Opening a U.S. Dollar Account

Opening a U.S. Dollar Account.  A lot of Filipinos have a need for a US Dollar account. Unfortunately for me, most bank require $500 to open an account. Fortunately for me, Philtrust Bank needs only $100 to open and maintain a dollar account. But they also have pretty strict requirements in order to open an account.
A lot of Filipinos have a need for a US Dollar account. Some are for OFW remittances. Better yet, some are for OFWs to store their savings. These days though, a lot are for freelancers so they can deposit their client's payment.

Some, like me, are because they occasionally get US Dollar checks as payment for answering a survey. It's one of the better paying sites (that I know of) so I thought I'd better open a dollar account.

My first stop was Union Bank - since that's the bank name on the check, and I've heard union bank is popular with freelancers because of the EON account.

But I've also heard a lot of bad things about their customer service. And coupled with their strict requirements (an ID with an address in the immediate vicinity of the bank), it made me decide to open a dollar account somewhere else.

Unfortunately for me, most bank require $500 to open an account. I only had $150 (which were wedding gifts from relatives).

Fortunately for me, Philtrust Bank only needed $100 to open and maintain a dollar account.

They had pretty basic requirements:
  • 2 government IDs
  • ID picture
  • $100 cash
  • lots of forms to fill-out

But they also had some pretty strict ones too.
  • I needed to be referred by an existing client, or someone they're familiar with.
  • And I got interviewed pretty thoroughly by the bank manager

Luckily, one of my coworkers (though one I barely know) was related to one of the people working in the bank. So I was able to open one anyway.

Despite the strict requirements, it's a pretty good deal for me. I'm too cheap to buy an additional $350 just to open a dollar account and deposit a $50 check.

Update: They're also very strict with the dollar bills they accept. If it has a tear, even a small one, it won't be accepted. The reason they give is that the head office won't accept it, and no client will also accept it.


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photo credit: Images_of_Money via photopin cc

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