Manila

Did anyone ever here of a bar called main track. I was wondering what kind of bar it is.

Some of the ATM machines have a 3k -5k pesos limit. And you get charged like crazy every time you make a withdrawal ( from the local and US bank ) I always make a withdrawal limit at the HSBC bank. There are several, one by Burgos, downtown, Rockwell Powerplant Mall, Greenhills mall, etc. HSBC is an international bank so they are 24 security and customer service is along the needs of a westerner, plus I can take it whatever I want.

If you need to exchange money, ALWAYS go to Sanry's. They have the best rate in Manila. ( Burgos St., Glorietta mall and Robinson's )

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Shall I bring cash and travellers checks with ATM card as backup (assuming it will work). Or

Just cash and either no or limited traveller checks. (bring ATM, also).

Or. Any other ideas? What do you folks generally do?

My friend gets a atm card from kwik remit in US. About $15 for first $1000. They exchange into peso and give you atm card through China bank. He leaves the card for his relatives. He can add more money to the card in he US.

I plan combination of cash and ATM.

[QUOTE=Jasonkramer]Some of the ATM machines have a 3k -5k pesos limit. And you get charged like crazy every time you make a withdrawal ( from the local and US bank ) I always make a withdrawal limit at the HSBC bank. There are several, one by Burgos, downtown, Rockwell Powerplant Mall, Greenhills mall, etc. HSBC is an international bank so they are 24 security and customer service is along the needs of a westerner, plus I can take it whatever I want.

If you need to exchange money, ALWAYS go to Sanry's. They have the best rate in Manila. ( Burgos St., Glorietta mall and Robinson's )

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Shall I bring cash and travellers checks with ATM card as backup (assuming it will work). Or

Just cash and either no or limited traveller checks. (bring ATM, also).

Or. Any other ideas? What do you folks generally do?[/QUOTE]

I'm always surprised at this debate, since I cannot understand why anyone would want to carry lots of cash and risk: getting it stolen, losing it; looking around frantically for an honest bureau de change, etc. To me, the best solution is to bring a Visa Debit card. Use it as a Visa card for hotels, restaurants, purchases in larger stores. The transaction fees are small, and the exchange valuation significantly better (for me at least) than what you would get from changing money on the street or from a bank. Then, use the ATM function to withdraw money. HSBC lets you take out Php40,000 per day (about $900), which should be enough for most people's cash requirements. Sure, there's a fee charged by your bank in the US or Europe. In my case, it's $3.50. But if you limit the number of transactions, it's not a big deal.

In five years of living here, I've found this by far the least expensive and most convenient expedient.

GE

Thanks GE,

Actually, I have a Visa Debit Card through my Credit Union. I use it in the US, but never used it abroad, so hopefully it will work fine as I'd just as soon not bring a lot of cash. I think it's called a "Visa Check Card", but then at the bottom it does say "Visa Debit. " The teller told me it can either be a credit or a debit card. I think the only real difference is tha the "credit" limit is higher? I'll have to check again.

Sound right? So, if I take some cash and then use this card for any other purchases, hopefully, I will be ok. I guess I can take another credit card just in case the Visa Debit Card doesn't work for some reason.

Thanks, again.

[QUOTE=GoodEnough]I'm always surprised at this debate, since I cannot understand why anyone would want to carry lots of cash and risk: getting it stolen, losing it; looking around frantically for an honest bureau de change, etc. To me, the best solution is to bring a Visa Debit card. Use it as a Visa card for hotels, restaurants, purchases in larger stores. The transaction fees are small, and the exchange valuation significantly better (for me at least) than what you would get from changing money on the street or from a bank. Then, use the ATM function to withdraw money. HSBC lets you take out Php40,000 per day (about $900), which should be enough for most people's cash requirements. Sure, there's a fee charged by your bank in the US or Europe. In my case, it's $3.50. But if you limit the number of transactions, it's not a big deal.

In five years of living here, I've found this by far the least expensive and most convenient expedient.

