Posted 02 August 2011 - 09:12 AM
Okay, here's my tale of woe. Since I was planning to buy a car for 370,000 PHP (about $8,800 US), I transferred money into my Citibank checking account in New York. Angel and I went to Cebu, the nearest Citibank office. Please keep in mind that I've been a Citibank customer almost my whole adult life, and also worked there after retiring from my Wall Street firm. I worked there long enough to get a small pension from them. So - long-time customer and retired employee. I explained to the officer that I needed to get the money from my NY account and needed a Certified or manager's check. The answer - "First of all, we don't have access to your money, so you'll have to use the ATM machine." Some quick calculations on her part and then, "You'll need to make 24 separate withdrawals of $15,000 PHP each. However, since you're normally limited to $1,000 withdrawal-per-day, we'll need to get permission from NY to take out that much." "Okay, but when I get this, can I then get some kind of a check?" "No, you can't." "Are you telling me that I have to walk around Cebu for the rest of the day with $9,000 in my pocket after having spent almost an hour at an ATM, obvious to anyone that I'm withdrawing a large sum of money." "Yes. Sorry." (By the way, even if they would waive the ATM fee, there would still be a "foreign transaction fee" for each transaction, charged by my NY bank.) So she called Citibank HQ's. After some chat, the representative said, "We can't allow that much withdrawal from an ATM in one day, but we'll approve $6,000." So that meant that I would have to make 16 withdrawals yesterday, return to Cebu today, and make 8 more withdrawals, all the time having this cash on me or hidden in the apartment. It's a 5-hour round trip to Cebu, and that's just the ferry part of the journey. I told NY to forget about it. I then asked the woman if I could open a Philippine account in my name, and write a check from my NY account for deposit. "Do you have an ACR card?" "No, because they screwed that up in Tacloban, and it'll be another 3 weeks.'' "Sorry. Oh, and by the way, we require a 100,000 PHP minimum deposit and balance." "But I'm a retired employee with an active account with Citibank. Because of that, I have free checking and no minimum balance." "Sorry. And, oh, if you do open an account here, it will take 25 banking days for your check to clear." The year 2011 - a check from Citibank to Citibank - 25 f%#$&*g banking days to f%#$&*g clear.
I will most likely lose out on the AUV (Asian Utility Vehicle) I was going to buy. I can't ask the guy to wait a month for his money. You know what? I don't even blame The Philippines. I blame Citi. It's been a piece of crap from the day Sandy Weill took over until now.
Thanks, guys. I needed to rant and rave.
Macman
Actually living the dream.