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exoticboy89

Whats The Best Option To Manage Moneyh

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exoticboy89

how do you guys recommend getting money into philippines!? is it smart to open a bank accounht when you are arriving and than just send the money via bank transaction to your account in philippines?

 

is taking pretty much money from home to philippines smart!?

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TheMatrix

Just keep your dough in a U.S. bank and withdraw here via an ATM card when you need cash. That's how I've been rolling last 18 months.

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USMC-Retired

Just keep your dough in a U.S. bank and withdraw here via an ATM card when you need cash. That's how I've been rolling last 18 months.

ditto for 36 months

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Panserhansen

Agree with the two above, I do the same myself.

 

If you have your money or income in another currency than USD, the banks will change to USD before peso, so there's not much to win if any using bank wire.

 

Make few and big cash withdrawals, and use your credit card when you shop grocery(supermarkets), clothes etc if you have a good agreement with them back home. Skycable also accepts major credit cards, not sure if Veco does..?

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exoticboy89

ok i have an european account and that means i can withdraw money everywhere in cebu!? theres for sure a possibility opening an account in cebu!?

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Turbota

I have lived here in the PI for 4 years now. Here is what I do ... I opened up a "Dollar Account" at a bank here in the PI.

 

My retirement checks are electronically deposited in my checking account in my credit union in the US. All I do is write a personal check to myself for deposit into that Dollar Account here. As long as the check is for less than $5,000, there is no charge for this transaction. In about 1 month, the check clears, and the money is available to me. I then take out whatever I need and have the bank change the dollars into pesos right there. I have found out that the exchange rate at my bank is about the same as the money changers downtown. Once you have some extra money in that dollar account, you don't need to worry about the 1 month wait for the check to clear ... it becomes a non-issue.

 

My Dollar Account also earns interest, but it ain't much.

 

Wireing money is not cheap ... My bank in the US charges $40 for each wire (no matter what the amount of the wire is) ... The Filipino bank here even charges 1/2 of 1% to accept the wired money.

 

I tried just using the ATMs over here, but it just became kind of a pain in the butt. And when I had the house built here, I just could not pull enough money from those ATM machines to make large payments to the contractor. I just really had to have a Dollar Account in my name, and when I need a large amount of money, I have the bank print me a "Manager's Check", so I don't need to carry around big bags of Pesos to pay the contractor, etc.

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Balintawak

Search HSBC in forum. Card with visa or mastercard is best though

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fanboat

I did it my way....brought a wad of clean 100 dollar bills in my pocket.....the rest commes oce a month western union....I pay a whooping 50 dollars for this fee!

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Paul

I have lived here in the PI for 4 years now. Here is what I do ... I opened up a "Dollar Account" at a bank here in the PI.

 

My retirement checks are electronically deposited in my checking account in my credit union in the US. All I do is write a personal check to myself for deposit into that Dollar Account here. As long as the check is for less than $5,000, there is no charge for this transaction. In about 1 month, the check clears, and the money is available to me. I then take out whatever I need and have the bank change the dollars into pesos right there. I have found out that the exchange rate at my bank is about the same as the money changers downtown. Once you have some extra money in that dollar account, you don't need to worry about the 1 month wait for the check to clear ... it becomes a non-issue.

 

My Dollar Account also earns interest, but it ain't much.

 

Wireing money is not cheap ... My bank in the US charges $40 for each wire (no matter what the amount of the wire is) ... The Filipino bank here even charges 1/2 of 1% to accept the wired money.

 

I tried just using the ATMs over here, but it just became kind of a pain in the butt. And when I had the house built here, I just could not pull enough money from those ATM machines to make large payments to the contractor. I just really had to have a Dollar Account in my name, and when I need a large amount of money, I have the bank print me a "Manager's Check", so I don't need to carry around big bags of Pesos to pay the contractor, etc.

 

Ron has it right in his post, quoted above.

