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Expat Community > Philippines

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Bank balance

4 years ago
Hi, I am stuck in Australia because of Covid and I want to send my girlfriend some money too pay for the house we are buying.
She needs to open a bank account and upon enquiring at BPI she was told that she had to open the account with minimum deposit of 10,000 pesos. Seemed a lot but ok we can always take it out again. At least that's what I thought. The bank is telling her that she has to have a minimum balance of 10,000P or the account will be closed.
That doesn't sound right to me. Can anybody shed some light on this please. I think it's wrong but it is the Philippines. We are looking into another bank but was also wondering if it would be some basic laws over there??? Any advice would be great thank you.

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SJB Global

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SJB GlobalSJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

AGS Worldwide Movers
AGS Worldwide Movers

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