Author Topic: Accessing my money  (Read 1196 times)

Offline clarkee

  • Full Member
  • **
  • Posts: 36
  • Retired Air Reserve Technician
Accessing my money
« on: April 06, 2019, 09:55:15 AM »
Hello everyone!  I'm trying to figure out the easiest way to access my money, once in the Philippines from my US bank account until I am eligible to open a Philippine dollar/peso account. I will be applying for the SRRV extended courtesy visa once I arrive. I hear some of these money transferring services will cut you off after a certain period of time. I talked with Remitly and they said they would cut you off if you were permanently living in the Philippines.  Their service was only good for a temporary visit of not more than 1 year.

Offline JoeLP

  • Global Moderator
  • Sr Member
  • *****
  • Posts: 1,669
Re: Accessing my money
« Reply #1 on: April 06, 2019, 10:36:16 AM »
What are you really looking for?  You want to close your US bank accounts?  Or keep them open and just find the cheapest way to transfer money from them to the ones in the Phils?  The "free" way is to have a checking account in the USA and just write a check to your account in the Phils.  But, this method requires you to wait a few weeks for it to go through.  If you plan ahead and write 1 or 2 checks a month and can wait for them to go through, that's the "free" way.
Otherwise you'll be paying for the transfers.  That's all there is to it really.  I pay a $5 fee each month to transfer my  money here and I need to send it to Tina.  On top of that, if they ever find that I live in the Phils that service will cut out.  Been using it for 6 years now no problem.  But, you get the idea. 
There really is no "free" way to electronically transfer money from your US accounts to you Phils accounts.  Even if you have a Chase/RCBM account in the US and one here.  They are still actually 2 different banks and will charge a fee.  Just the way it is.  Sucks, but that's a hurdle you'll have to learn to deal with. 
One option is to see if your income source can direct deposit to your Pinoy account.  That brings with it other obstacles...so you get the big picture...to free and easy way to go about it.
In the land of the blind, the one eyed man is king.

Offline clarkee

  • Full Member
  • **
  • Posts: 36
  • Retired Air Reserve Technician
Re: Accessing my money
« Reply #2 on: April 06, 2019, 11:12:59 AM »
Thanks Joel but I already know about writing a check on your stateside checking account and depositing it to your Philippine bank account.  That's old news to me!  I'm talking about BEFORE I am eligible to get a Philippine bank account then what is the best method of wiring/sending money from my US checking account for "cash pickup" since I want have a Philippine bank account. I already know there will be fees in any and all of this! Hell, their banks they don't do jack for free!  If I hear things right Philippine bank accounts cannot be opened on a tourist visa unless something has changed!  I will be retiring on a SRRV extended courtesy visa since one of my pensions is from the US Air Force.

Offline clarkee

  • Full Member
  • **
  • Posts: 36
  • Retired Air Reserve Technician
Re: Accessing my money
« Reply #3 on: April 06, 2019, 11:14:00 AM »
And yes, my US bank account is staying open!

Offline bigrod

  • Retired USAF Club Mgmt Supt, Personnel Supt & 1st Sgt
  • Administrator
  • Sr Member
  • ******
  • Posts: 1,806
Re: Accessing my money
« Reply #4 on: April 06, 2019, 01:00:14 PM »
Since you are applying for a SRRV and all the paperwork is correct you probably will have the approval in a couple of weeks.  PRA as I understand will help opening bank accounts. I would bring enough to live on for probably 3 months minimum.  In that case no need to transfer funds.  If emergency arose you could always use ATM/CC card from stateside bank.  HSBC has ATMs in Metro Manila, Cebu and Davao which you can withdraw 40K php per transaction up to your bank daily limit.  If not in those areas you are stuck with local banks with withdrawal limits from 5K-20K per transaction with an additional 250 php user fee per withdrawal.  Prior to coming set up an account with a transfer agency that allows local pick up for back up.  Recommend you google them to find the best fit for you.  Since I already have my $/php accounts I use Transferwise which only sends php with a total cost of less than 1%, if I need money in an emergency.

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

Offline suzukig1

  • Sr Member
  • ***
  • Posts: 676
Re: Accessing my money
« Reply #5 on: April 06, 2019, 05:45:19 PM »
Open a Schwab brokerage account.  You get a Schwab checking account with the brokerage account.  You get a Schwab Visa debit card.  No ATM charges on Schwab's end and they reimburse all ATM fees you accrue anywhere in the world.

https://www.schwab.com/public/schwab/banking_lending/checking_account

No ATM fees.  No foreign transaction fees.  You get the Visa daily exchange rate when you use an overseas ATM.

Offline clarkee

  • Full Member
  • **
  • Posts: 36
  • Retired Air Reserve Technician
Re: Accessing my money
« Reply #6 on: April 07, 2019, 12:07:57 AM »
Thanks big rod!  I was already going to bring a sufficient amount of dollars with me. I also heard what you mentioned about the PRA helping you open a Philippine bank account.  The bank the PRA uses for your deposit is development bank of the Philippines. I was considering opening an account when eligible at BDO or BPI ! I've heard of transfer wise but I have no experience in using them since I am still in the states. Thanks again for your recommendations.

