Itís Your Money > Money Exchanging

First trip money questions

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Art, just a re(tired) Fil-Am:
I would suggest not to use XOOM to send yourself money here while in the Philippines. Xoom is a stickler when sending money to youself. I and others in the past have experienced XOOM to close and termite  transactions abruptly due to the Philippines Money Anti-laundring Act and they will never reinstate your account once closed for any reason. Read the reviews on Xoom's website of some of Xoom's horror stories.  If you don't want this to happen send the money to one of your wife's relatives. You can't send it to your wife if she is on your account.
To avoid having to handle large sums of cash in public I would suggest wearing a money belt with your new $100 bills. Don't flash your moneY around in public. Go into a secure bathroom stall to take your money out from your money belt. Too many prying eyes in public.   
I have used Transfer Wise for the past few months now to send pesos to my BPI PhP checking account. Haven't had any issues using them. "Knock on wood".
We're been retired here in the Philippines for 20 years now and here we shall stay forever.


--- Quote from: sonnychiba on March 31, 2018, 10:52:06 PM ---I cannot change banks in Florida. My income there is property income from holding the paper on 2 houses that I financed through a sale of property. The payments are deposited in my long time bank, where I am also a registered voter in the same county. I vote via Absentee Ballot.

My SSA Pension is direct deposited into my bank in Bacolod, RCBC. I must use my passbook to make withdrawals in person. No charge for that.

I will check out BPI next time and see if I can get more than P10,000 out at one withdrawal. Thank you for the information.

I usually withdraw money 2-3 times each month with my Florida issued Bank Card at an ATM. Around $10-$15 per month at the current exchange rate.

~ Gary ~
Bacolod City

--- End quote ---
I would never wish to tell anyone how to live their lives, I just wish to help people so there would be no reason to change banks, you could just open another account in one of the two I suggested and then go online and transfer money whenever you wish to and then withdraw it using their atm card because they reimburse the fees charged. If a person does not have any investments, then Charles Schwab might be the better account since they appear to be happy to have just the bank account, from what many expats who use them say.

Also for people who have a U.S. address, lots of expats have their SS direct deposited into their U.S. bank and then use their atm card to withdraw it in the Philippines, that might cut out the death form SS usually requires of people who live outside the country.

Anyway whatever I suggest are just suggestions, not only for you, but for those who have yet to move to the Philippines who might read this thread.

Since credit cards were mentioned, I forgot to mention that Cap One does not charge any fees when their card is used outside the U.S. and Fidelity Visa charges 1% but gives back 2%, so using that card is also a win win, I am sure there must be others who do not charge for their use, I would suggest people look into those as well, why pay fees is my POV, when we can use our cards free. I have saved a small fortune over the years by not paying fees while living our yearly part time life here, how much more could be saved by those who live in the Philippines full time.

The small fortune I would save is 60 bucks or less a year depending if I deposit every month or skip a month or two.  A small price, which I do not mind, and allows me to not deal with the BS, in my opinion, of credit cards.  Yeah, that is from a year round resident view.  If I live 35 more years, we are talking about, let us see, wow over 2k USD.  Maybe I need to rethink this.  OK, after thinking on it, I have decided to pass.  Unless the check deposit fee gets ridiculously high, I will deal with it rather than the BS, in my opinion, of credit cards.

Art, just a re(tired) Fil-Am:
Credit and or debit cards? I have them, but seldom use them only as a last resort or for emergencies. I don't quible about the exchange rate when they are about .20 to .40 centavos less than the going Forex
exchange rate.
I still deposit U.S. checks into our PhP account once every 2 to 3 months. So, there's no need for me to go around town looking for the best exchange rate just to make a little more unless we're dealing with millions of pesos, which then would be worth looking for the best rates, but if not, I don't bother looking.


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