# New arrival - Money Matters



## Exiledscot (Oct 10, 2013)

HI Everyone,

I have done a lot of moves in my time but never to SEA. I wonder if you could advise on what financial means I should bring with me to Manila?

Not knowing how long it could take for funds to be transferred from Netherlands to Manila, is it worth bringing travellers checks to open an account with? or is it enough to deposit say $1000 (or should I use PHP?) in cash? assuming I can still access my Dutch bank account via ATM for cash I can easily let the depposit sit while the account opening is processed....Does ti take long to open an account?

My employer is processing my work visa so I will arriveon a tourist visa...can I still open a bank account?

I have read many threads here and TBH I am no nearer understanding how it works over there...

Many thanks

/Mark


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## Asian Spirit (Mar 1, 2010)

Hi Mark,

Your best bet for the time being would be to (in just my opinion) bring just enough cash to get you by for 2 or three days but no more. You will probably be able to access your bank account from home using your ATM card. Just to be on the safe side though, make arrangements for someone at home to be able to send cash to you using Xoom or Western Union etc. Your employer here might have ideas for you on that issue also. Just use caution if your employer or anyone else suggests anything that sounds strange or risky.


Gene


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## Exiledscot (Oct 10, 2013)

HI Gene,

THanks for the advice....one more question if I may...I live in Holland right now, asusming Euros are not much use should I bring cash in as US$, GB£ or PHP? I ask only because im not sure how easy PHP is to get!

Best regards


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## Asian Spirit (Mar 1, 2010)

Exiledscot said:


> HI Gene,
> 
> THanks for the advice....one more question if I may...I live in Holland right now, asusming Euros are not much use should I bring cash in as US$, GB£ or PHP? I ask only because im not sure how easy PHP is to get!
> 
> Best regards


At your departure airport there you should be able to exchange a few Euros for Philippine Pesos. For any other cash you bring I would suggest British Pounds. That seems to be the best value when exchanging into Pesos at the moment. Your hotel here should have the ability to exchange whatever you want into local currency.

A word of caution---this is a 3rd world country so would suggest you carry/bring as little cash as possible or that you can afford to loose to theft.
Carry cash and credit cards in your shoe/socks or even underwear and avoid carrying such in a wallet.


Gene


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## Exiledscot (Oct 10, 2013)

Hi Gene,

Sound advice and noted. I read your thread re the 'throw away wallet' I will be having one of those with me when I arrive.

Many thanks

/Mark


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## Asian Spirit (Mar 1, 2010)

Exiledscot said:


> Hi Gene,
> 
> Sound advice and noted. I read your thread re the 'throw away wallet' I will be having one of those with me when I arrive.
> 
> ...


You're quite welcome Mark. Also, be sure to watch weather before departure there. This is typhoon season and can delay or even cancel flights for days.
Hope you enjoy the islands here. If nothing else, it's a real eye opener-Hahaha...


Gene


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## Exiledscot (Oct 10, 2013)

Ha! so I saw..I ve never experienced one before.....not sure whether its something to look forward to or not......


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## BigMad (Oct 11, 2013)

Hi Mark,

You will not be able to open any bank account before you've got all the necessary visa and ids. Make sure you will be able to access your home bank account via the ATM while you are in the Philippines. Double check it with your bank before you leave. It took me almost 3 months to get my working visa and the other identifications.

The Philippines is not one of the safest place on earth, so do not carry tons of cash with you. All international credit cards are welcomed in Metro Manila.

Be prepare and enjoy your new venture.


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## cvgtpc1 (Jul 28, 2012)

I'll attempt to research this further. When I was on vacation last time I tried to open an account but was told I needed this ACR card. So I could get one eventhough a tourist, open an acct, and be on my merry way back to the US?


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## overmyer (Aug 15, 2013)

cvgtpc1 said:


> I'll attempt to research this further. When I was on vacation last time I tried to open an account but was told I needed this ACR card. So I could get one eventhough a tourist, open an acct, and be on my merry way back to the US?


I have accounts at currently at three different Philippine banks and have had accounts at three others! All were opened with only my passport! They simply photocopied the visa stamp page (along with info page) in place of the ACR "requirement."


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## M.C.A. (Feb 24, 2013)

*ACR card*



cvgtpc1 said:


> I'll attempt to research this further. When I was on vacation last time I tried to open an account but was told I needed this ACR card. So I could get one eventhough a tourist, open an acct, and be on my merry way back to the US?


