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KurtVD

ATM limit 10k per withdrawal?? Alternatives?

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On 6/20/2018 at 9:06 AM, scott h said:

I just had a thought. Does anyone use travelers checks anymore??? I remember Mom and Dad carrying around lots of them when we went on long trips. If memory serves they are insured and all that. Could that be a possible solution?

Traveller's cheques have not been a real solution in the Philippines since last century. 

Even in 1995 when they were a lot more common than now, it was difficult changing traveller's cheques. It is now nearly impossible. The last good place to change them that I knew of, the Amex travel centre in Ayala mall in Cebu City, closed at least 10 years ago.

 

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Just out of interest, I wonder why so many choose to use their cards issued outside the Philippines given the withdrawal fee?  Wouldn't it make sense to get a locally issued card for withdrawing money?  I appreciate some effort is involved to obtain one but it can be done.

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2 hours ago, hk blues said:

Just out of interest, I wonder why so many choose to use their cards issued outside the Philippines given the withdrawal fee?  Wouldn't it make sense to get a locally issued card for withdrawing money?  I appreciate some effort is involved to obtain one but it can be done.

Maybe it’s just me, and I could be speaking for just myself, but I have more trust and faith in my US bank than I have in the local Fil banks.

A bit off topic:  I no longer use ATM’s since I started to send money to asawa through transferwise.

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1 hour ago, Foreigner said:

Maybe it’s just me, and I could be speaking for just myself, but I have more trust and faith in my US bank than I have in the local Fil banks.

I still have a BPI account but never use it.  I do not trust these franchise banks or the whims of the management at all.  My money is doing just fine in my US credit union.  :tiphat:

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5 hours ago, hk blues said:

Wouldn't it make sense to get a locally issued card for withdrawing money?

Yes, and it also helps to have a local bank account "passbook savings account".

In the event of a catastrophe like Yolanda, you cannot get any money out of your local bank, even with an account there, if you have an ATM account.  The reason is you may have left and gone to another area and withdrew your money on your card and the local bank in the catastrophe hit area has no way of knowing.  They can only give you cash if you have a passbook savings account.  Many who were in the path of Yolanda had to find a way off Leyte to get money.  All the ATMs were offline.

 

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I left a week or so before Yolanda so didn't have to worry about accessing money myself but I had left my ex fiance with a bunch of pisos so as it turned out, she didn't have to worry about cash either. The boats were still running and there was no food anyway so those with money were doing food runs to Cebu City. In Cebu City you could get cashed up. My ex Fiance did food runs and so did my ex wife's family. I mprobably should say, this was from Palompon Leyte.

When i say there was no food, there was food but every one would have starved waiting for the first lot of food to arrive. NGO's were focusing on Tacloban and forgot about the rest of the island. Then when they started doling it out, it was doled out to individual people at their registered voting address or some similar system. So my ex Fiance had to walk 7 kilometres or so for her hand out food. And of course couldn't be bothered with me financing her. She could have moved back to where she was registered but it meant living in a tent. She preferred to stay in our apartment, even though it had no roof as it was more comfortable than living in a tent. The ceiling was still in place in the bedroom so she didn't get wet when it rained but she did have to clean up the water elsewhere every time it rained. 

 

Anyway to answer the question why do people use their overseas cards. I don't trust Filipino banks. I am happy to have the money in Australia.

 

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2 hours ago, Jim Sibbick said:

I don't trust Filipino banks.

Scratching Head.jpg Can I ask Why? have you had major problems?

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It seems that there is no clear answer. You’re mileage may........

Edited by Old55
Back on topic

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On 6/19/2018 at 9:48 AM, hk blues said:

The 10,000 is a daily limit, at least with BPI 

I regularly draw 20k from a BPI ATM, using a BPI bankcard.

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13 hours ago, Jack Peterson said:

Scratching Head.jpg Can I ask Why? have you had major problems?

There is no correct answer whether to have an account in the Philippines or not. I choose not. Do not let me stop you from having an account in a Philippines bank.

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