Author Topic: First trip money questions  (Read 20197 times)

Offline jjcabgou

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Re: First trip money questions
« Reply #45 on: April 06, 2018, 05:04:20 PM »
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
Chuck, I pay my card off every month so I never incur an interest charge.  When I need cash I send it via western union, the fee is 3.99, but I try to exclusively use my credit card for reasons already mentioned.   I never take a cash advance.   Went to Santi's today used my credit card, went to the tap house last night, used my credit card, wife went to Robinsons today and used the credit card, gas for the car credit card etc.   It takes me like 14 seconds to make a payment, I do not have to drive anywhere, I am not charged any fee at all, and I get cash back rewards. 

Offline BudM

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Re: First trip money questions
« Reply #46 on: April 06, 2018, 06:09:35 PM »
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.

Well, I guess the idea would be to write a check for an amount that is not small enough for 5 stinking bucks to matter or really stick out.  I mentioned 60 a year (yeah BDO too) in a previous post, but that would be based on once a month.  It is more like less than 30 a year.  I draw out once a week though so obviously withdrawals are a lot less than the deposits.  I rather not keep too much cash around.  Plus, 30 bucks is a pretty good deal in giving me another activity to do by going to the bank and mixing with people there as they are a friendly bunch of people.  And then I go over to the next building and stop in at a cafe there where I know the owner and have a cup of coffee to take up some more time.  And believe me, I do not exchange my USD at the bank.  Yeah, I maintain banking in the US too and I have a credit card with one.  I have had only one credit card all my life.

So, like I said once before, I am not about to hire someone to track all the stuff on what the best deals are on credit cards. I have several different routines that I follow to keep me from sitting around at home too much but, I am taking life easy and there is not too much I really give a crap about now a days.  Credit cards fall in the class of the ones that I don't.

If they mean more to someone else, then as with others, I have a signature below.
Whatever floats your boat.

Offline bigrod

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Re: First trip money questions
« Reply #47 on: April 06, 2018, 06:22:10 PM »
Since I don't have stateside C/C anymore using your system is not an option.  So the two options I have found is depositing a US check to my BDO USD account and since I am considered a good customer by the manager the $5 fee is waived.  Option 2 is to use Transferwise to send Php directly to my Php account, they have the best XE rate and cost I have found.  I also use my BDO C/C to make our purchases plus it earns points.  We need to hit Santi's with the asawa for lunch and Antonio's for Breakfast one of these days.

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

Offline BudM

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Re: First trip money questions
« Reply #48 on: April 06, 2018, 06:22:50 PM »
All I can say is, all these pages of posting on how we deal with money in every day life is sure giving someone, who asked on what to do for the first trip, a lot to try a figure out how to go about spending a couple or few thousand bucks on vacation.
Whatever floats your boat.

Offline BudM

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Re: First trip money questions
« Reply #49 on: April 06, 2018, 06:28:13 PM »
Since I don't have stateside C/C anymore using your system is not an option.  So the two options I have found is depositing a US check to my BDO USD account and since I am considered a good customer by the manager the $5 fee is waived.  Option 2 is to use Transferwise to send Php directly to my Php account, they have the best XE rate and cost I have found.  I also use my BDO C/C to make our purchases plus it earns points.  We need to hit Santi's with the asawa for lunch and Antonio's for Breakfast one of these days.

Chuck

Well, you must be at a small BDO.  Probably 3/4 of people who work at mine know me and I know them.  I think the ones who I don't know, know of me because my wife goes in there too although we have only been in it maybe three times at the same time.  I don't even know who the manager is though.  Don't know if I talked to him or her.  I know the smaller level mangers though so maybe I should see about that  "good customer" waiver of the fee.  After all, almost all of us kanos are considered good customers, right?.  Plus, they like my wife's USD and peso accounts too.
Whatever floats your boat.

Offline JoeLP

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Re: First trip money questions
« Reply #50 on: April 06, 2018, 06:49:05 PM »
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
How fast is the money available?  That's what has me waiting for doing anything with transferwise.  When I read the site it seems like it could take days.  As apposed to xoom.com where I can go online and send it and Tina can go inside of 10 minutes usually and pick it up. 
In the land of the blind, the one eyed man is king.

Offline bigrod

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Re: First trip money questions
« Reply #51 on: April 06, 2018, 06:51:48 PM »
Well, I guess the idea would be to write a check for an amount that is not small enough for 5 stinking bucks to matter or really stick out.  I mentioned 60 a year (yeah BDO too) in a previous post, but that would be based on once a month.  It is more like less than 30 a year.  I draw out once a week though so obviously withdrawals are a lot less than the deposits.  I rather not keep too much cash around.  Plus, 30 bucks is a pretty good deal in giving me another activity to do by going to the bank and mixing with people there as they are a friendly bunch of people.  And then I go over to the next building and stop in at a cafe there where I know the owner and have a cup of coffee to take up some more time.  And believe me, I do not exchange my USD at the bank.  Yeah, I maintain banking in the US too and I have a credit card with one.  I have had only one credit card all my life.

So, like I said once before, I am not about to hire someone to track all the stuff on what the best deals are on credit cards. I have several different routines that I follow to keep me from sitting around at home too much but, I am taking life easy and there is not too much I really give a crap about now a days.  Credit cards fall in the class of the ones that I don't.

If they mean more to someone else, then as with others, I have a signature below.

