How to be a right merchant banker

[Gary]

To transfer funds from France to Phils only took three days....

But you give a Ph bank a foreign cheque and they look at it and wonder what the hell you've just given them...

According to Ecxy, after i gave her a cheque, her bank wont accept it and if she needs to then she can open another account in another bank and then the cheque takes three months to clear....

And we think 5 days clearance is bad in UK..... hhhmmmm

[grahamw48]

They imagine that all banking systems must be as corrupt and insecure as theirs, and therefore not to be trusted. ;)

[Admin]

I'd feel safer putting my money in Bearings than the Philippine National Bank

[Pauldo]

Originally posted by admin@Dec 26 2005, 09:55 AM
I'd feel safer putting my money in Bearings than the Philippine National Bank

Quoted post

Most Philippines banks are run with the same forethought and integrity that the average Jeepney driver applies to his trade.

I once tried to open an account for myself, to save money long term, in a bank in Alabang. The girl setting it up for me spent a good half hour explaining everything about the account, the interest, minimum start amount, fees, on and on for 30 minutes. So, I told her that sounds good, where do I sign. "Oh no sir, you have to be a Filipino citizen to open that account". Duur, what did I miss here????

Tried to open one in Angeles city, girl assured me the interest was 7% per month. That sounds great, says I, tell me more about this 7% per month account. Interest is paid every month, back into the account blah blah.

Papers were filled in, details were given, account is ready to roll. I asked for some printed bumf for the account so I had some sort of proof of the details. Hmm, leaflet tells me 7% PER ANNUM. :huh:

"Aie", she cried, laughing into her hands, "I thought it was per month". She thought the whole thing was a real laugh. Yacked across to the other tellers in tagollywog what she'd done and they all thought it was hilarious too

The country is a financial basket case........ and they don't know why?????? :o :blink: From the latest pres to the lowliest trike driver, they have about as much integrity as Imelda Marcos, and they're proud of it.

[walesrob]

Look, heres an easy solution: HSBC

Elsa setup her HSBC checking account while we were in Makati in November. Unlike the other banks in Philippines where everything is "not possible, madam" or "at a cost", they are very helpful, and will forward everything chequebooks, cards, statements to an address anywhere in the world, at no extra charge. Now Elsa also has an account at HSBC here in UK, and she can transfer money between the 2 accounts, free, and usually same day, and she can check her balance, set up direct debits, transfer money, etc online.

On the other side of the coin, a golden raspberry goes to Metrobank in the Philippines for being the most obstructive, unhelpful bank I've ever come across. this so called bank charge their customers 10pesos just to check their balance at an ATM. Then theres a 100peso charge monthly if your account balance falls below a certain amount - normally 1000 peso. Elsa had an account with this "bank" and she tried to set up online banking. She was told to contact the head office in Manila, then Manila said contact Metrobank rep in London, then London rep, said no, you must contact Manila, then Manila said "You must come to the head office in Makati to be issued with a new password and user name" WTF?! Elsa has to make a return journey to Philippines just to get a password? Just by chance, we were there in Philippines last November, and Elsa had a go at them, and what was their response? "Its bank policy madam"....grrrrrrrrrrrrrrrrrrrrrrr :lol: :lol:

[andypaul]

Originally posted by walesrob@Dec 26 2005, 02:20 PM
Look, heres an easy solution: HSBC

Elsa setup her HSBC checking account while we were in Makati in November. Unlike the other banks in Philippines where everything is "not possible, madam" or "at a cost", they are very helpful, and will forward everything chequebooks, cards, statements to an address anywhere in the world, at no extra charge. Now Elsa also has an account at HSBC here in UK, and she can transfer money between the 2 accounts, free, and usually same day, and she can check her balance, set up direct debits, transfer money, etc online.

HI Rob

Today we opened up an Account with HSBC in the UK, only asked for a basic bank account but the woman said because we had a Passport and Utlity Bill with my wifes name added on it we could have a normal current account. Unbelivable without even a job she was offered 100 pound overdraft and a credit card :o Which we plan to use wisely, so it increases her credit rating.

Anyway My wife is intrested in opening an account in Phil, what id was your wife asked for? The requirments on the Hsbc Phil Website are a bit vague.

Initial Deposit (See HSBC Premier, PowerVantage and Classic requirements).
Photocopy of any primary ID (Passport, Driver's License, Non-Filipinos must present their passport).*
Photocopy of secondary ID (Company ID, Credit or ATM Card, TIN, SSS or GSIS).*

If thats all then it should be no problems.

[Pauldo]

Originally posted by andypaul@Dec 29 2005, 11:58 PM
Unbelivable without even a job she was offered 100 pound overdraft and a credit card :o Which we plan to use wisely, so it increases her credit rating.

Quoted post

Not so unbelievable, as Mint gave my not-working wife a credit card with £3000 limit, and also sold her job-loss insurance, despite the fact that she put 'housewife' on the application form :blink: :o

When I eventualy cottoned on to what was happening I called them up to cancel the £20 a month insurance and ask them how they managed to sell it all to an unemployed housewife. The jerkoff on the phone denied she had been unemployed. I told him he better find the application form fast. He said he'd call me back when he found it. To cut a long story short, he eventually hung up on me when I cornered him into admitting things he didn't want to

[walesrob]

Originally posted by andypaul@Dec 29 2005, 10:58 PM
Initial Deposit (See HSBC Premier, PowerVantage and Classic requirements).
Photocopy of any primary ID (Passport, Driver's License, Non-Filipinos must present their passport).*
Photocopy of secondary ID (Company ID, Credit or ATM Card, TIN, SSS or GSIS).*

If thats all then it should be no problems.

