Expat Community > Philippines

Snowbound
Joined 2021
Posts: 159

Specific Questions on RP Banking

2 years ago

I really appreciate all the helpful info I get on this blog. I will ask for a little more.

I will be retiring and settling in Pototan, which is a rural suburb just outside of Iloilo City.

My wife and I will be entering the Philippines separately. She is a dual citizen and will enter in November, and I will enter with a tourist visa in December.

After the holidays, I will apply for an extension and a 13a visa. My ticket is round trip, but I won't use the return.

Here's my question. I want to open a Philippine bank account in Pototan. The PNB has a branch there. I want to deposit $20K USD. I know that the banking laws are pretty intrusive, both here and there, for any transactions greater than $10K USD. I will still keep at least 2 US bank accounts in the states for pension, social security and annuity deposits. I'm told to keep at least 2 active accounts just in case a problem arises with paperwork with one.

What requirements can I expect from the Philippine bank and what information will I need to have with me when I get there in order to open a checking account?

Thanks

Cigna Global Health

Award winning International Health Insurance for Individuals and families living abroad
Get Quote

Cigna Global Health

Award winning International Health Insurance for Individuals and families living abroad
Get Quote

Login

Or, Send Login Link

Expat Community > Philippines

Specific Questions on RP Banking

Login