Jump to content

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


Recommended Posts

smokey

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?

 

 

 

 

 

 

use a hotel safe ,, but first stay in a real hotel ... i used to bring that amount in 100 dollar bills make sure they are new and just carry them in a pocket next to your most sensitive parts.. i would keep a few hundred in my wallet to change at the airport the rest hidden.. We paid 2500p a night on a hotel and on vacation you spend more then you usually do and the money would last up to one month.. i think hotels run in my mind from the least expensive i will enjoy staying in at 1,800p a night to 4,000p a night for higher end...

Edited by robert51
Link to post
Share on other sites
A_Simple_Man

. . . just carry them in a pocket next to your most sensitive parts..

 

'. . . . but not past the airport security guy with the wand unless you want to be horribly embarrassed .. . I say from experience. Their equipment will detect a thick wallet and not be able to identify what it is you have strapped to your midsection.

Link to post
Share on other sites
ashlogcreek

I'm sorry, I was replying to this post:

 

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

 

What I was refering to was, IF you bring a small amount of money, and open up an account, at a bank there; and you are staying for 2 months or longer, by the time the Philippine bank clears the funds, 30 days later, you are out of money. Or am i thinking wrong?

 

So you should make sure you bring enough to get you through the 30 days; so you leave enough time for the check to clear?

Link to post
Share on other sites
ashlogcreek

I was only using the $5000 amount as an upper figure, in case someone WAS staying at an upscale hotel maybe long term. Not me for sure.....lol.....I can't afford that.

Link to post
Share on other sites
  • 4 weeks later...
senseless

I have a paypal account with a debit card. I pay 1$ per transaction at ATM machines with a maximum withdraw of 400$ per day. There is no limit to the amount I can charge to the card, only a limit on ATM withdraws (standard on all atm/check cards). If you need to buy something grociery, or whatever, robinsons, ayala, gaisano, sm, etc. The department stores and grociery all take credit card. When I first arrived they would charge a fee, but I think they finally figured out how much easier it is to deal with numbers in a computer than physical cash. I know for sure the ayala in cebu city does not charge a fee for using a credit[check] card anymore. Ontop of that I get 1% cash back on all 'credit' purchases.

 

In most cases when you're buying something large, or building it, lets say a house or a car for instance... You don't really need to have a lump sum of cash to transfer from one person to another. You can withdraw what you need as you need it. 200$ for lumber this day, 200$ for concrete the next day, etc. I would be able to withdraw up to 12,000$ for the same price as a wire transfer. Most subdivisions as well as car lots offer 1 year 0% APY schemes or low yield rates over a period of time. I've found that it's better to keep large sums of money invested until when you actually need it. My average dividend yield is 9%, so 10,000$ is going to make me 75$ for the extra month it'll be sitting in my brokerage account. Not a lot, but it'll buy some drinks and a couple burgers at tgi fridays. And it's better than letting it sit in a pinoy peso account devaluing (unless your homeland currency is devaluing at a greater rate (USA)).

 

Just keep in mind that the GDP per capita is 3,300$USD.. People here have nothing... They think you're the richest man in the world for the most part. I asked my neighbor's 20 year old son once how much he thought I made per year. He said "I don't know maybe 2 million or 3 million". So I asked him "In pesos or dollars", he replied "In dollars". I had to chuckle, if I had that much money i'd be living in northern france. They don't have a basic understanding of economics, and... carrying large sums of money is never safe... I rare ever keep more than 125$ (5000P) on me at any time.

 

There was a news paper story I read about a european, his wife and children being murdered and then burned in their home after a home invasion robbery. I believe that happened in sibonga.

Link to post
Share on other sites
There was a news paper story I read about a european, his wife and children being murdered and then burned in their home after a home invasion robbery. I believe that happened in sibonga.

 

Yes, this did happen. It happened because they thought they could trust someone who worked for them.

 

Don't, under any circumstances, keep large sums of money in your home, ever.

Link to post
Share on other sites

TT (telegraphic transfer/wire transfer) is always the best and most reliable method to utilize.

 

My HSBC Premier, Chinabank, Citibank, Metrobank and Banco de Oro accounts all have wire transfer capabilities online.

It's just that the Philippines banks are a bit more of a pain in the ass to set up.

Link to post
Share on other sites
senseless

Yes, this did happen. It happened because they thought they could trust someone who worked for them.

 

Did they find who did it? I figured it was out of the realm of investigation for the police as the technical requirements to analyze the debris are probably beyond their technical knowledge/budget.

Link to post
Share on other sites

I don't really understand about this "large sum of money" thing as far as what the OP is really asking ... but if I am in the Philippines and I need to pay someone else here in the Philippines a "large sum of money", I certainly don't carry thousands of dollars worth of pesos in my pockets to pay them ... or bring a big bag of money like that to them.

 

1. I bought a car here once. The cost was over a million pesos. I got a "Managers Check" from the bank which was made out to the company selling the car.

 

2. Same thing when I would have to make a payment to the architect for the new house construction. I gave him a Managers Check made out in his name.

 

As far as transferring a large sum of money from my account in the US to my dollar account at my bank in the US, I just write a personal check for the money made out in my name and deposit it into my dollar account ... Takes about a month to clear. No need to carry all this money into the bank.

 

 

However, when I was renting a house here, I needed to pay my landlord 25,000 persos per month. I would just get the money out of my bank here in the PI and pay the money to him in cash. I never was really worried about carrying 25,000 pesos in my pockets for the short period of time it took to bring it to the landlord.

Link to post
Share on other sites

But what to do if the guy that is selling me a few automatic weapons doesn't accept the Manager's check? :thats-funny:

Link to post
Share on other sites

Well its a common term in most countrys.

 

In Norway you can take 25.000 Nkr,- in you pocket when you leave the country. Approc 200kphp/ 4000US any amount over that you have to report to the Norwegian Sentral Bank, this is so the government can track your foundings. (due to tax and other domestic rules/laws)

 

We have a high taxrate in Norway, approx 36-40% of your turnover. The max inhandcash is not high because of that. If you wan't to banktransfer money there's no limit as long as you report it to the NSB.

 

Only the sky.

Link to post
Share on other sites
Guest
This topic is now closed to further replies.
×
×
  • 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..

Capture.JPG

I Understand...