ATM limit 10k per withdrawal?? Alternatives?

[KurtVD]

I want to pay a few month’s rent in advance, plus a security deposit, which will total about 1000 US$. Today I’ve been at several ATMs and tried to withdraw 20k Pesos, but they all refused and said ‘This card is not valid/accepted here’. I was starting to get a little pissed when the fourth gave me the reason: Maximum withdrawal limit is 10’000. At this rate I will have to make at least 4 more withdrawals, and each time they will add their 250 P fee.  But it’s more about the limit, why so little? Is this normal here? Its been a while, but I’m pretty sure I could get more than that in places like Cambodia and Vietnam....

[Old55]

The most I was ever able to get was through HSBC down town Cebu City last year. $500.00 

The problem may be the ATM you’re using is not a partner to your “home” bank or it’s throttled down as to not quickly empty?

Friday isn’t a good time to withdraw money as folks are cashing their pay checks.

[Huggybearman]

I have the same problem. It used to be the case that BPI, RCBC and CitiBank would dispense 20k each transaction. Over the last year BPI and RCBC limit withdrawals to 10k. There is no CitiBank in CDO so have not tried them for a couple of years now. The only ones I know are in Makati, near Ayala Triangle and Cebu, near the Terraces entrance at Ayala Mall

I think its just down to greed by the banks. They see their income going up for each withdrawal!

Ken

[virginprune]

If you have a local bank here you can get 20k from the ATM or as much as you have deposited over the counter.

If you do not have a local bank have you tried sending money to yourself for a cash pickup via world remit online. If they will not allow to send to yourself do you have anybody in your home country that can send it to you?

There are many options if you look for them.

Good luck.

[Gentleman.Jack.Darby]

2 hours ago, KurtVD said:

I want to pay a few month’s rent in advance, plus a security deposit, which will total about 1000 US$. Today I’ve been at several ATMs and tried to withdraw 20k Pesos, but they all refused and said ‘This card is not valid/accepted here’. I was starting to get a little pissed when the fourth gave me the reason: Maximum withdrawal limit is 10’000. At this rate I will have to make at least 4 more withdrawals, and each time they will add their 250 P fee.  But it’s more about the limit, why so little? Is this normal here? Its been a while, but I’m pretty sure I could get more than that in places like Cambodia and Vietnam....

Without knowing more details about your card issuer's fee structure for foreign transactions and where you're located, my suggestion would be to look at Moneygram.

Moneygram offers USD transfers (receive USD in the PI) from the U.S. to the PI that can be picked up at a Moneygram location and you could do the forex transaction locally to get a good rate

USD 1,000 is within Moneygram's transfer limit and the fee is USD 10 if using a credit or debit card online or USD 20 if someone in the U.S. goes to a Moneygram location.

If a credit or debit card is used, the card issuer will likely tack on additional fees - the worst case would be to use a credit card since the issuer will tack on a cash advance fee and an exorbitent interest rate with interest accruing from completion of the transaction.

Any of the transfer services, including Moneygram and especially Western Union, will give a poor forex rate in addition to their transfer fees - most folks completely ignore the poor exchange rate and focus only on the service fee amount, which is usually a 'teaser' rate.

 

[KurtVD]

17 minutes ago, Gentleman.Jack.Darby said:

Any of the transfer services, including Moneygram and especially Western Union, will give a poor forex rate in addition to their transfer fees - most folks completely ignore the poor exchange rate and focus only on the service fee amount, which is usually a 'teaser' rate.

Thank you, interesting information. 

[Rooster]

8 hours ago, KurtVD said:

I want to pay a few month’s rent in advance, plus a security deposit, which will total about 1000 US$. Today I’ve been at several ATMs and tried to withdraw 20k Pesos, but they all refused and said ‘This card is not valid/accepted here’. I was starting to get a little pissed when the fourth gave me the reason: Maximum withdrawal limit is 10’000. At this rate I will have to make at least 4 more withdrawals, and each time they will add their 250 P fee.  But it’s more about the limit, why so little? Is this normal here? Its been a while, but I’m pretty sure I could get more than that in places like Cambodia and Vietnam....

I belong to 2 separate financial institutions in the US for reasons like this. I can transfer money from one to another online, withdraw 20k from one, 20k from the other per day using BPI. If I lose or 1 card no longer works, I have the other to use until I get a replacement. 

Does your card have the new embedded chip in it? If no, perhaps that is why you can not withdraw cash.  

[KurtVD]

I can withdraw cash, just not more than 10k at a time. I don’t even know if it’s a daily limit, or if I can withdraw 10k multiple times, at different ATMs, the same day. Gonna try that today. 

EDIT: Yes, I do have the chip card, but everybody here seems to have the same 10k limit, regardless of the type of card (unless it’s the bank’s own debit card). 

Edited June 19, 2018 by KurtVD

[Happyhorn52]

Your US financial institutions generally set a limit on daily and weekly ATM withdrawals. Contact the bank's security department and tell them the limits are too low. They can usually adjust them to allow you to make larger ATM withdrawals. My friend for Canada did this and changed the weekly limit from $1,000 t0 $5,000. 

My BDO US$ savings account allows me to make 50,000p in ATM withdrawals each day. They require me to make 5 x 10,000p in withdrawals but won't let me make a 50,000p withdrawal. Probably has to do with limitations on the ATM machines and they don't want to pay for upgrades to their systems. 

 

[Dave Hounddriver]

1 hour ago, KurtVD said:

. I don’t even know if it’s a daily limit, or if I can withdraw 10k multiple times, at different ATMs, the same day. Gonna try that today. 

Caution, that may trigger fraud alert and your card may be cancelled until you call and confirm. (Does not happen all the time but happens frequently).

But it is allowed and will work, up to the daily limit your card allows.