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What Is A Large Sum Of Money And How To Move It


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This comment got me thinking. What is a "large" amount of money is a very relative term. Here in the states, a plain old bank check has been good enough for me. And by bank check, I don't mean one of my personal checks. A bank ch

 

In the Philippines what IS a "large" sum of money?

 

How do you go about safely moving large sums of money?

 

Not wanting to sound too dumb here, but why would someone want to move a large sum of money? Is it the same reasons as here in the USA - buying a car, house, or business?

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smokey

This comment got me thinking. What is a "large" amount of money is a very relative term. Here in the states, a plain old bank check has been good enough for me. And by bank check, I don't mean one of my personal checks. A bank ch

 

In the Philippines what IS a "large" sum of money?

 

How do you go about safely moving large sums of money?

 

Not wanting to sound too dumb here, but why would someone want to move a large sum of money? Is it the same reasons as here in the USA - buying a car, house, or business?

 

 

 

 

 

this is a in God we trust all other pay cash country.... here a check is a piece of paper that is sometimes real and often just that a piece of paper.. you build a house here you dont go to the bank to borrow money you go to the bank to get money to pay for materials , workers etc after the house and buying a car is the most common reason to have large amounts of cash.. these days i wire from my us acct to here and from here i take out twice a month in us and change never keeping more then needed to last say 3 months in the Philippines by using a repitive wire you can wire by phone from your us acct to your local acct this is set up while in the US as you need to sign a few papers to do this..

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This comment got me thinking. What is a "large" amount of money is a very relative term. Here in the states, a plain old bank check has been good enough for me. And by bank check, I don't mean one of my personal checks. A bank ch

 

In the Philippines what IS a "large" sum of money?

 

How do you go about safely moving large sums of money?

 

Not wanting to sound too dumb here, but why would someone want to move a large sum of money? Is it the same reasons as here in the USA - buying a car, house, or business?

In Norway we do not use check anymore, it is old fashioned and impractical

No stores accept check, we only use bank transfers, cash and cards.

 

A large sum of money in RP is more than a normal month income, for it is usually the maximum amount that they ever have. B)

 

Paying a large sums of money can usually be arranged through bank transfers in RP also.

The first time I had to pay a big bill in RP (50K to a lawyer) he would have it in cash, but I just said no and transferred it to his bank account. All serious companies have a bank account that you can transfer money to, this is also a good receipt together with a contract. Online bills payment is also possible in RP, but "cash is king". B)

 

Remove the cash so there is less money to rob. :thumbsup:

It's nice if everyone knows that "Joe" do not have cash, only plastic. :lol:

 

 

Harry

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This comment got me thinking. What is a "large" amount of money is a very relative term. Here in the states, a plain old bank check has been good enough for me. And by bank check, I don't mean one of my personal checks. A bank ch

 

In the Philippines what IS a "large" sum of money?

 

How do you go about safely moving large sums of money?

 

Not wanting to sound too dumb here, but why would someone want to move a large sum of money? Is it the same reasons as here in the USA - buying a car, house, or business?

 

 

What is large for you?

 

 

Large for me is probably when I can't find any places/pockets in and around my pants anymore to stuff it. 300,000 pesos or so will do that I think.

 

./

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Chris, I have some cargo shorts that will hold more than that I'm sure. But concerning the OP, how long is a piece of string? To some people carrying P10K is allot.

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mattwilkie

You know its a large sum of money when your transfer company wont move it due to money laundering restrictions although if you split it into chunks and send over a longer period and multiple senders its no longer a large sum :thumbsup:

 

Although my question would be how safe is it in the banks in RP? Ive known at least 4 people who had staff at the bank fleece the accounts for money. Including someone who only had a payment book and money was still withdrawn internally. So once stolen by staff it wouldnt be a large sum of money but maybe enough pesos for a San Mig B)

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This is scary. Can't trust the banks. And its too dangerous to have "large" amounts of cash on hand.

 

So if you are buying a car from an individual, I guess you hire the local gun slinger, to be your side man, from the bank to the seller's location??

 

Another thought I had....telling the person that you owe money...My bank account is at xxxx bank. Meet me there and I'll pay you. ...They walk out with money...So the bill is paid, and they are the one at risk.

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A_Simple_Man

Another thought I had....telling the person that you owe money...My bank account is at xxxx bank. Meet me there and I'll pay you. ...They walk out with money...So the bill is paid, and they are the one at risk.

 

A reasonable precaution . . but if you are the recipient you should ask for a manager's cheque. . . . basically a bank draft signed by the bank branch manager.

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Bank to bank or account to account. Carrying large sums of money in the Philippines is insanity IMO, so what would a person consider a large sum of money in a country where many working people only make a couple hundred pesos a day and sometimes less, it would be different for each of us and each Filipino based on income. IMO you would be in possible danger from the time you withdraw the money from the bank, and in front of all the people in the bank and all the employees that know you withdrew it.

 

Also once you give it to a person you want to buy a car or other item from, they could then claim some of it was counterfeit, so even cash may not be the best solution.

 

Some easy ways

 

Manager check. Already mentioned but not many people will accept those, so make sure the person will before getting one because cashing it again might be a pain.

