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View Full Version : Money, money, money. Always sunny. In the rich man's world.



Hutsori
08-07-15, 06:05
An overview of how to hand over your currency for pesos. Pls add anything you feel is relevant.

Overseas banks

Since there are too many banks in the world I won't specifically address which ones are the best for international travelers. Due to their international presence I've used HSBC, Standard Chartered and Citi at different periods in my life. Prior to your travels it's best to shop around to find the one that works best for you. Ideally you want one that waives international ATM fees, has market-based exchange rate, toll-free international number, and belongs to an ATM network accessible where you are.

Philippine-based banks

I have accounts locally. I had no problem opening them by merely presenting my passport and depositing funds for a peso account and US dollar account. Other people, especially Filipinos, seem to have more hurdles opening an account. The main advantage is that wiring money from overseas is quite cheap. Certainly it's cheaper than paying ATM fees again and again. Also, I have immediate access to more funds than allowed by the ATM limit. If you intend to stay long or visit often it may be to your advantage to open a local account.

Cash

Philippines banks have no issue with US dollars. Join the queue, wait your turn, fill out forms, wait some more, and receive your pesos. A slow process. Other currencies are hit and miss, mostly miss. I've had Chinese yuan and Korean won and the banks I visited wouldn't exchange. Had to use a currency exchange.

Currency Exchange

You can change money at NAIA but the rate is a less than elsewhere. Best to change a little for transport and, if you arrive late perhaps 1 day's expenses.

Kiosks are found in Burgos and Ermita areas. I'm sure elsewhere, but I know Manila best. They're usually open 24 x7. Usually no onsite security. The rate during banking hours is good. At night and on the weekends it's less favourable. Fast. No paperwork. Won't accept damaged or stained notes.

Storefronts are in malls, casinos, etc. The rates are also good. A bit more secure. Two of the bigger ones in Manila are Sanrys Foreign Currency Exchange and Czarina, http://www.czarinaforex.com/czarina.php#firstPage/3 - the spot rate is not available on their website.

I've also changed money at an SM Department Store and a Kultura Filipino store at Mall of Asia. I had to write down the serial number of each note I was exchanging.

Traveler's Cheques

I doubt these are used much anymore, but I had some leftover from previous travels. Banks wouldn't accept even though they were from Visa and denominated in dollars. I had to use a currency exchange kiosk and the rate was poor.

Credit Card/Debit Card

Before your travels you ought to notify your bank(s) and or credit card company(s). I do so online; after authenticating my bank's website allows me to send messages directly which is more secure than sending an email. I state the dates of my journey and country(s). I receive a reply affirming the request a day or two later. Long-term traveler? Some banks don't permit unlimited international access, so you need to find out whether you must re-notify at a specified period, e.g. every 30 days. Always smart to have the bank's telephone number if you need to call from overseas.

Credit cards have higher access fees and the interest rate charged for 'cash advance' may be more than that charged for purchases.

It seems most stores in the Philippines aren't equipped to handle use of an international credit card. You may see a sign at each cashier station stating "No International Credit Cards". I have used cards successfully with international-brand shops at malls, restaurants such as Italiannis, etc. I've also used it at LA cafe and even some nightclubs.

ATMs

You need to use an ATM that belongs to your network, such as PLUS, Maestro or Cirrus. There is a symbol on your card, so find the matching symbol on the ATM. It's not uncommon to see a cardboard sign attached to a machine stating "Offline". Just walk to another bank.

ATM fees for an international card are p200 per transaction, whether that transaction be p100 or p10000, the maximum. Maximise your withdrawal to the limit to minimise your costs. Your bank will likely charge it's own fee unless you found a bank that waives it. The daily limit is imposed by your bank. If you have a large expense, such as rent, you may have to withdraw funds over a few-day period. This is why having a local bank account is a benefit.

There are a few possible reasons why your card fails to work.

1) Your bank is not a member of the PLUS, Cirrus or other networks so its debit card isn't recognised. I think this is very unlikely.

2) The card's magnetic strip or chip is damaged.

