Opening a Bank Account in Philippines
Let me know if there's a better place to post this. I'm hoping there maybe some knowledgable members here who can shed some light on this. My situation is as follows: I've started two small businesses in PH with pinays and so far have not been ripped-off. To clarify I should say I've made two personal loans to my two partners and have no legal ownership in the businesses which is the way I required it. But our signed loan agreement specifies a specific business that provides enough return for both of us to make good coin and assure she has enough cash-flow to make payments back to me or reinvest my profit as required. I recently had a payment coming from one of my partners via WU for $1350 and she was only able to send $450 because of restrictions WU has on funds entering and leaving the State I reside. If I send more than $450 I have to provide passport and fill out a pile of paperwork (must have to do with the drug cartels and money laundering). She sent the balance owed to my business bank account here and I paid $15 to receive it (and the bank gets $40 for sending out international funds). I would be happy to set up an account in PH since my partners could make direct deposits and it should be less expensive all around so long as foreigners don't end up having to pay expensive monthly banking fees for the privilege of a savings account when not residing in PH. Before I realized how expensive my bank xfer fees were I was planning to stop using WU and report my gain as income as part of my USA based business. Now I'm thinking I can stay under the radar and let my profit accumulate in a PH bank and use those funds for hotel and food etc when I visit PH and when eventually retire there. Any such thing as a free savings account in PH? I have emailed BDO Unibank with questions about fees and whether they offer online banking. Any and all helpful comments are welcome.
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Probably start a flame about dress
[QUOTE=Jambo; 1242237]Note to self (A note to Myself that I share with you). After observing other Western men in the territory, I resolve to:
- Get my weight back under 180lbs.
- Wear a shirt and trousers, and shoes, a jacket sometimes in the evening. Avoid looking like a pensoner.[/QUOTE]A while back I got to visit St. Maarten. There's a nude beach (Orient Beach). One might conjer up images of bathing beauties. But the crowded beach was filled with a mix of clothed and nude folk. There was not a single naked person worth looking at. See the picture below (that's a US congressman, vacationing in the caribbean). The naked people on the beach were all 50+, and as you can guess, overweight. Several dudes in their 60's were playing naked 2 vs 2 volleyball. In the same vein, previously I posted about walking thru Ayala mall in Cebu. On the second floor are two coffee shops right next to each other (I think one is Bo's) , and within the two shops there was a gathering of similar older white gents (maybe a dozen between the two shops) , some with their pina gf, all 60+, all overweight. They were having breakfast / lunch, chatting each other, or their gf. They also dressed like the guy in the pic below: shorts, long t-shirts or hawaiian beach shirts (not a single tucked shirt) , and flipflops. I have a lifelong resolve to look:
[QUOTE=Jambo; 1242237]- More like Roger Moore and less like Gandalf.[/QUOTE]