How do you handle your cash

[ekimswish]

 

I think you are right on and I have seen many who act like they are kings or Gods while in the Philippines and use and abuse the locals but most I have read about who were killed were those in businesses with a lot of money, so while quite a few non Filipinos seem to go into business within the Philippines, it is my opinion that it would be a lot safer to keep a low profile while doing so or just do not go into any business that requires a lot of cash to be kept around or makes a lot of visible money.

That leads me to an interesting/valuable question: how do you handle your cash? Whenever I'm in the Philippines I use the ATM and it gives me 1000 peso notes, which we all know are damn hard to change. Even 100 peso notes are sometimes hard to use. But I'm often walking around with 4000~10000 pesos on me, so I gotta be careful how I pay for things. I'm used to using a wallet, but people in the PI usually just use crumpled 20 peso notes out of their pocket. Just having a wallet seems to make me different, and maybe a tempting target to would-be thieves. The other thing is business money. My wife and I are in Korea at the moment, but have built a pig farm on her land and are trusting a few people to help us with it. I use the word "trusting" loosely, as my wife trusts them, and I figure it's 50/50, but what the hell. Might as well give it a shot. We'll be back in December. But worried about people "losing", stealing, or being robbed of the cash that we send for or make off of the pigs, we've just kept most transactions bank to bank, also incorporating her brother, who I do trust quite well. So my long route to a short questions is: do you do business in cash, or bank to bank? Edited July 16, 2010 by Mr. Lee
repair quotes and split topic

[Mr Lee]

 

I think you are right on and I have seen many who act like they are kings or Gods while in the Philippines and use and abuse the locals but most I have read about who were killed were those in businesses with a lot of money, so while quite a few non Filipinos seem to go into business within the Philippines, it is my opinion that it would be a lot safer to keep a low profile while doing so or just do not go into any business that requires a lot of cash to be kept around or makes a lot of visible money.

That leads me to an interesting/valuable question: how do you handle your cash? Whenever I'm in the Philippines I use the ATM and it gives me 1000 peso notes, which we all know are damn hard to change. Even 100 peso notes are sometimes hard to use. But I'm often walking around with 4000~10000 pesos on me, so I gotta be careful how I pay for things. I'm used to using a wallet, but people in the PI usually just use crumpled 20 peso notes out of their pocket. Just having a wallet seems to make me different, and maybe a tempting target to would-be thieves. The other thing is business money. My wife and I are in Korea at the moment, but have built a pig farm on her land and are trusting a few people to help us with it. I use the word "trusting" loosely, as my wife trusts them, and I figure it's 50/50, but what the hell. Might as well give it a shot. We'll be back in December. But worried about people "losing", stealing, or being robbed of the cash that we send for or make off of the pigs, we've just kept most transactions bank to bank, also incorporating her brother, who I do trust quite well. So my long route to a short questions is: do you do business in cash, or bank to bank?

My wife and I have a few bank accounts in the Philippines, a dollar, a checking and a few ATM accounts and we use the peso checking account to pay all our large bills or use online payments, and we use the ATM card with the least amount of money in the account to pay for groceries when the bill will end up a larger amount, and we do online transfers from one account to the ATM account that we use for daily life. I tend to carry no more than a few thousand pesos on me unless we have planned to do something that would require a larger amount and then I usually hit the ATM machine in the mall and try to handle those things within that mall.  If I were ever to be robbed, then I would just give them the money unless I felt that they were going to kill me anyway, or if I felt they were the type to wish to harm my wife, then all bets are off and may the better man or men win.  As for how to carry it, I keep money set up in my pocket sort of like in a money clip but with rubber bands and dividers and with certain bills raised up so I can reach in and feel them and I use that bill to pay for things and never pull out a large wad of cash. Planning ahead helps prevent possible problems and having local dollar, peso and checking bank accounts really helps a lot to prevent problems since most people who get to know us, know that we pay most bills by check. And when the time comes for more money, we deposit our US check into the dollar account and wait the 21 days for it to clear and then get it exchanged within the bank but by a money changer.Oh and when we use a money changer, we try to do it with large amounts at one time and always do that within the bank we do business with and have the money changer come to the bank and put the deposit slip right on the table in the office where the money is counted and deposit it all right into our ATM account, so even the money changer and everyone who sees the money in the bank knows we will not be carrying a lot of cash around with us. Certain banks also have black market money changers they deal with and who will come to the bank when called for smaller amounts but not too small an amounts and those would be best handled at the money changer. Think like a crook and you will end up safe most of the time.

