Travel101
2/7/2017 19:03 EST
Title: Banking and money in the Philippines (Or you must be kidding.......we aren't by the way.)
And first there are two sections; one for the casual tourist and another for those either planning to retire in the Philippines or who may be looking for a wife and need to plan for an extended stay. If you would like more information on a variety of subjects or have additional questions visit us at Cebutoursandtravel.com. We are happy to answer anything that has to do with our country. From Ants which we have a lot of, to women which we also have a lot of. Sorry can't think of x,y and z.
The Casual Tourist
1. You will need a credit or debit card and we suggest 2, Visa and MasterCard will work almost everywhere and others as well.
2. Bring at least US$500.00 in cash and split it into two sums. Hide them well and don't put it in a wallet or a purse. In fact keep purses strapped across you body and wallets NOT in your back pocket.
There is relatively little risk of pick pockets or purse snatching but thinking smart minimizes this to almost zero.
3. Let your bank or your credit card provider know you will be out of country and check to see what your maximum daily withdrawal limit is. You may want to adjust it up or down. Usually that can be done over the phone. Don't neglect letting them know.
4. Test to make sure your card works at an ATM.....AND ATMS are the only way you the population of the Philippines can get money other than the many money transfer business's that are everywhere.
If Looking For A Wife Or Retiring Here
1. Credit or debit cards and cash are the only monetary instruments that work here. So forget Traveler's checks and your personal bank checks. Personal bank checks will take 30 days to clear and you would need a Philippine bank account.
2. Bring US$2000.00 cash and I suggest pinning it securely to the inside of your underwear. Traveler's checks and other forms of currency won't work well. As an example a personal check on your US account will take 30 days to clear if you have a local bank.
3. Exchange $400.00 for Philippine pesos (can be done in the USA as well).
4. Go to a PNB branch office (near your hotel) and open up a savings account. Just say you will be back and forth as a tourist. DO NOT OPEN the type of account where they report everything that goes in and out to the US Government. And do make it a peso account, not a dollar account. This will save you higher conversion fees. Also make sure it is a savings account. Don't worry you can withdraw from it. You will need your passport to open it and having an extra ID, a US driver's license, helps as well....some ask for two forms of ID; some do not.
5. Once open you will get a debit card to an address (which will take longer if you have one – your probably won't) or you can pick it up at the branch you opened the account at. Plan on 7 days, it may be much quicker.-. Use it immediately to extract a token sum. 10,000 pesos is suggested. Do not lose your card or pin number. They give you only one and if lost you are back in line again. It can get painful.
6. You now have established a source of funds, in the event that your bank is sold (believe it or not this happened and it took 7 weeks to get new credit cards in the hands of a client here) or there is a temporary system problem (not uncommon here) or your US credit cards are compromised in which case your US bank will immediately suspend your account and you will go thru various levels of hell with clerks and bank managers. There are Philippine National Banks all over and most ATM's will accept the card. If not, find one that will. And sometimes you will see three ATM's outside a bank. Use the one for PBN if possible. It will be less expensive. Note: ATM's are the only way you can get money here. If you walk into the bank you opened your account at they will simply point you to the ATM if you ask for money. Tellers in the sense you may be familiar with do not exist. You will need your passport to open the account and sometime they ask for a second form of identification. A US driver's license will work. It does not take long to open the account. I suggest you have a tour guide with you when you do. Language can be a problem........particularly if you speak with a regional accent or English is your second language Television English is okay.
7. You now have established your safety money. Don't spend it. Or if you do replace it so you keep those funds at US$1500 at least and preferably US$2000.
8. Next transfer additional money to it. A token sum using an on-line transfer company. TRANSFER WISE is the least expensive we have found. It will take 2-8 days to transfer (despite their claim of only two days). You can find it on the internet. Plan ahead. If you find a less expensive option let me know and I will change my recommendation.
9. Now how do you get money for daily needs. First yes, you can use PNB as long as you replenish it and that will be the least expensive (from a PNB ATM). But any Mastercard or Visa card will work also. And others as well.......if you have "other" let us know and we will verify it will work. . You will be charged both a conversion fee and a standard fee, roughly $4.00 for the transfer fee and who knows for the conversion fee (exchange rate). More often than not that is hidden since it's how the banks make money.
10. The peso is trading at almost 50 for one dollar US at the time this was prepared. I suggest you transfer
as much available money you expect to need to take advantage of this. Three months ago it was 43 as I remember. Given you plan to bring someone back (or possibly stay here) US$10,000 could possibly be needed. I don't know yet but will when the itinerary is done plus "moving expenses" if she goes with you, or living expenses while she is preparing to go or getting started expenses here if you end up either living here or staying until all paperwork is done and then taking someone back with you.
If you want us to do this for you contact us at Cebutoursandtravel.com Our price is reasonable.
11. Let your bank(S) know you will be in Asia on tour in advance. Why? Some banks, typically local, not international, will not honor the transaction. And hilariously will send you a "letter" to your current address telling you your account has been frozen which you will not see until you get back. I suggest you give them a letter and request a confirmation and ask them to notify you by email. Beware, this in not something the bank is set up to do and they may fail.
