Opening a Peso Denominated Bank Account

[rob36london]

I want to open a peso account, in the UK, which issues a bank card I can use in the phils and that pays interest (hopefully), so that I can start building up my war fund for the phillipines.

Anyone got experience of opening aforesaid ?

[darren-b]

I want to open a peso account, in the UK, which issues a bank card I can use in the phils and that pays interest (hopefully), so that I can start building up my war fund for the phillipines.

Anyone got experience of opening aforesaid ?

To be honest unless you really think the pound is going to get much weaker against the peso I think you'd be better opening a Nationwide Flex account instead.

As in my opinion your money is protected better in a UK bank rather than a Philippines bank. Also it works out cheaper as you'd probably have pay everytime you want to transfer money to your peso account, where with the Nationwide Flex account there are no fees at all and you get the current exchange rate when you do withdraw your money.

[Jay&Zobel]

i use

www.bpieuropeplc.com for remittances but you can also have an accoint with them.

Bank of the Philippine Islands did not fail me yet, hehe so far.. been using them since 2006

[PeterB]

PNB also have branches in UK and can offer similar facilities to those of BPI. However, be aware that bank interest rates in Phils are pretty dire .... mind you, the UK is not much better now!

[darren-b]

PNB also have branches in UK and can offer similar facilities to those of BPI. However, be aware that bank interest rates in Phils are pretty dire .... mind you, the UK is not much better now!

We've got a PNB account as well, but as it costs at least £5 a time to transfer money into it, the Nationwide Flex account is a far better option.

[PeterB]

We've got a PNB account as well, but as it costs at least £5 a time to transfer money into it, the Nationwide Flex account is a far better option.

There is a problem with Nationwide - before I came to Phils I was given assurance that there would be no problem operating my Nationwide accounts while I'm resident here. That was fine ... until my debit card expired - they absolutely refuse to despatch my replacement card to any address in Philippines (remember that this even prevents me using PNB remittance from my Nationwode accounts). This caused me some stress until I was able to rearrange my finances to make the cash more readily available. I have now been managing without my Nationwide card for almost six months.

I cannot understand why Nationwide create this difficulty - I have received two debit cards and one credit card from other UK institutions with absolutely no problem.

The other problem, of course, is that you can only draw the equivalent of £300 per day. This is absolutely hopeless for significant transactions, such as purchasing a car, property, or for any other large purchase. The PNB account allows me transfer large sums - I have moved five figure (sterling) sums on several occasions, and made the withdrawal by Manager's Cheque, or cash over the counter, on the following day.

[darren-b]

There is a problem with Nationwide - before I came to Phils I was given assurance that there would be no problem operating my Nationwide accounts while I'm resident here. That was fine ... until my debit card expired - they absolutely refuse to despatch my replacement card to any address in Philippines (remember that this even prevents me using PNB remittance from my Nationwode accounts). This caused me some stress until I was able to rearrange my finances to make the cash more readily available. I have now been managing without my Nationwide card for almost six months.

I cannot understand why Nationwide create this difficulty - I have received two debit cards and one credit card from other UK institutions with absolutely no problem.

The other problem, of course, is that you can only draw the equivalent of £300 per day. This is absolutely hopeless for significant transactions, such as purchasing a car, property, or for any other large purchase. The PNB account allows me transfer large sums - I have moved five figure (sterling) sums on several occasions, and made the withdrawal by Manager's Cheque, or cash over the counter, on the following day.

I agree that if you are going to make large purchases then you really need a 'local' account - we had a to get a manager's cheque a couple of years ago to buy a property. All I was saying for someone who just wants an ATM card for their holiday spending abroad it's best to stick to a Nationwide account.

[andypaul]

PNB also have branches in UK and can offer similar facilities to those of BPI. However, be aware that bank interest rates in Phils are pretty dire .... mind you, the UK is not much better now!

You can get 8 or 10 percnt if you dont mind your money locked in.

Regardless of the libor and BOR rate banks want your money so will pay you very nicely while they rip from the hands of the goverments and those in debt.

Same in phill it seems with the small landbanks who pay very well as they rip off the locals.

[ginapeterb]

Darren's Advice as always is spot on, I also have the Nationwide Flex account, and there are no overseas charges for withdrawing money, a good point to note if you wish to withdraw cash in the Philippines.