If not, what other banks can I open an account with so that I can use it in the Philippines? I do not live near a Philippine National Bank
Philippines - 4 Answers
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1 :
Yes. You need a debit card for your account, visa or mastercard. Not all ATM machines will work with it. Be sure the network on the ATM is one of those on back of your card. You need to call your bank prior to traveling and tell them it will be used abroad and for how long. Otherwise it may be declined when you try to use it. Last I knew they stick you about $5 to use their ATM in Philippines. Its all about money you know. Be careful whos watching when you use it. Snatchers or bad boys may watch for foreigners using an ATM.
2 :
You can access your funds through ATMs just fine. Make sure you notify your bank first that you'll be overseas and best to make them list the area as Asia and not just the Philippines. I have a U.S. Bank account and access my funds just fine at any ATM but the ATM charges are very high generally about $8 a transaction between the fee from the bank and the international atm card fee which is usually 200-250 peso's. I have a BPI account (Bank of the Philippine Islands) and I use Xoom to send money between the 2 accounts which generally takes a couple hours. Can transfer up to $2,999 a month ($6k with approval with Xoom) and bank to bank transfer is $6 or so per transaction which means can do $2,999 (one transaction) for $6 which beats $8 a transaction at 10k peso's at a time ($250 or so).
3 :
You can use your ATM/DEBIT CARDS as long as you inform your bank in the US that you will used it in the philippines so that they will not blocked your cards... but the philippines also got Citi Bank and HSBC which are international banks i'm just not sure thou how they treat bank accounts from their international branches and these banks are very few usually just located in major cities in the philippines..
4 :
Well we mjust use the ATM. Opening a us dollar acct costs 1500 dollars deposit. Checks can take 30 days to clear.
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