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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