Author Topic: First trip money questions  (Read 18243 times)

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

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Re: First trip money questions
« Reply #30 on: April 05, 2018, 09:35:11 AM »
https://nomadgate.com/visa-vs-mastercard-exchange-rate/
When I retired in 1997, before moving here I got rid of all of my U.S. credit cards, but 10 yrs ago I reacquired them again for their conveniences.
Alot sure has changed what banks offer today it makes my head spin with the many various deals they all offer.
"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 #31 on: April 05, 2018, 09:43:46 AM »
Here is a decent article   https://milecards.com/4697/no-foreign-transaction-fee-cards-are-you-ripped-off-by-the-exchange-rate/

In addition to the decent exchange rate I am getting, I also get points, that I can redeem as "cash" when using my credit card.   I still contend, as long as there are no foreign transaction fees and you are getting above average rewards, the credit card is the way to go.

People keep saying "cash", but how are you getting that cash?   I am really curious as I may change my spending habits. 
Withdrawing from an ATM?  What are the fees and the exchange rate?  If you are sending via xoom, western union etc etc... you are paying fees and relying on their exchange rates, and you are not getting any rewards points that you would get using a credit card.

1 PHP = 0.019204 USD

Offline jjcabgou

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Re: First trip money questions
« Reply #32 on: April 05, 2018, 09:54:53 AM »
REALLY IMPORTANT NOTE:

If you do use a credit card and you are offered to pay in either pesos or your country's currency, ALWAYS ALWAYS choose pesos.   If you choose your country's currency, you will be charged an extra percentage, probably around 3 percent!!!

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

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Re: First trip money questions
« Reply #33 on: April 05, 2018, 10:01:28 AM »
Since we don't travel much anymore out of the country, life is much simplier without the worries of paying alot of monthly credit card bills.
Now we just set aside 2 to 3 months of pesos cash on hand for our daily needs and pay on-line all of our utilities and our one time annual payments.
A simple life, is a happy life just kicking back and enjoying our retirement.
Before I retired, I was working my butt off just to pay our bills.
« Last Edit: April 05, 2018, 10:10:28 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 BudM

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Re: First trip money questions
« Reply #34 on: April 05, 2018, 12:57:37 PM »
Looks like I am getting a pretty good exchange rate.  And I do like a lot of us do here.  Write a USD check.  Deposit it in my USD account.  At my convenience of both steps here, I withdraw what I want in USD and go to the exchange where I know I get a good rate.  Then turn around and deposit the excess pesos in to my peso account.  I can deposit at any branch and there is one on almost every corner.  And most of them, I walk in and up to the money accepting machine with no line, put my pesos in and get out of there.

I am not going to take all the extra time for researching, handling, and paying credit cards.   Back in the US, the only place I used a credit card was at the gas pump and some online transactions like buying an airline ticket.  I have one USD credit card.  I use it here for some online stuff.  Maybe I will use it to buy golf clubs.  Cash, cash, cash, is the name of the game.
Whatever floats your boat.

Offline David690

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Re: First trip money questions
« Reply #35 on: April 05, 2018, 01:17:24 PM »
Here is a decent article   https://milecards.com/4697/no-foreign-transaction-fee-cards-are-you-ripped-off-by-the-exchange-rate/

In addition to the decent exchange rate I am getting, I also get points, that I can redeem as "cash" when using my credit card.   I still contend, as long as there are no foreign transaction fees and you are getting above average rewards, the credit card is the way to go.

People keep saying "cash", but how are you getting that cash?   I am really curious as I may change my spending habits. 
Withdrawing from an ATM?  What are the fees and the exchange rate?  If you are sending via xoom, western union etc etc... you are paying fees and relying on their exchange rates, and you are not getting any rewards points that you would get using a credit card.

1 PHP = 0.019204 USD

I agree that credit card is a good option for making purchases.  So long as you settle the amount in full before the next billing date you will not have any interest charges.  On cash withdrawals however, at least on my cards, the interest rate charges begin immediately.
Londoner at heart

Offline bigrod

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Re: First trip money questions
« Reply #36 on: April 05, 2018, 01:22:53 PM »
Most credit cards have grace period, but there is normally no grace period on a cash advance(ATM withdrawal/over the counter). The XE rate used by the CC companies is the rate for the date the transaction post to the CC not the rate on the day of transaction.

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

Offline David690

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Re: First trip money questions
« Reply #37 on: April 05, 2018, 01:53:37 PM »
Most credit cards have grace period, but there is normally no grace period on a cash advance(ATM withdrawal/over the counter). The XE rate used by the CC companies is the rate for the date the transaction post to the CC not the rate on the day of transaction.

Chuck

That's how I understand it as well Chuck.  So CC for purchases, yes, but not for cash advances.
Londoner at heart

Offline jjcabgou

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Re: First trip money questions
« Reply #38 on: April 06, 2018, 09:05:16 AM »
Looks like I am getting a pretty good exchange rate.  And I do like a lot of us do here.  Write a USD check.  Deposit it in my USD account.  At my convenience of both steps here, I withdraw what I want in USD and go to the exchange where I know I get a good rate.  Then turn around and deposit the excess pesos in to my peso account.  I can deposit at any branch and there is one on almost every corner.  And most of them, I walk in and up to the money accepting machine with no line, put my pesos in and get out of there.

I am not going to take all the extra time for researching, handling, and paying credit cards.   Back in the US, the only place I used a credit card was at the gas pump and some online transactions like buying an airline ticket.  I have one USD credit card.  I use it here for some online stuff.  Maybe I will use it to buy golf clubs.  Cash, cash, cash, is the name of the game.
My bank, BDO, is now charging 5 dollars on every deposited check, and their exchange rates are not even as good as western union.   Things like this just solidify my position that the right credit card is the way to go.     I still maintain my bank in the usa, so paying my credit card takes less time than writing this post.   I find it is significantly less a hassle using a credit card than using cash, and a money saver.


