Questions about Renting and Bank Interest in the Philippines?

1. If you have 25000 pesos to pay for a monthly rent, can you find a good apartment/condo/attached house? Where do you recommend? And why?





2.Which bank will you recommend that offers good interest?





3. Can I open a minimum of a yearly (I intend to renew it yearly) Time Deposit in Euro and have the interest also in Euro? How much is the interest?





4. How much is the interest for Savings Account?





5. Do banks also give monthly interest for Current Accounts?





TYVMIA|||1. Yes. Smaller Cities like Iloilo or Bacolod. Cost of living is cheaper in the smaller cities as opposed to the Big cities of Manila or Cebu. P15k to P25k would get you a nice place up to Western Standards in the smaller cities.





2. Any of the Big 3 are good. BPI, BOA or BDO. I use BDO and have been for years.





3. You can only time deposit in US $'s or Pesos. I believe the APR is only 3.7 or so right now for a one year CD or TD.





4. 1.5% APR, not much at all.





5. Yes.





A little about renting here: 2 months down as security and first month upfront is normal but I know some places ask for 3 and 3. Furnished places are hard to find and expensive. Make sure you budget for that. Also some landlords expect the tennant to maintain the place at their own expence. So make sure it's written into the lease who is responsible. Sound silly, but they pull that nonsence here. I don't do that to my renters.|||Oneiloilo is right.





To add, it still depends on what you require or intent for staying, if you are to do business there are separate requirements for it, as well as studying which Manila, the country's Capital, is best suited for you since the best school are located there. Apartment rent is about 14,000 which do not include utilities and parking. If you are tight in the budget provincial habitation in likely alternative special in the VIsayas and Mindanao since the cost of living there is less than Manila.





Philippine Banks requires documents to identify you, you deposit is insured to a maximum amount of P500,000. The catch is P500,000/ depositor, if you have multiple account in one bank and exceed the insured amount, bank with the most stable, personally I bank with BDO, PNB, Metrobank, BPI. Next best choice is Government Banks like Land Bank. Don't use Rural, thrift, savings banks... they are small and not that stable...however if your money is less than what the government is willing to insure and your bank is like a stone throw away then go for it.





Banking interest rates don't vary that much, and not all banks accept Euro just USD, so better ask the banks. Offshore banks are fine but they don't have that much of a foot hold to be trusted.





There are banks that gives interest on Current Accounts but the interest is not really that significant.