GE[/QUOTE]

I'm not expert and you'll want to check with your bank, but some debit cards have no protection against fraud. If I spot a phony charge on my Amex I can dispute it and have a 99% probability of getting it erased. I don't believe most debit (check) cards have this protection. Some may allow your entire account to be drained.

Reef

[QUOTE=Redfield10]Thanks GE,

Actually, I have a Visa Debit Card through my Credit Union. I use it in the US, but never used it abroad, so hopefully it will work fine as I'd just as soon not bring a lot of cash. I think it's called a "Visa Check Card", but then at the bottom it does say "Visa Debit. " The teller told me it can either be a credit or a debit card. I think the only real difference is tha the "credit" limit is higher? I'll have to check again.[/QUOTE]

Just make sure you notify your bank that you will be using the card during certain dates in the Philippines, otherise transactions may be stopped.

[QUOTE=Redfield10]Thanks GE,

Actually, I have a Visa Debit Card through my Credit Union. I use it in the US, but never used it abroad, so hopefully it will work fine as I'd just as soon not bring a lot of cash. I think it's called a "Visa Check Card", but then at the bottom it does say "Visa Debit. " The teller told me it can either be a credit or a debit card. I think the only real difference is tha the "credit" limit is higher? I'll have to check again.

Sound right? So, if I take some cash and then use this card for any other purchases, hopefully, I will be ok. I guess I can take another credit card just in case the Visa Debit Card doesn't work for some reason.

Thanks, again.[/QUOTE]

Your card sounds pretty much like the one I have. I think it allows you to charge up to the balance that's in your account. I also have a regular Visa that I use from time to time and I find that these cards are about all I need. I think that notifying your bank that you're going to be out of the country is a good idea, since the programs that check for fraud look for variations in spending patterns. I let my bank know every couple of months that I'm still in the Philippines, and prior to taking this trip to Cambodia, also notified the bank of my travel plans. I've had no problems using the card here, either as a Visa or as a debit card.
GE

Thanks guys.

I did tAlk to my Credit Union (they issued the card) and the teller said the only problems the have sometimes in foreign countries is that sometimes the ATM will try and take money out of your "saving" account rather than your "checking" account. And to keep enough money in each account. Which seems pretty stupid to me.

Think that will happen?

Great post, GE. I've been here a little over a year now and since I started a company, it was a headache going to the BPI and having to take out money a week ahead of time and getting charged like crazy from the banks. Also, this particular BPI machine would only let me take out 5k at a time so I would be hit with the $3.50 fee every time. I finally went over the the HSBC off of Makati Ave and it's great. They have 24 hour security and it's much better than taking money out of some shady areas where there are a lot of beggars, etc.

By they way, I was always curious about what rates the banks uses when taking out pesos from my US dollar account. Every bank is different, right? Are you saying that HSBC gives the best rate? And how would you know what rate they are giving you prior to the withdrawal?

[QUOTE=GoodEnough]I'm always surprised at this debate, since I cannot understand why anyone would want to carry lots of cash and risk: getting it stolen, losing it; looking around frantically for an honest bureau de change, etc. To me, the best solution is to bring a Visa Debit card. Use it as a Visa card for hotels, restaurants, purchases in larger stores. The transaction fees are small, and the exchange valuation significantly better (for me at least) than what you would get from changing money on the street or from a bank. Then, use the ATM function to withdraw money. HSBC lets you take out Php40,000 per day (about $900), which should be enough for most people's cash requirements. Sure, there's a fee charged by your bank in the US or Europe. In my case, it's $3.50. But if you limit the number of transactions, it's not a big deal.

In five years of living here, I've found this by far the least expensive and most convenient expedient.

GE[/QUOTE]

To get the best conversion rates in PI is to bring USD with you. I usually frequent the money changer called Sandry's in Glorietta (entrance facing SM)or the one in Greenbelt 1 (near national book store) as it's safe and a well established location. The rates they provide is almost on par to the daily exchange rate (my favorite site to view up-to-date rates - [url]http://www.bloomberg.com/markets/currencies/asiapac_currencies.html[/url]). All other currencies do not get as close as the current exchange rate compared to the USD and this is based on my experience since living here for 4 yrs.

