Forum Support scott h Posted June 25, 2016 Forum Support Posted June 25, 2016 10 hours ago, OnMyWay said: so I'm not too worried Pays to be cautious. Any place where there is a sign "count your money before you leave the counter please" whelp, and ounce of prevention etc etc etc Link to comment Share on other sites More sharing options...
chris49 Posted June 27, 2016 Posted June 27, 2016 We take $1000 to the Money Changer. We don't take small notes or odd amounts. And if needing transportation like jeepney or tricycle we wouldn't do it. I am not saying this is frequent, but there are pickpockets and the like who will track your movements after leaving the bank, they have a clear idea that you went in there to get money. The Money Changer is in the supermarket. We get roughly 200 pesos extra on $1000. We use that for breakfast at Mc Do which is our reward. However. A Dollar Account, passbook, can have an ATM Card issued. This can be the best way to manage your money rather than running around with cash in hand. 2 Link to comment Share on other sites More sharing options...
insite Posted July 31, 2016 Posted July 31, 2016 HSBC allow you hold a $ account and you can draw $ cash notes up to 2950 at no charge - certain accounts allow you transfer $ from any other HSBC in the world at no charge also. GBP and Euro accounts also available. In Davao we use Aldivinco to change cash and if you shop around you will get decent exchange rates - any other places to recommend here ? Link to comment Share on other sites More sharing options...
OnMyWay Posted July 31, 2016 Posted July 31, 2016 18 minutes ago, insite said: you can draw $ cash notes up to 2950 at no charge If you withdraw cash more than 2950, there is a charge? I would not bank at a bank that charges me to take my money out. I have needed to withdraw more than that twice recently. Link to comment Share on other sites More sharing options...
insite Posted July 31, 2016 Posted July 31, 2016 You pay a token amount for anything over 2999 $ - maybe 2/3 $ - you can however do it in a series of transactions one after the other to avoid this charge. Link to comment Share on other sites More sharing options...
russellmania Posted August 26, 2016 Author Posted August 26, 2016 I applied for the USD $ acct a few days before I returned to the USA, so the bank clerk told me it will take a few days to approve the acct. Before I left his cubicle he asked me to also bring a document from my bank stating something, but my memory fails me and I cant remember what he requested I bring back to him. Does anyone recall what document is needed from their US Bank acct to show BPI bank rep? Link to comment Share on other sites More sharing options...
robert k Posted August 26, 2016 Posted August 26, 2016 None that I know of, I just walked in to PNB bank when I set mine up, made the minimum deposit the account was made and I left. If you are trying to open an account with no money so it can receive money in the future, you may be working a lot harder than you need to. Making a minimum deposit may cut a lot of red tape. 1 Link to comment Share on other sites More sharing options...
russellmania Posted August 27, 2016 Author Posted August 27, 2016 3 hours ago, robert k said: None that I know of, I just walked in to PNB bank when I set mine up, made the minimum deposit the account was made and I left. If you are trying to open an account with no money so it can receive money in the future, you may be working a lot harder than you need to. Making a minimum deposit may cut a lot of red tape. BPI may have different requirements then PNB. BPI has the APPROVE the dollar acct BEFORE you deposit the $500.00,so that no problem. Link to comment Share on other sites More sharing options...
robert k Posted August 27, 2016 Posted August 27, 2016 (edited) 8 minutes ago, russellmania said: BPI may have different requirements then PNB. BPI has the APPROVE the dollar acct BEFORE you deposit the $500.00,so that no problem. This is for the standard no interest bearing dollar account? If it earns interest then you become liable for taxes. I would much rather avoid tax headaches than earn 100 php a year interest. Have you tried only with BPI? Even BPI with a different person on a different day might give you a different answer. It goes with the territory. Does it absolutely have to be BPI? Edited August 27, 2016 by robert k 1 Link to comment Share on other sites More sharing options...
russellmania Posted August 27, 2016 Author Posted August 27, 2016 4 minutes ago, robert k said: This is for the standard no interest bearing dollar account? If it earns interest then you become liable for taxes. I would much rather avoid tax headaches than earn 100 php a year interest. Have you tried only with BPI? Even BPI with a different person on a different day might give you a different answer. It goes with the territory. Does it absolutely have to be BPI? Wells Fargo Express send is 5 bucks up to $2999.00 to BPI Philippines. I need to get $25k there in sept to purchase a vehicle. Im bringing $10k on my flight to Cebu. My girl has BPI and I will send a portion to her acct, plus BPI is very popular with Expats. BPI is very close to my house,so those are a few reason for me to go with BPI. Link to comment Share on other sites More sharing options...
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