# Keeping money in Philippines



## greenstreak1946 (May 28, 2017)

What is the easiest and cheapest way to keep sending money to the Philippines? I mean when living there. Do most keep their money in the country they are from or keep it in the Philippines? The last time I was there I had an account at BDO bank. I ask about getting a safe deposit box and the employee told me it wasn't that safe. Anybody have experience having a safe deposit box at the local bank? I was afraid the last time to keep large amount of money in the Philippines because not insured like in the USA if someone steals it.

Any suggestions?

thanks

art


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## Rebaqshratz (May 15, 2016)

greenstreak1946 said:


> What is the easiest and cheapest way to keep sending money to the Philippines? I mean when living there. Do most keep their money in the country they are from or keep it in the Philippines? The last time I was there I had an account at BDO bank. I ask about getting a safe deposit box and the employee told me it wasn't that safe. Anybody have experience having a safe deposit box at the local bank? I was afraid the last time to keep large amount of money in the Philippines because not insured like in the USA if someone steals it.
> 
> Any suggestions?
> 
> ...


I have a "dollar" account in Metro (USD) I have sent money by XOOM & Remitly for quick turn around but with the dollar account I can write a check and draw directly from the US account. There is an administrative delay. They claim 25 business days but in reality it is usually less than 3 weeks. The ironic thing is the money will be taken from your US account in a few days so I suspect they are using your money for the rest of the time delay. The other draw back is that you need to maintain a balance of $500. USD. The good thing is you can transfer as much or as little as you want. You will need to document the source of your money if it is a significant amount as an example $20K. I just down load a copy of my US bank statement and that suffices...apparently this is to deal with money laundering issues in the Philippines. Once you get a relationship with the bank they stop asking for further documentation. Now the "hidden: bonus!! When you transfer the money from your dollar account to a pesos account the exchange rate is better that advertised. Not by a ton but it adds up. The insured amount in the PI (in case the bank fails) is very low so I suggest pick a bank that is well established such as BDO or Metro. My wife has a ton of personality and is friends with the local branch's staff so they take good care of her with prior notice about the exchange rate and quick service when she enters the bank. Un-american I suppose but a way of life here in the PI! Good Luck!

Reba


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## bidrod (Mar 31, 2015)

I have both my SS and MilRetPay direct deposited to my BoA account in the USA. Many ways to transfer money to here. You can use ATM Debit/CC cards with various fees associated with that type of transfer. Bank charges both in USA and here for some, a XE rate charge of 0-3% depending on bank. Wire transfers from USA bank to here again fee depends on the bank, BoA charges $45 to send dollars and $35 to send PhP(with a terrible exchange rate). You can send dollars to a local bank here by writing a check and waiting 20 business days for it to clear and most banks now charge $5 to do this. You can direct deposit to a bank here but understand it will be a passbook account only in your name(you have to go to the bank for all transactions). You can use transfer companies to send money such as WU, Moneygram, Xoom, Remit, Transferwise, etc. They all have different charges and XE rates if you send PhP. I personally try to keep a few months worth of funds here locally at all times. If I don't need to replenish funds quickly I write a USD check from BoA and wait for it to clear then exhange for PHP when needed. If I need funds quickly I use Transferwise .com. They only send to PhP bank accounts but they use the current XE midmarket rate and the charge is just under 1% for the transaction.

I am sure others may use other ways as you may do also. Some companies seem to have a problem once they find out you live in the Philippines and suspend their service to you. 

Chuck


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## greenstreak1946 (May 28, 2017)

Thanks for the replies. I am thinking about doing the check option this time. I would be in no hurry for the funds. I will keep enough in there to live on. I also will keep cash in s safe deposit box back in the states. My daughter will have access to it so if for any reason I need extra money she can deposit into my account there and I will just write a check here. I get SS and I can live on it here unless I want to make a large purchase. I will use BDO again. I had no problems with them before. I had a account card so I could with draw at the atm. 

thanks

art


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## Tukaram (Dec 18, 2014)

I have a dollar account and a peso account here that I never use anymore. I just keep my money in the US and use my ATM card to get my monthly allowance. USAA gives a great exchange rate, and refunds the p200 ATM fees (up to $15 a month, per account). I find it easier to deal with my US bank online than the PI banks in person. Better service and less fees. 

