Currency Exchange

[Mike S]

Sorry Dave .... I personally don't have it but I have read horror stories about guys that were hospitalized and their spouses couldn't have access to their SS dollar accounts .... my bank will not let me have a debit card if I had SS direct deposit here in the Philippines nor will they allow my asawa to with draw funds on my SS account .... I know I asked ....  but that was 5 years ago so maybe the US relaxed it's banking laws .... :cheersty:

[Jollygoodfellow]

I have been noticing that the rate of exchange is droping fast. I will be arriving in PI in a couple of weeks. I am wondering if it is best to exchange what cash I do have to paso as soon as I arrive?

Is the airport a good place or are there better places to exchange? (Davao City is where I will end up).

How soon am I able to open a bank account in PI. Or am I at allowed at all?

 

 

Thanaks

Dave

 

 

Often pays to spend an hour reading the forums related to your question. The same things have been asked time and time again. Here's the banking section that might give you an idea of what others have done or problems encountered. http://www.philippines-expats.com/forum/3-banking-in-the-philippines/

You may not find any thing related to your question as like this topic,not even a day old and the subjects changed to US social security.  :no:

[MikeB]

Mike .... even if you have your check deposited in the US and have a US address (USA Box) they still won't let you register on line ????????? ......

Where you have your check deposited doesn't matter, it's where your address is. Yes, you can register online if your address is in the US. I have a mailing address in Fl but when Mike Jr came along in Oct, I had no choice but to notify them I was living in the Philippines. Right after the change of address I could no longer use the website. They're actually pretty good at the embassy so far, the problem is the SS correspondence comes only through the US mail so it will be ultimately delivered by Philpost. 

[ducecoop]

As for my SS, I have open a wells fargo account here in San Diego and that is where it will be deposited. I will have a San Diego Address (My sons house) so any corrispondance will be scaned and email to me same day it arrives. I am not expecting new children so letting them know I live in PI should not come up.

When my SS deposits are made I will just have it Xoomed (or western Union) to myself (or anyone for that matter if I am sick).

The problem then is I am sitting around with a large amount of cash so that is why the questions about the banks account here at BPI. I do not expect to EVER have over $10,000 in that account as my SS is pretty low so I doubt I will be saving much - just getting through month to month and saving a little for my extensions and trips out of PI each year.

 

Thanks for the replies about exchangeing my US $ to peso. I will have my girl find a changer in Davao

 

Thanks

 

Dave

[ducecoop]

I have been noticing that the rate of exchange is droping fast. I will be arriving in PI in a couple of weeks. I am wondering if it is best to exchange what cash I do have to paso as soon as I arrive?

Is the airport a good place or are there better places to exchange? (Davao City is where I will end up).

How soon am I able to open a bank account in PI. Or am I at allowed at all?

 

 

Thanaks

Dave

 

Sorry JGF, I did not see that sub forum. I will review it now.

Thanks

 

Dave

Often pays to spend an hour reading the forums related to your question. The same things have been asked time and time again. Here's the banking section that might give you an idea of what others have done or problems encountered. http://www.philippines-expats.com/forum/3-banking-in-the-philippines/

You may not find any thing related to your question as like this topic,not even a day old and the subjects changed to US social security.  :no:

Edited February 21, 2013 by ducecoop

[jpbago]

I have been noticing that the rate of exchange is droping fast. I will be arriving in PI in a couple of weeks. I am wondering if it is best to exchange what cash I do have to paso as soon as I arrive?

Is the airport a good place or are there better places to exchange? (Davao City is where I will end up).

How soon am I able to open a bank account in PI. Or am I at allowed at all?

 

 

Thanaks

Dave

At the Manila airport, after you go thru Immigration and just before you go thru the doors to get your luggage and Customs, there is an ATM on the left. Use your debit card to withdraw pesos (up to 10,000). There is a $5 fee for me but the exchange rate is quite good. With TD in Canada and likely TD in USA, they have an account called Borderless which gives you the good rates. You just have a small amount in that account and then whether you use TD Visa or your TD debit card, you get the good exchange rate for any currency.

For opening a bank account, try to at different banks. You may be able to and you may not. I read here that some have and some could not. Try BPI or BDO.

[ducecoop]

As it turnes out a filipina girl here in san diego ( i have known her for 12 years) happens to have a stach of peso, so I can buy from her at a very old rate (50/1) and that will solve "start up" money. Gives me time to find a good changer.

Only fee might be a small deposit - but that will be gladly provided :cheersty:

 

Thanks guys

[Call me bubba]

When my SS deposits are made I will just have it Xoomed (or western Union) to myself (or anyone for that matter if I am sick).

 

consider BPI remittance, it is MUCH cheaper , maybe an extra step in the process

YET it will be directly DEPOSITED INTO your account,

(remember your SAFETY :thumbsup: is important)

less need to be walking around w/that cash from the Western union(money) pick-up spot

 

here are 2 firms near your area that could be used,,

(also make sure you have a back-up card in case its blocked/lost/ ate by the atm)

https://www.wellsfargo.com/per/intl_remittance/

 

Enclose money order or cashier's check payable
to BPI Express Remittance Corporation. Amount
should include the applicable service fees.       

 

(e.g. Remittance amount US$ 500.00 + credit

to peso account fee US$ 7.00 = US$ 507.00)                                     
 

SAN DIEGO Address : 2220 East Plaza Blvd.,Suite
M Grove Plaza, National City     San Diego 91950 Tel. No. : (619) 470-9399 / 9499 Fax No. : (619) 470-9515 E-mail :
bpisandiego@bpi.com.ph Contact : Mgr Candido Relativo
Jr. Person  

 

[MikeB]

consider BPI remittance, it is MUCH cheaper , maybe an extra step in the process YET it will be directly DEPOSITED INTO your account, (remember your SAFETY is important) less need to be walking around w/that cash from the Western union(money) pick-up spot   here are 2 firms near your area that could be used,, (also make sure you have a back-up card in case its blocked/lost/ ate by the atm) https://www.wellsfar...ntl_remittance/   Enclose money order or cashier's check payable to BPI Express Remittance Corporation. Amount should include the applicable service fees.          (e.g. Remittance amount US$ 500.00 + credit to peso account fee US$ 7.00 = US$ 507.00)                     

XOOM charges me $4.99 to transfer $500 from my bank acct in the US to my bank acct in the Philippines. There are no "extra steps", it only takes a couple of mouse clicks. How exactly is this BPI remittance "MUCH cheaper"?

[ducecoop]

consider BPI remittance, it is MUCH cheaper , maybe an extra step in the process YET it will be directly DEPOSITED INTO your account, (remember your SAFETY is important) less need to be walking around w/that cash from the Western union(money) pick-up spot   here are 2 firms near your area that could be used,, (also make sure you have a back-up card in case its blocked/lost/ ate by the atm) https://www.wellsfar...ntl_remittance/   Enclose money order or cashier's check payable to BPI Express Remittance Corporation. Amount should include the applicable service fees.          (e.g. Remittance amount US$ 500.00 + credit to peso account fee US$ 7.00 = US$ 507.00)                     

XOOM charges me $4.99 to transfer $500 from my bank acct in the US to my bank acct in the Philippines. There are no "extra steps", it only takes a couple of mouse clicks. How exactly is this BPI remittance "MUCH cheaper"?

And I believe (don't quote me") it is the same 4.99 for up to $2999 transfer.

 

I know the BPI bank you Mention and my wife set up an account ther but me setting up one for me was (seemed - cause not relally neccessary at the time) too onerious. So I did not do it.