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Freedvr72

Options other than the dreaded ATM withdrawal for access to my monthly income??

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Freedvr72

This has probably been covered in a post here, however I thought I'd ask to see if their are better options, cheaper or easier than using a local ATM and paying 750 pesos per 10k peso withdrawal. I receive a monthly disability pension and I live in Cebu, Moalboal area, the "provinces" as these rural beach areas are affectionately called. 

It is an American government pension, so funds go onto a MasterCard,, my government card allows for a 1 time domestic transfer, I do have another bank that charges 400 pesos less than my mastercard does to extract all money from an ATM but its a 3 day wait each month to save 400 pesos...Either way is silly, and after over a year of this, its getting ridiculous. I'm throwing away thousands of pesos each month. My monthly ATM fees are close to rent of a air conditioned house here, just giving it away to banks makes me sick, we already pay fees for everything here, with BI costs,  marriage,  perm resident visa application, fees are everywhere I turn, but the most prolific is the dreaded ATM fees,  even more hated than BI fees in my opinion. 

My question is, can I open a checking account at PNB (for example) its a close local bank in Moalboal, OR, do I need to have a savings account first? I have an ACR card a tourist visa (almost 2 years left on stay but will be getting married and getting a 13a perm resident visa), drivers license. I'm getting married in a few months, but I want to have my own account, if that's possible. Can I moneygram to myself? Is that cheaper? 

Any suggestions, or experiences are welcome. I hate throwing away thousands of pesos each month into a machine. Any pointers, or am I just stuck until I marry and open a joint checking? I need to keep my MasterCard,  unfortunately my pension options are that direct deposit. I do have another checking account with American bank.

Thank you in advance. 

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Salty Dog
On 9/3/2018 at 8:19 PM, Dafey said:

Definately open a Schwab 1 account. They'll give you free checking and an account to trade stocks, (if you want...I don't use the stock portion). They will actually set you up with a $2000 a day limit if you request and the fees that you pay at ATMs are refunded at the end of the month with no International fees. You can open the account online. If you want to add your wife it's a mail in form....

 

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lamoe
16 minutes ago, Freedvr72 said:

This has probably been covered in a post here, however I thought I'd ask to see if their are better options, cheaper or easier than using a local ATM and paying 750 pesos per 10k peso withdrawal. I receive a monthly disability pension and I live in Cebu, Moalboal area, the "provinces" as these rural beach areas are affectionately called. 

It is an American government pension, so funds go onto a MasterCard,, my government card allows for a 1 time domestic transfer, I do have another bank that charges 400 pesos less than my mastercard does to extract all money from an ATM but its a 3 day wait each month to save 400 pesos...Either way is silly, and after over a year of this, its getting ridiculous. I'm throwing away thousands of pesos each month. My monthly ATM fees are close to rent of a air conditioned house here, just giving it away to banks makes me sick, we already pay fees for everything here, with BI costs,  marriage,  perm resident visa application, fees are everywhere I turn, but the most prolific is the dreaded ATM fees,  even more hated than BI fees in my opinion. 

My question is, can I open a checking account at PNB (for example) its a close local bank in Moalboal, OR, do I need to have a savings account first? I have an ACR card a tourist visa (almost 2 years left on stay but will be getting married and getting a 13a perm resident visa), drivers license. I'm getting married in a few months, but I want to have my own account, if that's possible. Can I moneygram to myself? Is that cheaper? 

Any suggestions, or experiences are welcome. I hate throwing away thousands of pesos each month into a machine. Any pointers, or am I just stuck until I marry and open a joint checking? I need to keep my MasterCard,  unfortunately my pension options are that direct deposit. I do have another checking account with American bank.

Thank you in advance. 

Is the MasterCard affiliated with a US bank?

If so can you "add external account"?

Chase receives my various direct deposits and I transfer so much to Schwab every 6 months

Schwab is NOT a bank - not FDIC

 

 

Edited by lamoe

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Jawny

There are many Philippine banks that have USA based branches. These branches would likely serve as a "domestic" bank for the transfer option you mentioned.  Once the finds are transferred to the Philippines bank, they are accessible to you.

I am unfamiliar with an annuity being deposited into a MasterCard account.  I do know some banks use an ATM card with the MasterCard logo.  I have a USA bank that does this.  It is not a credit card, but does allow me to use ATMs with the MasterCard logo for no fee (or reduced in some instances). 

I have used Metrobank for many years and am generally satisfied with their services.  A direct depost into my account (a passbook account) allows me access to the funds the same days as deposited. There are fees for this service, I think it’s $7 per deposit. 

You may find a checking account here to be less than useful.  I did have one for a while as I paid for a car using checks over a period of time.  A passbook account has served my needs to many years.  In fact, I haven’t even been inside the branch I use for s long while.  My wife makes withdrawals as we are well known to the bank.  

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Lordblacknail

If your a vet, try USAA. they refund fees, they are a credit union, have lots of benefits. I have been using them for a few years, no issues.

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Salty Dog
12 minutes ago, Lordblacknail said:

If your a vet, try USAA. they refund fees, they are a credit union, have lots of benefits. I have been using them for a few years, no issues.

Close, but they are a Federal Savings Bank, not a Credit Union. They refund ATM fees up to $15 each month, but they charge a small Foreign Transaction Fee of 1% which applies to debit card or ATM transactions with a merchant or ATM in a foreign country, whether the transaction is originally made in US dollars or converted from foreign currency. The fee doesn't show on your account with each transaction but at the end of the month.

