LPR

Hi to all members and guests. Having been reading posts on here for a few weeks now I thought it might be a good place to get some inside information.

I am looking to retire to The Philippines in just over a year’s time so I want to start preparing the ground in the hope that I can sort out any problems before I get there (forever the optimist).

I was planning on opening a BPI bank account here in the UK and then an account over there but I notice that BPI are not on the list of “PRA Designated / Accredited Bank(s)”. Can anyone recommend which bank to use? Also does anyone know if it’s possible to open an account while there on holiday as I will be visiting at the beginning of July and would like to start depositing some money for use when I am visiting.

Thanks in advance for any help and information.

P.S. Am I the only one suffering from "Me and My Philippine Family" withdrawal symptoms.

mikek1

We cannot help you regards opening a Filipino bank account in the U.K.,however it was easy to open an account in the Philippines.I would add that we have a permanent address here and getting a letter of good citizenship (required)from our barrancay was easy.
We now have a very good relationship with the local BDO bank, so good they issued us a credit card with no proof of income or awkward questions.The bank manager has authority to fast track applications. We were given PHP 1M limit !!!

Gazza-d

I think as a forienger you will struggle opening a bank account whist on holiday, unless it's a joint account with a filipina. And probably only a savings account at best.

quiltman

don't worry about the PRA designated banks too much. When we arrived we had account at BPI Europe, they had set up a peso account here for us (but I believe they no longer do that due to money laundering rules). When it came time to pay the money for our SRRV, we just went to our BPI branch and they did a transfer to the PRA account at Landbank. We got confirmation receipt of transfer, attached to SRRV application and done!
It is a little more difficult now to open an account here until you have your ACR card or resident visa, but go ask - each branch seems to have different attitudes! A joint account should be OK but be prepared for all the FACTA paperwork -well, one sheet, saying you are not an American citizen.

mikemike

if you have a hsbc account at premier level you may ask them

LPR

Yes, it is much as I expected but you never know if someone has found a loophole in the regs. It would have been nice to have finances in place before I get there.

Thank you all for your helpful replies, I’m sure I will have lots more question in the coming months.

David Mashael

Hi Mike, Thanks for the heads up, I have a HSBC Premier account in Dubai, I will ask them about helping opening an account in Davao.

LPR

After todays new it looks like BPI probably isn't the best bank to go with after all.

mikemike

after the last 48 hours you may be right!!

I think its fair to say UK banks have had problems as well at some time or another. usually BPI are ok. In saying that i cannot get their web page up let alone sign in

quiltman

I can get the bpiexpressonline website OK and updates are on there, including one this morning explaining why they have had to take online banking offline. All branches open until 7.30pm - managers are OKaying withdrawals etc. No different from the problems certain UK banks have/are having from time to time. A pain in the backside yes, but being British we will survive.

LPR

Is your money protected there the same as it is in the UK?

Stokkevn

Yes, up to P500,000 ( just under £8,000 ), but as in the UK any link between two banks means you only have one account of P500k covered

mikemike

Just tried signing in on line the page is still down.......so how did you manage it? https://www.bpiexpressonline.com/?URL

quiltman

don't try and sign in, it won't work! On the opening page is a box with customer advisories on.Right hand side , headed "Client Updates"

mikemike

ah ok, i miss read your post cheers