RSS Feeds: Getting VISA Credit or Debit Cards in the Philippines
Getting VISA credit or debit cards shouldn't be too difficult, right? In the Philippines, most people are limited to getting either one attached to bank accounts which deal in pesos, the local currency. That is, if they even have bank accounts. Trying to get either kind of card for dollar accounts is something that I have yet to attempt.
Regular Dollar Accounts
I checked with the bank I currently do business with, Philippine National Bank. I can get a secured credit card with my dollar account, but no debit card. This is understandable because most businesses deal with pesos only and I have yet to find an ATM machine that dispenses dollars. I think I may be able to get a regular credit card (unsecured), but I have no need for credit cards right now.
I checked almost every Filipino bank that has a website and I couldn't find one that specifically deals in dollars when it comes to credit or debit cards. Even Bank of the Philippine Islands, the oldest bank, doesn't seem to offer them (if I went there in person, I would probably find out they offer a secured credit card).
UnionBank of the Philippines
While I was searching the net, I came across references to the EON CyberAccount offering from UnionBank, so I decided to investigate. I've done everything short of actually going to one of their branches, one of which is at the Subic Bay Freeport Zone.
The card that can be attached to the account is called the EON VISA Electron Card. The annual fee, payable in advance, is 350 pesos. That comes out to less than eight US dollars. I never saw annual fees cheaper than that in the US (unless you kept a high daily balance).
There are detailed instructions at the website for how to open n EON CyberAccount, how to get the EON VISA Electron Card and even how to use it with PayPal for receiving money. Everything is pretty straightforward, but there are a couple of questions I won't get answered unless I actually go to the branch office. Are deposits and withdrawals in pesos only or can I deposit dollars? Is currency conversion automatic or do I have to do something special? Questions like these need answers when I only receive money in US dollars to my regular bank account.
Why am I doing?
The answer is simple, really. I'm trying to extricate myself from US-based banking institutions. I currently have a US bank account and it's where my wife is depositing her pay. When she returns in November, no money other than what I deposit from my PayPal account will ever go in there again.
I will only need that account because of PayPal. I mean, I have to have PayPal attached to one bank or another because I can't make deposits directly to PayPal — PayPal isn't a bank. The same problem exists with any of the similar services available, such as AlertPay.
I use PayPal for various things, including paying for my web hosting. If I get an EON CyberAccount, I will have to get a PayPal account for the Philippines and use it instead of the US-based PayPal account I have now. According to UnionBank, I can specify US dollars as the currency for that account at PayPal. Whether the withdrawals will actually be in dollars at the bank is something I have to find out.
My Google checks were being deposited to my US bank account. I had them being deposited into my Philippine National Bank dollar account before me and my wife opened US bank account, and I just switched it back to a couple of days ago. I will be going to UnionBank the next time I do my errands (soon). If all goes well, the only thing I'll have to do, until I start receiving payment from other agencies to my PayPal account, is deposit the amount necessary to cover anything that is paid via PayPal.
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It's been a year using my Unionbank EON account, the only pain in the arse with this banking system is how low the dollar rate conversions.
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If this can be used with Paypal it will be good since as of to date the only debit card that I heard can be used is EON.
Is this also available to OFW.. Will it be delivered in Saudi ??
If I remember, I'll ask when I go to the UnionBank branch on SBMA.
This is very interesting indeed, i am not interested in the dollar account side as such, but the ability to withdraw from paypal with the card is something i had considered, but was not aware actually existed in Phils, thanks very much, this is something i will defiantly be trying to set up.
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Stumbled on your website from Google Search as i was looking to know something about credit cards in details. Read the whole article on your site and i must say that me and my husband loved reading your post. So i thought of sharing a tip to all your users: For the lowest discount rates for transactions at a point of sale location, try to avoid typing in the credit cards numbers manually, but rather swipe the credit card with your terminal. A swiped credit card is typically given a lower discount rate per transaction. We bookmarked your website. Thanks alot – Steffi
Great article, i'm waiting for more!
This might sound weird but you have inspired me to buy some jewelry.
Thanks!