Hiya all Just want to ask which is the best bank for saving money in PI. Which bank gives good interest rates for the savings? What documents required to open a bank account? Many thanks Maven
We got 2 PNB Account. One atm and another Mastercard. Both are viewable on line. Don't know about interest rates though, my guess you won't get much anywhere at present
Sorry can't give you interest rates. Well, Banco de Oro (BDO) is the largest bank in the Philippines at the moment. But don't expect a 'fast' service like here in the UK. They got computers but have to make records in triplicate using paper and carbon paper! BDO, Bank of the Philippine Islands (BPI), Metrobank, PNB (Phil National Bank), China Bank are included in the top 10 banks in the country.
As far as I can remember, these are requirements in opening a BDO account: > Two (2) government-issued identification with photocopies of each > proof of billing address > Income tax return > in-person application
As a non-resident foreigner you can not have any accounts with a Philippine bank. In any event, interest rates are derisory (far less than those on offer in the UK) and foreigner-held accounts are not protected by insurance as I discovered to my cost a few years ago. If you have considerable savings you want to protect from HMRC's prying eyes and receive interest tax-free, then I'd suggest an account in either the Channel Isles or the Isle of Man - I doubt you have enough to justify an account in the Caymans!
Possibly, but this is someone you've known how long? But why would you want to do that? I'vce already told you that the amount of interest paid is so small as to be derisory but more importantly you will not have any control over your money - which legally will become her money.
We have a couple accounts with PS bank, one of which is a 30 day time deposit which rolls over till the next 30 days unless we order the interest into the current account.. It was yielding 2% but recently dropped to 1.5%. PDIC insure 500k per depositor. BDO have some investment type accounts that over the last few years have been yielding 25% and up year on year since the economic uptrend but these accounts are not insured by PDIC and of course there is a risk to the capital. Some Rural banks are offering up to 7.5% interest but be careful.. PDIC have changed the rules on the type of account they insure. This is because of a bunch of rural banks that were run by a company called Legacy group were offering and producing yields of 25% (insured) TAX FREE and 40% (uninsured) for about 3 years. It turned out to be a pyramid scheme. Most depositors got their money back via PDIC but it took 2 about years.
PDIC did not reimburse around 20 foreigners on Cebu who were recruited by a British 'gentleman' who used to work for Cable and Wireless and whose 'get rich quick' schemes are well-known there. V8 anyone?! That would tie in with what my wife was told (unofficially) a few years ago by a friend of hers who works for that corporation, that PDIC does not guarantee deposits belonging to non-resident foreigners. The other point to make clear is that PDIC's cover is per depositor and not per bank account - if you have 2 million deposited across three banks, your cover is the maximum of P500k.
Yep.. I know who you mean.. The sausage man! I believe he works as an English teacher these days in China. I have had more than a disparaging word to him,with and on behalf of others..Disgraceful the way he behaved IMO and very lucky to get away with what he did IMO. He was skating on very thin ice over here. That said..he got his money back..except of course for his and his clients non insured 40% V8 investments! Never heard of the rule against non resident foreigners..Could you post a link,hopefully from the PDIC web site so that I can file it away for future reference.. Thanks.
New rules. What are NOT covered by PDIC deposit insurance? The following, whether denominated, documented, recorded or booked as deposit by the bank, are excluded from PDIC deposit insurance (Section 4 (f) of the PDIC Charter): • Investment products such as bonds and securities, trust accounts and other similar instruments • Deposit accounts or transactions that: - Are unfunded, fictitious or fraudulent - Constitute and/or emanate from unsafe and unsound banking practice/s3 as determined by the PDIC, in consultation with the BSP, after due notice and hearing and publication of PDIC’s cease & desist order against such deposit accounts/transactions - Are determined to be proceeds of an unlawful activity as defined in the AntiMoney Laundering Act (Republic Act 9160, as amended) 3/ Unsafe and unsound deposit-related activities include, among others: (PDIC Regulatory Issuance No. 2011-01) - Deposit-related practice/activity/transaction without the approval or adequate controls required under existing laws, rules and regulations - Failure to keep bank records within bank premises - Granting high interest rates, when bank has: (i) negative unimpaired capital, or (ii) liquid assets to deposit ratio less than 10% - Non-compliance with PDIC regulations
Here`s some info I have seen lately in regards a rural bank in Cebu with business name "Bankways" Interest rates are high but not crazy high like Legacy.. I hope that this is not the thin end of a new wedge. No advice intended either way. TD Rates over 90 Days PDIC Insured up to 500,000 10,001- 50,000 5.5% 50,001- 100,000 6% 100,001- 500,000 6.25% 500,001- 1,000,000 6.5% 1,000,001- 2,000,000 6.75% 2,000,001- 3,000,000 7% 3,000,001- 5,000,000 7.25% 5,000,001 - UP 7.5% Not sure if this is a rural bank or not. (Below) but rates look pretty good .. Have you heard of them? http://www.sunsavings.ph/personal-banking/time-deposit-accounts/ No advice intended ,DYOR!!
This is the good info guys http://www.ficobank.com/ this is another bank i found which is give double the money if put FD for 7 years.
I remember a time when 30/40/60 rural banks were closed because of insolvency each year.. Because of the excellent economic climate in recent years it seems that less are closing.. Meanwhile, data from the PDIC showed an easing in bank closures in the last three years. In 2014, only 14 rural banks were placed under PDIC receivership by the Monetary Board of the central bank. 24 and 18 banks were closed and placed under the PDIC receivership in 2012 and 2013, respectively. http://www.manilatimes.net/bsp-sees-fewer-bank-closures-2015/155628/ Still a gamble unless PDIC guarantee`s your capital.. Still not for me.. I like to sleep at night.
