Metro Manila · Cheques
To cheque or not to cheque, that is the question. Cheques are very common in the Philippines. They are used to issue wages or to hand over as security when renting an apartment. Will you be needing an account for cheque payments during your stay in the Philippines?
Cheques can only be obtained from Philippine bank accounts that have been enabled as a cheque account also referred to in the country as a checking account. If you would like to open an account that allows cheque payments, you would need to open a regular savings account first, wait for six months, and then apply for a checking account. If you really need to open a cheque account but do not have a Philippine savings account that is at least six months old, you would have to talk to a bank representative to get information on how to go about it.
To Cheque Or Not To Cheque
Thinking of your salary cheques and bank requirements for cashing them? Salary cheques can be cashed in anywhere if you go to a bank and carry two valid IDs. For renting a flat and depositing security, you can always choose to pay it cash instead of giving the owner pre-dated cheques. The latter are cheques which can only be used by the one holding them from a particular date onward. You can, for example, issue one cheque for every month of the year and the owner can only cash in the cheque that is valid for that particular month. Pay to account cheques may take up to three days for clearance – showing up on your bank account balance.