Juggling your finances while away from home was once a tough act to do. To move even the slightest amount around needed extra effort (and sometimes guts). These days however, expat banking is as easy as a point and click maneuver. That, plus you have a number of credible people helping you with your finance management even though you are seas apart with your current finances.
To get the best value out of expat banking transactions, you might want to take a look at some considerations first.
First up, find a good bank that can give you the best value out of your expat banking transactions. Local currency accounts usually fit in well for expats because they can serve as an offshore account wherein your savings can accumulate in the long run. Also, get the opinion of a local tax adviser to make sure that the new accounts you generate are well covered.
Check terms first. For instance, while European Union Banks may offer versatile money transfer transactions, some banks may require a minimum credit rate first. Sometimes too, other financial requirements may get involved depending on the bank and the transaction needed. So to make sure that you and your finances are well protected, make sure that every requirement is well understood and well satisfied.
The easiest course to approach these concerns is to go for an open account in an offshore bank. They not only give you comfort and convenience by offering online (via internet or phone) services such as an online registration, they also provide you with the necessary tools such as check books, a pin card and a transaction chip.
Just remember to look for banks with the optimum online accessibility. With the latest online tools, you can monitor and move your finances around whenever and wherever you may be, with a simple click. From that you get the best of both security and reliability.
Recommended Local Banks With Online Facilities
There are also some good reasons for getting an account from a local bank. Sometimes it is even more important especially if you will be staying in the Philippines for a long time. Business transactions done locally almost always require the currency to be in Philippine Peso.
With this in mind, here are some recommended local bank to help you with your local bank transactions:
- Bank of the Philippine Island
- they have kiosks or offices within the malls all over the Philippines.
- an ATM account can be had in a few minutes with minimal initial deposit
- has very convenient Web facilities that you can use to monitor your account, pay the bills and transfer funds
- Mobile and Phone Banking available
- Banco de Oro
- One of the largest banks with many branches scattered around the Philippines.
- Part of SM Group
- Online Banking Feature
- With remittance partners in many parts of the world
Other banks to consider with convenient online facilities:
- Union Bank
- China Bank
Please check them out personally. Or, better yet, get a recommendation from a friend before finally deciding which bank to use.
Expat Banking is written by Randolph Reserva.