Author Topic: First trip money questions  (Read 20220 times)

Offline Art, just a re(tired) Fil-Am

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Re: First trip money questions
« Reply #15 on: April 01, 2018, 04:06:17 AM »
I would suggest not to use XOOM to send yourself money here while in the Philippines. Xoom is a stickler when sending money to youself. I and others in the past have experienced XOOM to close and termite  transactions abruptly due to the Philippines Money Anti-laundring Act and they will never reinstate your account once closed for any reason. Read the reviews on Xoom's website of some of Xoom's horror stories.  If you don't want this to happen send the money to one of your wife's relatives. You can't send it to your wife if she is on your account.
To avoid having to handle large sums of cash in public I would suggest wearing a money belt with your new $100 bills. Don't flash your moneY around in public. Go into a secure bathroom stall to take your money out from your money belt. Too many prying eyes in public.   
I have used Transfer Wise for the past few months now to send pesos to my BPI PhP checking account. Haven't had any issues using them. "Knock on wood".
We're been retired here in the Philippines for 20 years now and here we shall stay forever.
« Last Edit: April 01, 2018, 04:33:57 AM by Art, just a re(tired) Fil-Am »
"Life is what we all make it to be"!
"It's always a matter of money"!
"Do on to others as they would do on to You, but do it first"!
"Different strokes for different folks"!
"Que Sera Sera"!

Offline Lee2

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Re: First trip money questions
« Reply #16 on: April 01, 2018, 07:09:55 AM »
I cannot change banks in Florida. My income there is property income from holding the paper on 2 houses that I financed through a sale of property. The payments are deposited in my long time bank, where I am also a registered voter in the same county. I vote via Absentee Ballot.

My SSA Pension is direct deposited into my bank in Bacolod, RCBC. I must use my passbook to make withdrawals in person. No charge for that.

I will check out BPI next time and see if I can get more than P10,000 out at one withdrawal. Thank you for the information.

I usually withdraw money 2-3 times each month with my Florida issued Bank Card at an ATM. Around $10-$15 per month at the current exchange rate.

~ Gary ~
Bacolod City
I would never wish to tell anyone how to live their lives, I just wish to help people so there would be no reason to change banks, you could just open another account in one of the two I suggested and then go online and transfer money whenever you wish to and then withdraw it using their atm card because they reimburse the fees charged. If a person does not have any investments, then Charles Schwab might be the better account since they appear to be happy to have just the bank account, from what many expats who use them say.

Also for people who have a U.S. address, lots of expats have their SS direct deposited into their U.S. bank and then use their atm card to withdraw it in the Philippines, that might cut out the death form SS usually requires of people who live outside the country.

Anyway whatever I suggest are just suggestions, not only for you, but for those who have yet to move to the Philippines who might read this thread.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline Lee2

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Re: First trip money questions
« Reply #17 on: April 01, 2018, 07:15:51 AM »
Since credit cards were mentioned, I forgot to mention that Cap One does not charge any fees when their card is used outside the U.S. and Fidelity Visa charges 1% but gives back 2%, so using that card is also a win win, I am sure there must be others who do not charge for their use, I would suggest people look into those as well, why pay fees is my POV, when we can use our cards free. I have saved a small fortune over the years by not paying fees while living our yearly part time life here, how much more could be saved by those who live in the Philippines full time.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline BudM

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Re: First trip money questions
« Reply #18 on: April 01, 2018, 09:59:40 AM »
The small fortune I would save is 60 bucks or less a year depending if I deposit every month or skip a month or two.  A small price, which I do not mind, and allows me to not deal with the BS, in my opinion, of credit cards.  Yeah, that is from a year round resident view.  If I live 35 more years, we are talking about, let us see, wow over 2k USD.  Maybe I need to rethink this.  OK, after thinking on it, I have decided to pass.  Unless the check deposit fee gets ridiculously high, I will deal with it rather than the BS, in my opinion, of credit cards.
Whatever floats your boat.

Offline Art, just a re(tired) Fil-Am

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Re: First trip money questions
« Reply #19 on: April 01, 2018, 10:23:32 AM »
Credit and or debit cards? I have them, but seldom use them only as a last resort or for emergencies. I don't quible about the exchange rate when they are about .20 to .40 centavos less than the going Forex
exchange rate.
I still deposit U.S. checks into our PhP account once every 2 to 3 months. So, there's no need for me to go around town looking for the best exchange rate just to make a little more unless we're dealing with millions of pesos, which then would be worth looking for the best rates, but if not, I don't bother looking.
"Life is what we all make it to be"!
"It's always a matter of money"!
"Do on to others as they would do on to You, but do it first"!
"Different strokes for different folks"!
"Que Sera Sera"!

