Living in the Philippines | Philippines Country Guide - HSBC Expat (2024)

FAQs

What is the best bank for American expats in Philippines? ›

Money in the Philippines

Expats typically choose either national banks such as Philippine National Bank, Metrobank and Bank of the Philippine Islands or international institutions such as Citibank, Bank of America and HBSC.

Singapore is the best place in the world for expat families, with many parents telling HSBC that its schooling system is better than in their home countries. InterNations also ranked the city nation 5th best in the world for raising families, with parents praising job prospects and personal safety.

Most expats in the Philippines live in the Metro Manila area, particularly in Makati City – home to many international corporations and the heart of the country's diplomatic community.

Average Cost Of Living In The Philippines In USD

The top places for expats to live in the Philippines will cost roughly $1,000 to $1,500 per month for a single person. Lifestyle and location as a tremendous effect on your monthly cost in the Philippines.

The commercial banking system includes three U.S. foreign-branch banks: Citibank, which operates six full-service Citibank branches in key locations in Metro Manila and Metro Cebu; Bank of America; and JP Morgan Chase.

Yes, a foreigner can open a bank account in the Philippines but the type of account you can open will depend on your status as a foreigner.

They are good businesses, but we lacked the scale to compete. Our continued presence in the US is key to our international network and an important contributor to our growth plans.

Perhaps the greatest criticism of the HSBC Expat bank account, is that the service levels are poor. Clients are one amongst tens of thousands and on balance do not receive a high level of personal service or expertise in exchange for the relatively high fees they pay.

Benefits of an HSBC Expat account

Your Expat account provides a place for your money to grow in a convenient, central location. It connects to your home account, for financial commitments in your home country, and to your local accounts, for everyday expenses in the country you've moved to.

The Philippines is a top-rated destination for expatriates. The country has a warm climate, friendly people, welcoming culture, and low living costs make the country an ideal destination for expats.

Can an American live in the Philippines permanently? ›

If you wish to settle in The Philippines and you are at least 35 years old, you may apply for a Special Resident Retiree's Visa (SRRV). The SRRV is granted by the Philippines Retirement Authority (PRA), and you may reside indefinitely in the Philippines with free entry and exit.

Makati is the place most foreigners in the Philippines look to live. As the country's commercial and financial hub, Makati is the bustling city center that makes the Philippines go.

The Philippines taxes its resident citizens on their worldwide income. Non-resident citizens and aliens, whether or not resident in the Philippines, are taxed only on income from sources within the Philippines.

The maximum stay for a US citizen without a permanent residence visa is for 3-years. However, US citizens have visa options to stay in the Philippines permanently. Americans married to Filipinos can apply for a 13a, while US citizens over 50 can apply for the SRRV retirement visa.

You are free to apply for a Philippines retirement visa through the SRRV program if: You are at least 35 years old and make a deposit of at least $50,000 in a bank account in the Philippines; or. You are at least 50 years old and have a pension.

Yes, credit cards and debit cards issued in the U.S. will work in the Philippines as long as the vender accepts that card type (Visa, MasterCard, American Express, Diners Club, etc.).

ENTRY OF FOREIGN BANKS

Three have been approved already: Cathay United Bank- Taiwan, Sumitomo Mitsui Banking Corp- Japan, and Shinhan Bank- Korea. According to the Central Bank Deputy Governor, there are also two applications under evaluation and four more banks have expressed interest.

Bank Transfers: Most banks in the US offer the service of sending money to the Philippines. This is ideal if you are are looking to transfer a large sum of money. Money Transfer Agents: Companies like Western Union, Moneygram, and Ria offer the fastest way of moving money from one location to the other.

Yes, you can. The process might be a bit complicated for non-citizens, but it's not impossible. Whether it's for business, travel, or personal reasons, setting up a US bank account will be worth the trouble. Banking in the US has many advantages.

YES, foreigners can open a bank account in the Philippines.

Even branches of the same bank might have different rules.

What will happen to my US HSBC account? ›

What happened to my HSBC account? Your HSBC Bank USA, N.A. (“HSBC”) account(s) have transitioned to comparable Citizens account(s). You're now able to take advantage of the full range of benefits we offer!

High Street bank HSBC has today (November 30) announced that it will be closing 114 branches in 2023. The move comes as the bank shares that more people are choosing online banking over using a physical branch to do their banking.

HSBC branches now rebranded as Citizens

The acquisition extends Citizens' physical presence to several attractive markets and adds more than 800,000 new customer accounts, accelerating the bank's national expansion strategy.

Recession, financial losses, and credit issues may impact on HSBC's operations badly. Hacking, data loss, further probes, and controversies could also undermine customers' confidence in HSBC.

have an HSBC Expat Bank Account. maintain a minimum balance of GBP 5,000 or USD 5,000 in your Saver Account.