3) Dodgy ATMs. I've had a card refused in one ATM yet accepted by another ATM right beside it.

4) To thwart fraud and protect you your bank declines suspicious transactions. Notify or re-notify your bank you are overseas.

Paypal

I found my Paypal account was locked after using it once from Makati for an online transaction with an Australian-based business. I called Paypal and was told this is their SOP and they wouldn't unlock it. I was told to open a separate Paypal Philippines account. Bugger it.

Prepaid Debit Card

These are available in the Philippines, http://www.rappler.com/business/industries/209-banking-and-financial-services/94674-debit-cards-use-ph-trends. I don't know whether those issued overseas will work here.

Transferring/Wiring Money such as Western Union

From member Dg8787: "I have an online money sending account set up so I can send myself money to Cebuana Lhuillier, http://cebuanalhuillier.com/, if I need more. Usually the cost is $3-4 per transfer and the exchange rate is about one peso less than the prime rate per dollar for instant transfers. I used to use Western Union but they are such a hassle." (Hopefully he'll post details or links to the specific product.)

This sounds like a really good back up if your primary and secondary means go tits up.

Hutsori
08-10-15, 16:57
Several comments about forex, starting with #9345, http://www.internationalsexguide.info/forum/showthread.php?1001-General-Info&p=1756879&viewfull=1#post1756879 and then continues to more recent post #9363, http://www.internationalsexguide.info/forum/showthread.php?1001-General-Info&p=1757947&viewfull=1#post1757947.

Yahooer123
08-10-15, 19:16
In regards to ATMs. If you're trying to limit ATM fees. Most Philippines based banks will only let you take out 10 k max. Try to find an international bank ATM. Citibank limit is usually 15 k, HSBC, I've taken out 23 k before.


ATMs

You need to use an ATM that belongs to your network, such as PLUS, Maestro or Cirrus. There is a symbol on your card, so find the matching symbol on the ATM. It's not uncommon to see a cardboard sign attached to a machine stating "Offline". Just walk to another bank.

ATM fees for an international card are p200 per transaction, whether that transaction be p100 or p10000, the maximum. Maximise your withdrawal to the limit to minimise your costs. Your bank will likely charge it's own fee unless you found a bank that waives it. The daily limit is imposed by your bank. If you have a large expense, such as rent, you may have to withdraw funds over a few-day period. This is why having a local bank account is a benefit.

There are a few possible reasons why your card fails to work.

1) Your bank is not a member of the PLUS, Cirrus or other networks so its debit card isn't recognised. I think this is very unlikely.

2) The card's magnetic strip or chip is damaged.

3) Dodgy ATMs. I've had a card refused in one ATM yet accepted by another ATM right beside it.

4) To thwart fraud and protect you your bank declines suspicious transactions. Notify or re-notify your bank you are overseas.

Paypal.

Dg8787
08-11-15, 05:03
I used Western Union for a year with no problems then they started to cut me off at the sending stage and I had to call them a number of times. It seems like I was placed on a watch list with my under $12,000/ year transfers. WU claims it is all because of post 911 money tracking imposed by USA Laws.

I use remitly.com now and have no problems sending and receiving. Sometimes to avoid the long cebuana lines I send direct into a friend's BDO account and then use her ATM card to pull the pesos out. Sending and receiving is done within 10 minutes. The cost is $3. 99. The exchange rate is usually 1 peso less than the prime exchange rate.

I have actually used the mall wifi to send and walked 10 steps to the BDO atm machine and gotten my pesos in 3 minutes!

Hutsori
08-11-15, 10:40
In regards to ATMs. If you're trying to limit ATM fees. Most Philippines based banks will only let you take out 10 k max. Try to find an international bank ATM. Citibank limit is usually 15 k, HSBC, I've taken out 23 k before.Thanks for your comment. Yes, there is a p10k max limit at Filipino bank ATMs which I mentioned, albeit not as explicitly clear as I should have:


ATM fees for an international card are p200 per transaction, whether that transaction be p100 or p10000, the maximum.

Your comment certainly makes this maximum clearer.

