I have an online Metrobank Philippines account that I haven't accessed for a long time. It supposedly have my OFW Peso ATM account and my joint savings account with my brother. Well, both accounts disappeared when I accessed it when my brother passed away last March 2020. Let me share with you what I learned about banking in the Philippines while abroad.
OFW Account
When I was in the Philippines in 2017, I opened an OFW or Overseas Foreign Worker Metrobank account. A regular account needs 10k balance in your account or else you will be charge 300 pesos for 2 consecutive months of below 10,000 pesos. That means bye-bye to 300 every two months (or is it monthly after two months?). Here is the direct link of the Metrobank fees. The OFW account, on the other hand, has NO maintaining balance. BUT, and this is a big BUT - you have to deposit from abroad within 12 months. I forgot. So what happened? It was converted into a regular account and suffered from monthly fee until all the money was eaten up.
Dormant Accounts and Unclaimed Balances
My second account did not really disappear. It was declared dormant when both my brother and I never used it for two years. He said it is still available for me to get unless it remains dormant for 10 years. Then it goes to the government treasury and I will not be able to get it. I told him I think I will be able to act before the remaining 8 years.
After some minor googling, I found out that you can still get unclaimed money even after 10 years. There is this Unclaimed Balances Law (Act No. 3936) where you can still do it. Personally, I will not wait for the last minute.
What can you do now during travel limitations?
So what can I do now to reactivate the accounts or claim my money? The bank manager suggested that I close the account. I said I need to convert it from a joint to a solo account. He said I cannot do it even though I have a representative with a Special Power of Attorney (SPA). I countered that they have my signature on file there. He still said no. So what can I do?
It turns out, I have to personally appear at a Metrobank branch outside the Philippines. So if you are abroad and there is a Metrobank in your area, you can go there and sign the paperwork in person. That branch will then forward your signature cards and other documents to the Philippine branch of your choice.
Why is a Peso Account Important?
But why bother? Why do I need a Philippine Peso account? Well, all the death benefits will come in pesos. And all the Bureau of Internal Revenue (BIR) and other government payments will be in pesos too. I will not be able to deposit GSIS or SSS checks to my foreign account. And I will also pay a lot of fees when I withdraw from my dollar account and pay in pesos. So why not just stick to one currency? It will be cheaper.
Cash is King
One thing is sure, cash is king. This might be off-topic but the last time I arrived at the Ninoy Aquino Airport, I just had enough money to pay the airport bus. I thought I can easily get pesos from the ATM using my dollar accounts. Well, after 3 to 4 offline ATM's I almost cried of hunger. After walking around more, I finally find a working ATM to get pesos and finally eat. From then on, I made sure I have some Philippine cash with me BEFORE I arrive the airport, enough for transpo and meal.
Pilipinas Info Exchange
As I mentioned before, my cousins and I are working on the recovery of our legacy from our grandma, Nanay Mena. We are sharing what we learn while trying to finish all the paperwork requirements by starting this blog and Pilipinas Information Exchange FB page.