5.30.2019

Guide To Philippine Credit And Debit Cards

Guide To Philippine Credit And Debit Cards

 



Philippine Bank Credit And Debit Cards


Some offer fraud protection, like US cards, but you may have to pay a relatively small fee for it. Some of them have EMV chips with true contactless capability. Different Philippine banks have their own unique options and availability for credit cards, prepaid debit cards and debit cards that are connected to a savings account.

In general, prepaid cards are not covered by PDIC (Philippine Deposit Insurance Corporation) and they cannot receive remittances. Prepaid cards are also not usually under FATCA, as the amount of cash that can be loaded into them is far below FATCA thresholds. Prepaid cards also tend to not have a minimum initial deposit or any minimum maintaining balance.

Debit cards attached to savings accounts, on the other hand, do trigger FATCA requirements and are covered by PDIC. PDIC is just like FDIC in the US. PDIC insures accounts up to 500,000 PHP in case of bank failure.


Identification Requirements


Generally, for any account type that you open (being an alien foreigner) you will be required to present both your passport and ACR-I (alien certification of registration identity) card. You will also likely be asked to submit a signature card and perhaps even passport sized photos. I use fuzzy adverbs like “likely” and “perhaps” because nothing is certain even regardless of written requirements.

If you apply for a credit card, then you will probably have to submit a proof of income document. There is also the possibility that your US Social Security number will be requested for any type of card or account. If you have no issue with that, then give it to them. If you do not want to provide your Social Security number, then read this post, but do not make a big issue out of it with the banker. They are just following orders from on high and they may not have much choice in the matter. The solution might be as simple as finding another bank, but do so politely.


Summary Of Credit And Debit Card Features:



Credit Card
Savings with debit card
Prepaid debit card
Affected by FATCA
No
Yes
No1
Minimum initial deposit
Not Applicable
Yes
No
Minimum maintaining balance
Not Applicable
Yes
No
Can receive remittance
No
Yes
No
Covered by PDIC
Not Applicable
Yes
NO
ID required for expats
Passport & ACR-I
Passport & ACR-I
Passport & ACR-I
Proof of income required
Yes
No
No
1Accounts may be exempted if certain conditions are met, such as deposit max of less than $50,000

Some Card Offerings


I have picked the #1, #5 and #11 biggest banks (BDO, PNB and East West Bank respectively): 


Banco de Oro
PNB
East West Bank
Credit card offerings
Credit card application
  link3
Saving w/ debit offerings
  link1
Saving w/ debit application
Prepaid debit offerings
  link2
Prepaid debit application
not available online
not available online
not available online
1PNB also offers a Debit Account Lite w/no initial deposit or maintaining balance link.
2BDO does not offer much online information about the Cash Card so inquire at a branch location.
3Pick the card you are interested in and then follow instructions to apply online.


Debit cards linked to checking accounts are also available if you prefer that to a savings account.

The information in this post is not exhaustive and the branch you visit with may have different offerings and requirements than are given in this post. Be prepared to provide more or less identity information when you actually apply for a card/account.

 

No comments:

Post a Comment

If you have comments, corrections or questions we would be happy to hear from you.