Itís Your Money > Banking

Accessing my money

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M.C.A.:

--- Quote from: clarkee 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!

--- End quote ---

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.

Turo:
I think Fidelity has something similar to Schwab too. Just a thought...

jjcabgou:

--- Quote from: M.C.A. on May 24, 2019, 08:34:26 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.

--- End quote ---
"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. 

JoeLP:

--- Quote from: jjcabgou on May 25, 2019, 02:55:53 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.

--- End quote ---
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. 

Peter:

--- Quote from: JoeLP on May 26, 2019, 10:37:41 AM ---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.

--- End quote ---

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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