If you are vacationing in the Philippines and makes a deposit of dollars in cash (cash dollar deposit), it will take 8 banking days to clear. Even if you deposited said dollar in another branch in same city.
This is what happened to me this month.
I asked a Pinoy friend who has a BDO dollar account and internet banking is activated, to deposit or transfer money to my BDO dollar account. My friend is from Manila and i am from Mindanao.
My friend said he needs to ‘enroll’ my account to his internet banking account, and this is to be done in the Philippines.
So when he went home for vacation this mid-December, he submitted my bank account to his branch. But until now, his branch has not approved the request.
Now comes the usual monthly remittance. Becoz my account is not yet approved to received internet transfer from my friend’s account, he deposited cash dollars from his account (Manila) to my account in Mindanao.
To my anguish and extreme annoyance, the dollar was not released becoz my branch said that it has to wait 8 f***** working days clearance before it can be withdrawn.
I called my BDO branch and ‘Diane’ explained that it’s banking policy, things like that. So OK, i did not know about it.
I inquired about receiving/withdrawing dollars from BDO’s internet banking service. They assured me that transfer thru internet banking can be withdrawn immediately once received in the branch. Hmmm, i doubt.
But for the friggin’ cash dollar deposit? No dice. Charge to experience. My 1,000 USD is in BDO’s purgatorio…
Lesson learned: If you have two separate dollar accounts, never make ‘cash’ dollar deposit to your other dollar account. Especially if you are vacationing in the Philippines and you intend to have it withdrawn by the recipient immediately. The 8 days clearing, i think, applies to all banks.
Convert it to pesos and deposit in pesos — to a peso account, of course.
I think for OFWs’ beneficiary, always have dollar and peso accounts, either in same bank or different banks.
I asked my wife to check Metrobank for possible transfer….
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as of 11:45:51 2009-01-06