[ekimswish]

I think you are right on and I have seen many who act like they are kings or Gods while in the Philippines and use and abuse the locals but most I have read about who were killed were those in businesses with a lot of money, so while quite a few non Filipinos seem to go into business within the Philippines, it is my opinion that it would be a lot safer to keep a low profile while doing so or just do not go into any business that requires a lot of cash to be kept around or makes a lot of visible money.

That leads me to an interesting/valuable question: how do you handle your cash? Whenever I'm in the Philippines I use the ATM and it gives me 1000 peso notes, which we all know are damn hard to change. Even 100 peso notes are sometimes hard to use. But I'm often walking around with 4000~10000 pesos on me, so I gotta be careful how I pay for things. I'm used to using a wallet, but people in the PI usually just use crumpled 20 peso notes out of their pocket. Just having a wallet seems to make me different, and maybe a tempting target to would-be thieves. The other thing is business money. My wife and I are in Korea at the moment, but have built a pig farm on her land and are trusting a few people to help us with it. I use the word "trusting" loosely, as my wife trusts them, and I figure it's 50/50, but what the hell. Might as well give it a shot. We'll be back in December. But worried about people "losing", stealing, or being robbed of the cash that we send for or make off of the pigs, we've just kept most transactions bank to bank, also incorporating her brother, who I do trust quite well. So my long route to a short questions is: do you do business in cash, or bank to bank?

My wife and I have a few bank accounts in the Philippines, a dollar, a checking and a few ATM accounts and we use the peso checking account to pay all our large bills or use online payments, and we use the ATM card with the least amount of money in the account to pay for groceries when the bill will end up a larger amount, and we do online transfers from one account to the ATM account that we use for daily life. I tend to carry no more than a few thousand pesos on me unless we have planned to do something that would require a larger amount and then I usually hit the ATM machine in the mall and try to handle those things within that mall. If I were ever to be robbed, then I would just give them the money unless I felt that they were going to kill me anyway, or if I felt they were the type to wish to harm my wife, then all bets are off and may the better man or men win. As for how to carry it, I keep money set up in my pocket sort of like in a money clip but with rubber bands and dividers and with certain bills raised up so I can reach in and feel them and I use that bill to pay for things and never pull out a large wad of cash. Planning ahead helps prevent possible problems and having local dollar, peso and checking bank accounts really helps a lot to prevent problems since most people who get to know us, know that we pay most bills by check. And when the time comes for more money, we deposit our US check into the dollar account and wait the 21 days for it to clear and then get it exchanged within the bank but by a money changer.Oh and when we use a money changer, we try to do it with large amounts at one time and always do that within the bank we do business with and have the money changer come to the bank and put the deposit slip right on the table in the office where the money is counted and deposit it all right into our ATM account, so even the money changer and everyone who sees the money in the bank knows we will not be carrying a lot of cash around with us. Certain banks also have black market money changers they deal with and who will come to the bank when called for smaller amounts but not too small an amounts and those would be best handled at the money changer. Think like a crook and you will end up safe most of the time.

