Author Topic: What form of money to bring?  (Read 10226 times)

Offline turquoiseblade

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What form of money to bring?
« on: June 21, 2008, 08:40:39 AM »
More advice needed!

Will Visa plastic work in Manila and Baguio?

Should I bring USD greenbacks and have them changed when I get there? Or shoud I just spend USD\'s as cash?

Sorry for all the questions, but I gotta know : )

Law

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Re: What form of money to bring?
« Reply #1 on: June 21, 2008, 08:47:13 AM »
More advice needed!

Will Visa plastic work in Manila and Baguio?

Should I bring USD greenbacks and have them changed when I get there? Or shoud I just spend USD\'s as cash?

Sorry for all the questions, but I gotta know : )

Law


Law,

Visa is accepted almost everywhere & works in many ATM\'s. Easy to change $ here & pay in Peso.

Offline Manila Cockney

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Re: What form of money to bring?
« Reply #2 on: June 21, 2008, 10:53:47 AM »
More advice needed!

Will Visa plastic work in Manila and Baguio?

Should I bring USD greenbacks and have them changed when I get there? Or shoud I just spend USD\'s as cash?

Sorry for all the questions, but I gotta know : )

Law


US dollars are generally not accepted as cash here, similar that pesos are generally not accepted as cash in USA. Yesterday I deposited some dollars into my dollar account at BPI. They recorded every serial number and was told I would have to one week for the dollars to clear! The dollars were withdrawn only 10 minutes before that at Citibank. Bring an ATM card and withdraw pesos directly from the ATM.† †

Offline Gray Wolf

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Re: What form of money to bring?
« Reply #3 on: June 21, 2008, 11:02:30 AM »
More advice needed!

Will Visa plastic work in Manila and Baguio?

Should I bring USD greenbacks and have them changed when I get there? Or shoud I just spend USD\'s as cash?

Sorry for all the questions, but I gotta know : )

Law


You can\'t spend your dollars in the RP anywhere that I know of.† You\'ll need to exchange them for pesos.† Be sure to bring only new, crisp $100 bills for the best rate.† They may refuse to exchange any older or wrinkled 100\'s.† Forget bringing 20\'s, or 10\'s.† Also, do not expect to get a good rate by going to a bank.† Exchange your dollars to pesos in one of the major malls.† Avoid all \"street level\" money changers.† Most are rip offs.

Most large businesses accept Visa cards with few questions, if any.† They also come in handy for paying hotel bills, etc.† Make sure you tell your bank where you\'re going and how long you expect to be there.† Failure to do so could result in a large embarrassment when they say \"Sorry sir, card no work.\"† Most banks now have built in fraud prevention and if you don\'t let them know you\'ll be out of the country, they could put a block on your card.† Bad news!
Louisville, KY USA - Bagong Silang, Caloocan City, PH

Offline michael16136

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Re: What form of money to bring?
« Reply #4 on: June 21, 2008, 04:37:56 PM »
I recommend that you use your ATM card while here and that you don\'t worry about bringing lots of US cash. It\'s not only more convenient but you will get a better rate than with money changers. Visa/Mastercard are widely accepted but I have to let my bank know every month that I\'m still out of the country. Otherwise, it sometimes gets blocked and I have to call.

Offline turquoiseblade

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Re: What form of money to bring?
« Reply #5 on: June 22, 2008, 08:09:43 AM »
Thanks all, for the good advice.

I was just recently cut off by Visa on a drive through Canada. When I asked them why they didn\'t tell me, they said they called me at my home #. I asked them how they expected me to recieve the call if I was on the road.DUH!

I have never used an ATM card, or a debit card. Looks like a trip to the bank is on now.

Can I use a Wells Fargo ATM card there?

Offline Gray Wolf

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Re: What form of money to bring?
« Reply #6 on: June 22, 2008, 10:32:14 AM »
Thanks all, for the good advice.

I was just recently cut off by Visa on a drive through Canada. When I asked them why they didn\'t tell me, they said they called me at my home #. I asked them how they expected me to recieve the call if I was on the road.DUH!

I have never used an ATM card, or a debit card. Looks like a trip to the bank is on now.

Can I use a Wells Fargo ATM card there?


It doesn\'t matter which institution issues the card, it\'s the symbol on the card that matters.† Look on the back and see if it has a Star logo or Plus.† There are many others, but these are the symbols mine has.† Make sure you use an ATM that has a matching symbol.
Louisville, KY USA - Bagong Silang, Caloocan City, PH

Offline michael16136

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Re: What form of money to bring?
« Reply #7 on: June 22, 2008, 12:56:17 PM »
I don\'t know where you\'re planning to go in the country, but here in Davao, the ATMs all take Plus, BankNet, and most of the other international networks. Be sure to check with your bank to find out the fee you will be charged for taking out money. Because the fee applies to every transaction, regardless of amount you withdraw, it\'s best to find the ATMs that let you withdraw the largest amounts. Here in Davao, that\'s HSBC.

