Policies
Deposits
1. Minimum amount to open an account - US$20,000.00
2. Forms of deposits:
- US Dollar & Philippine Peso Notes
- Telegraphic Transfer
- Check (Peso & Dollar)
3. Deposits in US Dollar Notes shall not be subject to a holding period. Deposits in Peso shall be converted to US Dollar using the prevailing exchange rate in the bank and shall be margined-in only after the conversion.
4. Incoming TT shall be margined-in only when credited to PFEC’s bank account, as follows:
- TT via PDDTS – same day if within cut-off time
- TT from abroad – at least 2 days
5. All check deposits shall be subject to a clearing period before margined-in as follows:
- Local check (Metro Manila) – 3 banking days
- Regional check – 7 banking days
- Dollar check – 21 banking days
6. PFEC shall only reimburse service charge for new account deposit.
7. All margin deposits are non-interest bearing.
8. Client shall deposit directly to PFEC depository banks.
BPI Ayala
RCBC Ayala
RCBC Cebu-Fuente
Union Bank Ayala
Withdrawals
1. Payment to the client shall be made through deposit transfer to client’s account in any of depository banks or through TT to any banks with the client’s name as the sole beneficiary.
2. All withdrawals shall be paid in US Dollar except for the remaining cents which shall be converted to Philippine Peso.
3. PFEC shall only absorb one-time telegraphic transfer banking fees per month. There shall be no fee for deposit transfer to any of depository banks.
4. All withdrawals shall be processed and released as follows:
a) for credit to any of the depository banks– same day if request is received within reasonable time prior to the close of banking hours
b) for credit to other banks via PDDTS – at least 1 day if request is received before 10:00 a.m.
|
- Application Form for Corporate Accounts (for corporate accounts only)