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MCYRCPA
2/7/2017 22:13 EST
This is probably good advice. But, twenty years ago in Mindanao where I met my wife, No one accepted any type of visa or master card or american express. Cash was the only payment method. I saw too many Americans that thought there cards would work there and had to borrow money from the natives to survive. Even six years ago a large bank in the Phillippines in a major city refused to accept any thing but Cirrus cards. They had no idea what a Cirrus card was. (Cirrus is a little emblem on the back of many credit cards),
There is nothing wrong with opening a bank account in the Philippines. The IRS could care less what is going in and out unless the balance exceeds $10,000. Don't expect the savings accounts to pay interest. The savings account we opened for my wife wife in Mindanao charged 2% per year for keeping your money safe. I guess that paid the guard with the machine gun at the front door.
God Bless
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Yeochief
2/8/2017 07:24 EST
The exchange rate at the airport Atlanta, Georgia was 41 P to the U.S. Dollar back on 31 December 2016, did not buy any knowing what the exchange rate was in the Philippines. When I got to the Philippines it was 49.5 plus.
My debt card was good to go, have the Plus sign on the back of the card. The fee was $4.00 at the local bank (Philippines) and about $6.00 at my back in the U.S. for a total of $10.00. When I took money out, I took out the max amount 10,000 P (because the charge was the same). The max amount per day (my bank in the U.S. time), was 30,000 P.
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seernai
2/8/2017 18:25 EST
I had a PNB account one thing you did not mention and that is if you have a credit card issued outside of the Philippines you cannot pay your credit card bill here even though you have your statement with paying in slip and international bank codes it happened to me last year the teller just laughed at me and said you cannot pay that here well they ain't laughing anymore as I transferred my pension back to my uk Bank that's my experience of PNB
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trappedinhell
2/8/2017 22:33 EST
@seernai Same thing w/ BDO. It's surprising in this age of digital world, most banks in the Philippines are still waaay behind in cyber telecommunication. Online banking here is very frustrating, little details are given about your account activity and transferring your funds to one acct to another is crazy. They're still on that brick & mortar banking mode.
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garyclay
3/15/2017 09:42 EST
great information however I have tried to open an account and at BDO bank they will not let me I went to several different branches I had all documents and ID,s Any suggestions
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seernai
3/15/2017 11:30 EST
Try Security Bank, all you need is your passport and Acl card and 2 photos
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siayan
3/15/2017 17:59 EST
I don;t know much on this topic but Security Bank was the best ATM machine for me. Never failed to deliver on my US card. Most of the others were hit and miss, mostly miss.
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seernai
3/15/2017 18:27 EST
HSBC UK are very strict , if you change your spending pattern or use a different ATM from the area you normally use they block your card straight away they have a new security system in place , once you get everything sorted out with h them on this your ok , what I do especially if I am buying an expensive item I inform them beforehand that way I don't get any problem ,
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Rescuer
3/15/2017 21:12 EST
garyclay ~ Did BDO tell you why they would not open an account??? All the branches I have been to said it is no problem with ID and a small deposit. Same with BPI.
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seernai
3/15/2017 22:37 EST
If your on a Tourist visa and not American as my neighbor had no problem and he is on a Tourist visa
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redlandchuck
3/16/2017 02:31 EST
maybe you are in the wrong city. Im a long time tourist here in Cagayan de oro I have two bank accounts, BDO and Metrobank; Philippines and Florida Driving license, Motor and Car registration in my name. I never had any questions or problems with acquiring these.
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LarryKar
3/16/2017 03:36 EST
Seernia: don't know what being American has to do with any banking issues. I'm American. Passport, BI issued Tourist Card. Have accounts at BDO and PNB. No problem.
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charkee
3/16/2017 04:02 EST
I have an EON account with Union Bank. I can deposit to it directly from Paypal. It costs 350Php to keep. It's in my wife's name so I don't have to deal with the US IRS. I don't get SS, not for another 6 years.
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seernai
3/16/2017 05:19 EST
It's because of the US Dollar the UK Pound is too high so it's got everything to do with it and I got that from my partners cousin who works in BDO , the Dollar is more popular in Asia
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seernai
3/16/2017 05:21 EST
I'm in the right city for my needs which is Davao most of the other Banks are ok
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GaryD
3/16/2017 09:35 EST
The UK pension can be linked, there is a reciprocal arrangement in place.
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seernai
3/16/2017 10:55 EST
The reciprocal agreement only applies for the annual Rise in the state pension nothing else
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GaryD
3/17/2017 04:51 EST
"The reciprocal agreement only applies for the annual Rise in the state pension nothing else"
You can have your UK state pension paid in the Philippines by the Philippine government, with the annual rises if you become non-dom in the UK.
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gelynch52ph
3/20/2017 00:25 EST
MCYRCPA, for one thing, this is 2017 and things have changed. Foreign credit and ATM cards are accepted nearly everywhere, including Mindanao.