I opened my account and they needed my ACR Card but they didn't seem to familiar with it also all the other things that go with opening an account, they need pictures (each bank as size of photo on website) copy of electrical bill, I think that was it and $500 deposit plus another $40 for bounced check, they made me do this unsure if this is a bank-wide policy. 

The money savings pays for itself in less than 6 months or even sooner depending on how much you deposit every month.


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## overmyer (Aug 15, 2013)

mcalleyboy said:


> I opened my account and they needed my ACR Card but they didn't seem to familiar with it also all the other things that go with opening an account, they need pictures (each bank as size of photo on website) copy of electrical bill, I think that was it and $500 deposit plus another $40 for bounced check, they made me do this unsure if this is a bank-wide policy.
> 
> The money savings pays for itself in less than 6 months or even sooner depending on how much you deposit every month.


The $500 for dollar savings opening/maintaining balance is pretty standard. The $40 bounce check is questionable as any US check is held for three weeks. The photos are standard for all new accts.


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## M.C.A. (Feb 24, 2013)

*Check holding*



overmyer said:


> The $500 for dollar savings opening/maintaining balance is pretty standard. The $40 bounce check is questionable as any US check is held for three weeks. The photos are standard for all new accts.


They hold my check for 30 days plus holidays last year because of Holidays and the 1st landing on weekends I had to wait almost 45 days to get my money from PNB.


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## pauloz (Sep 29, 2013)

I opened an account with BPI before I got my ACR I card, while I was on a 
Tourist Visa, during the first 2 weeks I arrived here, all they required was my passport.


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## M.C.A. (Feb 24, 2013)

*Check holding*



pauloz said:


> I opened an account with BPI before I got my ACR I card, while I was on a
> Tourist Visa, during the first 2 weeks I arrived here, all they required was my passport.


Pauloz, whats the wait time for your check? Curious and do they also add holidays to that time frame and charge a 100 peso fee for check deposit.


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## pauloz (Sep 29, 2013)

I opened my account with Philippine Peso cash, I do not know if they will open an account with a check or not, never needed to. But I am sure they probably would if you put in cash as well as the check. BPI seem to be more flexible than BDO in my experience.


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## DonAndAbby (Jan 7, 2013)

mcalleyboy said:


> Pauloz, whats the wait time for your check? Curious and do they also add holidays to that time frame and charge a 100 peso fee for check deposit.


I opened my BPI dollar and peso accounts at one of the BPI office in Alabang, across from Festival Mall. For the dollar account I brought $500 cash and a check for a few thousand. They rejected some of the USD bills (torn, rips) but they were fine to open the account with the remaining $420 cash and the check. They were always very helpful and nice to us there at that branch.

I'm not sure of the exact methodology for holding checks, but my USD checks usually take 21-25 total days, weekend and holidays included. There is no charge for a check deposit.


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## cvgtpc1 (Jul 28, 2012)

*Fees*



DonAndAbby said:


> I opened my BPI dollar and peso accounts at one of the BPI office in Alabang, across from Festival Mall. For the dollar account I brought $500 cash and a check for a few thousand. They rejected some of the USD bills (torn, rips) but they were fine to open the account with the remaining $420 cash and the check. They were always very helpful and nice to us there at that branch.
> 
> I'm not sure of the exact methodology for holding checks, but my USD checks usually take 21-25 total days, weekend and holidays included. There is no charge for a check deposit.


I'm still trying to figure out all the gyrations people do to get money there before we move over...

You just do this to save the 200P plus ATM fee right? That fee is significant but in a pinch and if desperate you could simply use your US ATM card to get cash from the US account right? I'm speaking to daily expenses, pocket money, etc, not about needing cash to buy a car or other major purchase.


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## M.C.A. (Feb 24, 2013)

*US Banks*



cvgtpc1 said:


> I'm still trying to figure out all the gyrations people do to get money there before we move over...
> 
> You just do this to save the 200P plus ATM fee right? That fee is significant but in a pinch and if desperate you could simply use your US ATM card to get cash from the US account right? I'm speaking to daily expenses, pocket money, etc, not about needing cash to buy a car or other major purchase.


Once you get here, hopefully there's family members that can mail credit cards and checks, it can be set up so your pension gets deposited or part of it in a bank so no more dealing with checks but if your US bank finds out that your living here they will close your account. Many places here don't accept credit cards even the major restaurants like Shakey's, Mcdonalds actually that might depend on ownership, these cash machines always run of out of cash when you need it most, what if they take the card?


