Jump to content
Sign in to follow this  
Dafey

Pesos account VS. Dollar account

Recommended Posts

Dafey

Okay...setting myself up for lambasting...I do understand the difference between Pesos and Dollars.

 

But, could someone tell me what the difference is in accounts and why I need each? Not sure how this works.

Share this post


Link to post
Share on other sites
Paul

I'm assuming you have a USD account in the US? Perhaps, checking? If so, you are in great shape to open a USD Savings account in the Philippines. 

 

Take your boxes of checks with you. Follow the local bank's procedure and requirements for opening a USD Savings Account. From that point forward, begin writing checks, in the amount that you will need, to budget for your costs every month, quarter, etc., in the Philippines. 

 

As needed, take the appropriate USD's from that account, have your trusty banker convert them (at the black market rate), and deposit them into your Philippine Peso Account. 

 

You will pay the fewest fees possible, and will have Philippine Pesos to spend, as necessary, for your expenses in the Philippines. 

  • Like 8

Share this post


Link to post
Share on other sites
Lee

Also if you have a BPI dollar and peso account, and have them set up online access, then you can do online exchanges for a little less than the money changers around town might do for you. It is all a matter of how much you exchange at a time. 

 

As Paul wrote, I deposit my US checks into our BPI dollar account and wait 21 business days for it to clear, so you always need to stay a month ahead. to make sure you have enough money. BPI and many other banks require US $500 in cash to open a dollar account and p3000 to open a peso ATM account, then living on the peso ATM at the stores when shopping and withdrawing pesos when needed at a machine makes life much easier, no need to carry large sums of money.

  • Like 2

Share this post


Link to post
Share on other sites
Paul

 

 

BPI and many other banks require US $500 in cash to open a dollar account and p3000 to open a peso ATM account

 

Land Bank, still til this day, is the cheapest bank I know of, to open a USD Savings Account at. The requirement is $100 USD. Their minimum to open a Piso ATM account is Php 500.

  • Like 3

Share this post


Link to post
Share on other sites
contraman

I am surprised that the US still use Checks (Cheques).

Sure, I do have a check book, but I have not written one for over 5 years

All my transactions are done by EFT credit Card.

Even transfers from overseas to mt BDO peso account.

Even the recent sale of my property, the funds were direct deposited into my account

No, Nil, Zip checks, :idontknow:

Share this post


Link to post
Share on other sites
tonny

OK BDO Has the best  dollar account if the money comes direct deposit.......... Direct Deposit Dollar Savings Account  USD 0.00  USD 0.00   always in your account on the 3rd or before !!!!! The  bad part you can only take $ out at the branch you open the account  ,,,, good luck

Edited by tonny

Share this post


Link to post
Share on other sites
rainymike

I have my SS money deposited into a Metrobank peso account. They do the conversion to pesos, but not at the best market rate. But it's too much of a bother for me to go around town looking for the best rate. So it's for convenience. Where I live, there weren't too many places that converted pesos to dollars, so that's what made me go down that path in the first place (I needed $500 cash to open up a dollar account).

 

I will have to open up a dollar account though for the SRRV and maintain a certain amount of dollars there. Will be doing that next year.

Share this post


Link to post
Share on other sites
Paul

 

 

I am surprised that the US still use Checks (Cheques).

 

Oddly enough, by using printed checks that I was issued many yeas ago on my current primary account, I am able to use an APP on my phone and make electronic deposits from that account, to my Schwab account, to be able to draw my funds out each month. I just fill out a check made out to me, endorse it and take images of both sides. Then, "deposit" it via the APP, into the Schwab account. Go from there to May Bank, and withdraw the funds. (May Bank charges no foreign ATM fees.) If the ATM I used did charge ATM fees, Schwab would reimburse them each month, fortunately. 

 

I live on considerably less now than I have in ages. But, due to having these checks, and my current accounts as they are, this saves me a fair amount of money each month.

