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Runian

ATM overview

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TheWhiteKnight

 

We've had it using our U.S. ATM debit/credit cards here in the Philippines, because of all the freak'n transaction service fees! We now only write U.S. personal checks for deposit (without any fees for deposit) into our BPI joint USD ATM savings account and use only our local bank's ATM without any service fees or withdraw over the counter for huge amounts in pesos or dollars. Anyways, since I'm a senior citizen I get to go to the head of line in any of our branch named bank.  
We now only use our U.S. ATM debit/credits cards mainly for emergencies and purchases we want or need.  
Some people will always recommend HSBC, Charles Shwabs, Capitol One and or USAA for their non-ATM service fees. The only problem, their offices are far and few in between and they all require some form of deposit like savings, checking and or investment accounts and always need to call or go on-line to contact them if any problems arises, where as our local bank they are all over the place in the Philippines with ATM and internet access and there are some branches in other countries, we have at least 2 BPI branches within walking distance from where we live, half a dozen driving distance just within a 2 to 4 mile radius and we can talk to a real live person during business hours or over the phone any time.   

 

 

Charles Schwab requires nothing more than a US address, there is no minimum balance, no investments. Why would you care about their branches when you are just using their ATM card. No ATM fees, a BETTER rate than you are going to get taking your dollars all around town (and the risk involved). You don't need to talk to anyone, and if you have a problem with the card they do have 24 hour support.

 

You take that card to the same BPI ATM you are talking about and get 20K a time at the best exchange rate and deposit it in to your BPI account. How is depositing US checks, waiting 25 days to clear, and taking them somewhere for a shittier exchange rate make any sense?

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NOSOCALPINOY

Charles Schwab requires nothing more than a US address, there is no minimum balance, no investments. Why would you care about their branches when you are just using their ATM card. No ATM fees, a BETTER rate than you are going to get taking your dollars all around town (and the risk involved). You don't need to talk to anyone, and if you have a problem with the card they do have 24 hour support.

 

You take that card to the same BPI ATM you are talking about and get 20K a time at the best exchange rate and deposit it in to your BPI account. How is depositing US checks, waiting 25 days to clear, and taking them somewhere for a shittier exchange rate make any sense?

Because withdrawing just P20k at a time or per day won't cut it when one's monthly living expenses is over P100k to P200k a month and some expats live out in the province off the beaten path far away from any ATMs. Makes plenty of sense to me and other expats living off the beaten path out in isolated secluded provinces or island.  

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Irenicus

Charles Schwab requires nothing more than a US address, there is no minimum balance, no investments. Why would you care about their branches when you are just using their ATM card. No ATM fees, a BETTER rate than you are going to get taking your dollars all around town (and the risk involved). You don't need to talk to anyone, and if you have a problem with the card they do have 24 hour support.

 

You take that card to the same BPI ATM you are talking about and get 20K a time at the best exchange rate and deposit it in to your BPI account. How is depositing US checks, waiting 25 days to clear, and taking them somewhere for a shittier exchange rate make any sense?

 

Do you have any proof of this?  As far as I know, the ATM/local banks set the conversion rate, and it is pretty much always lower than what you can get exchanging locally.

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TheWhiteKnight

Because withdrawing just P20k at a time or per day won't cut it when one's monthly living expenses is over P100k to P200k a month and some expats live out in the province off the beaten path far away from any ATMs. Makes plenty of sense to me and other expats living off the beaten path out in isolated secluded provinces or island.  

 

Fair enough, you can get 45K a day ($1000) if that helps. If I need a lot, you can go twice in the same day (before and after midnight in the US)

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TheWhiteKnight

Do you have any proof of this?  As far as I know, the ATM/local banks set the conversion rate, and it is pretty much always lower than what you can get exchanging locally.

 

What you know is completely wrong then. The exchange rate is set by your bank, and is based on the VISA or MASTERCARD exchange rate (the wholesale rate, generally always better than any rate that any bank will give you in PH) for that day + 1% Visa/MC fee + any fees your bank adds on (usually up to 3%.)

 

With Schwab and a couple other banks. They EAT the 1% visa fee, don't charge any other fees, and REFUND the ATM charge from the PH bank.