For large purchases or emergencies I have a few credit cards from the US.


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## bidrod (Mar 31, 2015)

Tukaram said:


> I have a dollar account and a peso account here that I never use anymore. I just keep my money in the US and use my ATM card to get my monthly allowance. USAA gives a great exchange rate, and refunds the p200 ATM fees (up to $15 a month, per account). I find it easier to deal with my US bank online than the PI banks in person. Better service and less fees.
> 
> For large purchases or emergencies I have a few credit cards from the US.


So you can make up to 3 withdrawals per month for free. Seeing that most banks limit withdrawals to 10-20K Php you could get 30-60K Php without being charged plus you pay 1% charge on the XE rate(per USAA site) with a max of $600(approx 30K PhP) per day. XE rate cost you about $6 for 30K PhP. For myself it would not be cost effective since I still have a house(5 more months) and car(2 more years) payments to make monthly.

I can transfer both pension checks at onetime for $5 to my dollar account and wait for it to clear and have the option to put into my Php account via online banking or withdrawing it and using a money changer for a better rate. Another option is to send it via Transferwise.com to my PhP account which gives the current XE rate at the time I make the transfer minus just under 1%. The Transferwise XE rate is better than the local bank rates since it is the actual XE midmarket rate. Since Transferwise is an ACH transaction I am not constrained by my banks daily limits or maxim card amounts. This works better in my case than using ATM cards even if I am reimbursed for some or all the transactions. JMHO

Chuck


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## Tukaram (Dec 18, 2014)

I can theoretically withdraw 6 times each month, 3 per account, so 3 checking and 3 savings. But I only withdraw twice a month. My last withdrawal, on 2OCT, was at an exchange rate of 50.36:1 Good enough for me.


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## greenstreak1946 (May 28, 2017)

HeyTukaram


Yeah the rate is good now. When I first came there in around 2003 the rate was almost 52. Then ever since it kept getting lower. I saw it at 42. This is a good time to convert to pesos for sure.

Art


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## hogrider (May 25, 2010)

In my case, I maintain accounts in 3 countries, AED (US$) in Dubai, £ in UK and Php in Philippines. I transfer funds to take advantage of currency strengths and weaknesses. Right now it's a good time to transfer $ of course into both £ & Php.


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## DonAndAbby (Jan 7, 2013)

Tukaram said:


> I can theoretically withdraw 6 times each month, 3 per account, so 3 checking and 3 savings. But I only withdraw twice a month. My last withdrawal, on 2OCT, was at an exchange rate of 50.36:1 Good enough for me.


Actually that is not a good exchange rate for October 2nd. You should have gotten around ~51 most places.

If you sacrifice, for example, .6 peso (60 centavos) on the exchange rate, that is a p600 "fee" for every $1000 exchanged. Far from free.


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## JRB__NW (Apr 8, 2015)

DonAndAbby said:


> Actually that is not a good exchange rate for October 2nd. You should have gotten around ~51 most places.
> 
> If you sacrifice, for example, .6 peso (60 centavos) on the exchange rate, that is a p600 "fee" for every $1000 exchanged. Far from free.


A little over 1% isn't so bad. I spent my life in data centers and all these transaction services cost money, whether you see what's behind the transaction or not. Wells Fargo is the same - they take about .5 peso, plus a $5 fee for any amount up to $3000. It's very reliable - never had a transaction failure.

I keep all my money in the US - property, investments and banking. Transfer monthly with Wells Fargo Express Send to my girlfriend's BPI account for rent, expenses, etc. It's there within the hour. I take my cash out from the ATM's locally. If anything goes really haywire I'm on the next plane out.


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## mogo51 (Jun 11, 2011)

greenstreak1946 said:


> What is the easiest and cheapest way to keep sending money to the Philippines? I mean when living there. Do most keep their money in the country they are from or keep it in the Philippines? The last time I was there I had an account at BDO bank. I ask about getting a safe deposit box and the employee told me it wasn't that safe. Anybody have experience having a safe deposit box at the local bank? I was afraid the last time to keep large amount of money in the Philippines because not insured like in the USA if someone steals it.
> 
> Any suggestions?
> 
> ...


