ATM Limits

[JJReyes]

I would like to ask what is the maximum amount you can withdraw per day from an ATM in Piso? Are there machines affiliated with certain banks that dispense a smaller maximum amount?

 

[AlwaysRt]

31 minutes ago, JJReyes said:

I would like to ask what is the maximum amount you can withdraw per day from an ATM in Piso? Are there machines affiliated with certain banks that dispense a smaller maximum amount?

 

While different bank's ATMs have different transaction limits, sometimes based on what card you are using, I think the daily limit is based on your card issuer. For example, BPI has transaction limit of p10,000 or p20,000 based on your card. My bank of the primary ATM card I use has a daily limit of $1,000. Several times I have done back to back p20,000 withdrawals (enter card, code, transaction amount, retrieve card, retrieve p20,000, count it, put card back in and repeat). I could have done a 3rd transaction for p5,000 - p8,000 depending on the daily exchange rate but never bothered.

[Eddie1]

52 minutes ago, AlwaysRt said:

While different bank's ATMs have different transaction limits, sometimes based on what card you are using, I think the daily limit is based on your card issuer. For example, BPI has transaction limit of p10,000 or p20,000 based on your card. My bank of the primary ATM card I use has a daily limit of $1,000. Several times I have done back to back p20,000 withdrawals (enter card, code, transaction amount, retrieve card, retrieve p20,000, count it, put card back in and repeat). I could have done a 3rd transaction for p5,000 - p8,000 depending on the daily exchange rate but never bothered.

So are you saying that if you have a high enough limit on your bank card, for example £500 UK ( about 30,000 Peso) then you can make a 20,000 Peso withdrawal at BPI (I guess that's in Duma?) in one cash withdrawal? That would be ideal as it would reduce the amount of ATM charges.

[Eddie1]

Actually, slightly off topic but when I was in Dumaguete earlier this year I was withdrawing 10,000 Peso at a time from the cashpoint just inside the Robinsons Mall on the downtown junction.

I made a note of each transaction and when I got home to the UK I found that on 3 separate occasions the day after my withdrawal my account was hacked and the same amount of money taken from my account. I notified my UK bank and after a discussion with the fraud department I was credited back the money, no fuss at all, it was about £450 so quite a large amount. Hmm, cashpoints can be a bit 'iffy' sometimes. 

[JJReyes]

1 hour ago, AlwaysRt said:

While different bank's ATMs have different transaction limits, sometimes based on what card you are using, I think the daily limit is based on your card issuer. For example, BPI has transaction limit of p10,000 or p20,000 based on your card. My bank of the primary ATM card I use has a daily limit of $1,000. Several times I have done back to back p20,000 withdrawals (enter card, code, transaction amount, retrieve card, retrieve p20,000, count it, put card back in and repeat). I could have done a 3rd transaction for p5,000 - p8,000 depending on the daily exchange rate but never bothered.

Thank you for the information.

For security reasons during our travels, we have both a primary and secondary checking account with a US bank. Funds are transferred from the first to second account as needed. ATM withdrawals are made from the second account only. Our bank charges a flat $5 fee per "out of network" transaction. The local (foreign to us) bank may or may not add fees, and they make money on the Forex. My preference is to withdraw the maximum amount to avoid the $5 fee per transaction.

I avoid using a credit card after the issuers started adding a 3% foreign transaction fee. This is now changing. Even American Express is waving the 3% for their loyal customers. 

[AlwaysRt]

28 minutes ago, JJReyes said:

Thank you for the information.

For security reasons during our travels, we have both a primary and secondary checking account with a US bank. Funds are transferred from the first to second account as needed. ATM withdrawals are made from the second account only. Our bank charges a flat $5 fee per "out of network" transaction. The local (foreign to us) bank may or may not add fees, and they make money on the Forex. My preference is to withdraw the maximum amount to avoid the $5 fee per transaction.

I avoid using a credit card after the issuers started adding a 3% foreign transaction fee. This is now changing. Even American Express is waving the 3% for their loyal customers. 

That is the same strategy I use. My ATM account is with Charles Schwab, ATM withdrawal fees are reimbursed to me at the end of every month. The exchange rate I get is usually better than what xe.com shows and has never been lower than xe.com. This means I get the best rate, pay no fees, and recieve my money instantly.

[jpbago]

On 11/6/2016 at 11:38 PM, JJReyes said:

My preference is to withdraw the maximum amount to avoid the $5 fee per transaction.

If you go to customer service inside the bank, BDO for example, you can get p49,000 from Visa, M/C, or Amex in a minute. With a phone call, you can get p200,000. Sometimes with a $5 fee but sometimes there is no fee. Before you do that, transfer the amount you intend to withdraw from your other account into your credit card account so that you pay no interest. You can do this daily.

[DavidK]

Some ATM's here will only allow a withdrawal of P5,000 at a time, very irritating. Also some don't want to work at all at all. Generally I find BDO ATM's to be most accommodating and if I want to withdraw a large amount for any particular reason I go to the HSBC machines in their office here in Cebu. Obviously the more you can withdraw at one time the less swingeing are the charges. 

NB. Don't queue behind any Filipinos at an ATM, you'll be waiting hours* for your turn.

* Seems like it anyway.

Edited November 8, 2016 by DavidK
Addition

[robert k]

8 minutes ago, DavidK said:

Some ATM's here will only allow a withdrawal of P5,000 at a time, very irritating. Also some don't want to work at all at all. Generally I find BDO ATM's to be most accommodating and if I want to withdraw a large amount for any particular reason I go to the HSBC machines in their office here in Cebu. Obviously the more you can withdraw at one time the less swingeing are the charges. 

NB. Don't queue behind any Filipinos at an ATM, you'll be waiting hours* for your turn.

* Seems like it anyway.

Hey now! It takes time to check 8 cards to see if anyone has sent you any money, especially if you check a few twice because you didn't keep them in order.

[JJReyes]

Thanks jpbago for the information about BDO.

I learned the hard way that many banks in Europe no longer do retail foreign exchange. The exception is for customers with an account. The reason is the reporting requirements to prevent terrorism & money laundering. The money changers have taken advantage by charging horrific commissions. The solution is to use ATMs to obtain local currency.