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Tell your bank that you will be in the Phillipines. I did not do that the first time I came. My ATM card was not usable in Cebu. The next time my card was not usable because the magnetic stripe had worn out but that is another story. Moral of the story is to be sure you have a back up plan.

 

Now the rest of the story. After returning to Canada to straighten all that out, I am now back in the Phils and my ATM card from Canada works in many of the machines here. I see they charge me $5 and give me about 3 or 4 % less on the exchange rate when I use it and I can only take out 10,000 Pesos per transaction

 

I found that cash in the form of NEW or nearly new 100 dollar bills is the best thing to bring. They give you less exchange for 20s and they don't accept 100s with any damage.

 

Dave, just re read what I posted above. I posted it many times, there is no need to walk around with so much cash. I only pay $6/month at HSBC Canada and they offer unlimited ATM transactions worldwide (at any bank with the Cirrus logo) and there are NO FEES at either bank. The daily transaction limit equals the one you have within Canada. Exchange rates are very good as well. This is a savings account, not a checking account.

 

.

 

I have had bank accounts on three diffferent Islands-Metro-PNB-Landbank and have never been asked for ACR.I never heard of any foreigner being asked for ACR anywhere.The first bank account I opened within a few days of entering the country-only requirements were-Passport and several passport size photos and Peso's.

 

You should never need an ACR card for a savings account.

 

Those limitations are only for checking accounts.

 

.

 

Once this is done can I perform fund transfers easily from US to PI banks?

 

 

You will never be able to do online money transfers to another country due to money laundering regulations.

 

.

Edited by scianna54
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A_Simple_Man
Dave, just re read what I posted above. I posted it many times, there is no need to walk around with so much cash. I only pay $6/month at HSBC Canada and they offer unlimited ATM transactions worldwide

Ditto

 

Maybe you'll get my meaning one day when you are here and your ATM card fails to work. Perhaps it will be the magnetic strip failing or one of many other things. But like most things in life, no one will learn from another person's experience until it happens to them. If I had a nickel for every time someone said "You were right, Dave" then I could retire in the Philippines at 53 years of age . . . Hang on . . I'm here . . guess I was right :rolleyes:

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Cipro
You will never be able to do online money transfers to another country due to money laundering regulations.

 

Well I understand that it's tricky, but really I can have xoom take money from my account directly and it appears in PI. There has to be a way to do this; after all a bank->bank transfer isn't precisely hard to audit so I don't see the money laundry applications.

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Cipro
Maybe you'll get my meaning one day when you are here and your ATM card fails to work.

 

There are times when cash is king, I think is what you're saying. I know I've been places where plastic wasn't any good for whatever reason and a little cash was nice to have.

Edited by locktite
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Markham
You will never be able to do online money transfers to another country due to money laundering regulations.

Huh? I do it all the time!

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Cipro
Huh? I do it all the time!

 

Any idea how an American can do it easily?

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Any idea how an American can do it easily?

 

I use Xoom and do a direct bank transfer from Bank of America to a PNB account. The first transaction took 3 or 4 days while subsequent ones have taken about 1 day. I think it takes slightly longer if you send the money to a Xoom outlet here to be collected in person. They charge around $8 or $9 per transaction.

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Xoom is not direct Bank to Bank transfer. There are limitations to amount, it is after all a third party and the charges are quite high if I read correctly.

Edited by scianna54
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Ditto

 

Maybe you'll get my meaning one day when you are here and your ATM card fails to work. Perhaps it will be the magnetic strip failing or one of many other things. But like most things in life, no one will learn from another person's experience until it happens to them. If I had a nickel for every time someone said "You were right, Dave" then I could retire in the Philippines at 53 years of age . . . Hang on . . I'm here . . guess I was right :rolleyes:

 

 

I was referring to your comment about $5 to $10 per ATM transaction.

 

You don't have to pay any fees if you do as I described.

 

I recommended having the HSBC account as second account to his main account, it can only be a savings account at HSBC Canada, hence he still has the ATM card from his checking account, that's redundant.