You can use ATM as you know no doubt, but costly. Many money exchanges such as Transferwise, XE etc. and from my experience it only takes 2 days to get here, some much quicker. Many options. I leave most of my money in Australia. Get it over a few months worth at a time. If you have a permanent residence, you can put in a safe.


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## greenstreak1946 (May 28, 2017)

hey mogo51

I will probably after opening an account at BDO and after my initial deposit I will write checks on my account in the states so it will not cost anything. I know it take about 3 weeks to clear but that is okay. You know I ask the last time I had an account at BDO about opening a safe deposit box there and the employee didn't recommend it. she said it is not that safe.

jArt


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## bidrod (Mar 31, 2015)

greenstreak1946 said:


> hey mogo51
> 
> I will probably after opening an account at BDO and after my initial deposit I will write checks on my account in the states so it will not cost anything. I know it take about 3 weeks to clear but that is okay. You know I ask the last time I had an account at BDO about opening a safe deposit box there and the employee didn't recommend it. she said it is not that safe.
> 
> jArt


BDO will charge you $5 for each check deposited.

Chuck


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## greenstreak1946 (May 28, 2017)

Hey Chuck

That is not bad if they only charge $5. I won't be writing many checks anyways. Maybe 4 in a year. I will only write the checks to cover expenses for 3 months at a time. Anything I need more then that I will just use my charge cards and payoff at end of month so there is no interest charges.

thanks

art


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## Manitoba (Jun 25, 2014)

I use HSBC. I have Canadian accounts in CDN and USD. I have Philippine accounts in USD and PHP. I am now using my Canadian USD account as the main source of funds.

I use their global transfer feature to transfer online from my Canada USD account to my Philippine USD and then go to the branch and transfer USD to PHP in amounts sufficient for 2 months at a time. Withdraw cash from ATM’s or use my PHP Visa Deposit card for day to day expenses.

I get a very good rate at the branch (better than online) and no foreign use fees on my debit card transactions.

Overall costs are low and it is very convenient.


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## Zep (Jun 8, 2017)

I just wrote my first check for deposit into my PNB account. Cost was 200 pesos and they said maybe 30 days to clear. That was Nov 4, on about Nov 10 I see that my US account received the check and debited the amount. I go to the bank about Nov 28 thinking it might have cleared and they tell me it will not clear until Dec 18. It took them about 45 mins to figure this out. Sheez. Good thing I don't need the money right away.


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## fmartin_gila (May 15, 2011)

Zep said:


> I just wrote my first check for deposit into my PNB account. Cost was 200 pesos and they said maybe 30 days to clear. That was Nov 4, on about Nov 10 I see that my US account received the check and debited the amount. I go to the bank about Nov 28 thinking it might have cleared and they tell me it will not clear until Dec 18. It took them about 45 mins to figure this out. Sheez. Good thing I don't need the money right away.


Welcome to the Philippines!!!! LOL

Fred


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## mogo51 (Jun 11, 2011)

I doubt I have struck more bureaucracy than you get in the banks. I am transferring from one branch of the Metro Bank to another just down the road (so I don't have to go into the main city). That was 8 days ago and it has still not been finalised. 
Just to show you it is not only the bank, I bought some insulation for the roof of the townhouse. It took 15 minutes to place the order and 5 pages of order, approval to collect from warehouse etc, receipt. Then to the warehouse for another 10 pages of nonsense, total of 45 minutes!!!!
I had to go back to get some more, spoke to the Manager and was 10 minutes the second time - wonders will never cease. As Fred says 'Welcome to the philippines.'