Offline coutts00

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Re: What form of money to bring?
« Reply #8 on: June 22, 2008, 02:51:21 PM »
Law,

You travel frequently, so some of this is old hat to you. But, set yourself a budget for the trip, pull out some greenbacks from the bank before you leave and carry your ATM as well. Although illegal, here there is a credit price and a cash price, and then the white guy price is more expensive than both of them. When we came here we kept some of our cash in USD and converted some into Pesos for daily expenses. We would never flash large bills around or even be seen to be carrying large bills, i.e. don\'t pay for everything with 1000 peso notes. Now as my wife was traveling with me, she kept the bulk of the money and I kept about 5k in small denomination notes in my wallet. If anyone ever saw me spending any money it was with 100\'s, 50\'s and twenties.

Compartmentalize if you can, only keep as much cash on you as you can afford to lose if your wallet was stolen, a frequent occurrence here in the malls. Carry your US drivers license for ID and keep your Passport in a safe place preferably the hotel safe.

Banks charge a fee for currency conversion plus a fee for overseas use plus a fee for using another banks teller machine, so a $50 dollar purchase can really be a lot more when you get home. Also I would recommend picking up a cheap cell phone whilst here and a local sim card and get used to texting, phone calls are a rarity here, text is the way to go. Don\'t tell anyone including your guide, how much money you are carrying.
Wayne† ;D ;D

Offline michael16136

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Re: What form of money to bring?
« Reply #9 on: June 22, 2008, 05:37:08 PM »
Whenever I negotiate a price and pull out a credit card, the sales person will try to tell me that it\'s going to cost me more. Whereupon I promptly take back my card, tell him/her it\'s illegal to charge more and begin walking out of the store. It has never failed that the person comes running after me telling me that it\'s all okay and I\'ll be charged only the agreed up price.

Offline Gray Wolf

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Re: What form of money to bring?
« Reply #10 on: June 23, 2008, 08:01:17 AM »
Wayne mentioned something that is worth repeating, with an addition.† Keep your passport in a very secure place, such as the hotel safe or with a trusted family member, if you\'re staying with family at any point of your visit.†

But also make a color photocopy of the front page of your passport for additional ID.† When you do some traveling around, obviously you\'ll need to take your passport with you.† Should it become lost or stolen, having a good color photocopy of your front data page is invaluable when you go to the embassy to have a replacement passport made.† It also serves as a very good form of ID in addition to your other forms of ID such as driver\'s license.

Louisville, KY USA - Bagong Silang, Caloocan City, PH

Offline turquoiseblade

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Re: What form of money to bring?
« Reply #11 on: June 23, 2008, 11:45:48 AM »
Thank you all for such good info. It is truly appreciated.

Law

Offline Manila Cockney

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Re: What form of money to bring?
« Reply #12 on: June 24, 2008, 10:46:34 AM »
Wayne mentioned something that is worth repeating, with an addition.† Keep your passport in a very secure place, such as the hotel safe or with a trusted family member, if you\'re staying with family at any point of your visit.†

But also make a color photocopy of the front page of your passport for additional ID.† When you do some traveling around, obviously you\'ll need to take your passport with you.† Should it become lost or stolen, having a good color photocopy of your front data page is invaluable when you go to the embassy to have a replacement passport made.† It also serves as a very good form of ID in addition to your other forms of ID such as driver\'s license.



I keep a copy of the passport on the internet under password. This is in case if everything is stolen I would lose both my passport and the copy. Carry more than one ATM, Credit Card and keep it in the hotel safe. If they are stolen or eaten by an ATM machine you have a back up. Imagine only having one card which gets eaten by the ATM machine on Friday before the long bank holiday weekend and you have no other way to get money. Check out first the security of the hotel safe, some are not so safe. When travelling between hotels etc. keep the credit/debit cards in different places i.e. not all in the same wallet. The same applies to cash. If you know you are going to a place with many ATM machines such as Manila, Cebu, Boracay etc. do not carry much cash with you and get cash once arrived. Be careful though with places where there are few ATMS they can quickly run out of cash and you are stuck. Some places you will not even find an ATM.†  

Offline oy1jd

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Re: What form of money to bring?
« Reply #13 on: May 22, 2009, 03:05:51 AM »
What beter is to bring with you to the philippines now adays british pound, us dollars or euros?
How about visa electro cards?

Offline bowlofsopas

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Re: What form of money to bring?
« Reply #14 on: May 22, 2009, 04:10:33 AM »
What beter is to bring with you to the philippines now adays british pound, us dollars or euros?
How about visa electro cards?

Without wide experience on this matter, I would still say if you bring cash to the Philippines then USD is the way to go. It seems as though (by the rates given and the difference in buy/sell spreads that I can see) that any other currency is just an afterthought for the various dealers. When Filipinos think of money, and it\'s not pesos, then they think of US dollars.

I know of at least one bank in the Philippines that issues its own Visa Electron card. So based on this fact, I am assuming that they should work OK in the Philippines.

 


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