Offline BudM

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Re: First trip money questions
« Reply #20 on: April 01, 2018, 10:57:01 AM »
I am not going to run around town either for the best exchange rate but if I can get a better one down the road where I am going without causing me any extra time or effort, yeah, I am going to get it.
Whatever floats your boat.

Offline piozam13

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Re: First trip money questions
« Reply #21 on: April 05, 2018, 03:34:01 AM »
forgot to mention that Cap One does not charge any fees when their card is used outside the U.S.

I have Cap One.  This has been my observation.  While it does not charge foreign exchange fee - the exchange rate is lower and one may end up paying more. I prefer to use cash in the Philippines.

Offline jjcabgou

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Re: First trip money questions
« Reply #22 on: April 05, 2018, 06:20:27 AM »
I have Cap One.  This has been my observation.  While it does not charge foreign exchange fee - the exchange rate is lower and one may end up paying more. I prefer to use cash in the Philippines.
I get the best rate when using my credit card, and because of that I try to exclusively use my credit card.   No foreign exchange fee, no money transfer fee, no lessening of the exchange rate to pay a bank or business.   Look around for different credit cards I guess, for me it is the best option.

Offline Lee2

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Re: First trip money questions
« Reply #23 on: April 05, 2018, 06:29:28 AM »
Also we might wish to consider the cash back we get when using a credit card, Cap One gives 1.5% back, not a big deal but over the course of a year, I earn quite a bit of money using my Fidelity Visa to pay as many items as I can, the same would be true using my Cap One or other card that gives you the benefits that fit your lifestyle. One friend uses a mileage card for everything and ends up traveling pretty much free or getting free upgrades, different strokes for different folks, I just use every possible no work savings to my benefit.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline Art, just a re(tired) Fil-Am

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Re: First trip money questions
« Reply #24 on: April 05, 2018, 06:42:43 AM »
I get the best rate when using my credit card, and because of that I try to exclusively use my credit card.   No foreign exchange fee, no money transfer fee, no lessening of the exchange rate to pay a bank or business.   Look around for different credit cards I guess, for me it is the best option.
I looked around quite a bit, but most credit cards do not offer much like what you have mentioned. Care to share what credit card you have? Most credit cards did away with their 25 to 30 days grace period and charge hefty finance charges per day and or month, also international fees with low XE rates.
Even though I have high credit limits, I watch our spending carefully. I only got credit cards mainly for unexpected emergencies and for small purchases I can payoff in a short period of time.
"Life is what we all make it to be"!
"It's always a matter of money"!
"Do on to others as they would do on to You, but do it first"!
"Different strokes for different folks"!
"Que Sera Sera"!

Offline jjcabgou

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Re: First trip money questions
« Reply #25 on: April 05, 2018, 08:17:26 AM »
I looked around quite a bit, but most credit cards do not offer much like what you have mentioned. Care to share what credit card you have? Most credit cards did away with their 25 to 30 days grace period and charge hefty finance charges per day and or month, also international fees with low XE rates.
Even though I have high credit limits, I watch our spending carefully. I only got credit cards mainly for unexpected emergencies and for small purchases I can payoff in a short period of time.
Chase

Offline jjcabgou

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Re: First trip money questions
« Reply #26 on: April 05, 2018, 08:22:27 AM »
Chase

Grace period and daily finance charges?   WOW, what credit card are you using?   As long as I pay my monthly charges in full, I am not charged one penny.   And yes, their is no international fee associated with my card.   Art, if you are being charged a daily fee for your purchases, I would strongly suggest dumping that card immediately and looking elsewhere.  There are many really good credit cards out there

Offline bigrod

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Life is  to short not to live it right the first time

Offline Art, just a re(tired) Fil-Am

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Re: First trip money questions
« Reply #28 on: April 05, 2018, 09:06:27 AM »
I also have a Chase Card, BofA, AMEX and USAA. Maybe I should look again for better deals, but most have what I have explained. As I've said, I seldom use credit cards unless I have to.
Besides we don't take trips out of the country anymore. We're just burnt out of all of our travels from the past.   
"Life is what we all make it to be"!
"It's always a matter of money"!
"Do on to others as they would do on to You, but do it first"!
"Different strokes for different folks"!
"Que Sera Sera"!

Offline BudM

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Re: First trip money questions
« Reply #29 on: April 05, 2018, 09:11:00 AM »
I have Cap One.  This has been my observation.  While it does not charge foreign exchange fee - the exchange rate is lower and one may end up paying more. I prefer to use cash in the Philippines.

I prefer to use cash here also.  I don't feel like or want to pay a financial officer to keep track of all the credit card intricacies.  My time to relax is more important to me than worrying about all that stuff myself.
Whatever floats your boat.