As to the OP...XOOM.com only takes a couple of hours to transfer to a local bank account, and often even faster if money is sent for pick up @ any of the banks and pawn shops listed. In my opinion, this OP is way overblown as far as money safety, although you simply MUST alert your home bank that you plan to use your card abroad because they often block them and then it is difficult to get them reactivated from abroad.
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seernai
3/20/2017 13:12 EST
It maybe 2017 but the Philippine banking system sucks especially if you have a uk mortgage they just don't wanna know and if you have a uk issued credit card again they don't wanna know when it comes to paying your bill through their banking system that's why I put my pension back in the uk so I could pay my bills
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danielbaxter
3/21/2017 20:27 EST
Thank you Travel101 a wealth of information. Much of it I've already learned, unfortunately the hard way. :-(
A few things to add :
If you're an American from an area with Citibanks, consider using CitiBank as your home and PH main bank.
CitiBank has branches in Greenhills, Binondo, and Makati. Also ATM's at Manila Penninsula Hotel, Makati ShangraLa, Taguig City, Eastwood City Makati, Muntinlupe on Alabama-Zapotec Rd, Mandaluyong in ShangraLa Mall, Greenbelt 5 in Legazpi Village Makati and on Paseo de Roxas at Villar St. There are also possibly branches in Cebu and Davao which I have used in the past but cannot confirm at websites today.
CitiBank ATM use in the PH has been seemless for me. Max 15000 PHP per withdrawal but multiple withdrawals allowed same visit.
Then you can avoid bank fees from both your US as well as PH banks.
Also, I've found that should you actually need a teller or customer service, it works nearly as well as back in the US. One thing that's always perplexed me is how BAD service is in the PH!!! Wait in line to punch in info on a welcome screen, then wait wait wait for the slow uninterested tellers to serve the 30 people waiting ahead of you. A PH bank would not survive long in the US!
Also, as a retiree consider placing your retirement pensions IRAs etc in your US CitiBank, which will give you the qualification to be a CitiGold customer. Then here and there they treat you like they are your personal banker (you can in fact actually get one). More importantly, you get a nice free Mastercard with no annual fees, low interest rates and 2% cash back, and there is no exchange fees whatsoever for currency conversions. And back in thecUS many citibanks have private lounges for Citigold customers w wifi, coffee, tv , place to rest etc.
I am unsure if other US banks are here. I have never seen one in any case.
For my PH bank I prefer BPI. I Like to go hiking and trekking with Philippine groups a lot, and most require a deposit to their account first. BPI lets you deposit in someone else's acct without a fee. I know of no other bank that does so. BDO for instance charges 50 pesos. So I use BPI. Good for payments to your home builder etc as well.
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danielbaxter
3/21/2017 20:51 EST
As for Travel101's comments re wallets, pickpockets etc I have the following comments.
Until last year I had my system of three -
An old wallet in my back pocket, with some small bills for convenience, no cards, and to be my lure for pickpockets.
A traveller's wallet with a cord around my neck, down my shirt and partially tucked into my underwear. Bigger bills, one credit card, and only on days I planned to use it, my ATM card.
A traveller's money belt.
Looks cheap, made of nylon (hence no need to remove for airport security), zipper on the body facing side that can hold descreetly up to ten or so one hundred dollar bills, folded longitudinally into thirds.
Last year I discovered a wonderful product, though - "pickpocket proof pants" made by
Clothing arts.com
These truly are incredibly well thought out in design and production. I liked the first pair so much that I subsequently bought two more, and they Troy are my day to day pants here in the PH.
They ARE expensive ($109.95) but worth every penny , and they do occasionally have sales and specials. They have replaced my security needs for all but the money belt.
Go to their website and read: total 11 secure pockets, 5 triple secure and 4 double secure! Well produced - even the flap buttons are JUST the right snugness, hard enough to know when being tampered with, easy enough when you need access.
Even the cloth I like. Light weight enough for the tropics yet VERY tough. Some kind of brushed (to feel soft?) synthetics that puts up with the abuse I give them climbing Mt Apo, and the rough limestone peaks of the Sierra Madré Mtns
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charkee
3/21/2017 22:22 EST
In 3 years time, only once did somebody try to cut my watchband to steal my watch. My wife during her entire life here in the Phils only once had her purse pickpocketed. It wasn't much, but she has no idea when or how.
An American expat I know had his wallet pickpocketed from a lower pocket in his shorts. An altercation broke out in front of him and somebody from behind used a straight razor and slit the bottom of his pocket. He lost about 500Php.
I also have a money belt and once the zipper tore a $100 bill slightly 1/8 of an inch. I discovered that no money changer wanted that bill anywhere. They only accept perfect bills. I sold it to a jeweler at a discount, He did some surgery with superglue and sold it full price. I was pleased to sell it and he was pleased with a nice little profit.
I never carry more than what I need, usually never more than a couple hundred pesos.
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