Jump to content
Sign in to follow this  
Jawny

Use of managers check or similar

Recommended Posts

Jawny

Some recent threads made reference to the limitations between different banks (BPI, Metrobank, BDO). This leads me to a question regarding getting cash between branches.

To be clear, this is not a request for advice on which bank is best.  I have banked with Metrobank and will stay with them.  However, as is frequently pointed out, Metrobank branches act independently, so going to another branch is not always a way to conduct business.

I do have a question regarding the use of what I call a managers check.  Perhaps there is a different name such as cashiers check.

Sometimes I travel to Cebu from Leyte and carry a significant amount of cash, upwards of ₽200,000. I'd prefer to use some sort of bank transaction such as a managers check.  In effect, go to a local bank, buy a managers check and then cash it in a branch in Cebu.

I know I can use an ATM account in a similarly safe fashion.  However, I was hoping some member had experience with getting cash this way (managers check) and could offer advice.

I do not intend to open a different bank account nor do I have interest in using a credit card.

Share this post


Link to post
Share on other sites
Davaoeno
11 minutes ago, Jawny said:

I know I can use an ATM account in a similarly safe fashion.  However, I was hoping some member had experience with getting cash this way (managers check) and could offer advice.

I only have accounts in Davao, but several times I have flown to Cebu to make substantial transactions [ either buying cars or usd ]

I usually just go into the BDO branch in Ayala and ask them to give me cash from my Davao account. The last time when I met Terry to do exchange i even forgot to bring my bank book and dont have the number of my account memorized. But no problem -  In less than 20 minutes I had  the cash in my hand . They always phone my branch in Davao .  

I flew to Iloilo and bought a  repo for over 1 M . Again, BDO in Iloilo  just had me sign a withdrawal slip and took the money out of my Davao account. That time i got a managers check [ same as a cashiers check] instead of cash.  I have never had a problem getting funds elsewhere. 

The one time that I took a Davao BDO  managers check with me was when I flew to Manila to buy a pajero .  The seller and I went into his bank [ not BDO] and did the deal there . Again no problem.  

Edited by Davaoeno
  • Like 5

Share this post


Link to post
Share on other sites
colemanlee

I did that when I bought the Ford...didnt want to carry that much cash so got a managers check...zero problems

  • Like 2

Share this post


Link to post
Share on other sites
maximian

We have used a managers cheque's from Metrobank  on numerous occasions without any problems. 

  • Like 2

Share this post


Link to post
Share on other sites
SkyMan

I think the charge is p50.  Worth it to avoid the worry of carrying the cash.

  • Like 1

Share this post


Link to post
Share on other sites
SkyMan

You may not even have to bother bringing the check.  My MB account was at Lacion and I was at Ayala needing cash.  Something was wrong with my PIN so ATM a no go.  Went into the branch there and found out I couldn't withdraw from my account because I didn't have an account in their branch.  Eventually they said I could get a manager's check (for p50) and cash it.  Part of getting the check required them calling my branch to verify the funds.  WTFMB?

Edited by SkyMan
  • Like 1

Share this post


Link to post
Share on other sites
Jawny

Thanks to all.  Looks doable. 

Share this post


Link to post
Share on other sites
smokey

MANAGERS check I found means little I had one from union and BDO would only deposit it no cash till it clears

 

I hate that not at this branch we had that problem in manila went to union there and manager said you need to do that at YOUR branch I said why union bank is union bank ??  Sorry sir we cant confirm your signature  well you can call them finally got some play squeaky wheel  

Edited by smokey

Share this post


Link to post
Share on other sites
miles-high

We can withdraw from our accounts…

at China Bank, free withdrawal anywhere within NCR, outside NCR PHP100 fee, have withdrew similar amounts many times at Subic, Clark, Mactan and at SM Cebu branches. Similarly, OK with any BDO branch, either PHP50 or 100 fee, I don’t remember… At least, they can see our signatures online anywhere within the Philippines – I do not know if they can at other banks…

We only have an ATM account with BPI but it’s limited to PHP20,000 a day… so, it may take 10 days to get PHP200,00! :D

You may have to have your own account where you want to cash (or deposit/cancel) your own Cashier’s Check, if I remember correct... we only used it to pay for our cars and condos…

Hope it helps... 

  • Like 1

Share this post


Link to post
Share on other sites
NOSOCALPINOY

Never once had we to use a manager's check. In the beginning being new to the area where we decided to call home and plant our roots indefinite, we only used our peso personal checks to pay our contractor who built our home every 3 to 4 months in phases until our home was finally finished, but since then haven't used our checks for anything else.

Now for over 15 years we just use our local bank's ATM debit card to pay for everything or in cash for groceries, gas, lunch and live out maid etc and setup automatic scheduled payments to pay our mortgage loan from our peso checking account and pay our merchant's bills on-line every month, which we never have to get in long lines to pay our bills where ever, like Bayad Centers or from our own local bank over the counter.  

We have a few high limit U.S. credit cards, but seldom use them. We'll just use them for emergency backup cash and or payments when needed to pay for unexpected upfront cash medical payments in conjunction with our Military TRICARE Medical Health Care Plan, but we haven't yet to do so, cause we are both still in good health. "Knock on wood". I just hate paying those high monthly credit card interest rates.    

Edited by NOSOCALPINOY

Share this post


Link to post
Share on other sites
Jawny

I appreciate the useful replies. Specifically regarding use of managers checks. No need to describe alternative ways of handling cash. I'll try a managers check on next trip to Cebu. 

  • Like 1

Share this post


Link to post
Share on other sites
Woolf
3 hours ago, miles-high said:

We only have an ATM account with BPI but it’s limited to PHP20,000 a day

I am pretty sure it is 40,000 php within 24 hours on my BPI ATM account

Edited by Woolf

Share this post


Link to post
Share on other sites
NOSOCALPINOY
7 minutes ago, Woolf said:

I am pretty sure it is 40,000 php within 24 hours on my BPI ATM account

I read somewhere, if you have the peso Gold ATM debit card, P50,000 is the ATM withdrawal limit per day. Just saying though since I don't have a BPI Gold ATM debit card, just the Blue one for pesos, which is only P20,000 a day, but if you also have a BPI USD account debit card, that's another P20,000 a day.

Share this post


Link to post
Share on other sites
Woolf
11 minutes ago, Woolf said:

I am pretty sure it is 40,000 php within 24 hours on my BPI ATM account

Sorry I maybe wrong  could be it is 20,000 PHP

Share this post


Link to post
Share on other sites
NOSOCALPINOY
30 minutes ago, Jawny said:

I appreciate the useful replies. Specifically regarding use of managers checks. No need to describe alternative ways of handling cash. I'll try a managers check on next trip to Cebu. 

You could also open a peso checking account and or just deposit extra pesos into your Philippine credit card. Some peso international credit cards can also withdraw dollar bills at ATMs in other countries, just have to check or ask where.  

Edited by NOSOCALPINOY

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..