Author Topic: Accessing my money  (Read 2037 times)

Offline M.C.A.

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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

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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

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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. 
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Offline bigrod

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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
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Offline clarkee

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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.

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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

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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...
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Offline jjcabgou

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Re: Accessing my money
« Reply #22 on: May 25, 2019, 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. 

Offline JoeLP

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Re: Accessing my money
« Reply #23 on: May 26, 2019, 10:37:41 AM »
"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.
Very much location dependent.  We have a Guisano mall.  Not a single store in the mall accepts credit cards as of now.  Not even the Guisano department store.  I think one of our gas stations takes it.  I cannot think of a single pharmacy or other store/resto that takes credit cards.  With over 100k residents...that's the state we are in here in the Eastern Visayas.  But if I go to visit Cebu City for any reason, I can pull out my card and use it in most places.  Same in Manila. 
« Last Edit: May 27, 2019, 09:04:54 AM by JoeLP »
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Offline Peter

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Re: Accessing my money
« Reply #24 on: May 26, 2019, 01:26:54 PM »
Very much location dependent.  We have a Guisano mall.  Not a single story in the mall accepts credit cards as of now.  Not even the Guisano department store.  I think one of our gas stations takes it.  I cannot think of a single pharmacy or other store/resto that takes credit cards.  With over 100k residents...that's the state we are in here in the Eastern Visayas.  But if I go to visit Cebu City for any reason, I can pull out my card and use it in most places.  Same in Manila.

In our area, Bataan/Pampanga, most large stores in the SM and Robinsons Malls will accept Visa and Mastercard credit/debit cards, as will the chain stores, PureGold/SaveMore, in the provincial towns, as well as pharmacies, Mercury/Watsons.

What I have found, and this makes me scratch my head  ??? ??? , some places do not accept debit or pre-paid cards of any persuasion, only credit cards. I queried this in our local coffee shop and they just said it is the owner's policy. Seems to me that with a debit card they get their money immediately and don't have to wait. Maybe there is some sort of commission or kickback from the card issuer?

Peter
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Offline JoeLP

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Re: Accessing my money
« Reply #25 on: May 27, 2019, 09:08:44 AM »
In our area, Bataan/Pampanga, most large stores in the SM and Robinsons Malls will accept Visa and Mastercard credit/debit cards, as will the chain stores, PureGold/SaveMore, in the provincial towns, as well as pharmacies, Mercury/Watsons.

What I have found, and this makes me scratch my head  ??? ??? , some places do not accept debit or pre-paid cards of any persuasion, only credit cards. I queried this in our local coffee shop and they just said it is the owner's policy. Seems to me that with a debit card they get their money immediately and don't have to wait. Maybe there is some sort of commission or kickback from the card issuer?

Peter
That's good.  When I was in Orion, Bataan back in 2009, very few places accepted even credit cards back then.  I think there were a few in Balanga just north of Orion.  Even the ferry was a cash payment when I use to take it to Manila.  I could use the card in Manila to buy passes on the ferry back to Bataan, but not the other way around. 

I went back to that area in 2012 and there were a few places on the visit that did start taking credit cards and such.  I was with Chase at the time and their debit/credit card setup was usable at all of the places that accepted credit cards.  So that was a nice setup.  But haven't been back to the Bataan region since then.  Good to hear that stuff is starting to get modernized there.
In the land of the blind, the one eyed man is king.

Offline M.C.A.

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Re: Accessing my money
« Reply #26 on: May 27, 2019, 05:12:09 PM »
"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.

Plastic works but when hit by a Typhoon things are disrupted for weeks.  We lost our roof in 2014 and many power lines were downed and very large trees so the whole area I live in from Calamba Laguna to Pagsanjan Laguna was without power in most area's for two weeks and the major grocery stores and malls the card didn't work there either I had to travel much further North towards Manila to buy groceries because my cash was used to get another roof over our heads it was rough.
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

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Re: Accessing my money
« Reply #27 on: August 08, 2019, 02:46:07 AM »
@Turo- yes, Fidelity has something like Scwab but I just inquired with a Fidelity bank representative and she told me that yes, there is no charge for using a foreign ATM but I then inquired about a foreign transaction fee.  I asked was there a 1% foreign transaction fee applied to withdrawals and she was a little hesitant in telling me that actually, fidelity bank charges a 2% foreign transaction fee instead.  Just like the good ole banksters for you, give in one hand and take twice as much from the other.

 


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