 

My primary bank, if I had to draw the funds from it via ATM, would cost me $2.00 initially, plus $1.00 on every $50 USD withdrawn. So, a single $500 USD withdraw would cost me $12.00 USD, plus more on the exchange - if I were in a country where the ATMs didn't dispense USD. That doesn't include the $4.00 or $5.00 foreign ATM fee that could be charged, on top of the other fees. 

Share this post


Link to post
Share on other sites
Woolf

I am surprised that the US still use Checks (Cheques).

Sure, I do have a check book, but I have not written one for over 5 years

All my transactions are done by EFT credit Card.

Even transfers from overseas to mt BDO peso account.

Even the recent sale of my property, the funds were direct deposited into my account

No, Nil, Zip checks, :idontknow:

 

I have not written a check in 20 + years  maybe 30 years

 

Nobody in denmark uses checks any more

Share this post


Link to post
Share on other sites
Hy H

I have not written a check in 20 + years  maybe 30 years

 

Nobody in denmark uses checks any more

 

Jup... not quite 20year but getting close.   Most countries by now around the world also have accepted the metric system.

  • Like 2

Share this post


Link to post
Share on other sites
Rocketman

I have a U.S. dollar account in the U.S., a dollar account in the Philippines and a Peso Account in the Philippines, all at Citibank.  Easy and almost immediate dollar transfers from the U.S. to my account in Cebu via computer.  I transfer dollars to pesos as needed.  Like others, I don't need U.S. checks but DO need Philippine checks for paying my lease and monthly dues.  It works for me.

  • Like 1

Share this post


Link to post
Share on other sites
Dafey

I have a U.S. dollar account in the U.S., a dollar account in the Philippines and a Peso Account in the Philippines, all at Citibank.  Easy and almost immediate dollar transfers from the U.S. to my account in Cebu via computer.  I transfer dollars to pesos as needed.  Like others, I don't need U.S. checks but DO need Philippine checks for paying my lease and monthly dues.  It works for me.

 

As always you all are very helpful.

 

I did not know Citibank was in Cebu! That could be the smoothest to transfer for monthly living expenses.

 

I also opened up a Schwab account today, online. It was a long application form but well worth the time. Everything is set up online.

 

Thanks again!!!

Share this post


Link to post
Share on other sites
David Spicer

Unless you can afford the Citibank account that allows transfers with no fees (I can't), then the checking method is the only completely no fee option. The fact that no one in the world uses checks today is irrelevant. I've been depositing checks since 2008, transferring funds from my Dollar account to my Peso account as needed via BPI's online FOREX bank. To date BPI has never charged me a single centavo for anything. Their online FOREX bank is usually within 20 centavos of what's being shown online, which is normally not the public rate anyway.

 

The so-called USD direct deposit is not a direct deposit. It's a remittance to a Philippines bank from a US regulated bank/financial institution, and there's normally a small remittance fee involved. If any portion of the money in the Philippines bank account is US Treasury funds, then the account will have restricted access. That means the account is passbook only, and only accessible by the payee, which is not a good idea should you be unconscious in the hospital and that account is your only source of funds.

Edited by David Spicer

Share this post


Link to post
Share on other sites
mistaeric

Is there a limit to the amount of the USA checking acct you can write in the Phlis?

Share this post


Link to post
Share on other sites
Paul

 

 

I also opened up a Schwab account today, online. It was a long application form but well worth the time. Everything is set up online.

 

I neglected to tell you, not long after your account is set up, you are going to be FLOODED with mail from Schwab, regarding all sorts of things. TONs of it, in fact. Be prepared.

 

The positive side of it is, when you use foreign ATMs (which will be just about any ATM on the planet), Schwab will reimburse your fees. 

 

I have May Bank here, which does not charge ATM withdraw fees. So, I try to use it rather than other ATMs, whenever possible. Just because Schwab reimburses fees, doesn't mean I shouldn't save them a bit of money when I can, if I can.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..