If you are stuck with using an ATM, the best ATMs to use is indeed HSBC. Based on my experience I never got charged from HSBC for using their ATM. In addition you can withdraw a max amount of 40,000 Php which is the highest amount in one single transaction. The are a few other ATMs that has 30,000 Php set for the max withdrawn but I can ony recall Citibank as I don't use too many other ATMs as HSBC is my most visited one. So if you are going to get charged per transaction I suggest you use HSBC and just take a largest withdraw amount and lock the extra cash in your hotel safe.

I never use the local PI Bank ATMs as most have a set limit of 5-10,000 Php per transaction. Not really worth using them since you have to pay your local bank an ATM transaction fee.

Jasonkramer - regarding your question on HSBC giving the best rates, this all dependant on what your actual rate is from your local bank. I do have an HSBC account in the US and the rate they use is actually pretty sh*ty compared to the official exchange rate. Even though they don't charge you for the transaction if you use a foreign HSBC card you do get hit by the conversion rate. I recall losing around 10-15 USD per transaction when I use my HSBC card and this is base don taking out 40,000 php.

[QUOTE=Jasonkramer]By they way, I was always curious about what rates the banks uses when taking out pesos from my US dollar account. Every bank is different, right? Are you saying that HSBC gives the best rate? And how would you know what rate they are giving you prior to the withdrawal?[/QUOTE]

Sorry, I did not mean to mislead anyone. I have no idea what rate the bank is going to give me prior to making the withdrawal, though I always check quickly after. It seems to me as if I consistently get within a couple of tenths of the published exchange rates.

GE

[QUOTE=Redfield10]Thanks guys.

I did tAlk to my Credit Union (they issued the card) and the teller said the only problems the have sometimes in foreign countries is that sometimes the ATM will try and take money out of your "saving" account rather than your "checking" account. And to keep enough money in each account. Which seems pretty stupid to me.

Think that will happen?[/QUOTE]

I would be curious to know if the Teller had ever been to SE Asia.

The issue may be caused by the fact that in many SE Asian countries inc PI the ATM network is set up so you can use one card to take cash from multiple accounts. So I can use my (asian issued) ATM or Credit card to take from either Current (checking in US) savings or by Credit card cash advance, by telling the ATM which account to take from. Its easy and I only need to take one card out with me on the street.

In my experience the problem occurs in one of two ways, in some countries (india is an example) they call their Savings account what I would call my current account or cheque account. The other problem which may occur (and I have this in Thai) is what account your bank has designated as your main account. Using the example of Thailand again, they can only take cash from your main account and if that has been designated by your Bank as ur savings then thats where the card will look for the cash.

Well, then, in my Credit Union Account I have a 1. Regular Share Account and a 2. Share Draft account. In the U.S. it takes money from the "Share Draft "account..which I consider my "checking" account since I write check on that account.

So, in the Phils, can I assume it will take money out of the "Share Draft" account like it does here?

[QUOTE=The Wanderer]I would be curious to know if the Teller had ever been to SE Asia.

The issue may be caused by the fact that in many SE Asian countries inc PI the ATM network is set up so you can use one card to take cash from multiple accounts. So I can use my (asian issued) ATM or Credit card to take from either Current (checking in US) savings or by Credit card cash advance, by telling the ATM which account to take from. Its easy and I only need to take one card out with me on the street.

In my experience the problem occurs in one of two ways, in some countries (india is an example) they call their Savings account what I would call my current account or cheque account. The other problem which may occur (and I have this in Thai) is what account your bank has designated as your main account. Using the example of Thailand again, they can only take cash from your main account and if that has been designated by your Bank as ur savings then thats where the card will look for the cash.[/QUOTE]

I notice very little is written here about hunting in the malls in Philippines. I had previously been successful to score a few 7's and 8's in the past in Harrison Plaza mall. usually, the girls hang out at the second floor waiting for johns, like us. It is easy to spot them as they will maintain eye contacts with you. The rates were pretty good, between 700p to 1000p. Does any one any idea about other malls that have many WG for sale?