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Does your Philippine bank charge a fee when you deposit a check from the U.S.?


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David Spicer

I didn't know you could have an ATM card that would withdraw pesos from a dollar account. I wouldn't do that anyway as you wouldn't get a very good exchange rate, just the banks rate. You can do better elsewhere.

 

I have an ATM card associated with my Dollar account and accidentally used it once. I got charged a fee for the Dollar to Peso conversion. I now leave the Dollar ATM card at home.

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I have had a USD account with PNB for several years. They charge 100 peso's for checks deposited that are issued in the US. Initially it took 30 days to clear. I found that after I had done busines

well anytime you want to meet me i still have passbook where they charged me. they charge a percentage of money received plus a fee for an itinerary bank which no other bank charges. it cost about $30

David Spicer

At BPI, the rate you get is the closing rate from the previous business day. I keep up with the dollar to peso exchange rate, and rate I get at BPI is always within 25 centavos of the Forex rate that shows online in the currency converters. The people at BPI show me the rate before I approve any transfer from my dollar account into my peso account, but they use the same rate when you withdraw from the ATM. And yes...BPI allows you to withdraw pesos from your dollar account through the ATM. A dollar account would be pretty worthless if you couldn't use an ATM to get cash when you need it (like other than bank hours)...and there are no ATM's here loaded with dollars that I know of.

 

The BPI exchange rate online is not from the previous days rate. Depending on what's going on that particular day, the rate can change anywhere from only once, to several times during the day. Many times I have gone online to exchange Dollars, didn't like the current rate, so I just come back later. If I still don't like it then I'll just wait until tomorrow. The online rates, like xe.com, are not the public rate, but the bank to bank rate. I too normally get only 15-20 centavoes difference with BPI from what's being shown online.

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afmayer

I normally get within P15-P20 centavos of the online bank to bank rate. For me to realize a $30-$40 difference, I would not only have to be able to get the online bank to bank rate, but be exchanging $10,000. You must be going through some serious cash.

 

No ... not really ... just living expenses for a few months. Not talking about comparing online "bank to bank" rates as they are always higher than money exchangers. Talking about difference between bank rate (BPI) and money exchanger rate. Many ex-pats use the money exchanger at Robinson's because of the good rates they offer. I have experienced rate differences of as much as 50 centavos. That amounts to about $35 when exchanging $3K.

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turbo black

i have an account with PNB,they charge me 100 pesos per check that i put into my account.

it takes 23 working days after the bank submits the check[usually the next day] so in reality

about one month to get my money.we then have to play this game of changing dollars to pesos.

PNB wants to give me there rate and i tell them no i want the central bank rate.this means they

have to get on the phone and ask what the rate is for the day.

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David Spicer

No ... not really ... just living expenses for a few months. Not talking about comparing online "bank to bank" rates as they are always higher than money exchangers. Talking about difference between bank rate (BPI) and money exchanger rate. Many ex-pats use the money exchanger at Robinson's because of the good rates they offer. I have experienced rate differences of as much as 50 centavos. That amounts to about $35 when exchanging $3K.

 

The last time that I lost 50 centavoes on the exchange was back when I used to use my US ATM card a couple of years ago. I now normally get within 15-20 centavoes (don't know why I added the P before) of the bank to bank rate with BPI online. And I know what both rates are at that moment, prior to approving the transaction. If the rate is not to my satisfaction then I merely logoff and check back later. If a money changer can best what I normally get by even 10 centavoes, which I doubt these days, then it would require me exchanging $15,000 to realize a $35 gain over the BPI rate.

 

In my case, to go to the bank and then to Robinsons, I'm already starting out with about a P200 deficit in gas. What this means is I'm going to need to best BPI's rate by at least 6.6 centavoes on the mentioned $3,000 just to break even. So even if I beat BPI's rate by 15 centavoes, my net gain is about P250, and I could have just done all of this from my computer chair. My last exchange was on the 28th and I got P43.71 while the online bank to bank rate was showing P43.90.

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I don't know anything about HSBC (RP) accounts, I don't have one. But I do have an HSBC (US) account and have never been charged a fee to use the ATM to withdraw funds here from them. Likewise I use my USAA ATM card at HSBC and get a warning my bank might charge a fee which they don't but no fee here. Unfortunately there is only one rather inconvenient HSBC location now .

 

HSBC do charge for depositing cheques I receive from the UK, the good side is there are no charges using their ATMs and I can withdraw up to 80,000php (2 withdrawls of 40.000 per day) and can use ANY other banks ATM without any charges being made.

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afmayer

The last time that I lost 50 centavoes on the exchange was back when I used to use my US ATM card a couple of years ago. I now normally get within 15-20 centavoes (don't know why I added the P before) of the bank to bank rate with BPI online. And I know what both rates are at that moment, prior to approving the transaction. If the rate is not to my satisfaction then I merely logoff and check back later. If a money changer can best what I normally get by even 10 centavoes, which I doubt these days, then it would require me exchanging $15,000 to realize a $35 gain over the BPI rate.

 

In my case, to go to the bank and then to Robinsons, I'm already starting out with about a P200 deficit in gas. What this means is I'm going to need to best BPI's rate by at least 6.6 centavoes on the mentioned $3,000 just to break even. So even if I beat BPI's rate by 15 centavoes, my net gain is about P250, and I could have just done all of this from my computer chair. My last exchange was on the 28th and I got P43.71 while the online bank to bank rate was showing P43.90.

 

My experiences are different. I always check the rates online, at the BPI branch I frequent, and the money-changer. The money changer almost always beats the rate by at least 30c ... sometimes up to 50c. If the difference wasn't so extreme, I would certainly do the exchange on-line (as I used to), or at the branch to save me the trouble. Whatever works for you ...

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SkyMan
A dollar account would be pretty worthless if you couldn't use an ATM to get cash when you need it
I use my dollar account as an emergency fund. I try to forget I even have it. I can get pesos from the ATM from my USAA account whenever. I like to keep a small pot of dollars here, just in case.
and there are no ATM's here loaded with dollars that I know of.
Right. I remember in Germany in '95 I thought it interesting I could get US, DM, or I think Swiss Francs from the ATM. Probably a different third currency in different parts of Germany too.
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