If brutal bank fees upset your delicate stomach, skip this post, and please cover the eyes of small children, the frail, and the faint of heart.
A member posted that she opened a US Bank of America account because they have a branch in the Philippines. That branch (I visited it back when it was in Makati, it's since moved to Taguig) is for corporate and institutional clients only.
Cost-wise, using a Bank of America debit card at a Philippine ATM is brutal.
First, you pay the 250-peso fee, which many of us get refunded by using Schwab, Fidelity, or Betterment.
Second, you pay a 3% foreign fee.
Third, you pay $5 to Bank of America.
I saw one member comment, 'Oh, I only pay $5.' Buddy, read the fine print
You've been warned.
Bank of America and Wells Fargo are the two worst banks ever.
The two questions or comments I hear most are about Bank of America and JPMorgan Chase. Both are in BGC, and both are corporate only, with no everyday consumer banking.
Warning! ‼️ Years ago I opened a Capital One debit card account (and a credit card account too). I hardly ever use credit cards, because only a fool pays 26% or more by carrying debt past 30 days. The debit card was good. No fees on their side, worked at almost every ATM, and it was a Mastercard debit card. Then Capital One bought Discover and switched the debit card over to them. After that, almost nobody accepted it (oh, Walmart and the gas station in America did). I got declined everywhere. Capital One never told me about the change, and I was shocked when I opened the Capital One app, looked at the picture of my card, and saw DISCOVER. No wonder every ATM in the Philippines declined it. Capital One is now flooding FB here with ads that sound SO wonderful 😂. But that's the credit card. Yeah, who wouldn't want 26-30% on their money. I have a secondary debit card that's now my primary, even though it has fees, because at least it works. There's no such thing as a free lunch 😆
All banks are restrictive, and they all need to make money, here or back home. It's all about fees. My advice: keep your money in your home-country bank 🏦 and only take out what you need, whether by credit card spending or cashing out with Remitly, Xoom, or Western Union. Compare rates AND fees. Enter a few hypothetical transfers, take screenshots, and look at the final amount you actually get! On smaller amounts the difference is small, but on bigger amounts of ₱50,000 or more you might see up to a $10 (₱500) difference. Not a huge win 🥇 for sure, but over several withdrawals in a month that's $50 saved 🤔
What I suggest, and what I do, is use my US banks. No transaction fees, no foreign fees. I use my debit card with Remitly, and credit cards for bigger purchases or wherever Visa is accepted. As long as I keep the required balance back home, it's free. As free as any US bank is, ha.
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