Before I continue I should make clear 2 things.
Transaction limit: this is the maximum amount you may withdraw at one time (not one day). For most if not all Filipino banks this is p10k, and it is set by the ATM owning bank.
Daily limit: This is the total sum you may withdraw in one day (not one transaction). This is set by your bank. If your daily limit is $600 and you need all that, you will need to complete 3 transactions of p10k ($222), p10k ($222) and p7k ($156). [rate 45:1]

Readers should understand that the ATM withdrawal limit is per transaction. You can withdraw p10k (transaction #1) and immediately after another p10k (transaction #2), paying each time a p200 transaction fee + whatever your own bank charges. My understanding of a daily limit is it's set by one's own bank, i.e. the account holder's bank where the funds were deposited, which for most readers here will be the bank in their home countries. Even using a Citi or HSBC ATM, which higher transaction limit, your own bank's daily limit will prevail. As an example, if your bank's daily limit is $150 then p10k will exceed that amount, so you'd have to adjust. Of course each bank has its own policies about this which is why I stated it's best to contact your home bank prior to departure to get the most accurate info. There are potentially too many wrinkles for this comment to iron out.

One thing to consider when deciding which ATM to visit is proximity. Citi and HSBC ATMs are in no way as widely available as BPI or BDO. Is it worth p200 to travel far?

Two of the reasons why I opened a Filipino bank account was to eliminate overseas transaction fees and also have access to more money than allowed to be withdrawn daily by my overseas bank. If you are a frequent visitor to the Philippines you may find you'll save a lot of money in fees by opening a local account, but you do take on forex rate risk if you change all wired currency to pesos.

Mr Hawaii
08-12-15, 04:04
You can send money from USA to yourself in the PI (before you leave on your trip) via LBC and then pick it up at LBC when you arrive. I did it once, sending myself a few thousand pesos to the Cebu LBC just to test it out. Worked fine.

You may withdraw money, cash advance on your credit card, directly from inside the bank also, but I was asked to produce 2 forms of original ID. Just the passport and a driver's license copy would not work. I did not press the issue since I really did not need the money, I just wanted to see what the limitations were.

I usually take about $2,000 USD with me when I travel. I use it for meals, clubs, etc. , and put the hotel rooms on my credit card. If I run out of money I use the ATM. One time my PIN did not work and I had to call the toll-free number from my hotel. A little nerve-wracking, but go it cleared up.

Random99
08-12-15, 23:14
Looks like the USD will get stronger over the next few months. The US Fed may take a pause on raising the meager interest rate with China devaluing the Yuan, but the dollar may continue its recent rise. Chatter is that other SE Asian countries will follow the devaluation to prop up exports. (Indonesia / Malaysia currency is having it's own problems and at the lowest since '97 financial crisis.).

Personally, I try to avoid buying anything made in China even if that means paying higher prices (although it can't be avoided in many cases).

Random99
08-12-15, 23:25
It seems most stores in the Philippines aren't equipped to handle use of an international credit card. You may see a sign at each cashier station stating "No International Credit Cards". I have used cards successfully with international-brand shops at malls, restaurants such as Italiannis, etc. I've also used it at LA cafe and even some nightclubs.
Hmm, we must run in different shopping circles. I've been using my international credit card exclusively for buying every day things and haven't had an issue. Even my AMEX card seems to be accepted in most places (I rarely use it for safety reasons).

Dg8787
08-13-15, 03:23
Hmm, we must run in different shopping circles. I've been using my international credit card exclusively for buying every day things and haven't had an issue. Even my AMEX card seems to be accepted in most places (I rarely use it for safety reasons).I have had problems using an international CC in some places. I don't know if it costs the merchant more or if they don't have the capability to process the transaction. Good to carry some pesos with you just in case.

MS Clive
11-03-15, 16:25
I usually take about $2,000 USD with me when I travel. Do you mean you simply carry your cash as you fly into the country? What if customs etc. spots the money? You plan on offering a simple bribe?

Ej2208
11-03-15, 19:56
Do you mean you simply carry your cash as you fly into the country? What if customs etc. spots the money? You plan on offering a simple bribe?You can bring in $2000 USD. The 10,000 php limit is in there Currency.

