ATM Machines in the Phills.

[Arizona Kid]

Many of us depend on getting our Social Security or Military retirement money at ATM machines here in the Phills. Wednesday is when we can usually draw our money. I just hope the banks keep the ATM machines working. 

[Huggybearman]

1 hour ago, Arizona Kid said:

Many of us depend on getting our Social Security or Military retirement money at ATM machines here in the Phills. Wednesday is when we can usually draw our money. I just hope the banks keep the ATM machines working. 

Correct me if I am wrong, but that sounds a very expensive way of withdrawing your money. Do you not get charged 250php per withdrawal? Or can you claim it back?
I had an ATM swallow my UK Debit Card in Cebu once. Took me weeks to have it replaced as the bank sent it to my bank in the UK. So I only use my local bank cards now. 

[Tommy T.]

13 hours ago, Huggybearman said:

Correct me if I am wrong, but that sounds a very expensive way of withdrawing your money. Do you not get charged 250php per withdrawal? Or can you claim it back?

Some institutions like mine - Schwab Bank - offer world wide ATM withdrawals and fees are automatically repaid monthly. It's another reason I am really pleased with it.

Edited March 31, 2020 by Tommy T.
Forgot the main point of the post....duh....

[Marvin Boggs]

I figured you long timers would have your payments wired into a local account.  Not so?  We find BDO to be fairly competent. 

[Huggybearman]

28 minutes ago, Marvin Boggs said:

I figured you long timers would have your payments wired into a local account.  Not so?  We find BDO to be fairly competent. 

Exactly. I use BDO. Very happy with the service.

I would feel very nervous withdrawing cash from an ATM as my main source of funds, especially since a machine ‘ate’ my UK debit card once. The hassle that caused I would not want to repeat. 

[manofthecoldland]

In my case, for safety, security, ease of use and convenience.... I keep my money in the US and electronically transfer, as needed, to my wife's BDO account.  We have also done this with her Metro account for many years. Years ago, it was cheaper to use Xoom.

The remittance game is  constantly changing.  If I was starting out from scratch, I would set up a Schwab account, but its not worth the hassle for me to switch over. I use my own banks remote bill pay, Zelle, credit lines if needed, and now low cost transfers to another country.  They only made that available at low cost 2 or 3 years ago, when they dropped the fee to $4 and gave a decent exchange rate. 

FYI

[hk blues]

Basically, I keep my main savings in the UK, with enough to tide me (and my wife should I no longer be around) over here for about 3-4 years.  Every so often I transfer money over here to my Metrobank account using telephone banking - it works well.  I don't have a pension as yet but when I do I will set it up to pay directly into my account here.  I have never used my UK card here other than to activate it when I get a new one.  I have 2 local bank accounts here and my wife has 1.  It may not be the most efficient way but it works well and probably swings and roundabouts.  

 

 

[Arizona Kid]

21 hours ago, Huggybearman said:

Correct me if I am wrong, but that sounds a very expensive way of withdrawing your money. Do you not get charged 250php per withdrawal? Or can you claim it back?
I had an ATM swallow my UK Debit Card in Cebu once. Took me weeks to have it replaced as the bank sent it to my bank in the UK. So I only use my local bank cards now. 

It's the only way I've done it since 2003. Don't know any other way. 5 bucks per 400 bucks withdrawal didn't sound to bad for me. Don't have a local bank account.

[Marvin Boggs]

What happens when your bank changes owners, or they issue you a new card?  Last time my home bank issued me a card, it took a few weeks to reach me.  Then no matter what machine I tried it on, I could not get it to 'initialize' or whatever security measure they put on there.  So F it, that account is unworkable until I can go there in person apparently, which is in the US so maybe never.  Really glad I was not relying on it as my sole means of cash. 

 

[Tommy T.]

16 minutes ago, Marvin Boggs said:

What happens when your bank changes owners, or they issue you a new card?  Last time my home bank issued me a card, it took a few weeks to reach me.  Then no matter what machine I tried it on, I could not get it to 'initialize' or whatever security measure they put on there.

Every card I have received from USA in the last many years just has a phone number to activate or I need to go online to a particular website to activate... It's not been difficult, Marvin...

Maybe I am missing something with your cards? It has been super easy for me for years using USA bank issued credit cards...

Oh... and I pay the premium price for shipments using DHL just to make sure things arrive... and, so far, there has been no problem - for 4 years now...

 

Edited March 31, 2020 by Tommy T.