bank account in the Philippines

by richard
(saville)

Hi

Excellent site - really informative and easy to read.

I'm thinking of retiring in the Philippines and was wondering how simple it is to open a bank account.

I would probably keep an account in the UK, but would want to transfer the bulk of my savings to The Philippines to avoid the risk of currency movements.

Do you actually need to have a residency visa before you can open an account?

Many thanks.

Kind regards.

Richard Saville

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ACCTS
by: Rick

PNB probably has the most out of country branches so you can open an acct locally to you then use i in the nearest PNB branch near your staying place in PH, opening a dollar acct for incoming transfers is best then you can convert to Peso acct like an ATM/savings acct when rates are higher and at the time of your choosing instead of having instant dollar, ot whatever monetary system you use to Peso here. So i open a dollar acct ad main receiver of all funds direct deposited by my retirement and then maintain an ATM/Savings acct in peso. I'm out in Samar a smaller province checks and credit cards are waste of time here byt Atm akkows 24/7 access t my peso act.

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HSBC Bank
by: Anonymous

I use HSBC bank. It is a world wide bank you can use. I use it to send money back to Cebu and it never cost me anything. If you have family in the Philippines just open an account online and send a card to your love ones back home and you can add money to the account that they can take out with the card at most ATMs. They also have many branches in the Philippines. So stop paying for those money orders.

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