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Opening & Maintaining a Dollar or Foreign Currency Account in the Philippines

finance123 · 9 · 4309

finance123

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I'm raising a new topic about Opening and Maintaining a Dollar or Foreign Currency Account in the Philippines in order to gather information
that would help other members of this site.

Please share your experiences in managing your foreign currency savings with various banks and include the following:

1. Opening and Maintaining Balance
2. Fees involved in maintaining the account
3. Cost of Transfers of Money both receiving and sending money
4. Customer Service
5. Positive and Negative Feedback
6. Currency Conversion
7. Experiences etc.


freelancer_babe

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Many banks require high maintaining balance for the account. BPI's is at $500 for their opening and maintaining balance. Even choosing to open a dollar account at BPI Family doesn't help - their requirement is just the same - at $500.

Same is true with Metrobank - $500 too.

BDO has lower requirements for dollar accounts - only at $200. But it won't earn interest until you are able to maintain an average daily balance of at least $500.

It is interesting to know that Landbank only requires $100 as maintaining balance for their dollar account. But like BDO it won't earn interest until you are able to maintain an average daily balance of at least $500.

----

For a time I saw myself needing a dollar account so that I could deposit dollar-denominated checks that come from overseas (often in the US). Most banks won't allow dollar checks to be deposited into Peso accounts - they require opening a dollar account to do that. But BPI became an exception - they are already willing to deposit dollar checks into an existing BPI peso account (yes, without needing a separate dollar account) but subject to fees and exchange rates.


finance123

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If you have an existing dollar account and peso account, does the bank allow you to purchase USD with payments debited directly from your peso account? Any experience?


minero

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If you have an existing dollar account and peso account, does the bank allow you to purchase USD with payments debited directly from your peso account? Any experience?

from my experience (BPI)... you have to go to the bank in person. you cannot transfer funds from USD account to PHP via internet banking (likewise PHP to USD)


finance123

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I tried to make comparison to detemine which Philippine banks offer the best rates if you want to convert your US Dollar.

Date:  October 12, 2013

                           BUY RATES
Eastwest Bank       43
ChinaTrust       42.93
UCPB              42.88
RCBC              42.85
Maybank Phils      42.82
Metrobank       42.8
BDO                      42.8
UnionBank      42.75
BPI                      42.71

If you have a 1000 usd and have it converted at Eastwest you will get 43K pesos but you will get only 42710 at BPI which
Php 290 pesos less - not that much.


If you want to buy USD dollar

                  Sell Rate
ChinaTrust     43.29
Eastwest Bank    43.3
Metrobank     43.3
BDO                    43.3
Maybank Phils   43.37
UCPB           43.38
RCBC           43.4
BPI                  43.5
UnionBank     43.55

Conclusion: Eastwest and Chinatrust rates are competitive than other Philippine banks whether you are buying or selling dollar against the Philippine Peso.

Although there are others factors to consider in opening US dollar account:
1. Number of Branches and its proximity to the area of residence or business
2. Maintaining balance
3. Quality of Service
4. Cost of Maintaining it ( transfer fees and receiving fees)
5. Sexy and not so sexy tellers hahahaha

Also when  it comes to third currency, it really depends on the bank. I experienced receiving Canadian dollars through
BPI tapos ang baba ng rates nila - almost 5% ang price differential against interbank rate.

Swiss Franc to Philippine Peso through Unionbank (Telegraphic Transfer) - the actual interbank rate is 45.97peso but when the money arrived the implied rate is 41.24. That's almost 10% loss. I'm not sure though if the amount received is less charges of the remitting bank kaya mas maliit sya but no charges billed when I checked my account online (unionbank).
« Last Edit: Oct 12, 2013, 09:40 PM by finance123 »


mxherr5

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mas matimbang ang reason #5 sir haha


jrich69

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I have USD/STG and PHP accounts with HSBC and can change from USD/PHP or STG/PHP online. This was one of my reasons for chosing HSBC, I also have an account with BDO and they do not have this facility.
HSBC used to have the $500 maintaining fee but have now gone to a Total Relationship Value i.e. they take all your accounts together, so if you are low on dollars but have sufficient pesos to make the balance, no problem!


ferrariEverest

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Also when  it comes to third currency, it really depends on the bank. I experienced receiving Canadian dollars through
BPI tapos ang baba ng rates nila - almost 5% ang price differential against interbank rate.

Swiss Franc to Philippine Peso through Unionbank (Telegraphic Transfer) - the actual interbank rate is 45.97peso but when the money arrived the implied rate is 41.24. That's almost 10% loss. I'm not sure though if the amount received is less charges of the remitting bank kaya mas maliit sya but no charges billed when I checked my account online (unionbank).
Eto magandang post about comparisons at maraming details. Any chance bibisita ka uli dito sa PMT, Sir finance123? :D

Yang 10% loss na yan ang dapat maiwasan (due to wide bank spreads. Wide spreads din sa mga money changers). Isa yan sa reason bakit ko binuksan yung PHCoin thread, located here: http://www.pinoymoneytalk.com/forum/index.php?topic=47364
Sana makita ng PHCoin owners and developers na may malaking demand sa PHCoin. In return, makikinabang lahat ng Pilipino na may OFW relatives (kasama na ako dun! :D ). Malaki matitipid natin.


mackygoof

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i got US dollar account. planning to close it. id rather go to forex account.


 


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