I followed a similar path as you guys. I opened a Checking Account at the same Wilshire branch and had it homed at a branch a couple minutes walk from my home. When banking online using the app, the payee options list opens up when you’re using the checking account as the source. When transferring $ into the php account I have found that transferring $1,000-$2,000 at a time using WISE gives the best results. All other options end up giving you a huge conversion loss. It helps to know current conversion rates and compare. Congratulations on your move. Maybe I’ll run into you guys in MOA.
I recommend opening a BPI dollar and peso account. Their online banking is probably the best of the big banks. They also allow you to do in person transactions at any branch in the PH not like the other banks. I would look at the Remitly exchange rate. They are known for bad rates. I personally use Wise as its less expensive to send money bank to bank.
Hello 👋 guys. I just came across your RUclips channel and I just subscribed to it. Excellent video with great ideas, facts and important information on opening an account with a Filipino bank here in the U.S. to use it there in the Philippines. Thanks and I hope you're enjoying your life there in the Philippines now. Take care and keep up the great work.
Hi guys I am an American retired in Cebu for a year. I opened my account at PNB in Manhattan before I retired in the Philippines last year. In my opinion it is smart to have the dollar passbook savings account in addition to the peso savings account with mastercard debit card. I can write myself a check and deposit it any time with a fee of only 100 pesos, but I wait 30 days for US checks to clear. I get a superior exchange rate because I am exchanging my dollars in the Philippines. It as possible to transfer money directly from your US bank to a peso account, but you will be getting a worse exchange rate from a US bank that is converting it to pesos before sending the money in the Philippines. Having a local debit card makes transactions much smoother here.
Interesting, 100 peso fee. I am in Manila and have PNB accounts. Before 2020 lockdown, I asked PNB what were the fees for depositing a personal check drawn on my US bank account. The reply was (1) admin fee and (2) a varying percentage of the check amount. I should go back and inquire about this again. Maybe fees were lowered, or maybe they reflect Manila costs. A major problem with PNB is that each year I need a PNB statement on interest earned to report to IRS. PNB branch always said that it never received my email requests. I have to email PRA to help me contact PNB headquarters liaison to inform the PNB branch to email me a PNB statement.
Thank you for the post! This is very informative. My family is looking to move to the Philippines as well and I have been searching and searching (!) how to establish the financial part of that transition and came across your video. Curious why you chose PNB vs a different bank. Is it more because it was the only branh close to you guys? Thanks again !
Are you still using your phones that you have here in the US?Or did you have to get a phone for the Philippines?I'm curious cause that's what I'm graveling with.I don't know if I need to get a Filipino phone.When I move there or can I keep my american phone number
We have US phones and Philippines phones. We like having both. We have T-mobile and it works out here but we’ve found it was beneficial to have PH phones for convenience and internet while out and about. Our US phones are mostly for authentication factor and calling ppl in US. We have the cheapest plan in US and have the best plans here in PH for our phones
Please be careful opening a bank account in PNB because that bank is no longer owned by the Philippines government. It used to be owned by Philippines government. PNB is owned by Lucio Tan through corruption during the Marcos Sr era. I heard so many dollar deposits in PNB were missing. Lucio Tan is a Chinese businessman who own Philippines Air Line by pawning every Filipinos souls to World Bank in financing all his business. In other words, his business is a debt of the Philippines from World Bank.
Have you guyz move already to the Philippines? I trying to figure out how to send money from USA to filipino banks to pay for the property that we are buying but I'm having a hard time 😢
Wire transfer is the best way! It depends on who you’re sending it to. If you’re sending it to yourself it’s much easier but the process is the same. If you are sending fund directly to an organizations bank account, you need to factor in exchange rates for USDvsPHP. What you need: account name, account number, swift code, banks address, watch this video ruclips.net/video/QQ1U_1fZ55Q/видео.htmlsi=_b4OVRZ3R2zCZ6ir
Does the American version of the PI bank have a ROUTING NUMBER. if so you should be able to ETF, that is electronically transfer funds from any of your usa banks to the usa version of the PI bank, then withdraw in PI. I have a security bank account in pesos in PI, however PI banks dont have ROUTING NUMBERS, so no transfers. Surprising PI banking is so archaic and draconian.