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Enuff

Send yourself money from your debit card to M Lhullier, I use WorldRemit

Sent from my CPH1819 using Tapatalk

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M.C.A.

Fred I'd try opening an account with PNB if you can go for the direct deposit pensioner account even better so you won't mess with checks but I'd give it a shot I've never opened up any savings account only a checking account with PNB.  You'd want to bring in your passport, maybe even electrical bills with address stuff like this but if you open a checking account they need a $500 US deposit so it has to be in US Dollars, if you don't have this you can exchange pesos for dollars through a money changer and they also require another $40 just in case the check doesn't clear.. ugh so many requirements, if they accept you they'll give some more requirements basically they need photographs I think four 1x1 sized.

BDO only requires $200 deposit but with no interest for checking but I'm unsure if they can do pension accounts or direct deposit pension account.

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SkyMan
15 hours ago, Freedvr72 said:

using a local ATM and paying 750 pesos per 10k peso withdrawal.

 

:shocked::shocked:  750???  Ouch!!

 

On 9/3/2018 at 8:19 PM, Dafey said:

the fees that you pay at ATMs are refunded at the end of the month with no International fees.

Is there a limit on the refunds?  USAA limits to $15 and one of those p750 fees would about use that up.

Surely some money transfer is cheaper than that.

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to_dave007

My Canadian pension goes to HSBC account in Canada.  I maintain 25,000 (in GIC) in a small RRSP account there (like American 401K) that bumps my account status to Advanced.  This then supports auto-transfer of funds to HSBC (near Ayala) with zero fees (the main reason to do it).  I bring the money manually from HSBC to UCPB in Tuburan by managers cheque.  I maintain a several month float at UCPB in Tuburan so that I only need to bring money about once every 3 or 4 months.  No fees to transfer to HSBC.  I think the managers cheque is 100 peso.. or less.  Withdraw money over the counter at UCPB..  with zero fees. 

Edited by to_dave007
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Woolf

I can take max 20,000  on my Master Card credit  the ph  bank at 250 peso each transaction

Master Card debit the max is 10,000  again 250 peso each transaction

 

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Busted Dick
5 hours ago, Enuff said:

Send yourself money from your debit card to M Lhullier, I use WorldRemit

Sent from my CPH1819 using Tapatalk
 

That's what I do; cheapest method I have found so far.

 

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Freedvr72

Yes,  I've heard of banks 2 hours away that allow 20k pesos, but none in Moalboal, I was told it changed from 20k to 10k in 2016 here, but closer to Cebu city 20k, and ONE, somewhere in Cebu,  (HSBC) allows 40k. Too far for me to commute and I've tried every bank in car2 I could find (2 hours away) China bank was 20k, BUT last year changed to 10k...and it's 250 pesos HERE , but then my American bank's charge, government  MasterCard is $3 plus 3%. My other bank is 400 pesos flat,  so 400 + 250= 650 pesos. My master card is 150p plus 300p (3%) so 450 +250= 700...every 10k, 10k is max at all banks in this region unless there is one in car2 I i don't know about. People sworn china bank 20k, drove the 4 hour round trip for a big NOPE. I'm sure in the city there are plenty that do 20k. It's dual charges, bank here plus bank in America.

I've tried so many in a year. Even a new land bank that caused a corrupt charge that land bank claimed they do not own the ATM,  IT'S A 3RD PARTY, I had to change accounts get new card because of a new corrupt atm machine targeting foreign cards, at the new gaisano mall in Moalboal, never again at landbank,  PNB and bank inside pharmacy have never caused corrupt charges, just the standard 250...plus my banks charge, at some American banks you can get a international card,  but o would have to spend 150k to fly home to change banks. That's not cost effective. I'm stuck with a government card o can't change and bank IN Hawaii I can change by flying home. So I just thought maybe I could open an account,  guess not....

Edited by Freedvr72

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Freedvr72
7 hours ago, Busted Dick said:

That's what I do; cheapest method I have found so far.

 

I will give that a go. Many thanks mate!!

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Freedvr72
10 hours ago, to_dave007 said:

My Canadian pension goes to HSBC account in Canada.  I maintain 25,000 (in GIC) in a small RRSP account there (like American 401K) that bumps my account status to Advanced.  This then supports auto-transfer of funds to HSBC (near Ayala) with zero fees (the main reason to do it).  I bring the money manually from HSBC to UCPB in Tuburan by managers cheque.  I maintain a several month float at UCPB in Tuburan so that I only need to bring money about once every 3 or 4 months.  No fees to transfer to HSBC.  I think the managers cheque is 100 peso.. or less.  Withdraw money over the counter at UCPB..  with zero fees. 

Thats a great system you got there. Unfortunately for me and my countries ongoing changes in government pensions, thanks to our new pres...no comment....i cannot change method of my pension,  it goes into a card given out to ex government,  military,  any ex government officials , this card has the option of using it for withdrawalsor a domestic transfer, used to be able to transfer international,  now the countries are limited, and this is not one allowed, so I even need to call once a year to authorize the use here in Philippines. I wish I had your flexibility,  transferring funds to my American private bank is free, takes 3 days, and I then have more options, but it starts getting time consuming and costly transferringhere unless I can open a local account and transfer funds, that would be 2 transfers by time it got here.

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