What would it take for an American to start a time deposit in the Philippines and have a bank account there?|||Citi Bank offers 2.9% interest for a 1 year Time deposit. Better check these links for more accurate infos. I just started CitiBank acct this year and so far so good.
http://www.citibank.com.ph/portal/citiph鈥?/a>
http://www.americanbankingnews.com/2009/鈥?/a>|||You can check each banks website for more information regarding their interest rates. Their rates change from time to time.
Try some of the biggest banks in the Philippines, like BPI, BDO, Metrobank among others.
For opening bank accounts or time deposit accounts, you just need to present 1 or 2 valid IDs, and your passport.
HTH!|||An American would first have to be a legal resident of the Philippines. That is the first requirement.
The Annual interest rates are laughable, hovering around 3% annualy and interest must be paid to BIR on any interest earned. Not worth it.|||wow, from what i know u need to be a citizen to open a bank account here and receive interest.|||a large investment. You go ahead.|||yes,,,, they can
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