Question from an Overseas Pinoy:
I will soon move back to the Philippines and will travel to nearby countries. Can I open a US dollar account there to which I can deposit my US dollar checks and then pay my rent and bills in pesos online?
All the US dollar accounts here that I know may NOT be used to directly pay bills in pesos online.
What you can consider is opening a BPI US dollar atm account and a BPI peso atm account and using the BPI Direct Online FX service.
How to Use Your BPI US Dollar Account to Pay Bills in Pesos:
1. Enroll both your BPI US dollar atm account and BPI peso atm account in BPI Express Online.
2. Activate your BPI Express Online.
Activate using your atm card, if you’re in the Philippines.
Activate using mail and email, if you’re outside the Philippines.
3. Login to your BPI Express Online account.
4. Mouse over Funds Transfer,
then Dollar to Peso Transfer
and click Transfer Now
5. Choose your US dollar account
and your Peso account
6. Enter the amount to be changed to US dollars.
The amount in pesos will appear.
7. Review data entered, then click Submit.
8. Your transaction will be confirmed
and you will receive an email confirmation.
9. In real time, your US dollar account will be debited the dollar amount
and your peso account will be credited the peso amount.
10. You can then use your peso account to pay your bills.
Mouse over Payments & Reloading,
then Bills Payment
then Pay Bills Today.
Click Enroll Bills
You can start paying your bills immediately after enrollment.
. You can use this Dollar to Peso Transfer only during Philippine trading hours from
9:30 AM to 3:30 PM Philippine Time,
from Monday to Friday only.
No dollar-to-peso transfer during weekends and Philippine holidays.
. After you click Submit, you can no longer cancel your transaction.
. This service does NOT convert pesos into US dollars.
. You can use US dollar savings and peso savings or checking accounts
Bank of Philippine Islands (BPI)
or BPI Family Savings Bank
or BPI Direct Savings Bank.
US Dollar Accounts with Lower Maintaining Balance Requirements
Peso Savings Accounts with Lower Maintaining Balance Requirements
Peso Checking Accounts with Low Maintaining Balance Requirements