How to Open a Dollar Account in the Philippines

Peso is Getting Stronger

Love-Hate-Love. That's a feeling I currently have for the present administration. I love that the peso is getting stronger as the rate of US Dollars to Philippine peso has consistently stayed in the P45.00-$1.00 or sometimes $45.50. The cents might vary but it would always stay to P45. The current dollar-peso exchange rate means that we have a much more stable economy when compared to the times when the dollar-peso exchange rate is $1.00-P54.00. I love that our monetary unit is getting stronger but I hate it when I receive dollars that would automatically become converted to peso in such a low rate! 

So I decided to open a dollar account so that even if the exchange rate may be ridiculously low, I could hoard  my money and have them changed to peso once the exchange rate goes up. 

There are several banks that allow Filipinos to open dollar accounts in the Philippine especially when you regularly expect remittances from OFWs and below are the list of those banks.

List of Banks in the Philippines that Accept Dollar Savings 

1. Banco de Oro
2. Bank of the Philippine Islands
3. Philippine National Bank 
4. Land Bank of the Philippines
5. Metrobank
6. RCBC
7. Bank of Commerce
8. Queenbank
9. China Bank
10.Allied Bank

...and the list goes on. I guess most of the commercial banks on the Philippines accept dollar savings and time deposit accounts, except for cooperative, thrift and rural banks. 

Banking with Banco de Oro: The Bank With the Worst Customer Service

I decided to bank with Banco de Oro, you know the bank leading in the most sub-standard tellers with their poor customer service? The teller who attended to my needs was probably underpaid because she's the worse teller I've ever encountered. I've been banking with other banks such as Philippine National Bank, Bank of Commerce, City Savings Bank, Metro Bank, Allied Bank and they have nice tellers. Had it not been for their many easy accessible branches in the Philippines, I wouldn't bank with Banco de Oro.

Well anyway, be sure to bring with you 2 (two) 1x1 or 2x2 photos and ID's.

You would need to bring with you any 2 (two) of the following identification documents for their requirements:

Photocopy of at least one (1) valid photo-bearing identification document front and back issued and signed by an official authority: 

1. Passport, Driver's License
2. Professional Regulations Commission (PRC) ID
3. National Bureau of Investigation (NBI) Clearance
4. Police Clearance
5. Postal ID
6. Voter's ID
7. Barangay Certification
8. Government Service Insurance System (GSIS) E-card
9. Social Security System (SSS) Card
10. TIN ID
11. Senior Citizen Card
12. Overseas Workers Welfare Administration (OWWA) ID
13. Seaman's Book, Alien Certification of Registration/Immigrant Certificate of Registration
14. Government Office ED (e.g. Armed Forces of the Philippines (AFP)
15. Home Development Mutual Fund (HDMF) IDs
16. Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
17. Department of Social Welfare and Development (DSWD) Certification
18. Integrated Bar of the Philippines ID
19. Company IDs issued by the private entities or institution registered or supervised or regulated either by the BSP, SEC or IC and other valid IDs issued by the Government and its instrumentalities.

Aside from those two documents, I was asked to fill up an application form with the pertinent details like personal data, employment information and specimen signatures. 

Have Your Peso Monies Converted to Dollars Before Opening A Dollar Account

Nakita: A Very Good Money Changer

Alright, so it was my first time to open a dollar account so I wasn't aware that I would need my peso monies converted or changed to dollars. I thought being the bank that "find ways", they would convert my money from peso to dollar or I would buy from them or something but I was wrong. I then tried the Money Changer in SM but they were of no help, either. I then proceeded to Mary Mart and look for establishments with the Money Changer signs but the establishment that I inquired to said that they don't sell dollars. I was referred by some nice customer to a place called Narita or Nakita. I was too exhausted to remember but it's a pretty good establishment near SM Delgado. They're located in the second floor of spare parts establishment. The security guard was very courteous and I didn't have to wait for such a long time like I waited in BDO. You will need to get your priority number then enter one of the cubicles and I was pleased that they have locks so you could carefully count your money before you leave without worrying about anyone peeking at your shoulders, thus protecting the privacy of the transactions. 

The teller was courteous, I think she has masters degree when compared to the teller at Banco de Oro. You see, it was a simple establishment but I am well pleased with their customer service and how organized their money changing process was when compared to the larger company, BDO, only filled with employees that obviously hate their jobs. 

The Nakita teller handed me with a piece of paper with the price of dollars. $1.00-$45.50 when you are buying it from the money changer. However, if you have your dollars converted to peso, the exchange rate would be $45.00. It was such a swift process buying the dollars that I totally comment the Nakita money changer. Be sure to look for money changer establishments and don't deal with black market or those who are just on the streets for your own safety. 

I then went bank to Banco de Oro and handed a deposit slip after signing bazillion of slips and documents like I would have to migrate to Zimbabwe. It's kind of crazy, I just hate the wait and the paper works. I also needed to list the serial numbers of the dollars. Luckily I only deposited $582.00 so it wasn't much of writings. 

The un-courteous teller then started typing on her computer and voilla, I got my Dollar Savings passbook! 

Remember, have your Philippine peso money converted to Dollars with money changer establishments before heading to the bank where you would like to open a Dollars Savings Deposit with, bring with you 2 valid ID's and 2 photos and wait for the processes and you will then have your Dollar Account in the Philippines!

2 comments:

Ern said...

I brought postal ID and a police clearance to them but to no avail. also the manager of the branch in my location (SM Molino)said they will only allow encashment of dollar cheque six months after the opening of your dollar account. tskstkstk

Cheryl Ruth Rabot said...

I totally agree..BDO customer service agents are the worst! I need to transfer our money to our Australian Account and since its a peso account i still need to exchange it to usd but i cannot simply just exchange currency with bdo...they want me to withdraw all our money and go to a money changer and then go back to them for a wire transfer. What a load of garbage. They charge you for fees but never suggest the easiest way to make a transfer. I had to ask so many question before they even suggested on me buying manager's check so I don't have to carry cash. And then, I soon found out that some banks to exchange currencies with their existing clients! Too bad I'm with BDO. Can't wait to close my account with them!