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RogerDuMond
3 hours ago, fivestarph said:

I believe if one is a HSBC Premier member there is no fee, but don't quote me.

Unless you want to open a Premier account at HSBC in the U.S., you can forget an account at HSBC US. They are transitioning out of retail banking in the U.S. They have, or are in the process of closing retail banking accounts having all their retail customers on the East coast go to Citizens Bank and on the West coast to Cathay Bank. All their locations in Florida, except for two are closed and the two that remain open are now called HSBC Wealth Management Centers.

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HSBC's U.S. wealth and personal banking business had a loss of $547 million in 2020, according to the bank's annual results, versus a $5 billion profit in Asia, primarily from Hong Kong, its most profitable market.

Its global banking and markets division, which includes its investment banking and large corporate businesses, made a profit of $573 million in the United States in 2020.

 

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samatm
On 3/21/2022 at 12:51 PM, SkyMan said:

A note in withdrawing from BPI peso account at a BPI ATM. You are limited to p20k per day but you can raise that with the app. I keep it at 20 unless I need  more and I change it before walking over to the ATM and then put it back.

I raised my BPI ATM  to 100K daily limit.     no problem.  Maximum withdraw  is 40K each transaction .     Maybe its a good idea to change it back after withdraw in case i lost my card or something. 

Edited by samatm
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SkyMan
8 hours ago, samatm said:

I raised my BPI ATM  to 100K daily limit.     no problem.  Maximum withdraw  is 40K each transaction .     Maybe its a good idea to change it back after withdraw in case i lost my card or something. 

Or you can temporarily lock it. Good protection against skimmers if it's only unlocked when you need it.

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HappyinPH
On 3/18/2022 at 5:15 AM, A_Simple_Man said:

A few years back I could insert my Canadian debit or credit card in a BDO ATM and withdraw 20,000 pesos at a time.  This trip I tried 2 different Cebu BDOs (Ramos street and SM mall) and each one would only allow 10,000 pesos per transaction.  Yes, I can do a couple of transactions but its more expensive and inconvenient.  So I am asking if anyone in Cebu city knows a BDO or other bank ATM that gives out more than 10,000 pesos on a foreign card??  Recent experience only as I mentioned the BDO used to allow 20,000 at some branches ATMs.

When I first came to PH and lived in Lapu-Lapu, where all the major banks are, I tried by trial and error to see which one(s) would give me 20 000 at one go using a foreign card. BPI was the only one near my home, but I did once get 20 000 from a Chinese bank a bit farther away. Can't remember if it was Chinabank or Bank of China.

The good news is that Security Bank will now also give you 20 000 on a foreign card. If you're in the city, the queue will probably be shorter there, but more importantly, if you're in the province, you may be in a town (e.g. Danao) which has Security Bank but no BPI. 

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Chris24
On 3/21/2022 at 10:55 PM, A_Simple_Man said:

So I used HSBC today and here is my experience.  First, they do charge 250 pesos for foreign transactions.  It says so on the screen if you read it carefully, but they hide it in the amount deducted from my foreign bank account so it does not show as a separate item on my receipt.  The beauty is that I only need to do one transaction to withdraw my daily limit of CAD$1,000 from my foreign bank.  That gives me 39,000 pesos.  Not quite the 40K I wanted to get because the HSBC exchange rate is 3% worse than the rate I can get at a money changer (if I had cash).  The rate they paid me for CAD$ today is 39.9697 when the cash rate is 41.15 at the moment.

Bottom line is:  Convenient, easy, and only a little bit expensive.  I see the ATM is just inside the door so not sure if it is accessible after banking hours.

Thanks for this, I was going to make a new post asking but then I found yours and it's recent.  I see that HSBC has a branch on the ground floor of the PhilAm Life building right across from Ayala.

I remember a few years ago I could use my U.S. bank-issued ATM card to get 20k or 30k from some BDO ATMs in Subic and also in some malls in Manila, but early this year I had zero luck finding anything anywhere that would dispense more than 10k.  I could make several withdrawals in quick succession, but at p250 each that was 2.5%.  The exchange rate was good though.  The message on the screen said something when declining larger withdrawals that the amount exceeded my own bank's restrictions, but I don't think that is true (however I'll check with them before this next trip).

But if HSBC charges a 3% spread that is even worse.   I'll give it a try and see.  In my experience I recall that at ATMs I generally had the option of either withdrawing pesos as a peso-denominated transaction and letting my bank set the exchange rate (which was generally favorable), OR processing the withdrawal in pesos but converting the amount to my local currency, for a (rip-off) fee of 3% - 5% plus the ATM fee. 

Edited by Chris24
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lamoe
8 hours ago, Chris24 said:

Thanks for this, I was going to make a new post asking but then I found yours and it's recent.  I see that HSBC has a branch on the ground floor of the PhilAm Life building right across from Ayala.

I remember a few years ago I could use my U.S. bank-issued ATM card to get 20k or 30k from some BDO ATMs in Subic and also in some malls in Manila, but early this year I had zero luck finding anything anywhere that would dispense more than 10k.  I could make several withdrawals in quick succession, but at p250 each that was 2.5%.  The exchange rate was good though.  The message on the screen said something when declining larger withdrawals that the amount exceeded my own bank's restrictions, but I don't think that is true (however I'll check with them before this next trip).

But if HSBC charges a 3% spread that is even worse.   I'll give it a try and see.  In my experience I recall that at ATMs I generally had the option of either withdrawing pesos as a peso-denominated transaction and letting my bank set the exchange rate (which was generally favorable), OR processing the withdrawal in pesos but converting the amount to my local currency, for a (rip-off) fee of 3% - 5% plus the ATM fee. 

I also use HSBC - been mentioned several times that Charles Schwab reimburses all transaction fees at ATM's and their rate appears to be very close to web posted. Debt card is very favorable also but dosen't work in Tubigon ATMs.

BTW - had $1,000 limit, bumped it up to $2,000 and need authorization to do more (send encrypted e-mail, then phone call verification)

 

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SkyMan
22 hours ago, Chris24 said:

Thanks for this, I was going to make a new post asking but then I found yours and it's recent.  I see that HSBC has a branch on the ground floor of the PhilAm Life building right across from Ayala.

I remember a few years ago I could use my U.S. bank-issued ATM card to get 20k or 30k from some BDO ATMs in Subic and also in some malls in Manila, but early this year I had zero luck finding anything anywhere that would dispense more than 10k.  I could make several withdrawals in quick succession, but at p250 each that was 2.5%.  The exchange rate was good though.  The message on the screen said something when declining larger withdrawals that the amount exceeded my own bank's restrictions, but I don't think that is true (however I'll check with them before this next trip).

But if HSBC charges a 3% spread that is even worse.   I'll give it a try and see.  In my experience I recall that at ATMs I generally had the option of either withdrawing pesos as a peso-denominated transaction and letting my bank set the exchange rate (which was generally favorable), OR processing the withdrawal in pesos but converting the amount to my local currency, for a (rip-off) fee of 3% - 5% plus the ATM fee. 

That must be a recent change or something to do with your bank.  It's been a while since I used that ATM but for me it always said, "Your bank may charge a fee, do you want to continue? " my bank didn't charge a fee.

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