Thread: Money, money, money. Always sunny. In the rich man's world.
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02-25-16 05:23 #16
Posts: 1459Three good comments about ATMs in Manila.
http://www.internationalsexguide.inf...=1#post1843399.
http://www.internationalsexguide.inf...=1#post1843403.
http://www.internationalsexguide.inf...=1#post1843486.
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12-22-15 06:50 #15
Posts: 1459PNB bank account
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.inf...=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.
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11-06-15 02:39 #14
Posts: 74Originally Posted by RacShack [View Original Post]
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11-04-15 09:42 #13
Posts: 706Amount?
Originally Posted by Ej2208 [View Original Post]
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11-04-15 07:17 #12
Posts: 274New Franklins
Originally Posted by MSClive [View Original Post]
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).
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11-03-15 19:56 #11
Posts: 74Originally Posted by MSClive [View Original Post]
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
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11-03-15 16:25 #10
Posts: 397Originally Posted by MrHawaii [View Original Post]
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08-13-15 03:23 #9
Posts: 3322Originally Posted by Random99 [View Original Post]
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08-12-15 23:25 #8
Posts: 125Originally Posted by Hutsori [View Original Post]
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08-12-15 23:14 #7
Posts: 125Thank China for this weeks USD appreciation
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).
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08-12-15 04:04 #6
Posts: 274More money
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.
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08-11-15 10:40 #5
Posts: 1459Originally Posted by Yahooer123 [View Original Post]
ATM fees for an international card are p200 per transaction, whether that transaction be p100 or p10000, the maximum.
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.
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08-11-15 05:03 #4
Posts: 3322Online money senders
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!
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08-10-15 19:16 #3
Posts: 4In 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.
Originally Posted by Hutsori [View Original Post]
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08-10-15 16:57 #2
Posts: 1459Several comments about forex, starting with #9345, http://www.internationalsexguide.inf...=1#post1756879 and then continues to more recent post #9363, http://www.internationalsexguide.inf...=1#post1757947.