Residents and Non-residents: local currency (Philippine Peso-PHP): up to PHP 10,000.-. Exceeding amounts require an authorisation from the Central Bank of the Philippines. foreign currencies : up to USD 10,000.-, or its equivalent. Amounts exceeding USD 10,000.-, or its equivalent must be declared.

http://www.iatatravelcentre.com/PH-Philippines-customs-currency-airport-tax-regulations-details.htm

Mr Hawaii
11-04-15, 07:17
Do you mean you simply carry your cash as you fly into the country? What if customs etc. spots the money? You plan on offering a simple bribe?Yes, $2,000 USD in new 100 dollar bills. I usually iron them and keep them unfolded in a "money pouch" bag that I have. You can leave the USA with 10,000 USD without declaring it. I travel with only a carryon, and they have never bothered me upon my arrival in the P. I. I always fly PAL, direct from HNL to MNL, and as you know, PAL has its own terminal, so going thru customs is fast. I am usually out the door within 30 min. Of the plane's arrival.

The money is always on my person when I am in the taxi. Do not leave anything in your suitcase, and then put the suitcase in the trunk of the taxi. If you have an argument with the driver, he can drive away with your stuff.

The hotel rooms are prepaid thru internet, if expensive, or I put them on my credit card upon checkout. The $2,000 USD is for wandering around, buying lunch, bar money, barfine money, etc. I exchange 2 to 300 USD at a time, with a trusted exchange that I know in malate, or if in Makati, another one that I know.

I will leave valuables, money in the room safe, NEVER in some safe / whatever they have behind the front desk. I have used the ATM a few times, getting 10,000 pesos at a time. Not advised due to service charges. So far, so good. No problems. Knock on wood (or my head).

RacShack
11-04-15, 09:42
You can bring in $2000 USD. The 10,000 php limit is in there Currency.

Residents and Non-residents: local currency (Philippine Peso-PHP): up to PHP 10,000.-. Exceeding amounts require an authorisation from the Central Bank of the Philippines. foreign currencies : up to USD 10,000.-, or its equivalent. Amounts exceeding USD 10,000.-, or its equivalent must be declared.

http://www.iatatravelcentre.com/PH-Philippines-customs-currency-airport-tax-regulations-details.htmSo traveling with 9,999 and under flying into Manila would be no extra claiming or paper work?

Ej2208
11-06-15, 02:39
So traveling with 9,999 and under flying into Manila would be no extra claiming or paper work?Yes as long as it under 10,000 USD. I carried $8500 for my two month stay and didnt have any issue when leaving the airport. They only asked my if I had pesos. I said yes around 600 and I ask him where can I find a taxi. He just said ok and told me to go out the door and there is a taxi stand and didn't ask me anything else.

Hutsori
12-22-15, 06:50
Mbsl reports on a savings account at PNB. If there's PNB branch in your home country open the account and access your funds whilst visiting the Philippines. A good way to avoid ATM fees if your bank won't waive them.

http://www.internationalsexguide.info/forum/showthread.php?1001-General-Info&p=1816345&viewfull=1#post1816345.


If you are a US resident, PNB offers a savings account "Global Filipino". You can put up to $2100/ month. I opened one of these accounts and accumulated around $5000 K in it. So, when I go to Philippines, I do withdraw money as I needed. Also if you have a problem any PNB officer can help you to replace the card on the spot. No ATM fees or exchange fees and you also get the best available rate on the spot.Useful for a person who visits often. List of overseas branches here, http://www.pnb.com.ph/images/stories/docs/PNB_Overseas_Directory.pdf.

Hutsori
02-25-16, 05:23
Three good comments about ATMs in Manila.

http://www.internationalsexguide.info/forum/showthread.php?1001-General-Info&p=1843399&viewfull=1#post1843399.

http://www.internationalsexguide.info/forum/showthread.php?1001-General-Info&p=1843403&viewfull=1#post1843403.

http://www.internationalsexguide.info/forum/showthread.php?1001-General-Info&p=1843486&viewfull=1#post1843486.