Citi scored higher in 8 areas: Overall Rating, Diversity & Inclusion, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval, Recommend to a friend and Positive Business Outlook. Both tied in 1 area: Culture & Values.

Going abroad? You don't need to notify us. Just make sure your contact details are up to date, so we can get in touch if there's an issue.

HSBC's Global View and Global Transfers makes accessing and transferring your money between your personal eligible HSBC accounts worldwide, simple.

No visa required for a stay not exceeding thirty (30) days. Traveler must hold valid ticket for return journey to country of origin or next country of destination and a passport valid for a period of at least six (6) months beyond the stay in the Philippines. No visa required for a stay not exceeding thirty (30) days.

How long can an expat stay in the Philippines? ›

Most foreign nationals are given a 30-day period to stay in the country upon arrival, but that initial stay can be as few as 7 days and as many as 59 days, depending on the visitor's country of origin. This initial stay can be extended to a maximum stay of 16 months.

Davao City is among the most liveable and safest cities in the world, primarily because of a low crime rate thanks to a strict local government.

As a dual citizen, it is not mandatory to apply for a Philippine passport. You may use your US passport when travelling to the Philippines. You simply have to present your dual documents to the Philippine Immigration Officer as proof of Philippine citizenship, per the Bureau of Immigration's Operation Order No.

Foreigners are prohibited from owning land in the Philippines, but can legally own a residence. The Philippine Condominium Act allows foreigners to own condo units, as long as 60% of the building is owned by Filipinos. If you want to buy a house, consider a long-term lease agreement with a Filipino landowner.

9225, otherwise known as the Citizenship Retention and Re-acquisition Act of 2003 (more commonly known as the Dual Citizenship Law), allows natural-born citizens of the Philippines, who acquired foreign citizenship through naturalization, to reacquire or retain their Philippine citizenship.

Renowned for being a former overseas U.S. military installation, the Subic Freeport Zone is perfect for foreign retirees who want to continue their American suburban lifestyle in the Philippines. Along with its duty-free shopping, there are also a number of great schools, hospitals, and hotels and resorts in the city.

Retiring in the Philippines can be a great escape when done right. Overall, you're going to notice goods and services are cheaper than they are in the U.S. You can also find affordable healthcare as long as you retire in a location close to hospitals. However, certain parts lack infrastructure and investment.

Can I apply for a BDO account online if I am a foreigner? Yes, as long as you have a valid resident visa and resident address in the Philippines. Just submit your Passport (with English characters) and a second ID from the list of acceptable IDs (i.e. ACR I-Card, National ID for select countries).

Many international banks allow you to open an offshore account before leaving home. You will have everything you need to bank, including credit and debit cards, ahead of your arrival in the Philippines.

Is HSBC a good international bank? ›

HSBC is one of the largest international banks, and it has a growing presence within the United States. They are mainly an online bank - and they offer some of the best yields you'll find on savings products. Plus, they also typically offer great bonuses for signing up for their accounts.

Bottom line: Yes, you can keep your bank account if you move abroad. But, you need to check first with your bank to make sure that you aren't blindsided by account restrictions or unexpected fees when you do. That said, relying on your home bank account may not be the best option when living abroad.

Yes. Your HSBC UK Savings Account will remain open and you'll still be able use it as you do today. You'll also still be able to access our online services and contact us over the phone.

PHILIPPINE VISA POLICY

No visa required for a stay not exceeding thirty (30) days. Traveler must hold valid ticket for return journey to country of origin or next country of destination and a passport valid for a period of at least six (6) months beyond the stay in the Philippines.

PNB (Philippine National Bank)

PNB is the best for checking account as it doesn't require one to have a pre-existing savings account and has a low initial deposit and maintaining balance.

These banks require a social security number, which non-citizens don't have. This is the most common problem that foreigners realize. However, larger banks such as US Bank, TD Bank, Bank of America, Chase, and Wells Fargo will allow non-residents to set up a checking account and a savings account.

Bank transfer – you can pay for your international transfer using an international wire from your normal bank, or by making a local bank transfer to a specialist provider. Online or in app – most specialist services let you pay with a bank transfer or card, through their website or app.

HSBC Personal Banking Bank Account eligibility requirements:

To become an HSBC Personal Banking customer, you must submit income proof of a monthly gross salary of Php50,000 (or its foreign currency equivalent).

If you're an HSBC Premier customer who holds eligible HSBC accounts in multiple countries or territories, you can link and move money between them for free using the Global View and Global Transfers service.

Can I open an HSBC account in another country? ›

You can apply if you're at least 18 years old and have a valid reason for opening an account overseas. Other criteria apply depending on where you want to open an account. We'll ask you to check you meet these before applying.