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## overmyer (Aug 15, 2013)

cvgtpc1 said:


> I'm still trying to figure out all the gyrations people do to get money there before we move over...
> 
> You just do this to save the 200P plus ATM fee right? That fee is significant but in a pinch and if desperate you could simply use your US ATM card to get cash from the US account right? I'm speaking to daily expenses, pocket money, etc, not about needing cash to buy a car or other major purchase.


Yes, its to save on the p200 (approx. $5) ATM charge on the Philippine end and the "Foreign ATM" fee, if any from the US Bank. US ATM/Debit & credit cards (mostly Visa/MC) work fine here. A lot of retailers don't accept credit cards and many who do pass their "fees" on to the user. ATMs are usually limited to p10,000 per transaction. If using your US Bank card overseas be sure to notify your bank so they can note that on your account! You don't want to have a transaction declined because your bank hit your account with a "fraud alert" freeze (happened to me. Now also have international toll free number to call just in case.).


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## DonAndAbby (Jan 7, 2013)

overmyer said:


> Yes, its to save on the p200 (approx. $5) ATM charge on the Philippine end and the "Foreign ATM" fee, if any from the US Bank. US ATM/Debit & credit cards (mostly Visa/MC) work fine here. A lot of retailers don't accept credit cards and many who do pass their "fees" on to the user. ATMs are usually limited to p10,000 per transaction. If using your US Bank card overseas be sure to notify your bank so they can note that on your account! You don't want to have a transaction declined because your bank hit your account with a "fraud alert" freeze (happened to me. Now also have international toll free number to call just in case.).


A couple of additions to Overmyer's points.

If you have someone you can trust here, you can Xoom them some money before you leave. Before I came over for good, Abby set up an extra BPI account in her name just for that purpose, so I had money for a few months expenses when I arrived. I think you can do two $3000 Xooms per month and I found the overall cost of Xoom to be the best deal. After I had my own BPI account we transferred the money to it.

If you plan to use an ATM a lot from your US bank, try to find a good bank for that. My Fidelity account has 10 free ATM per month including refunding any local ATM charges. USAA also has that and there may be others.

The check deposits are more of a long term cash flow plan. Many just deposit a check once a month for their budget amount, to be used the next month. By depositing in your dollar account, you have more control over the exchange rate.


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## M.C.A. (Feb 24, 2013)

Philippine banks.... It sounds like some are easier to work with but what's their fee? Are you going to get an exact 1-1 exchange rate as posted for that day? Just curious before I start shopping for a new bank.


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## pauloz (Sep 29, 2013)

mcalleyboy said:


> Philippine banks.... It sounds like some are easier to work with but what's their fee? Are you going to get an exact 1-1 exchange rate as posted for that day? Just curious before I start shopping for a new bank.


As you know there is the Retail exchange rate that is advertised, and then there is the wholesale (real) exchange rate. Suggest you compare your Bank exchange rate with the Philippine Bank exchange rate that you are thinking of using, and go from there. Also check the fees as well.


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## DonAndAbby (Jan 7, 2013)

pauloz said:


> As you know there is the Retail exchange rate that is advertised, and then there is the wholesale (real) exchange rate. Suggest you compare your Bank exchange rate with the Philippine Bank exchange rate that you are thinking of using, and go from there. Also check the fees as well.


My favorite place to check exchange rates is XE.com. I track rates there frequently.

Before I go down to BPI here in Subic I always check the rates on XE to get the current market rate, and I also check the BPI website to get their online rate. Note that you must be logged in to get the current BPI online rate, which is only updated once a day in the morning. If you are not logged in your will see an older rate that is not updated frequently.

When I arrive I take a look at the desk sign just for reference. Especially during these times where the rates are moving a lot, you can see of swings in a short time. However, the sign is only a reference and will probably not be what you get. 

If I am going to exchange a lot (only a few times) I make sure I speak to the manager. He is very good about getting me a good rate. If I don't speak to him, the other exchange staff also check for the best rate from the central office.

BPI has been good to me and usually will give me 10-20 centavos less than the XE rate, and a few times very close to the XE rate. Online rates are good too, if you don't want to go to the office.


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## marilyn555 (Oct 5, 2013)

Exiledscot said:


> HI Everyone,
> 
> I have done a lot of moves in my time but never to SEA. I wonder if you could advise on what financial means I should bring with me to Manila?
> 
> ...


Hi Mark,
As someone mentioned above your company might have some kind of payroll HR department in Phil, they should be able to give you generous advise on your bank account application.

I got my bank account all done for me by the HR team at the first week i arrived although i'm still on tourist visa. And my working visa took 2 months to processed, during this period i wasnt able to travel out as my passport is kept for processing the visa.