This is good information for me. I was in manila back in may and try to open up a filipino bank account And I have a marriage license I was told 🤔 Or prove that I was married to a filipina there .
wow thank you for the post. I thought it would be easy to move to the Philippines. I don"t live in LA?? Where else in the USA is there a bank that has branches in both the Philippines and the USA. I have lived in Germany. Korea and Panama, with Panama being the easiest. Their money is based on USA currency. I am retired military with a pension and now SS Benefits. I thought the Philippines wanted me, not to milk me wth fees. I would think, they have a government office to help us transition. I live in Indiana and they love VETs
You can open a bank account in the US at a branch in the Philippines. Once you come to Philippines, they will verify all your information at that branch. You will have to walk into the branch once in Philippines
I followed a similar path as you guys. I opened a Checking Account at the same Wilshire branch and had it homed at a branch a couple minutes walk from my home. When banking online using the app, the payee options list opens up when you’re using the checking account as the source. When transferring $ into the php account I have found that transferring $1,000-$2,000 at a time using WISE gives the best results. All other options end up giving you a huge conversion loss. It helps to know current conversion rates and compare. Congratulations on your move. Maybe I’ll run into you guys in MOA.
I recommend opening a BPI dollar and peso account. Their online banking is probably the best of the big banks. They also allow you to do in person transactions at any branch in the PH not like the other banks. I would look at the Remitly exchange rate. They are known for bad rates. I personally use Wise as its less expensive to send money bank to bank.
Thanks, we will definitely look into it
I totally agree with your statement. I too researched the best bank to use and BPI and Wise are my choices also.
Hello 👋 guys.
I just came across your RUclips channel and I just subscribed to it.
Excellent video with great ideas, facts and important information on opening an account with a Filipino bank here in the U.S. to use it there in the Philippines.
Thanks and I hope you're enjoying your life there in the Philippines now.
Take care and keep up the great work.
We love it here! Thank you for watching our journey to the Philippines. It’s been 1 full year!
thanks for this information..we will be back in the Philippines this year, nice to know this so I can open with BDO,,
Hi guys I am an American retired in Cebu for a year. I opened my account at PNB in Manhattan before I retired in the Philippines last year. In my opinion it is smart to have the dollar passbook savings account in addition to the peso savings account with mastercard debit card. I can write myself a check and deposit it any time with a fee of only 100 pesos, but I wait 30 days for US checks to clear. I get a superior exchange rate because I am exchanging my dollars in the Philippines. It as possible to transfer money directly from your US bank to a peso account, but you will be getting a worse exchange rate from a US bank that is converting it to pesos before sending the money in the Philippines. Having a local debit card makes transactions much smoother here.
Congratulations on retirement! We are loving the move to Philippines. Glad you found our channel.
Interesting, 100 peso fee. I am in Manila and have PNB accounts. Before 2020 lockdown, I asked PNB what were the fees for depositing a personal check drawn on my US bank account. The reply was (1) admin fee and (2) a varying percentage of the check amount. I should go back and inquire about this again. Maybe fees were lowered, or maybe they reflect Manila costs.
A major problem with PNB is that each year I need a PNB statement on interest earned to report to IRS. PNB branch always said that it never received my email requests. I have to email PRA to help me contact PNB headquarters liaison to inform the PNB branch to email me a PNB statement.
Thank you for the post! This is very informative. My family is looking to move to the Philippines as well and I have been searching and searching (!) how to establish the financial part of that transition and came across your video. Curious why you chose PNB vs a different bank. Is it more because it was the only branh close to you guys? Thanks again !
