I don't know if I posted it here before.
I have opened an account with BPI here in Panglao.
The benefits of having an account here is a back up if you cant access your account overseas for a variety of reasons, card stops working, etc.
If you are living here long term, then you can deposit money, withdraw money anytime you want instantly.
Deposit money into local accounts of other people same day.
Resolve issues with your account instantly by walking into a branch, instead of calling overseas to your home bank and hoping the problem gets resolved.
You have a local card to use. You don't have to pay conversion fees, ATM fees. international withdraw fees, etc..
Pay bills, etc
The documents that I needed to open an account.
Fill out the application.
Provide
Proof of address. Can be a lease document from my apartment complex proving that I lived here, or cellphone bill, or utility bill, etc.
Your current bank account bank statement with the date you opened it with sufficient funds. You can print this off from your online access to your account back home.
ACR-I card and current stamp in your passport from Immigration- This provides proof you are staying in the country legally. The ACR-I card, lets the bank know your identity. Its a second form of identification that is easily verifiable by the bank manager. If I remember correctly, banks in the United States ask for 2 forms of identification. Drivers license and SS Card for example.
Proof of Income: This can be settled by providing your bank statement.
Last but not least the initial deposit by transferring from your overseas account or having the money in hand. Amount varies depending on what type oaf account you are opening.
Dollar Savings
Euro Savings
Sterling Savings
Japanese Yen Savings
Peso Savings etc.
They will ask you a couple of questions
What are you using the account for?
How will you deposit money into the account?
Do you plan to deposit money from multiple sources?
The last part is for US citizens
You have to fill out extra forms so they can notify the IRS you have an account here. Good old FATCA
If you are not a US citizen the last requirement doesn't apply.
In all it took me 1 1/2 hour to open my account. I received my ATM card on the spot and they also set me up for my online access. They also have a feature where you can add international accounts so you can transfer easily instead of filling out the information every time to transfer money.
If you have a Wells Fargo account in the United States, they have a agreement with BPI here in the Philippines. You can transfer money between the accounts for minimal fees.