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BobX

ATMs that allow greater than 10,000 pesos?

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BobX

I get charged a fee for using an overseas Visa card, and was wondering how to reduce costs.  After reviewing some old threads here on LinC, it seems some ATMs do have a greater limit, but I really didn't understand the information given.  So are there any that people know of?

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ThomsonJr

HSBC bank near Ayala Mall in Cebu allows up to 40,000P withdrawals and I think Citibank also has a withdrawal limit of over 10,000P if i'm not mistaken.

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udonthani

you should be grateful they allow 10,000. Many only allow 3 4 or 5. The reputation the Phlippines has, for having a totally appalling financial infrastructure, and especially for the tourists, is deserved.

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Cebudog

Citibank is 15,000p.  I use HSBC.

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Jim Sibbick

I get charged a fee for using an overseas Visa card, and was wondering how to reduce costs.  After reviewing some old threads here on LinC, it seems some ATMs do have a greater limit, but I really didn't understand the information given.  So are there any that people know of?

HSBC accepts visa.

 

You can get P40,000 in a single withdrawal so long as the daily withdrawal limit set by your bank allows it.

 

HSBC in Cebu City is on C. Rosales Avenue, opposite Ayala Mall and nearly opposite the Marriott Hotel. They have 2 ATM machines inside, with a guard on the door 24/7.

 

Outside Cebu City, you will be restricted to about P10,000 per withdrawal.

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Siuk

Does anyone know the local bank account limits?  I have withdrawn 20k from my PNB account, but would be good to know the limit in case of emergency.

 

 

and was wondering how to reduce costs.

 

I didn't open a local bank account here for years. Saved me a fair amount of money once I did and started transferring money to it once a month.   I paid close to a couple of thousand $ on just local and international fees over the years. Really should have opened an account sooner.

 

edit: If you are here permanently, or visiting regularly, it will be worth your while opening an account here.

Edited by Siuk
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Buko Beach

There is also a 200php 'foreign card usage fee' applied on most ATM transactions in the Philippines so it pays to withdraw the max amount if possible. There are reports that some cards are not charged the fee and those seem to be Citibank and HSBC linked International cards. 

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Siuk

One other plus to having a local account.  No matter how much you withdraw or how frequently, you will never have the account blocked for unusual activity. I suffered that many times and had to call the bank for them to unblock it.  You are in the Philippines, so any decent (albeit very annoying) bank is going to take notice of more frequent withdrawals.  If there was an emergency, or you were in hospital and someone else had to withdraw for you, there would be major problems.

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Knowdafish

 

I get charged a fee for using an overseas Visa card, and was wondering how to reduce costs.

 

Charles Schwab reimburses ALL fees on a monthly basis with no account minimum. It is the very best deal that I know of.

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mpt1947

I think before you run off and take 40,000 php out of any bank, you really should look at the fee schedules.  I am charged 200 Php for w/d funds (10,000 php) from most Philippine ATM's that is about $4.65 at 43/1 Exchange Rate.

 

If I use a Credit Card, my bank charges about 10% of the transaction.  However, if I use my Visa Debt Card my bank only charges me 1% of the transaction. So I would need to spend $465 (20,000 php) to equal what I would be charged by most banks to w/d 10,000 php.

 

What does HSCB or Citi Bank charge to W/D over 10,000 pesos?  What kind of balance must you maintain in your banks to access this much cash?  But most of all, what are you going to do carrying 40,000 php around on you?

 

If we need cash, my wife takes the money out of her BPI account - no fee if she uses a BPI ATM.  I pay for the groceries with the plastic card.

Edited by mpt1947

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voirdire

HSBC is the best place to get money out. 

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Salty Dog

I agree about HSBC. They don't charge any fee for me using my USAA ATM card. You can park in front long enough to use ATM or you can park in their garage with the entrance in the back. Sometimes I just walk over there from Ayala since its just across the street from the Marriott.

 

I now use my ATM/Debt card at grocery and department stores. USAA doesn't charge a foreign transaction fee on the debt card and they only charge 1% on their credit cards. USAA also doesn't charge a conversion fee like all Philippine banks (about 20 to 40 centavo per dollar) and all foreign exchange companies (as much as a full peso per dollar) do. In other words they use the current exchange rate.

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SkyMan

 

I didn't open a local bank account here for years. Saved me a fair amount of money once I did and started transferring money to it once a month. I paid close to a couple of thousand $ on just local and international fees over the years. Really should have opened an account sooner. edit: If you are here permanently, or visiting regularly, it will be worth your while opening an account here.

 

One other plus to having a local account.  No matter how much you withdraw or how frequently, you will never have the account blocked for unusual activity. I suffered that many times and had to call the bank for them to unblock it.  You are in the Philippines, so any decent (albeit very annoying) bank is going to take notice of more frequent withdrawals.  If there was an emergency, or you were in hospital and someone else had to withdraw for you, there would be major problems.

I don't any fees to get my money from the US and that has nothing to do with my having accounts here.

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samatm

REally pissed off when my US issued Citibank card was charged 200 p per transaction from a Citi ATM !    I can understand (sort of  .. out of network fees...) but the same freakin' bank ?????) 

 

 fr

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ed villas

Charles Schwab reimburses ALL fees on a monthly basis with no account minimum. It is the very best deal that I know of.

usaa refunds up to $15.00 a month,

usage of HSBC and CITIBANK will allow over 10k . the rest at 10k

HSBC is the only bank that does not charge that 200p fee now,

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