This was great information, helped me to know which way to go. 👏🏿👌🏾
check your balance online and won't cost you anything...
Are you still using your phones that you have here in the US?Or did you have to get a phone for the Philippines?I'm curious cause that's what I'm graveling with.I don't know if I need to get a Filipino phone.When I move there or can I keep my american phone number
We have US phones and Philippines phones. We like having both. We have T-mobile and it works out here but we’ve found it was beneficial to have PH phones for convenience and internet while out and about. Our US phones are mostly for authentication factor and calling ppl in US. We have the cheapest plan in US and have the best plans here in PH for our phones
Please be careful opening a bank account in PNB because that bank is no longer owned by the Philippines government. It used to be owned by Philippines government. PNB is owned by Lucio Tan through corruption during the Marcos Sr era.
I heard so many dollar deposits in PNB were missing. Lucio Tan is a Chinese businessman who own Philippines Air Line by pawning every Filipinos souls to World Bank in financing all his business. In other words, his business is a debt of the Philippines from World Bank.
Thank you for doing this. It’s very helpful ❤
You’re welcome 😊
So, did they also ask you to present proof of billing address in the Philippines?
Did you have to present your proof of dual citizenship?
They did not ask for anything except 2 forms of ID. No address and no dual. I’m a foreigner and they did not ask for anything except 2 ID
@offthebeatenpathphilippines thank you so much. This is really helpful.
Did you finally move to the Philippines?
Yes we moved in AUG 2023
Where did you find PNP bank in US.
Los Angeles next to the PH consulate
Have you guyz move already to the Philippines? I trying to figure out how to send money from USA to filipino banks to pay for the property that we are buying but I'm having a hard time 😢
Wire transfer is the best way! It depends on who you’re sending it to. If you’re sending it to yourself it’s much easier but the process is the same. If you are sending fund directly to an organizations bank account, you need to factor in exchange rates for USDvsPHP. What you need: account name, account number, swift code, banks address, watch this video ruclips.net/video/QQ1U_1fZ55Q/видео.htmlsi=_b4OVRZ3R2zCZ6ir
tldr
Does the American version of the PI bank have a ROUTING NUMBER. if so you should be able to ETF, that is electronically transfer funds from any of your usa banks to the usa version of the PI bank, then withdraw in PI. I have a security bank account in pesos in PI, however PI banks dont have ROUTING NUMBERS, so no transfers. Surprising PI banking is so archaic and draconian.
There is a Swift number
yes, but not the same as a Routing number, therefore no EFT can occur.@@offthebeatenpathphilippines
You can apply time deposit if you don't withdraw or deposit as long as there is minimum deposit of 10,000 pesos in your account
Thanks. Unfortunately for me, closest bank to WV is Illinois.
This is good information for me. I was in manila back in may and try to open up a filipino bank account And I have a marriage license I was told 🤔 Or prove that I was married to a filipina there .
I’m interested on what bank do you have here in america to be able to open one in Philippines. I’m a pilipino citizen and become American citizen.
It was Philippine National Bank.
Congratulations
wow thank you for the post. I thought it would be easy to move to the Philippines. I don"t live in LA?? Where else in the USA is there a bank that has branches in both the Philippines and the USA. I have lived in Germany. Korea and Panama, with Panama being the easiest. Their money is based on USA currency. I am retired military with a pension and now SS Benefits. I thought the Philippines wanted me, not to milk me wth fees. I would think, they have a government office to help us transition. I live in Indiana and they love VETs
The main banks in Philippines are “BPI, BDO and PNB” usually the large metropolitan cities have Philippine banks. Good luck with your move.
Do I need to go to that bank in person in the usa to finish getting the account?
You can open a bank account in the US at a branch in the Philippines. Once you come to Philippines, they will verify all your information at that branch. You will have to walk into the branch once in Philippines
It was the only one close to where we lived. Thanks for watching. More to come on our move to PH.
Good Video
Thanks!