 

You guys who are only using ATMs to draw funds out are costing yourselves tons of money over the course of a year. Now, more than ever, the costs are higher to draw from foreign banks, via most domestic banks. Most banks in the Philippines are now charging Php 150 per transaction, in addition to what you are paying to draw your money out of the machine.

 

It takes very little time to open a USD account here. You can then open a Peso account where you may transfer the funds after you have exchanged it. The bank in Cebu that I recommend is Bank of Commerce, main branch, on Osme

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USMC-Retired

Ok so is there a bank that can accept Direct Deposit in the account without delay? One that can be opened here in the PH. Routing number is required for this transaction. Most banks want to hold your money for 14 to 30 days.

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Mailman

One other reason not to rely solely on withdrawing funds from an ATM using a US bank card is that every so often banks will completely cut off card usage in some countries due to high levels of fraud.

 

When I first arrived here, I was doing just that. One day, I went to the ATM to extract money for rent and groceries. My transaction failed. Thinking that the ATM network might be down, I tried another machine. Same result. Ok, the outage is more widespread... waited until the next day to try again. Same thing. Called my bank late one night (time difference) and found out that the Philippines is one of a few countries in the area that have been 'blacklisted' from all ATM and POS transactions and that they do not know when it will be lifted.

 

Needless to say, it wreaked havoc with the budget. With a new baby on the way, I needed a more reliable method to access money. It was at that time that I decided to open a local account(s) and did the 'deposit check and wait' method. Really, it isn't that bad. As long as you deposit a check every month like clockwork, you don't even notice the wait (assuming you have enough money to tide you over for the very first deposit).

Edited by Mailman

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Headshot

Ok so is there a bank that can accept Direct Deposit in the account without delay? One that can be opened here in the PH. Routing number is required for this transaction. Most banks want to hold your money for 14 to 30 days.

I have my retirement checks deposited directly into my credit union in the States. Then, on my request, the credit union deposits money to either my dollar or peso account at BPI here in the Philippines. The transaction costs me $25 flat fee and is usually complete in about 24 to 48 hours (with the money available to me). The delay is caused because the transfer has to be recorded at BPI during their end-of-day routine. Unfortunately, overseas banks do not use the same "routing number" system used in the US. They use what is known as a "swift number," which your bank or credit union can use to transfer funds. Unfortunately, the "swift number" cannot be used for direct deposit (at least those providing my retirement checks couldn't use it when I asked...one of them is the same group that sends you your retirement checks). For me, using a US credit union and then transferring money as needed is the best way to go because, while my money is in my savings account in the US, it is earning a lot more interest than it would in a bank here. The interest I get at my credit union more than covers the $25 fund transfer fee (many times over), since I only transfer funds once every three to six months. I set up how I would do these transfers with my credit union before I left the US. I initiate the transfers by email or by phone, and use code words to verify to them that it is me making the request. I know the people I am working with at the credit union, and they recognize my voice. An added benefit of using the credit union is that the majority of my funds are much more secure in the US (with the secure deposit insurance programs available there). I know there is deposit insurance here, but I don't trust it.

Edited by Headshot

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Paul
Ok so is there a bank that can accept Direct Deposit in the account without delay? One that can be opened here in the PH. Routing number is required for this transaction. Most banks want to hold your money for 14 to 30 days.

 

There are a number of different banks in the country that will accept direct deposit. An added plus, if you will, to opening a USD Savings Account with one of these banks, is they will allow you to open an account without having to pay the minimum required deposit ahead of time.

 

Here is a list of banks in the Philippines

 

If you are looking for the bank that offers the lowest minimum opening (and maintaining) balance, is Planter's Bank. Don B told me about that bank, and its low minimum USD balance, a long time ago.

 

HSBC / HSBC- Philippines might be a bank you are interested in dealing with, but their minimum balances are high, much higher than most other banks I have dealt with in the past.

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Jess Bartone

..... Most banks in the Philippines are now charging Php 150 per transaction, in addition to what you are paying to draw your money out of the machine.

BDO in Gingoog is charging 200.

 

 

It takes very little time to open a USD account here......

Paul, do you know if it's possible to open an AUD account?

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