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## bigpearl (Jan 24, 2016)

mogo51 said:


> I doubt I have struck more bureaucracy than you get in the banks. I am transferring from one branch of the Metro Bank to another just down the road (so I don't have to go into the main city). That was 8 days ago and it has still not been finalised.
> Just to show you it is not only the bank, I bought some insulation for the roof of the townhouse. It took 15 minutes to place the order and 5 pages of order, approval to collect from warehouse etc, receipt. Then to the warehouse for another 10 pages of nonsense, total of 45 minutes!!!!
> I had to go back to get some more, spoke to the Manager and was 10 minutes the second time - wonders will never cease. As Fred says 'Welcome to the philippines.'


As we all say Ron, enjoy the frustrations and steam ahead.

Cheers, Steve.


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## hogrider (May 25, 2010)

mogo51 said:


> I doubt I have struck more bureaucracy than you get in the banks. I am transferring from one branch of the Metro Bank to another just down the road (so I don't have to go into the main city). That was 8 days ago and it has still not been finalised.
> Just to show you it is not only the bank, I bought some insulation for the roof of the townhouse. It took 15 minutes to place the order and 5 pages of order, approval to collect from warehouse etc, receipt. Then to the warehouse for another 10 pages of nonsense, total of 45 minutes!!!!
> I had to go back to get some more, spoke to the Manager and was 10 minutes the second time - wonders will never cease. As Fred says 'Welcome to the philippines.'


My own experience is quite the reverse. My bank is PS Bank and my branch is in Davao. Last month I wanted to buy my new truck from Ford dealer in Manila. I went to a branch of my bank close to the Ford dealer in BFC, and asked them for a managers cheque for P1.85m. I was expecting all sorts of delays. The managers cheque was in my hand within 15 minutes. Meanwhile I was entertained and given cups of tea and Sorry to keep me waiting. Brilliant.


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## bidrod (Mar 31, 2015)

hogrider said:


> My own experience is quite the reverse. My bank is PS Bank and my branch is in Davao. Last month I wanted to buy my new truck from Ford dealer in Manila. I went to a branch of my bank close to the Ford dealer in BFC, and asked them for a managers cheque for P1.85m. I was expecting all sorts of delays. The managers cheque was in my hand within 15 minutes. Meanwhile I was entertained and given cups of tea and Sorry to keep me waiting. Brilliant.


Well I am pretty sure when you walk in ask for a P1.85M manager's check, you are probably considered one of their premier customers. Most probably you had more in your account. One thing in 7 years here I learned is money makes a big difference in customer service. My accounts here being an American never exceed P400K due to extra reporting requirements at tax time.

Chuck


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## hogrider (May 25, 2010)

bidrod said:


> Well I am pretty sure when you walk in ask for a P1.85M manager's check, you are probably considered one of their premier customers. Most probably you had more in your account. One thing in 7 years here I learned is money makes a big difference in customer service. My accounts here being an American never exceed P400K due to extra reporting requirements at tax time.
> 
> Chuck


Not really Chuck. The account had only been oped for 1 month and the funds for the car had only been transferred to the account a few days before requesting the managers cheque. Balance before and after less than 100k.


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## Asian Spirit (Mar 1, 2010)

bidrod said:


> Well I am pretty sure when you walk in ask for a P1.85M manager's check, you are probably considered one of their premier customers. Most probably you had more in your account. One thing in 7 years here I learned is money makes a big difference in customer service. My accounts here being an American never exceed P400K due to extra reporting requirements at tax time.
> 
> Chuck


I guess I must have picked the right bank then for sure. Sounds strange but when I go into our bank and if they are busy at the time; even if I only have a question or taking out just P10,000 they offer coffee and or soft drinks. Same when my 14 year old daughter goes in as well. Guaranteed I am NOT a major depositor. Nickels and dimes really. Our bank manager and two operations managers are the greatest and consider them as friends.


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## art1946 (Nov 30, 2017)

i dont mind the slow service as long as my money is safe there. 

art


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## bidrod (Mar 31, 2015)

hogrider said:


> Not really Chuck. The account had only been oped for 1 month and the funds for the car had only been transferred to the account a few days before requesting the managers cheque. Balance before and after less than 100k.


Whether the money had been there one day or 1 hour, it still would change the requirement for me on reporting on US taxes. Other options available to make the payment. Just different requirements from home countries on monetary transactions.

Chuck


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