNB branch in the U.S. I know for my PNB account that I opened in Los Angeles; I could not withdraw the money at PNB Kalibo, Aklan, Philippines when I first arrived in Aklan. I had to apply for my PNB account to be transferred from Los Angeles to Kalibo. That was in 2011; their policies might be different now.

[@biggdogginthephilippines7067]

Hey Gino.....I usually every month send myself money through Western Union in dollars and then deposit into my bdo acc

[@dazeltv1351]

Do you receive dollars or pesos from Western Union? Just curious to know if they give out dollars. Thank you my friend.

[@biggdogginthephilippines7067]

I send $1000 to myself $100 dollar. bills@@dazeltv1351

[@johnnyg7899]

Ok so if I have an American bank account that receives my monthly pension and social security each month, do I still need to have an PNB acct in the U.S. in order to tranfer funds before transferring it again to a PNB bank in the Philippines? I want to keep an active acct in the U.S. and only tranfer whats needed each month to the Philippines. I like your neighborhood.

[@dazeltv1351]

I have an American bank account that receives my monthly military pension. I use U.S. checks that I deposit in my PNB bank account to move money that I need here in the Philippines. My recommendation to open a PNB bank account is so that you will have a PNB account already once you get here in the Philippines (you’ll need to apply to transfer the PNB account to a branch in the Philippines). It is not easy to open a bank account in the Philippines. Some expats have success opening a bank account here; some not.

[@Robmar40]

My NFCU debit card also reimburses up to $20 usd per statement period so I use this first before using Charles Schwab debit card. I don't want to abuse this courtesy. I have heard many expats complaining that Charles Schwab has closed their account due to abuse.

[@dazeltv1351]

Thank you for sharing the information regarding Navy Federal Credit Union and Charles Schwab.

[@fareastrider5630]

Hey Gino, thanks for sharing. In the past when visiting the Philippines we normally just sent it via Western Union and picked it up. But a lot has changed over the years for transmitting/getting money. What’s your thoughts on sending money via Remitly? It’s tied to my US bank account. Just looking at multiple options. Aim High! Rick

[@dazeltv1351]

What’s nice about Remitly is your money gets transferred immediately. If you don’t mind the fees and losing on the exchange rate; they are fine. I still use Xoom on occasion when I need money immediately. Aim High brother!

[@JosephPosey-wq2xi]

Western union is immediately also

[@ReligiousShooter]

Is your pension going to an American bank account? Do you need a US address for the US account?

[@dazeltv1351]

Yes; my pension is going to an American bank account. I use a family member's address for my U.S. account.

[@Hybridflip-eg5hg]

Excellent info Ginno on having multiple banks in the Philippines. Trying to set up an account with PNB. I have WISE and Remitly, just in case and I’ve used Cebuano to conduct transfer and they can be an issue at times. You can receive up to around 100K pesos in one transaction and other places only 50K or they don’t have the funds to complete your transaction. Additionally, they rip you off because they charge you 10 U.S. dollar for each transaction, plus their rates from the dollar to the pesos can be around 2 pesos less, per dollar. Again, excellent information…greatly appreciated. Take care and stay safe.

[@dazeltv1351]

You're welcome my friend. Thank you for sharing the information on Cebuano.

[@gundmond6670]

I just hate how banks made us their customers /client a beggar of our own money when we want it by using the atm/s or over the counter. Spending hours going into waste just to withdraw some cash! I HATE IT!

[@dazeltv1351]

I understand your frustration my friend.