What's the best way to bank in the Philippines?

Question

I'm going to spend a good portion of my summer next year in the Philippines and am wondering how to manage my finances. I've received advice from family, but they seem to do everything using cash. I'd like some flexibility beyond using my debit cards. Should I open an account with a bank that has branches in the US? Can I use a US account with a bank that has offices in the Philippines? I'm not purchasing anything above $1000, however I'm unsure on the use of foreign checks, etc. Thanks!

Answer 1

Don't.

Answer 2

Try to make inquiry from the Bank of America.  If not, try to open BPI $ account. Also you can buy manager's check or traveller's check.  This is the safest way to save for your Philippine trip.

GOD BLESS YOUR TRIP :)

Answer 3

There is an anti money laundering law here. Basically with most banks here you cannot open a bank account on a tourist visa.

Don't evan bother with foreign checks. It takes 30 banking days for them to clear.

Just use your debit card for atm withdrawls while you are here and kepp a couple $100 bills stashed for an emergency.

Answer 4

    Open a peso savings account with an ATM card.  Select a

    bank ( ie. Banco De Oro, BPI, Metrobank ) with many ATMs

    located in strategic places.

    You can ask a relative to open a peso savings account in

    his / her name.  Withdrawal should be thru ATM only.  

    Immediately change the PIN code so that only you can

    withdraw money.

    Have a nice day !