How To Buy Car

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I will pay cash, do i need to open a bank account, or will they hold US bank check, till it clears.

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How long will it take to clear a USD cheque drawn on a US domiciled bank? Plus how much will it cost? As an ex-banker I suggest a long time and a lot!

When I bought mine I had the funds transferred to the sellers bank account by wire. Even then I had to pay a couple of hundred peso extra as the Philippine bank took extra charges off despite me paying them from source. That took about four days.

Otherwise you need to have cash in hand.

Cash is always King.

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Cash is always King.

 

Especially here, with cash you can Haggle. You would be surprised at the amount of Locals that do not have a bank Account. ( Hmm maybe you wouldn't. :rolleyes:

 

JP :tiphat:

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I will pay cash, do i need to open a bank account, or will they hold US bank check, till it clears.

 

Would you take a moment to explain what money you are living and how you access this money?

 

And I can think of another hitch. The car joint would have to have their own dollar account to do that transaction.

 

If I'm the dealer, I wont do it.  Await your reply first, then I will continue.

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Posted
I will pay cash, do i need to open a bank account, or will they hold US bank check, till it clears.

 

This has me confused.  If you are using a check then that is not cash.  I have yet to meet a seller here who will accept a check drawn on a foreign back.  If I understand you right, I would open a US $ bank account, wait 30 days for the check to clear and then use real cash to purchase the vehicle.  Of course that means you would not have the vehicle for the 30 days it takes for the check to clear so you may want to just wire the money to yourself and take the cash to the seller.

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Posted

Just asking??? Could i go to a MAC machine and get say $ 500.00 a day twice a day . i would have to tell the bank that's what i was doing so  they would not freeze  the account .          Pat  

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Depends on how your account is set up, some have daily limit, weekly limit, and for sure you will need to inform your bank if you are withdrawing money in a different country

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Bearing in Mind that if you are drawing peso on a card, there is a daily limit on a foreign card 20.000 p per day if my memory serves me right. 10.000 p at a time, Try any more and I think the machine may snatch your card. 

 

Just saying here.

 

JP  :tiphat:

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Posted
there is a daily limit on a foreign card 20.000 p per day if my memory serves me right

 

If in Dumaguete there are 2 BPI machines you can use a foreign card in and get 20K per transaction (if your foreign bank allows that much) so 2 transaction per day would give 40K  Note that there are 2 machines, (side by side), at each of the 2 BPI locations and you must be sure to use the correct one.  It is not marked but it is the one that only gives out 1K peso notes.  ONLY those 2 BPI machines will give out that much on a foreign card.  Other banks and other machines are limited to 10K as JP said. There are many cities that don't have the right ATM to take out that much but I'm sure you can find one in most major cities.

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Bearing in Mind that if you are drawing peso on a card, there is a daily limit on a foreign card 20.000 p per day if my memory serves me right. 10.000 p at a time, Try any more and I think the machine may snatch your card. 

 

Just saying here.

 

JP  :tiphat:

 

30,000 k at BDO Jack but I do shudder at the cost so I don't do it now. I have seen people get out 20k and as I know the manager approves that for convenience, people with big remittances, I think.

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