Reducing ATM Fees

[JJReyes]

3 hours ago, Kingpin said:

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.

Both credit and debit cards are widely accepted in major cities, but not at some Philippine provincial areas.  It is best to have sufficient cash if your card(s) is denied for whatever reason.  Wells Fargo Bank reimburses our ATM transaction fees.  It could be our good customer status having opened an account with this bank about 40 years ago.  I am not sure if the courtesy is offered to everyone.

[mountainside]

4 hours ago, OnMyWay said:

So it will be a while before you can open a Philippine bank account?

Should have the SRRV within a couple months after arrival.  In the meantime, we'll use my US Schwab account while looking for a lease.  But the Schwab account may not last forever.  Thanks to you and others on this forum, I have Wise/Remitly/Xoom/WU up and running with a Wise debit card.  My USAA and SDFCU accounts (thanks again, forum members) will refund some ATM fees -- if only I could remember which card to use.  And thanks to member comments on this topic, I'll set up Gcash and Maya and Grab once I get in-country.  I hadn't realized how much Philippine payment apps can reduce the need for every day cash -- the cashless economy didn't exist when I lived in the Phils before.  So now that I'm better informed, it seems that I've been anticipating ATM hassles that simply don't exist anymore  for those who know their way around.  

[Kingpin]

8 hours ago, JJReyes said:

Both credit and debit cards are widely accepted in major cities, but not at some Philippine provincial areas.

True. For anyone in the city, HSBC is the best bank option, I recently connected my US account to a new PH account, transferring money is fast and free.  I use the US debit card everywhere, supermarkets, Grab, Foodpanda, Lazada, because if you charge over $500 monthly, you get at least $250 per month back in interest. Except those Shopee aholes, they won't touch anything US.

 

[OnMyWay]

2 hours ago, Kingpin said:

I use the US debit card everywhere, supermarkets, Grab, Foodpanda, Lazada, because if you charge over $500 monthly, you get at least $250 per month back in interest.

Typo?  If not, please tell me where I sign up!  

[JJReyes]

2 hours ago, Kingpin said:

I use the US debit card everywhere, supermarkets, Grab, Foodpanda, Lazada

If stolen and used by someone else, US credit cards have a limited liability of $50.  My understanding is debit cards have no such limit.  Thieves can drain all the money from your checking account.  For this reason, I only carry the debit card on my way to withdraw funds from an ATM.  For safety, I carry in my wallet one credit card at a time.  If stolen, loss or missing, it's easy to report to the issuing bank.  You have other credit cards to use while waiting for the replacement.

[Kingpin]

5 hours ago, OnMyWay said:

Typo?  If not, please tell me where I sign up!  

https://www.us.hsbc.com/savings-accounts/products/relationship-savings/

4 hours ago, JJReyes said:

If stolen and used by someone else, US credit cards have a limited liability of $50.  My understanding is debit cards have no such limit.

It's an important understanding, to make sure your debit card doesn't get stolen. Although even it does, they'll also need your pin # to use it. And even if they have that, I don't keep more than a minimal amount in the debit card account.

Edited April 23, 2023 by Kingpin

[mountainside]

8 hours ago, Kingpin said:

if you charge over $500 monthly, you get at least $250 per month back in interest.

 

5 hours ago, OnMyWay said:

Typo?  If not, please tell me where I sign up!  

It's the part about the "$250 per month back in interest" that got Don's (and my) attention.  

[OnMyWay]

8 hours ago, JJReyes said:

My understanding is debit cards have no such limit.  Thieves can drain all the money from your checking account. 

https://www.mastercard.us/en-us/personal/find-a-card/standard-mastercard-debit.html

"Whether you use debit Mastercard to shop online, by phone or in a store, every purchase is backed by Zero Liability Protection. That means you won't be held responsible in the event that someone makes unauthorized purchases with your card.‎"

I guess the above applies to U.S. cards.

I have a BPI Debit Mastercard and I can't find anything on the BPI website about this.  The daily limit for ATM and purchases is p20k, so that is a bit of protection from a large theft.

[Kingpin]

5 hours ago, mountainside said:

 

It's the part about the "$250 per month back in interest" that got Don's (and my) attention.  

https://www.us.hsbc.com/savings-accounts/products/relationship-savings/

REQUIRED: A Premier Relationship Savings account can’t be opened unless you have a Premier checking account.

https://www.us.hsbc.com/checking-accounts/products/premier/

Option 1: Deposits and/or investments

Have at least $75,000 in total deposits and/or investments.⁷

75k x 4.00% APY / 12 = $250 per month back in interest

 

[JJReyes]

3 hours ago, OnMyWay said:

"Whether you use debit Mastercard to shop online, by phone or in a store, every purchase is backed by Zero Liability Protection. That means you won't be held responsible in the event that someone makes unauthorized purchases with your card.‎"

I guess the above applies to U.S. cards.

I have a BPI Debit Mastercard and I can't find anything on the BPI website about this.  The daily limit for ATM and purchases is p20k, so that is a bit of protection from a large theft.

The $50 limited liability for credit cards is based on law passed by the US Congress.  Some banks, as a marketing advantage, do limit the liability on debit cards, but this is not universal.  You have to ask.