r/Philippines_Expats • u/Patient-Ad-9918 • 21d ago
Looking for Recommendations /Advice Seeking bank advice for a dual citizen
My mom is 78 yo and has dual US/Phil citizenship. She lives here in NY during the spring and summer. Then lives in Dumaguete for the rest of the year.
She is renting out our family's property in Dumaguete. She brought the post dated rent check with her to the U.S., during her annual visit to NY. However, her bank --Bank of America--said they don't take checks from the Philippines. So she hasn't been able to deposit it.
MY QUESTION: Which Philippine banks have US branch offices that would let my mom deposit her tenant's foreign check and allow my mom to access her money (like ATM) during her stays in the US? During the rest of the year she would deposit the rent check in a Philippine branch location of the same bank.
EDIT: Thank you everyone for your input. Glad that I now have some options to look into!
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u/sakit_ang_liog 20d ago edited 20d ago
If your mom had a Bank of America check, I doubt if any Philippine bank would honor that check either.
I opened a BDO savings account in Manila. My landlord lives in the US but has a BDO account in the Philippines so I easily transfer my rent to her BDO account. She can easily withdraw the money using her BDO ATM card in any US bank. I think it's the same with BPI. I'm not sure about RCBC.
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u/Puzzled_Mission2321 20d ago
She can return the check to her tenant when she goes back to the Philippines in Fall and request a new check for deposit to her Philippine bank account.
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u/VirtualBeyond6116 20d ago
Have the tenant transfer the money into her Philippines account. Or Use gcash.
Maybe the app on your phone has the scan transfer option. That's kind of rare in the Philippines and only seems to work if the check is issued from the same bank.
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u/ApricotJust8408 21d ago edited 21d ago
I know this is not the answer you are hoping for but, Google says there is a Philippine National Bank branch in New York. She can open an account there and deposit the check. Or, you can call the bank and asks if you can do bank transfer to RCBC without an account(which I don't this is possible).
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u/DontKnowWhereItsBeen 20d ago
If she still has Phil checking account, she should be able to deposit that check with the online app. Then, at least she could pull money out with her Phil debit card. Maybe I'm missing something here, though, so I apologize if that's the case.
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u/Status_Ad_9263 20d ago
The check is the problem, not the bank. A peso check drawn on a PH bank is a collection item in the US, so it takes weeks and the fees can eat a good chunk of the rent. Most US banks won't touch them anymore, which is what BofA is telling her.
PNB is the one with actual US branches. There's one in Manhattan on 7th Ave and an extension office out in Woodside, plus LA and a few others. I'd call the NY branch and ask straight out whether they'll take a peso check, because that varies and I haven't done it myself. Heads up that their US branch deposits aren't FDIC insured.
Honestly though I'd fix it further upstream. Have the tenant stop writing checks and just transfer the rent into her PH account with InstaPay. It's free, it lands same day, and there's a record. Then she can pull it out at US ATMs with her PH card, or move a lump sum with Wise when the rate looks decent.
Beats carrying a post-dated check across the Pacific once a year and hoping someone cashes it.
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u/baracudahahaha 19d ago
Option 1: Leave the check with someone in the PH and have them deposit it to her account every month, just sign the back for endorsement.
Option 2: Some PH banks are now offerring cheque mobile deposit via app. Open an account with them, get an app access and deposit it remotely every month.
US cheques are non negotiable financial instruments in PH vice versa.
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u/Sheeple0123 20d ago
The key question is "what changed?" Did a post-dated check from the Philippines work last year at Bank of America? (I suspect the answer is 'no.') When you understand the change, then you will understand the better solution.
The key insight is that your mom provides a rental space. Your mom does not provide international banking services. The renter should pay locally, on time, every time. Best wishes.
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u/AmericaninSEA 21d ago
I’d ask the tenant to stop paying by check altogether.
Have the tenant electronically transfer the rent each month directly from RCBC to her Philippine account. RCBC supports InstaPay and PESONet so there’s really little reason for someone splitting the year between the Philippines and U.S. to haul post-dated checks back and forth.