Author Topic: Accessing my money  (Read 961 times)

Offline M.C.A.

  • Sr Member +
  • Sr Member
  • ****
  • Posts: 704
Re: Accessing my money
« Reply #15 on: May 13, 2019, 05:33:56 PM »
@ M.C.A. Are you talking about travelers checks?

No, I'm talking about checks, bring a book of checks because if that card fails or gets damaged you'll be hurting for access to your money especially in the aftermath of a typhoon.
My views would be from someone who lives out in the province close to in-laws on a pension.  Norwegian and French heritage.

Offline clarkee

  • Full Member
  • **
  • Posts: 36
  • Retired Air Reserve Technician
Re: Accessing my money
« Reply #16 on: May 23, 2019, 12:10:39 PM »
Sorry, I've never heard of issuing a personal check to a money changer. I didn't know they would accept a personal check due to the fact the check might be hot. With the Philippines being so strict on accepting crumply old bank notes I would think issuing a personal check is totally out of the question.  I've used travelers checks back in the 90's and took a heavy beating on the exchange rate.  Want do this again if I can help it.  I talked with a friend today who lives in Barrio Barretto and he told me that Union bank is charging $70.00 to deposit a personal check. He told me that he asked the lady why so much.  She told him that they were trying to discourage the issue of check deposits into your bank account.  I don't know how true this is but this is what he told me today.  Take it at face value.

Offline JoeLP

  • Global Moderator
  • Sr Member
  • *****
  • Posts: 1,654
Re: Accessing my money
« Reply #17 on: May 23, 2019, 07:22:42 PM »
Not having had a bank now for over 4 years...things could have changed.  But the personal checks are made to be deposited into your account here in the Philippines.  After they are processed(at no cost in the bank I was at) you can use that money.  Simple as that.  You'll need a bank or some exchange place/teller to exchange it. 
In the land of the blind, the one eyed man is king.

Offline bigrod

  • Retired USAF Club Mgmt Supt, Personnel Supt & 1st Sgt
  • Administrator
  • Sr Member
  • ******
  • Posts: 1,805
Re: Accessing my money
« Reply #18 on: May 23, 2019, 07:50:34 PM »
Not having had a bank now for over 4 years...things could have changed.  But the personal checks are made to be deposited into your account here in the Philippines.  After they are processed(at no cost in the bank I was at) you can use that money.  Simple as that.  You'll need a bank or some exchange place/teller to exchange it.

Most of the banks now charge $5 to process a check deposit and the money is available depending on the bank anywhere from 20 -30 business days after the deposit.

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 #19 on: May 23, 2019, 09:20:20 PM »
After reading your earlier post M.C.A. your post seems a little misleading at first.  It reads; Bring checks if all else fails you can cash them with a money changer but they take 4-6 pesos off the dollar or similar amount with other currencies.  I realize banks can be considered as money changers in which they are however, I was thinking more on the line of street money changers. If it had read cash them with a bank or deposit them with a bank then I would of understood what you meant.  No problem all is good anyway!

Offline M.C.A.

  • Sr Member +
  • Sr Member
  • ****
  • Posts: 704
Re: Accessing my money
« Reply #20 on: May 24, 2019, 08:34:26 PM »
After reading your earlier post M.C.A. your post seems a little misleading at first.  It reads; Bring checks if all else fails you can cash them with a money changer but they take 4-6 pesos off the dollar or similar amount with other currencies.  I realize banks can be considered as money changers in which they are however, I was thinking more on the line of street money changers. If it had read cash them with a bank or deposit them with a bank then I would of understood what you meant.  No problem all is good anyway!

Clarkee I now use PNB Bank but before that we used a money changer but not someone walking on the streets they have business they exchange dollars for pesos so not all of them will cash a check you'd have to be introduced sometimes by somebody they know and they take from 4 - 6 pesos off the US Dollar it really hurts but it's fast cash, I don't do this anymore I just deposit my check at PNB and they charge me 200 pesos for that service.

Once you do open a bank account then you can deposit checks or a pension deposit in select banks, plastic isn't so reliable here so if something goes wrong your stuck with so many variables like no money in the machine, no Internet connection, no power and after a typhoon it could be months in certain area's before it's restored the only option is checks and cash.
My views would be from someone who lives out in the province close to in-laws on a pension.  Norwegian and French heritage.

Offline Turo

  • Full Member
  • **
  • Posts: 12
  • That would be a YP not an MP.
Re: Accessing my money
« Reply #21 on: May 24, 2019, 10:33:39 PM »
I think Fidelity has something similar to Schwab too. Just a thought...
"You are only immortal for a limited time..."

Offline jjcabgou

  • Sr Member
  • ***
  • Posts: 753
Re: Accessing my money
« Reply #22 on: Today at 02:55:53 PM »
Clarkee I now use PNB Bank but before that we used a money changer but not someone walking on the streets they have business they exchange dollars for pesos so not all of them will cash a check you'd have to be introduced sometimes by somebody they know and they take from 4 - 6 pesos off the US Dollar it really hurts but it's fast cash, I don't do this anymore I just deposit my check at PNB and they charge me 200 pesos for that service.

Once you do open a bank account then you can deposit checks or a pension deposit in select banks, plastic isn't so reliable here so if something goes wrong your stuck with so many variables like no money in the machine, no Internet connection, no power and after a typhoon it could be months in certain area's before it's restored the only option is checks and cash.
"Plastic is not reliable here", I am guessing that is location dependent, as I use my credit card on a daily basis, and I rarely have problems.  Gas for the car, restaurants, grocery stores etc.   If I had no access to cash, I would have no problem living off a credit card. 

 


bisaya, cebuano, cebuano lessons, bisaya lessons
Romantic Tagalog