Jesus Christ-O! How many passports and aliases do you have as well? Kidding. That's really good advice. I'm only now hearing about the different kinds of accounts. When we started talking about the brother-in-law handling the bigger money for us I heard about his account that's for the ATM and his account that is non-ATM or something. It was so weird to me because I've always just thought a bank account and ATM go hand-in-hand. Now you've brought up checking, ATM, and dollars. I will have to educate myself. My wife has an account - ATM? - but we were out of the country by the time we thought of registering for online banking. Too late now, so we're at the mercy of people we need to trust. I started to go out in the Philippines without my wallet, and just try and use a roll of twenties and fifties, with maybe a couple hundreds tucked away. I also had a Visa card as an emergency, which kind of defeats the purpose of not bringing my wallet, but, hey.... baby steps.

[Jollygoodfellow]

Those 1000 peso notes are a pain but every time my wife and I were in the supermarket we paid with a 1000 no matter if the cost were only 200 or what ever.I carry my wallet and my pants mostly have Velcro on the pockets,if I was to go out at night I would put a 1000 in the little money pocket of my jeans just in case my wallet went missing and I needed cash to get home.

[Jim Sibbick]

No wallet for me!I carry my cash in front pockets which are zippered, velcro or buttoned. That way it is more obvious if some one is trying to pick my pockets.Large notes, P200 and above are kept separate to small notes, P100 and below.I usually only carry with me what I think I will need for the day. However, I have been stupid and carried a lot of cash on me. One time when I was making arrangements to buy a car, I had something like P200,000 on me, then went drinking in the bars with some of the members of this forum while my pockets were stuffed full.I can regularly be found with P40,000 on me though as I use HSBC for my withdrawals and HSBC dispenses P40,000 at a time. If I have some one with me, IE housemaid (in the past) or girlfriend, I will split the money or give it all to them to carry.Regards: Jim Sibbick

[UZI]

No wallet for me!I carry my cash in front pockets which are zippered, velcro or buttoned. That way it is more obvious if some one is trying to pick my pockets.Large notes, P200 and above are kept separate to small notes, P100 and below.I usually only carry with me what I think I will need for the day. However, I have been stupid and carried a lot of cash on me. One time when I was making arrangements to buy a car, I had something like P200,000 on me, then went drinking in the bars with some of the members of this forum while my pockets were stuffed full.I can regularly be found with P40,000 on me though as I use HSBC for my withdrawals and HSBC dispenses P40,000 at a time. If I have some one with me, IE housemaid (in the past) or girlfriend, I will split the money or give it all to them to carry.Regards: Jim Sibbick

Maybe members should be a little careful about the personal info they put out on a forum. You never know who is taking note.Hey I may be paranoid but that doesn't mean they are not out to get me

[Mr Lee]

Jesus Christ-O! How many passports and aliases do you have as well? Kidding. That's really good advice. I'm only now hearing about the different kinds of accounts. When we started talking about the brother-in-law handling the bigger money for us I heard about his account that's for the ATM and his account that is non-ATM or something. It was so weird to me because I've always just thought a bank account and ATM go hand-in-hand. Now you've brought up checking, ATM, and dollars. I will have to educate myself. My wife has an account - ATM? - but we were out of the country by the time we thought of registering for online banking. Too late now, so we're at the mercy of people we need to trust. I started to go out in the Philippines without my wallet, and just try and use a roll of twenties and fifties, with maybe a couple hundreds tucked away. I also had a Visa card as an emergency, which kind of defeats the purpose of not bringing my wallet, but, hey.... baby steps.