 

On top of that, he can open a paypal account and get a ATM/prepaid visa card from them. He can always fill it up with his original credit card or bank account.

 

Remark: Paypal has to be informed about usage in countries like the Philippines.

 

I never had a magnetic stripe or ATM card fail but my suggestions should cover all or most.

 

.

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Xoom is not direct Bank to Bank transfer. There are limitations to amount, it is after all a third party and the charges are quite high if I read correctly.

 

True, it's third-party and there are limits on how much you can transfer. I believe that my cap is $5,000/month or something like that.

 

Depending on your US bank it should be possible to have them transfer funds for you, though you'll probably have to apply in person and show ID. BoA doesn't like to do this: they want to reap the fees they charge for every overseas ATM transaction that I make.

 

Xoom's charges aren't that outrageous. It's quite a bit cheaper to pay Xoom their $9 to transfer $5,000 than it is to withdraw the equivalent in pesos in multiple P10,00 transactions and pay a few bucks' bank fee for each one. At the current exchange rate that would be 24 P10,000 withdrawals, and if BoA charged me $1.50 for each transaction it amounts to $36. Doing one Xoom $5,000 transfer saves me around $27 or P1,300, a month's worth of grocery money.

 

Agreed, the least expensive way would be to get your bank to transfer the money to your Phils bank account.

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Cipro
Just open a savings account at HSBC Canada. They offer a special program where you don't have to pay any ATM fees worldwide!

 

On top of that, set up a direct bank to bank transfer option within your online account menu and you can easily transfer money forth and back from your house bank account.

 

.

 

Will this work for an American?

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A_Simple_Man

[quote name='Markham' date='Jun 30 2009, 06:15 PM' post='104921'

"QUOTE (scianna54 @ Jun 30 2009, 10:18 PM) *

You will never be able to do online money transfers to another country due to money laundering regulations."

 

Huh? I do it all the time!

 

As do I but only by sending an email to my bank manager in Canada and requesting it. A real person has to initiate the transfer so I cannot say it is totally online. The mentioned use of XOOM works well for amounts up to the small 4 figures.. Can't see why that would not work for any western country.

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Will this work for an American?

 

 

Sorry, but no idea as I don't know what plans and fees HSBC has in the US.

 

.

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f3jedi
Will this work for an American?

 

Yes, you can open an Online Savings Account with HSBC. www.us.hsbc.com

 

- Free ATM card

- Free transfers to and from your HSBC online account and your account(s) at other banks (takes about 3 days to complete the transfer, US banks only)

- Free ATM withdrawals at HSBC ATM's in the US and in most any other country where HSBC has ATMs.

- HSBC has ATM's in Cebu (Near Ayala mall, across from the Marriott), and another near the Capitol I think. Plus in Davao and several in Manila.

- There are some other banks in the Philippines where you can make a withdrawal using the HSBC US card without any fees, one is Metrobank

 

I have done this for several years, never had any issues. The exchange rate is typically about 1% lower than the rate would be if I was exchanging large bills with one of the better money changers. The exchange rate that I've gotten when I withdraw using a Metrobank ATM seems similar, however I've tried one or two other banks and found no fees on the surface, but seemed to get a far worse exchange rate (like 5 - 7% lower).

 

Frank

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Agree with Frank.

 

I have been using HSBC online and other brick and mortar HSBC accounts in US and HKG and can move money around between accounts (and 3rd party banks) for free or nearly free. Will open an HSBC account in Fils shortly.

 

3 days for transfers on-line, and easy to do.

 

If you live in Fils and your money is in US, UK, Australia, etc. you could open a HSBC regular account or HSBC Online in your home country plus an HSBC account in the Fils. Then do bank to bank transfers for a small charge, or free if you write a check from your US HSBC account to your Fils HSBC account. Don't know how long the check would take to clear, but since it's two HSBC accounts, should be faster than normal bank check clearing.

 

If you qualify for a Premier account at HSBC (USD$100K in one of your accounts), you get free international money transfers between listed HSBC accounts which include US, UK, HK, Philippines, Australia.

 

I think Citibank has similar capabilities and services, but they don't seem to stable as of late...hehehe.

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