 

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/(you would put in 0% for the bank fee)

https://www.mastercard.com/global/currencyconversion/

 

The bank of the ATM has NO control over the exchange rate at all, unless you are a sucker and chose to use the instant currency converter that some ATM's try to offer you. When you travel you want to make sure that you are always paying in PESOS or BAHT etc. Never let the store or the ATM convert it for you. It should never show you a dollar amount. This is rare in PH, but it happens, in TH alot of the ATMs want to covert for you at a bad rate.

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Irenicus

 

 

The bank of the ATM has NO control over the exchange rate at all, unless you are a sucker and chose to use the instant currency converter that some ATM's try to offer you.

 

Ah, it was the instant currency converter I was thinking of - my mistake.

 

Thank you for clarifying that, afmayer.

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TheWhiteKnight

Ah, it was the instant currency converter I was thinking of - my mistake.

 

Thank you for clarifying that, afmayer.

 

I used the wrong term it's really dynamic currency conversion. https://en.wikipedia.org/wiki/Dynamic_currency_conversion

 

Always a rip off in most cases.

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woodchopper

 

 

dynamic currency conversion

 

sorta like falling off a cliff,,or more appropriately,,downhill from the true rate!

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Monsoon
Do all ATM machines give the same exchange rate?

 

Visa/Masercard (whichever logo is on your ATM card)  determines the exchange rate, not the ATM machine. 

Edited by Monsoon
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Runian

More machines going south : 
Prince Warehouse in Argao have , takes Visa
Dalaguete has a VISA machine with delux accommodations in the public marked *aircon room*(no joke, it even works) gives 10K 
Santander have a VISA machine in the municipal hall gives 10 K 

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Journeyer

Charles Schwab requires nothing more than a US address

 

Even with an address, Schwab won't open an account if you're currently outside the US.

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TheWhiteKnight

Even with an address, Schwab won't open an account if you're currently outside the US.

 

Wow I guess myself and 3 other expats I helped open their accounts are full of shit? haha.

 

You can open up COMPLETELY online, with nothing to sign, not even a signature card. It's mailed to your US street address. They have no idea where I'm located and don't ask. Once delivered, you call them and tell them you already left for vacation and if they can mail you a new card directly to you in PH for $15 or you have a friend or family member bring it for you.

 

I've done it personally from PH, and I've helped others do the same. They never ask where you are currently located and you would be stupid to volunteer it, though even then I don't think they care.

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SkyMan

 

 

Because withdrawing just P20k at a time or per day won't cut it when one's monthly living expenses is over P100k to P200k a month and some expats live out in the province off the beaten path far away from any ATMs. Makes plenty of sense to me and other expats living off the beaten path out in isolated secluded provinces or island.  
You're talking about 2 different situations as one.  If your monthly living expenses are over 100K I'm betting you don't live in the province and therefore have plenty of ATM access.  I don't get more than 10K from an ATM at a time unless I have a specific reason and that last me close to a week, sometimes more.  If I needed to though, I could go get p100K or more from an ATM.

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SkyMan

What you know is completely wrong then. The exchange rate is set by your bank, and is based on the VISA or MASTERCARD exchange rate (the wholesale rate, generally always better than any rate that any bank will give you in PH) for that day + 1% Visa/MC fee + any fees your bank adds on (usually up to 3%.)

 

With Schwab and a couple other banks. They EAT the 1% visa fee, don't charge any other fees, and REFUND the ATM charge from the PH bank.

 

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/(you would put in 0% for the bank fee)

https://www.mastercard.com/global/currencyconversion/

 

The bank of the ATM has NO control over the exchange rate at all, unless you are a sucker and chose to use the instant currency converter that some ATM's try to offer you. When you travel you want to make sure that you are always paying in PESOS or BAHT etc. Never let the store or the ATM convert it for you. It should never show you a dollar amount. This is rare in PH, but it happens, in TH alot of the ATMs want to covert for you at a bad rate.

I know one idiot agent I talked to about a credit card charge that would probably disagree with you.  This moron so much as told me that if I used a US credit card in the RP that it was up to the merchant taking card to look up the dollar exchange rate and charge my card according to the rate.  I thought about asking what he thought would happen if I went to a gas station in Oklahoma and used a Philippine credit card and if Rufus behind the counter would notice it wasn't a US card and would look  up the PHP exchange rate but I just asked for a supervisor.

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perrya

This is stupid thread- helps no one, does nothing, pointless. Just saying...

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