I have found that life and living within the Philippines is a learning process, and myself and others have made posts in the banking section of this forum which IMO will help to make your banking issues easier. I also believe that it is not just the Philippines that we have to use common sense because I have seen flashy people with rolls of money in quite a few countries including the US and robberies happen every day in the US and people are often killed during those robberies because they do not wish to give up their flash cash.  :th_thbarbaque: So splitting your money up as Jim has suggested is a good way to deal with issues and no way is the only correct way, and some of those who carry wads of money must live charmed lives IMO, or at least have so far.  Just because something has not happened to a particular person does not mean that it will not eventually if they keep up their imprudent behavior. IMO you can do yourself a favor and open a few accounts of different types and in a bank or banks that work best for you. Each of us may find different banks more convenient and I have found that it is just as important who runs the branch you do business with, as to which brand of bank it is.  As to how many passports do I hold :lol: only one but we have been spending a lot of time in the Philippines for over 16 years now and have had to do different things out of necessity. For instance when we decided to buy our condos and putting the nieces and nephews through colleges and then there is family emergencies, etc, so I look for the easiest way to deal with those issues and having a trusted nieces account linked to our account and doing an online transfer has been best for us because we also live in the Philippines part of the year. And then comes how to deal with family issues such as fund a kid for college, after losing tons of money I found giving them one of our ATM cards with the minimum balance locked in at the bank so they cannot go below that, and then doing weekly or monthly transfers into that account and watching how the money is withdrawn online. I only wish I smartened up much sooner and hope others can learn from my mistakes. 

[love2winalot]

Hiya: A Non Debit acct is called a Passbook acct in the philippines. It is a $ savings account, and to take money out, you have to go inside a bank to do so. Each morning i go buy pandasol bread. They are .02 peso each. It is a 2 mile walk, back n forth, between my house and the bakery. I bring 20-30 peso with me. My house is on Google earth. So you can see the route, "sbma Morong rd", that i walk. I go between 6-7 am. So, if you need some peso, you know where to come to rob me................................................hehehehe.A BDO ATM machine gives you 500 peso bills, instead of 1000. I never actually put money in my wallet. I use a fanny pak, and only bring a little over what we plan to spend. In the Malls, or freeport, we use our ATM card.

[Jake]

Hiya: A Non Debit acct is called a Passbook acct in the philippines. It is a $ savings account, and to take money out, you have to go inside a bank to do so. Each morning i go buy pandasol bread. They are .02 peso each. It is a 2 mile walk, back n forth, between my house and the bakery. I bring 20-30 peso with me. My house is on Google earth. So you can see the route, "sbma Morong rd", that i walk. I go between 6-7 am. So, if you need some peso, you know where to come to rob me................................................hehehehe.A BDO ATM machine gives you 500 peso bills, instead of 1000. I never actually put money in my wallet. I use a fanny pak, and only bring a little over what we plan to spend. In the Malls, or freeport, we use our ATM card.

I may not have any interest in robbing you but would rather approach you and ask "hey Joe, buy me drink?"That's a good long walk to the town of Morong. But it must be gorgeous in the early mornings along that road.I use a fanny pak strapped over my shoulder (looks like I'm packing a weapon) but it's my field kit consisting of scented alcohol and face cloth, small flashlight and utility toolkit. Having a small cannister of pepper spray around my belt also works for stray dogs that may have rabies. I plan to have a set of military style dog tags to indicate blood type and next of kin contact info. Like most ofyou guys, I also divide my daily expenses in more than one secured pockets. As far as carrying any requiredID's (LTO drivers license, ACR or passport), I would rather laser copy all of those and get them laminated tolook like the originals. Any ideas whether it's against regs to copy the photo page of your passport, reducedin size. I would rather carry that around instead?Respectfully -- Jake

[Jim Sibbick]

No wallet for me!I carry my cash in front pockets which are zippered, velcro or buttoned. That way it is more obvious if some one is trying to pick my pockets.Large notes, P200 and above are kept separate to small notes, P100 and below.I usually only carry with me what I think I will need for the day. However, I have been stupid and carried a lot of cash on me. One time when I was making arrangements to buy a car, I had something like P200,000 on me, then went drinking in the bars with some of the members of this forum while my pockets were stuffed full.I can regularly be found with P40,000 on me though as I use HSBC for my withdrawals and HSBC dispenses P40,000 at a time. If I have some one with me, IE housemaid (in the past) or girlfriend, I will split the money or give it all to them to carry.Regards: Jim Sibbick

Maybe members should be a little careful about the personal info they put out on a forum. You never know who is taking note.Hey I may be paranoid but that doesn't mean they are not out to get me

They are welcome to try!