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Banks on Siragao Island?


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BossHog

Well, I was just trying to be helpful to a future neighbor by answering a specific question.

 

Insulting people's typos, language ability, and now even practical banking advice seems a bit pointless.

 

 

The banking set-up is less than ideal for tourists but residents can work something out to avoid monthly trips to the mainland.

 

 

PS. There are two Libertad on Siargao that I'm aware of, Ray. One's near GL and the other in the rice fields on the north of the island.

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easy44

 

 

so many potential foreign visitors, have taken one look at the Philippines, realised that the foreign exchange infrastructure is noticeably poor (it really stands out for being bad, compared to its neighbours), and just gone somewhere else.

You actually know people who were considering visiting the Philippines but decided not to because of the banking system? Or was it because nobody takes travelers checks? Man, you must know some strange people! I have never met anyone who wouldn't come for that reason when there are hundreds if not thousands of bank branches that will take just about any ATM card from an established bank as well as credit cards.

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Dave and Chona

Hi to all,

I was hoping that someone could clear up a worry that I have with banks in the PI. Now it was about 10 years ago that I lived in the PI and I was led to understand that only 50,000 pesos was insured on deposit. bearing in mind that it is unlikely to be robbed, but the bank manager might decide to run off with your dosh, how safe would a deposit of 20 million pesos be for example. What is the normal amount insured now and how easy/dificult would it be to make a claim if something untoward should happen. I know most people will say you should leave your money in your home country and just take out what you need, but would it not be more expensive in the long run to do that and much better to have a peso account only as they used to give really good interest rates. Do not know whether they do now, maybe someone can comment.

thanks in advance

Dave

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easy44

P500K is the limit now. I won't put all my money in a Filipino bank.

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Dave and Chona

Thanks for that, good to know whats what, Dave

 

P500K is the limit now. I won't put all my money in a Filipino bank.

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udonthani

You actually know people who were considering visiting the Philippines but decided not to because of the banking system? Or was it because nobody takes travelers checks? Man, you must know some strange people! I have never met anyone who wouldn't come for that reason when there are hundreds if not thousands of bank branches that will take just about any ATM card from an established bank as well as credit cards.

 

I've met, or seen posts on travel boards from plenty of people who came once, and said they never intended to return, one of the reasons being that the foreign exchange facilities are so bad - though the biggest single complaint about the Philippines remains the overpriced, poor value for money accommodation and what most people find to be mediocre food.

 

you must accept that the foreign exchange infrastructure in the Philippines is just appalling. Towns need to have a population of about 60-70,000 before they're likely to have an ATM that will accept foreign cards and even then there's only going to be one and no guarantee it's going to work. You don't have to go very far to look at a good example, Moalboal. It's supposed to be this international dive destination and yet the nearest ATM is in Carcar, an hour away on a bus. If you can't see that this is absolutely pathetic for an international tourism destination, and that none of the other countries in the region would so dumb as to allow this, then there's something wrong with you.

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easy44

I've met, or seen posts on travel boards from plenty of people who came once, and said they never intended to return, one of the reasons being that the foreign exchange facilities are so bad - though the biggest single complaint about the Philippines remains the overpriced, poor value for money accommodation and what most people find to be mediocre food.

 

you must accept that the foreign exchange infrastructure in the Philippines is just appalling. Towns need to have a population of about 60-70,000 before they're likely to have an ATM that will accept foreign cards and even then there's only going to be one and no guarantee it's going to work. You don't have to go very far to look at a good example, Moalboal. It's supposed to be this international dive destination and yet the nearest ATM is in Carcar, an hour away on a bus. If you can't see that this is absolutely pathetic for an international tourism destination, and that none of the other countries in the region would so dumb as to allow this, then there's something wrong with you.

I agree to a certain extent, but this is after all a third world country, and you can't compare it to Thailand which has a much more highly developed infrastructure. If the small inconvenience of having to carry cash to more remote areas is just too much for someone to deal with, then I guess you're right. They probably shouldn't be coming here. It's a question of being prepared for the conditions you will face. I do agree that Moalboal should have a working ATM since it is a tourist destination, but anytime you visit the province, finding an ATM is a crap shoot. Maybe they should put that on the arrival cards.

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udonthani

Moalboal is not a 'remote area'. They plaster it over the internet like it's this brilliant thing, but then they can't even be bothered to do basic stuff. If they were serious, they'd market it properly as a dive destination and provide foreign exchange facilities to suit for the tourists they hope may come. People are going to get wind that the foreign exchange facilities are shit in advance, and when they do come, if they haven't cottoned on to that, they'll come just the once, realize that it's a total dump for tourists, never come again, and tell their friends. You, like the Philippine tourist industry in general, need to get real, get active, realise there's a lot of work to do against your rivals that already have a knife at your throat. If you aren't going to sink like a stone, you will be required to FIGHT and WORK.

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JamesMusslewhite

We have expats here in Surigao City with Foreign ATM cards that use them regularly here to get moneies, have several good money changers. I don't know about Moalboal but we seem fine here in Surigao City, where the bank ATM's use Visa, Cirrus, and local cards. The topic is about Siargao island and banks. No banks or ATMs that I know of on Siargao island but there are plenty here in Surigao city.

 

Udothani, yes we know you are bias towards Thailand, but if the OP was wanting to go to Thailand then I am sure he would not be asking about banks in my neck of the woods.

Edited by JamesMusslewhite
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JamesMusslewhite

why don't you just tell them the truth, namely that the financial infrastructure on Siargao and the wider Philippines is just totally appalling and that they don't have any ATM's yet that the foreigners, that want to spend foreign exchange, can use?

 

so many potential foreign visitors, have taken one look at the Philippines, realised that the foreign exchange infrastructure is noticeably poor (it really stands out for being bad, compared to its neighbours), and just gone somewhere else.

You talk as if you are an authority about my back yard, funny have you spent much time here in Surigao del Norte? Tell the truth, you really don't know jack about what the OP is asking about. I am glad you love Thailand so much, and you are so discontented with the Philippines. But your obvious dislike or displeasure is not shared by everyone. But that has really nothing that helps with this mans questions.

Edited by JamesMusslewhite
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PapaRay

I want to thank everyone for their advice. I am so looking forward to coming back and living in the Philippines. Wish I could be there today.

 

Just one note though. This forum is a wonderful idea and very helpful, if only people can be civil about it.

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udonthani

We have expats here in Surigao City with Foreign ATM cards that use them regularly here to get moneies, have several good money changers. I don't know about Moalboal but we seem fine here in Surigao City, where the bank ATM's use Visa, Cirrus, and local cards. The topic is about Siargao island and banks. No banks or ATMs that I know of on Siargao island but there are plenty here in Surigao city.

 

Udothani, yes we know you are bias towards Thailand, but if the OP was wanting to go to Thailand then I am sure he would not be asking about banks in my neck of the woods.

 

Moalboal is different, that is supposed to be one the premier dive destinations in the whole country, and with a touristy 'feel'. It's just totally laughable that there's hardly any foreign exchange facilities there, Siargao is different, one wouldn't necessarily expect much in the way of financial infrastructure in Thai or Indonesian equivalents either.

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