Itís Your Money > Money Exchanging

First trip money questions

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BudM:

--- Quote from: Art, just a re(tired) Fil-Am on April 07, 2018, 07:41:27 PM ---No problem keeping 2 to 3 months worth of pesos. I hate it when we don't have enough loose change on hand to pay cash on a variety of things like bottle water delevery, cleaning out our roof gutters, maid's wages 3 times a week, weekly palengke trips, hired help for repairs around the house, take out food home deleveries, on-line home shopping COD deleveries, wife's saloon beauty retreatments (not cheap), fast food drive-thru. I use our banks ATM card to pay for our Mercury Drug Store medications once every 2 weeks, since I need double receipts for our TRICARE reimbursement claims once a year. We just got back over $2,500 from our  meds claims for 2017.
So, having enough cash in the house works out for us without having to go to the bank often, but once every 2 to 3 months.

--- End quote ---

I don't run out and still pay all that stuff.  I also pay our household help in a timely manner but not three times a week.  Don't need to worry about Mercury except for my spoiled kid's bottled water and on all the expensive crap women do to themselves, my wife pays her own way.  And with bills I pay online.  So, I don't have to worry about too much and I can relax.  I still prefer to visit with them at the bank.

Edit:  Also, I wouldn't have trouble keeping 2 or 3 months expenses for around the house even though I don't have and am not rolling around in all the big money that a few members on here have coming in.

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

--- Quote from: BudM on April 07, 2018, 11:56:53 PM ---withdrawals would be USD and not pesos. .

--- End quote ---
That means you have to look around town for a money exchanger with the best rates.
I haven't seen a few $100 bills in ages, because when I do have dollars in our dollar account, I just convert them on-line to pesos.
Now I use Transfer Wise, which they will give a good exchange rate/service fee and make the transfer in pesos to our peso account. I now only deposit our U.S. check once every 3 to 4 months to avoid the monthly service fee when our minimum bal falls below $500.

bigrod:

--- Quote from: Art, just a re(tired) Fil-Am on April 08, 2018, 07:52:06 AM ---That means you have to look around town for a money exchanger with the best rates.
I haven't seen a few $100 bills in ages, because when I do have dollars in our dollar account, I just convert them on-line to pesos.
Now I use Transfer Wise, which they will give a good exchange rate/service fee and make the transfer in pesos to our peso account. I now only deposit our U.S. check once every 3 to 4 months to avoid the monthly service fee when our minimum bal falls below $500.

--- End quote ---

If you live here for a while why would you be looking around for a money changer, you should already know which one is giving the best rates.  I like my BDO Prime Savers(over 60) USD account since the minimum balance is $200.

Chuck

Art, just a re(tired) Fil-Am:
No Chuck, it wasn't me that use money exchangers. I haven't even handled any U.S. dollars in my hands in ages.

BudM:

--- Quote from: Art, just a re(tired) Fil-Am on April 08, 2018, 07:52:06 AM ---That means you have to look around town for a money exchanger with the best rates.
I haven't seen a few $100 bills in ages, because when I do have dollars in our dollar account, I just convert them on-line to pesos.
Now I use Transfer Wise, which they will give a good exchange rate/service fee and make the transfer in pesos to our peso account. I now only deposit our U.S. check once every 3 to 4 months to avoid the monthly service fee when our minimum bal falls below $500.

--- End quote ---

I have only mentioned maybe 15-20 times on this board that I do not spend my time looking for a money changer with the best rates.  The one I always use I can count on having probably the best rate and if there is anything better, it is not enough to make it worthwhile to stress over.  I don't waste my time with all that.  I have a routine and that includes a money exchanger who at my convenience I will convert my USD and then go around the corner and deposit most of the pesos in a bank money machine.  Guess what?  I am in and out of there in a matter of maybe half a minute.

And I don't worry about my USD balance falling below.  And I don't worry about going over 10k for the year and having to submit the FBAR form.  Crap, it only takes about two minutes to fill it out and hit "Send" once a year.

I am not going to worry about this and that and going here or having to go there and worry about having to go outside.  I don't even take an umbrella.  I just take my time, do what I feel like and not worry about so much.  As long as I have everything covered on what I need to do, without too much effort, I am content.

I hope I never have a bunch of money so that my life remains simple and I don't have to worry about so much.

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