Reducing ATM Fees

[mountainside]

As we’ve learned to our detriment, the Philippines is one of the world’s most expensive countries for ATM fees.

https://newsinfo.inquirer.net/1702518/philippines-south-korea-among-most-expensive-countries-for-travelers-to-withdraw-from-atm

So what to do, for those who don’t have home-country institutions (like a US Schwab account) that reimburse Philippine ATM fees?

I’ve learned of RCBC Hexagon Club, that provides members with zero ATM withdrawal fees at Bancnet ATMs.  20k per transaction.  50k per day.  Requires a minimum PHP 100,000 balance to obtain the benefit.  I’m tempted.

Any thoughts?  I’m hoping to cast off the Philippine squeeze of lower withdrawal limits and higher withdrawal fees.  Don’t want to spend the rest of my life in a cranky mood every time I approach a Philippine ATM.

[BrettGC]

It's one of the reasons I switched to PNB as they're everywhere including our somewhat off the beaten track location.  Not sure of the daily limits though, but there's full branches with the ATMs so you can walk in for larger amounts, not just an agency with the same limits as the ATM like the BDO agency here.

Not much help at night or on weekends I know but we worked around that pre-ATM days with a little planning.

[hk blues]

1 minute ago, BrettGC said:

...but we worked around that pre-ATM days with a little planning.

Yep, we had to and did.  I still remember back in the late eighties when my wife and I were monthly paid and I'd withdraw the maximum amount (IIRC £300) two or three days to last us the whole month.  

The problems here are, IMO, 1) The daily max amounts are too low in many cases; 2) The ATMs are unreliable - I approach an ATM in hope rather than expectation; 3) Many folk here seem incapable of using them efficiently resulting in long queues.

I now have an extra week's cash requirement as a buffer.   

[OnMyWay]

41 minutes ago, mountainside said:

As we’ve learned to our detriment, the Philippines is one of the world’s most expensive countries for ATM fees.

https://newsinfo.inquirer.net/1702518/philippines-south-korea-among-most-expensive-countries-for-travelers-to-withdraw-from-atm

So what to do, for those who don’t have home-country institutions (like a US Schwab account) that reimburse Philippine ATM fees?

I’ve learned of RCBC Hexagon Club, that provides members with zero ATM withdrawal fees at Bancnet ATMs.  20k per transaction.  50k per day.  Requires a minimum PHP 100,000 balance to obtain the benefit.  I’m tempted.

Any thoughts?  I’m hoping to cast off the Philippine squeeze of lower withdrawal limits and higher withdrawal fees.  Don’t want to spend the rest of my life in a cranky mood every time I approach a Philippine ATM.

Refresh my memory.  What visa will you have when you arrive and what will your wife's status be?

[mountainside]

1 minute ago, OnMyWay said:

Refresh my memory.  What visa will you have when you arrive and what will your wife's status be?

Balikbayan for me and my wife.  We'll both be US citizens when we arrive.  I'll apply for my second SRRV (US military vet: $1700 application and $1500 deposit with my wife as my dependent) here in the US, and obtain the visas in the Phils.  Balikbayan privilege will give us all the time we need to process and obtain the SRRV while in the Phils.  Wife may or may not reaffirm Philippine citizenship at some point.      

[OnMyWay]

48 minutes ago, mountainside said:

Balikbayan for me and my wife.  We'll both be US citizens when we arrive.  I'll apply for my second SRRV (US military vet: $1700 application and $1500 deposit with my wife as my dependent) here in the US, and obtain the visas in the Phils.  Balikbayan privilege will give us all the time we need to process and obtain the SRRV while in the Phils.  Wife may or may not reaffirm Philippine citizenship at some point.      

So it will be a while before you can open a Philippine bank account?  Or maybe you still have an old PH account?

Have you checked USAA?  They might refund foreign ATM fees.

I have always been a USD check writer into my BPI dollar account.  I was able to open the BPI accounts when I arrived on a tourist visa, but they are more strict on that now.  I have had good success with BPI here by Royal.

Not sure about Balikbayan.  If you were in Subic, I might be able to help you get an account at BPI.

[Kingpin]

Most brokerage accounts like Schwab and Etrade refund ATM fees but long-term goal should be more about eliminating ATMs altogether. Most vendors, online and offline, accept credit / debit cards, so the only time you need cash is for small street transactions. When I first came here I used ATM withdrawals to pay for everything, now it's almost nothing.

[Jack Peterson]

7 minutes ago, Kingpin said:

When I first came here I used ATM withdrawals to pay for everything, now it's almost nothing.

 Food Shopping and Local things only for us 

 

[jimeve]

5 minutes ago, Jack Peterson said:

 Food Shopping and Local things only for us 

 

Local things like San Mig beer. 

[Possum]

USAA does refund ATM fees but only $10/month