I am the same try to keep 4-6 months worth of funds here so the checks are few per year even though currently I don't pay the fee.  This is my second manager in 8 years so it could change with a new manager.  While there is now the availability to change USD to Php on line the loss of 30 centavos per dollar on any large exchange definitely would require a trip to a money changer. Just saw your latest post while I was typing. Don't know if our BDO is small or not, six walk up tellers and another six for sit down.  Most probably do not know me but the manager will always wave me to his desk when I walk in or if he is busy with a customer he ask if I want to wait for him and if not gets the assistant manager to take care of the transaction.  If he is available I never leave his desk to accomplish what I came in to transact.  When I opened the account 8 years ago I did it with the manager having been briefed prior to coming to the Phils to introduce your self to the bank manager.  Heck he called me personally yesterday to inquire if I picked up the new EMV card for the USD account.  Ask if they will waive the $5 fee, worst is they say no.

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 #52 on: April 06, 2018, 06:59:46 PM »
How fast is the money available?  That's what has me waiting for doing anything with transferwise.  When I read the site it seems like it could take days.  As apposed to xoom.com where I can go online and send it and Tina can go inside of 10 minutes usually and pick it up.

I normally make my transaction at 10 am local here, my deposit does not hit BoA till 1-3 pm local.  Transferwise confirms the transaction between 4-5 pm and then deposits in my BDO account.  If holidays weekends either end it can take longer.  I did the last on Good Friday and it was in my Php account prior to 5 pm local and BDO was closed for the holiday.  If you want to try use the following for discount.

transferwise.com/u/charlesr45

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 #53 on: April 06, 2018, 07:23:39 PM »
JoeLP, also once you make the transaction you can cancel or change the transaction until they confirm(finalize)the transaction.  I have canceled and reinput due to a big change in the XE rate.  Unlike Xoom and others their XE rate changes all day long.

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 #54 on: April 06, 2018, 07:34:11 PM »
Chuck, I pay my card off every month so I never incur an interest charge.  When I need cash I send it via western union, the fee is 3.99, but I try to exclusively use my credit card for reasons already mentioned.   I never take a cash advance.   Went to Santi's today used my credit card, went to the tap house last night, used my credit card, wife went to Robinsons today and used the credit card, gas for the car credit card etc.   It takes me like 14 seconds to make a payment, I do not have to drive anywhere, I am not charged any fee at all, and I get cash back rewards.

This is precisely what I have been trying to suggest to you.  Use CC for purchases OK, but not for cash advances via ATM's.  Glad we got that sorted out eventually.
Londoner at heart

Offline BudM

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Re: First trip money questions
« Reply #55 on: April 06, 2018, 08:06:54 PM »
I am the same try to keep 4-6 months worth of funds here so the checks are few per year even though currently I don't pay the fee.  This is my second manager in 8 years so it could change with a new manager.  While there is now the availability to change USD to Php on line the loss of 30 centavos per dollar on any large exchange definitely would require a trip to a money changer. Just saw your latest post while I was typing. Don't know if our BDO is small or not, six walk up tellers and another six for sit down.  Most probably do not know me but the manager will always wave me to his desk when I walk in or if he is busy with a customer he ask if I want to wait for him and if not gets the assistant manager to take care of the transaction.  If he is available I never leave his desk to accomplish what I came in to transact.  When I opened the account 8 years ago I did it with the manager having been briefed prior to coming to the Phils to introduce your self to the bank manager.  Heck he called me personally yesterday to inquire if I picked up the new EMV card for the USD account.  Ask if they will waive the $5 fee, worst is they say no.

Chuck
Maybe they are the same size.  I know at least five but I think six.   I don't count them because I am not standing there waiting in line.  I just have never met the manager unless I did not know they are the manager.  I have only been going there five years.  It is about 4 km down the road and I do both of the savings there down the road and then my checking is at BDO near home.  I want to keep enough funds here for emergency but I try not to go over the PDIC coverage and if I do, at least too long.  I do deposits in a frequency where it doesn't come down too much.  Most of the original managers, the ones I know or knew have turned over since I have been going there.  There is one lady who most times I am there comes out behind the side counters there and stops behind whoever is helping me and says hi to me.  Maybe she is the bank manager.  I think she is the same lady my wife has mentioned when conducting some of her business or having been called by her.  Maybe, I need to find out for sure and see if I can save me a few bucks. 

Yeah, I know the option is there now to exchange online but I don't use it either.  I take it to an exchange but some people gripe about the time that involves.  Well, I don't make special trips for it and when I do, at the same time I will make my weekly trip to the particular hardware store I go to there once a week.  And if I don't need anything there, I have other things to do in that place or if my pal from the hardware store is taking break we sit around upstairs there for a bit with coffee and BS for a while.  So, I am not doing anything I don't want to when I go to the money exchanger.
Whatever floats your boat.

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

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Re: First trip money questions
« Reply #56 on: April 06, 2018, 11:23:33 PM »
I just go to the bank a few blocks from where we live once every 2 to 3 months, walk up to the teller senior citizen line, get my pesos and I'm out of there in a few minutes.
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Offline D. Williams

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Re: First trip money questions
« Reply #57 on: April 07, 2018, 10:11:36 AM »
One thing is certain, we have established that there are many different ways members use, what's important is that the means you use accomplishes what you need it to achieve.

Offline BudM

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Re: First trip money questions
« Reply #58 on: April 07, 2018, 11:18:33 AM »
I just go to the bank a few blocks from where we live once every 2 to 3 months, walk up to the teller senior citizen line, get my pesos and I'm out of there in a few minutes.

I might try that.  Do you walk the few blocks to the bank or drive the few blocks and then walk up to the teller?
Whatever floats your boat.

Offline jjcabgou

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Re: First trip money questions
« Reply #59 on: April 07, 2018, 11:58:17 AM »
One thing is certain, we have established that there are many different ways members use, what's important is that the means you use accomplishes what you need it to achieve.
Or in other words, We have beat this to the ground    :)