Offline User444

  • Sr Member
  • ***
  • Posts: 69
Re: Accessing my money
« Reply #7 on: April 07, 2019, 12:35:49 AM »
I agree with suzukig1. Open a free Charles Schwab account and that atm card can be used anywhere. No foreign transaction fees, no annual membership, and no problems. I send money from my Chase Bank to Charles Schwab for free as a bill pay every month and withdraw the money at any ATM in the Philippines. The PH bank charges 250 P and Schwab gives you that money back.

Offline clarkee

  • Full Member
  • **
  • Posts: 36
  • Retired Air Reserve Technician
Re: Accessing my money
« Reply #8 on: April 13, 2019, 09:09:33 PM »
Sounds quite promising!  I will check into it.

Offline jjcabgou

  • Sr Member
  • ***
  • Posts: 759
Re: Accessing my money
« Reply #9 on: April 14, 2019, 05:22:46 PM »
What are you really looking for?  You want to close your US bank accounts?  Or keep them open and just find the cheapest way to transfer money from them to the ones in the Phils?  The "free" way is to have a checking account in the USA and just write a check to your account in the Phils.  But, this method requires you to wait a few weeks for it to go through.  If you plan ahead and write 1 or 2 checks a month and can wait for them to go through, that's the "free" way.
Otherwise you'll be paying for the transfers.  That's all there is to it really.  I pay a $5 fee each month to transfer my  money here and I need to send it to Tina.  On top of that, if they ever find that I live in the Phils that service will cut out.  Been using it for 6 years now no problem.  But, you get the idea. 
There really is no "free" way to electronically transfer money from your US accounts to you Phils accounts.  Even if you have a Chase/RCBM account in the US and one here.  They are still actually 2 different banks and will charge a fee.  Just the way it is.  Sucks, but that's a hurdle you'll have to learn to deal with. 
One option is to see if your income source can direct deposit to your Pinoy account.  That brings with it other obstacles...so you get the big picture...to free and easy way to go about it.
Joel, which bank are you using?  I am using BDO and they now charge 5 dollars for each check deposited, BPI does the same thing. 

Offline M.C.A.

  • Sr Member +
  • Sr Member
  • ****
  • Posts: 707
Re: Accessing my money
« Reply #10 on: April 14, 2019, 07:13:05 PM »
Bring checks if all else fails you can cash them with a money changer but they do take from 4 - 6 pesos off the dollar or similar amount with other currencies.
My views would be from someone who lives out in the province close to in-laws on a pension.  Norwegian and French heritage.

Offline JoeLP

  • Global Moderator
  • Sr Member
  • *****
  • Posts: 1,669
Re: Accessing my money
« Reply #11 on: April 14, 2019, 07:27:17 PM »
Joel, which bank are you using?  I am using BDO and they now charge 5 dollars for each check deposited, BPI does the same thing.
I only did it once with BDO and stopped.  I am not the patient kind to wait the few weeks to get my money.  Actually, I probably could have grown into it...but Tina is impatient.  LOL  And I've learned a long time ago that she makes the money do a lot more than I ever could living here.  So I've let her take over the finances(she actually went to college for finances) and make that money stretch.  And she said she could more than make up the $5 fee so just get it to her fast. 
In the land of the blind, the one eyed man is king.

Offline jjcabgou

  • Sr Member
  • ***
  • Posts: 759
Re: Accessing my money
« Reply #12 on: April 15, 2019, 07:21:20 PM »
I only did it once with BDO and stopped.  I am not the patient kind to wait the few weeks to get my money.  Actually, I probably could have grown into it...but Tina is impatient.  LOL  And I've learned a long time ago that she makes the money do a lot more than I ever could living here.  So I've let her take over the finances(she actually went to college for finances) and make that money stretch.  And she said she could more than make up the $5 fee so just get it to her fast.
They just started it within the last year.  I no longer deposit personal checks.   For the most part, I use western union.  I have been using them for so long, I now have racked up quite a few points, and I can do away with the fee whenever I dont feel like paying it.  It is easy, it is convenient, and the exchange rate is actually quite good ( as long as you send in dollars and have them convert to pesos when you pick up the money)

Offline bigrod

  • Retired USAF Club Mgmt Supt, Personnel Supt & 1st Sgt
  • Administrator
  • Sr Member
  • ******
  • Posts: 1,806
Re: Accessing my money
« Reply #13 on: April 15, 2019, 08:29:16 PM »
They just started it within the last year.  I no longer deposit personal checks.   For the most part, I use western union.  I have been using them for so long, I now have racked up quite a few points, and I can do away with the fee whenever I dont feel like paying it.  It is easy, it is convenient, and the exchange rate is actually quite good ( as long as you send in dollars and have them convert to pesos when you pick up the money)

What is a good rate when you convert is it the XE mid market rate or a lower rate? 

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

Offline clarkee

  • Full Member
  • **
  • Posts: 36
  • Retired Air Reserve Technician
Re: Accessing my money
« Reply #14 on: May 10, 2019, 06:42:33 AM »
@ M.C.A. Are you talking about travelers checks?

 


bisaya, cebuano, cebuano lessons, bisaya lessons
Romantic Tagalog