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Is There A Limit How Much Pesos I Can Deposit In My Dollar Account In The Philippines

Which banks in the Philippines are the easiest to get credit cards for?

If you’ve only been employed for 4 months, it’s unlikely that a bank would give you a credit card. The normal requirement for local banks is at least 1 year of employment unless you have an account with them.I have 5 local credit cards from different banks. I had accounts at 2 of those banks when I applied for a card. Generally, with the exception of Citibank (which has a higher income requirement), the requirements to get credit cards are about the same across banks. The processing and delivery time was quite different per bank. Here’s my experience per bank (in alphabetical order!):BDO - I have an account hereApproval time: About 1 month and I had to follow up a couple timesDelivery time: 3 days but I had to call the branchBPIApproval time: More than a month – I actually forgot I applied for the credit card when I got it so I’m not sure what the approval time wasDelivery time: 1 weekCitibankApproval time: 2 weeksDelivery time: 4 daysMetrobank – I had an account hereApproval time: 2.5 weeksDelivery time: 2 weeks – I think there was a problem with the courier but Metrobank was really helpfulSecurity Bank – I didn’t have an account when I applied but I ended up opening oneApproval time: 4 daysDelivery time: 1 week – I think there was a problem with the courier but Security Bank was really helpful

Are you considered rich if you have 10 million peso in the Philippines ?


Should the Philippines print a larger bill than the 1000 Peso note?

For o/s travellers your arguement is very valid as the peso has such a low conversion.
For internal use, tell me, I cant get the majority of people to change even a P500 note so what good inside the PI --unless at the very top end of a small Makati market would a bill larger than P1000 be ?
Absolutely none.
Try going to any Sari-Sari and buying a bottle of Coke, P7 for a small one and pay with anything over a P50 note you will be told, sorry, no can do.Even larger shops in malls balk at being offered a P500 note so No, the idea of internal use of a higher than P1000 note is just not practical.

If I bring $8,000 in savings to the Philippines from America to live on, will I be taxed for it?

I don't think so, you didn't earn the money over there, you didn't either work there, it is on their advantage that you bring the money in and spend over there.
You have a form to fill up while in the plane, one hour before landing, it's up to you if you want to declare or not, when we came to the Philippines 2 years ago my family and I had more than that and we declared it all in order to avoid complications if we want to leave the country by surprise, so they don't have any ground to confiscate what belongs to us.
If you don't feel alright declaring it then just keep it safe, in any case its yours.

Can I withdraw all the money in my bank account or does there need to be a minimum balance?

It is advisable to close your banking account. If you have withdrawn all your money then:The bank may start sending you reminders about minimum balance.If you attempt to withdraw from your ATM you will be penalised for a declined transactionsIf you try restarting your account after leaving it zero balance for long time, the bank might ask for penalty for not maintaining average quarterly balance.

How to transfer money from Chase Bank to the philippines?

First you need to ask yourself how much money do you need for a month stay?
I forgot how much is the max before you need to declare it when you bring money out but I know US$3000 per person was good, for that was how much I brought with me. (Thinking $100 a day was enough).

So me & my family went there for a month last year we brought enough US dollars which we ended up exchanging where ever we went, mostly in major malls & shopping centers. The rates change almost from day to day so if the exchange rate is going up it is wise to exchange day to day, if it is falling down obviously you would want to exchange more before it goes down the next day.

My sister-in-law withdrew cash (pesos) from ATMs over there from her $ account abroad, so you may want to ask your bank about that, of course there is a maximum amount to withdraw and fees to pay per withdrawal.

I also called my bank & advised them that I was travelling to the Philippines at those days & might use my credit card there. I ended not using my card but I know when I did there was a fee to be paid as well, depending on your bank & on the establishment you went to in the Philippines. I do not have an idea how much but it's not going to be that substantial.

Is there any US banks in the Philippians were i can wire money from bank account to bank account from the US?

Do you have a bank account in the US? Most, if not all, banks and credit unions will wire money anywhere in the world for a fee w/ the proper bank routing info.

If the amount is not too big, you've got your choices: Western Union, money transfer agents for BPI and PCI and such, online services like Xoom. They can either wire the money to a local agent in the Philippines or deposit directly into the peso or dollar account of your choice.