Mini Corporate Scams

[JJReyes]

My definition includes the instances when corporations take a little bit of money from you and this cumulatively becomes overtime, hundreds of millions from everyone.  For example, financial institutions.

Using my US debit card to withdraw from an ATM means a service fee of P300.  What for?  The banks are already making money from the lousy exchange rate. 

I needed to remit money to a charity in Samar and the remittance fee was substantial.  

"Do you want to pay in pesos or dollars?"  When paying with a foreign credit card, the BDO card processor at the store gives you the option.  The exchange rate fee the bank collects is doubled if you give the wrong answer.

Family suggested opening a local bank account.  This is to facilitate paying taxes on land I still own as a member of a family trust and other stuff.  Then the bank officer informs me about their minimum deposit and the monthly fees charged if the deposit falls below a certain level.  No thank you.

 

 

[Kingpin]

1 hour ago, JJReyes said:

"Do you want to pay in pesos or dollars?"  When paying with a foreign credit card, the BDO card processor at the store gives you the option.  The exchange rate fee the bank collects is doubled if you give the wrong answer.

PayPal asks the same question. Unless your foreign credit card refunds currency exchange fees, which is always the best option, you're paying extra fees either way.

 

[BrettGC]

My bank in Australia makes money on every foreign transaction I make as well as a monthly foreign exchange charge of $50AUD if even one withdrawal is made overseas.  I called them on it a few years back and reminded them why we had a banking royal commission...  They refunded me the monthly fee.