 

 

Have the person open an account in your branch of the bank you do business with, if they do not already have one there, and then just have the money withdrawn from your account and deposited into their account. No money changes hands and that is always the safest way to do things IMO. We even have the money changers meet us at the bank and many of them also have accounts at the same bank and all it takes is a deposit slip and a withdrawal slip from each of us.

Edited by Mr. Lee
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This comment got me thinking. What is a "large" amount of money is a very relative term. Here in the states, a plain old bank check has been good enough for me. And by bank check, I don't mean one of my personal checks. A bank ch

 

In the Philippines what IS a "large" sum of money?

 

How do you go about safely moving large sums of money?

 

Not wanting to sound too dumb here, but why would someone want to move a large sum of money? Is it the same reasons as here in the USA - buying a car, house, or business?

 

I have friends and associates here who do not trust the armored cars to transport their money. But, they trust me. I have carried as much as Php 6.1 Million on my person, from a bank to another location for someone. That is the most I have ever carried, in a single trip, here in the Philippines.

 

Do note, I am not a bonded courier. But, I have never lost a single peso that I have transported for anyone here. Incidentally, a backpack full of cash is heavier than one may imagine, especially in Php 1000 and Php 500 notes.

 

Now, on to transferring of funds:

 

The best way to move money from outside the Philippines to a bank within the country, is to do so by a check (personal or bank) drawn on an account in your country. For example, an American citizen can come here, open a USD savings account with a (minimum) $500 USD cash deposit (one bank I know of has a $100 USD minimum balance), and write a personal check to deposit additional funds from his USD checking account in the states. The funds can be floated by the banks for up to 45 days. But, they will usually clear in about 30 days.

 

The best way to transfer money within the Philippines, short of having someone carry it as I have in the past, would be to deal with a bank that will allow the money changer to drop by once or twice per day, so you do not have to wait for them to be there. A couple of banks I have dealt with here, will take money from a USD savings account, convert it into Philippine Pesos, and deposit it into my Philippine Peso account. I never have to touch the cash, and the rate will be the local "black market" rate, not the bank rate.

 

HTH

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  • 3 weeks later...
sandwindstars

Problem in the Philippines is that many places demand cash for payment (like a place I booked for Cebu Pacific flight and Air Niugini!). I had to take money from the bank, put in my backpack then took a cab. Luckily, these were in good places in Manila. I do the following usually when involving big amounts (over P5,000).

 

1. Pay by cheque to someone (like lawyer etc).

2. Bank to bank transfer (who pays what to be agreed upon)

3. Foreign transfers (as I've done before from my bank here to there)

4. Large purchases, I use credit card.

 

I have made a rule that if none of the above applies, I don't do business. Even for air tickets, I will just look for a place where I can use credit card, debit card etc but I'm not going to carry P100,000 in my backpack as I did last year.

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When we build our house in Cebu, we had to a move large amount of cash from the US to Cebu. We have USD account with PNB for a while now. I would go to my bank in the US and wire the money directly to PNB and the cost is 30USD. When I need the money or when the Peso rate goes up, I would tell PNB to exchange with a money changer directly, so I never have to carry any money.

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  • 4 weeks later...
ashlogcreek

Ok I can understand about coming to the Philippines and opening a bank account, and writing a personal check to add money to the account, but if you are only staying 1 to 2 months, by the time the money gets there, you will have been broke for a month...lol

 

Let's say that you bring enough cash with you, to last a month. For someone who is staying in a hotel for a month, you would have to bring upwards of $5000 US. which is approx. 235,000 P. That's a lot of money to keep on you all the time.

 

True enough, IF you get the cash to a bank quickly, and open an account, you wouldn't be carrying the cash for long but still could be a problem.

 

Are there enough places there, that accept travellers checks? Would travellers checks be a better option?

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Let's say that you bring enough cash with you, to last a month. For someone who is staying in a hotel for a month, you would have to bring upwards of $5000 US. which is approx. 235,000 P. That's a lot of money to keep on you all the time.

 

That IS a lot of money! Makes me wonder exactly what kind of hotel will you be staying at for that price.

 

Typically, a hotel's monthly rate will be anywhere in the 25,000-35,000PhP range.

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Ok I can understand about coming to the Philippines and opening a bank account, and writing a personal check to add money to the account, but if you are only staying 1 to 2 months, by the time the money gets there, you will have been broke for a month...lol

 

Let's say that you bring enough cash with you, to last a month. For someone who is staying in a hotel for a month, you would have to bring upwards of $5000 US. which is approx. 235,000 P. That's a lot of money to keep on you all the time.

 

True enough, IF you get the cash to a bank quickly, and open an account, you wouldn't be carrying the cash for long but still could be a problem.

 

Are there enough places there, that accept travellers checks? Would travellers checks be a better option?

 

It's not just as simple as walking into a bank and opening an account. The rules are followed very loosely depending upon which bank you choose. Opening an account when you will only be here a short time is a waste of time I think.

 

Travelers checks are a pain in the ass here.

 

Just use a debit card drawn against your account back home. HSBC and a couple of other banks will let you withdraw up to P40K per day depending on you bank's limits.

 

$5000 dollars for one month is high roller here, so I'm guessing you are going for the Waterfront or other high end place. At P7666 a day you have allot of options.

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