Quoted post

Beware though, you will find the Premier account requires a minimum opening balance (or "maintaining balance") of the equivalent of £1000 :huh: (who has that sort of money in Philippines?) but Elsa went for the Classic account - only need 1000 Php initial deposit, but she wanted it more so she can pay regular standing orders like Pag-Ibig, etc.

The ID Elsa used in HSBC Makati was just our marraige contract and her wageslips from her part-time work here in the UK, that was more than enough as HSBC had her details already from HSBC UK when she opened her account - hence why I say its an advantage to have a HSBC account in UK, as the information you provide is shared amongst the whole HSBC group worldwide.

[andypaul]

Originally posted by Pauldo@Dec 30 2005, 02:14 AM
Not so unbelievable, as Mint gave my not-working wife a credit card with £3000 limit, and also sold her job-loss insurance, despite the fact that she put 'housewife' on the application form :blink: :o

When I eventualy cottoned on to what was happening I called them up to cancel the £20 a month insurance and ask them how they managed to sell it all to an unemployed housewife. The jerkoff on the phone denied she had been unemployed. I told him he better find the application form fast. He said he'd call me back when he found it. To cut a long story short, he eventually hung up on me when I cornered him into admitting things he didn't want to

Quoted post

Thanks Pauldo for the reply and warning, luckily i was in the room when my Wife opened her account. The Credit in our case is a blessing, as My wife is only 22 and did not work in Phil. I have seen friends around me struggle around me to get a Credit rating/history.
So our thinking it be useful if when we go to buy a Place In Phil. If HSBC can report that my Wife uses the Account wisely.
I also think that they were desperate to open as many accounts before the end of the month/year.

But your right to highlight how easy it is to open up credit accounts by those who can't afford it. My Wife really didn't understand some of the terms the lady was throwing around, as simple as they seem to people used to dealing with westen bank accounts.
So i do advise those who have experience of Western Banking, assit those whose experience is not so great.

[andypaul]

Originally posted by walesrob@Dec 30 2005, 10:55 AM
Beware though, you will find the Premier account requires a minimum opening balance (or "maintaining balance") of the equivalent of £1000 :huh: (who has that sort of money in Philippines?) but Elsa went for the Classic account - only need 1000 Php initial deposit, but she wanted it more so she can pay regular standing orders like Pag-Ibig, etc.

The ID Elsa used in HSBC Makati was just our marraige contract and her wageslips from her part-time work here in the UK, that was more than enough as HSBC had her details already from HSBC UK when she opened her account - hence why I say its an advantage to have a HSBC account in UK, as the information you provide is shared amongst the whole HSBC group worldwide.

Quoted post

I noticed that two of the Accounts wanted huge Balances!!! But like Elsa my Wife just needs a simple account which its easy to transfer money from the UK to Phill pay bills etc.

The transfer of money between accounts looks very promising could save us a lot of money over the year etc.

Thanks for your advice Rob

[Pauldo]

Originally posted by andypaul@Dec 30 2005, 01:59 PM
I noticed that two of the Accounts wanted huge Balances!!! But like Elsa my Wife just needs a simple account which its easy to transfer money from the UK to Phill pay bills etc.

The transfer of money between accounts looks very promising could save us a lot of money over the year etc.

Thanks for your advice Rob

Quoted post

Not really related to PI banks, but a UK branch of the LloydsTSB refused to let my wife open an account because they did not 'recognise' her Philippines passport. I told them that if it is good enough for British immigration surely it must be good enough for their bloody bank. They told me I should phone the embassy in London and inform them that they had not updated the TSB on their new style passports!!!!!!!!!!!

I've been banking with them for 25 years. Really must move on, as they really are rubbish.

Wifey then went to HSBC, and they gave her a basic 'deposit' account the day we applied.

[Admin]

I only bank online now with Smile, and have the business account with the Co-Op.

Smile instantly gave the missus a £500 overdraft, even though she still held a Phil passport. Strange that is is only my account that goes down, and hers up :unsure:

[andypaul]

Originally posted by Pauldo@Dec 30 2005, 11:06 PM
Not really related to PI banks, but a UK branch of the LloydsTSB refused to let my wife open an account because they did not 'recognise' her Philippines passport. I told them that if it is good enough for British immigration surely it must be good enough for their bloody bank. They told me I should phone the embassy in London and inform them that they had not updated the TSB on their new style passports!!!!!!!!!!!

I've been banking with them for 25 years. Really must move on, as they really are rubbish.

Wifey then went to HSBC, and they gave her a basic 'deposit' account the day we applied.

Quoted post

I found the same problem when we went into my local branch of Natwest, the woman serving us said most likely the Natwest wouldn't accept the paperwork we had , said they needed to check with the head office that we would be informed in ten days.
This was after we had checked with the branch before in person and on the Phone.With out going into to much detail the service was disgusting and almost had my Wife in tears.
Later we got a letter from the lady dealing with our account that the Paperwork was ok and the account could be opened.

Lesson learned was be prepared to put up with incompetence on the shop floor.

But By Putting your Wife on say the Electricty Bill (My company Southern Electric sent a copy with the names updated within 7 days (although it took them three atempts to get my wifes name correct but that was just bad luck on our part)
and showing her Passport. That should be enough to open an account with a major high street bank in the UK. Just remeber that if the first bank is no good plenty more in the high street