Edit: I removed the next post due to double posting. TY.
« Last Edit: April 06, 2018, 04:39:19 PM by bigrod »

Offline David690

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Re: First trip money questions
« Reply #39 on: April 06, 2018, 12:19:57 PM »
My bank, BDO, is not charging 5 dollars on every deposited check, and their exchange rates are not even as good as western union.   Things like this just solidify my position that the right credit card is the way to go.     I still maintain my bank in the usa, so paying my credit card takes less time than writing this post.   I find it is significantly less a hassle using a credit card than using cash, and a money saver.

Why credit card, why not debit card from your bank.  That way you don't have to worry about paying the card, even if it takes a few minutes, it still has to be done.
Londoner at heart

Offline JoeLP

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Re: First trip money questions
« Reply #40 on: April 06, 2018, 12:31:33 PM »
2 things that have been brought up that I will say are pretty accurate are to not use xoom.com for sending yourself money.  They will deny it if they catch it.  Heck, they stopped my account because I kept sending Tina money monthly.  I had to call and tell them she is my fiance before they reinstated my account.  Anything fishy they will stop if they catch it.  Sending money to yourself is one of those things.  So if you do use xoom.com, send it to someone in the Philippines.

Also, no point in driving around for the best exchange rate.  About as crazy as when I knew people back abou 18 years ago driving to the next city over for gas that was 5 cents cheaper per gallon.  They blew $5 in gas to save $3.  What you might save in difference of exchange rate you could very well spend in the transport costs to that other money exchange office that is giving a better rate.

I have been here 5 years almost and only used my credit card in my first month here.  After that I found the best way to get my money through different transfer services until I found and settled on xoom.com.  Then I just send a flat rate every month after my income is deposited into my account in my bank in the USA.  Then we just live per that and any excess goes into a local bank account under Tina's name.
In the land of the blind, the one eyed man is king.

Offline Lee2

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Re: First trip money questions
« Reply #41 on: April 06, 2018, 12:49:30 PM »
We just call the money changer and ask the rates and if we are happy with the rates, then I tell them to meet us at the bank at a particular time, I go to the bank and pull out dollars and hand the money changer the dollars and they hand me pesos. The other day I exchanged $2,200 and they came to the bank we do business with, I deposited the p100,000 into my atm account and kept the rest for spending, easy.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline jjcabgou

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Re: First trip money questions
« Reply #42 on: April 06, 2018, 03:57:20 PM »
Why credit card, why not debit card from your bank.  That way you don't have to worry about paying the card, even if it takes a few minutes, it still has to be done.

I get cashback rewards for using my credit card.   That, in itself, is enough to justify using a credit card.   Once I hit about 1000 dollars I cash out and use that money.   It is 100 percent painless to use a credit card, I am actually surprised by the resistance.   You get rewards/points, you dont need to worry about sending money, exchange rates, bank fees, atm fees, check fees, travel to retrieve money, and again, you can get cash back.

Offline bigrod

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Re: First trip money questions
« Reply #43 on: April 06, 2018, 04:35:16 PM »
I get cashback rewards for using my credit card.   That, in itself, is enough to justify using a credit card.   Once I hit about 1000 dollars I cash out and use that money.   It is 100 percent painless to use a credit card, I am actually surprised by the resistance.   You get rewards/points, you dont need to worry about sending money, exchange rates, bank fees, atm fees, check fees, travel to retrieve money, and again, you can get cash back.

So you use your Chase C/C for all your purchases.  Do you also use it to get cash from ATMs since not everywhere takes C/C?  Do you pay your C/C off daily if you get cash from an ATM?  If not you are paying interest on the ATM transaction.  Following from Chase FAQ:

Q. What is an interest charge? When does it occur?
An interest charge is the sum of interest on your credit card account. The interest charge is broken down by transaction type: purchases, cash advances and balance transfers. If you pay less than the full balance, pay after the payment due date (or if your credit card does not have a interest free period) then you will pay interest on those purchases. Cash advances and balance transfers have no interest free period. This means they start accruing interest as soon as the transaction is made. This will result in interest due, even if your balance is paid in full. 

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

Offline bigrod

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Re: First trip money questions
« Reply #44 on: April 06, 2018, 04:48:00 PM »
2 things that have been brought up that I will say are pretty accurate are to not use xoom.com for sending yourself money.  They will deny it if they catch it.  Heck, they stopped my account because I kept sending Tina money monthly.  I had to call and tell them she is my fiance before they reinstated my account.  Anything fishy they will stop if they catch it.  Sending money to yourself is one of those things.  So if you do use xoom.com, send it to someone in the Philippines.

Also, no point in driving around for the best exchange rate.  About as crazy as when I knew people back abou 18 years ago driving to the next city over for gas that was 5 cents cheaper per gallon.  They blew $5 in gas to save $3.  What you might save in difference of exchange rate you could very well spend in the transport costs to that other money exchange office that is giving a better rate.

I have been here 5 years almost and only used my credit card in my first month here.  After that I found the best way to get my money through different transfer services until I found and settled on xoom.com.  Then I just send a flat rate every month after my income is deposited into my account in my bank in the USA.  Then we just live per that and any excess goes into a local bank account under Tina's name.

Are you sending USD or Php via Xoom?  If you are sending Php to an account here I have found Transferwise to be better than Xoom.

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

 


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