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## pac (Jul 27, 2013)

CaptainLarsen said:


> Not sure why the horror stories. Its very easy to open bank accounts here. Just get a ACR card, you can get it same day of application. Suggest you go to the Makati BI office in the morning and apply for the Tourist ACR and after you get it, you go to one of the banks nearby and open your account. Assuming your employer has an office here and some kind of local payroll accounting already ongoing for other employees, they can also easy open an account for you on your behalf. There is absolutely no need to wait months for any of this.
> The worst nightmare here is Manila traffic during the rain season So be smart and find a condo/house near your office. Nothing else to worry about really.


CaptainLarsen, good advice.

Just a heads up the ACR card might require police clearance, should be easy to get before you leave but not easy from Manila. Today tried to get php from several banks in this US city and *none* of them had, even our local PNB (yes, National Bank of the Philippines). Teller (she) looked surprised when I wanted to exchange dollars for pesos, everything they do in that downtown branch is electronic!

As a workaround if you don't have connections in the new country to receive money yet, you *can* use Western Union to send money to yourself, their prices have come down but still aren't cheap...but it is like an international safe deposit box, once you send it it is secure, then only you have the control numbers and can withdraw the cash in the new destination in the local currency any time you need. Exchange rates lag a bit, nearly 1.0 peso off the best rates, but still...PNB in Honolulu today was posted at 42.85 on the front door for transfers.


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## cvgtpc1 (Jul 28, 2012)

5/3 Bank in the US has or can get PHP depending on the location but whack you for 8-10 pesos per USD on the conversion. 

I still don't get why people jump through all these hoops when there's three banks at PI Customs with the going bank rate when one arrives?


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## overmyer (Aug 15, 2013)

There's also a foreign exchange outfit (for the life of me, I can't recall the name) with offices in the major sirports and often surrounding cities that buy/sells foreign currency. They have/had an online website where you could order and pay for your currency of choice and have it delivered (fedex as I recall) to you. I used them once but deided it was eadier and better to just hit the atm on arrival for cab fare, etc. Always bought a snack to get change for cab after.


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## overmyer (Aug 15, 2013)

overmyer said:


> There's also a foreign exchange outfit (for the life of me, I can't recall the name) with offices in the major sirports and often surrounding cities that buy/sells foreign currency. They have/had an online website where you could order and pay for your currency of choice and have it delivered (fedex as I recall) to you. I used them once but deided it was eadier and better to just hit the atm on arrival for cab fare, etc. Always bought a snack to get change for cab after.


The outfit I was trying to thinkof is Travelex.


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## M.C.A. (Feb 24, 2013)

*Money currency*



pac said:


> CaptainLarsen, good advice.
> 
> Just a heads up the ACR card might require police clearance, should be easy to get before you leave but not easy from Manila. Today tried to get php from several banks in this US city and *none* of them had, even our local PNB (yes, National Bank of the Philippines). Teller (she) looked surprised when I wanted to exchange dollars for pesos, everything they do in that downtown branch is electronic!
> 
> As a workaround if you don't have connections in the new country to receive money yet, you *can* use Western Union to send money to yourself, their prices have come down but still aren't cheap...but it is like an international safe deposit box, once you send it it is secure, then only you have the control numbers and can withdraw the cash in the new destination in the local currency any time you need. Exchange rates lag a bit, nearly 1.0 peso off the best rates, but still...PNB in Honolulu today was posted at 42.85 on the front door for transfers.


Try to get your $500 deposit from a Philippine bank.... They never have it, when I withdraw money they think I'm withdrawing dollars and they will mention they have from $100-300 dollars available at my PNB bank, in order to switch banks you need dollars for dollar account the only business that has that money is money changers, what that say about banks here.


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## DonAndAbby (Jan 7, 2013)

pac said:


> Just a heads up the ACR card might require police clearance, should be easy to get before you leave but not easy from Manila.


I'm fairly certain the police clearance only applies to IMMIGRANT visas. Tourist is NON-IMMIGRANT and thus does not require it.

If anyone has information to the contrary, please let us know. BI website mentions it for Immigrant only and I did not need it when I got my ACR-I card with my tourist visa.


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## DonAndAbby (Jan 7, 2013)

mcalleyboy said:


> Try to get your $500 deposit from a Philippine bank.... They never have it, when I withdraw money they think I'm withdrawing dollars and they will mention they have from $100-300 dollars available at my PNB bank, in order to switch banks you need dollars for dollar account the only business that has that money is money changers, what that say about banks here.


The manager at BPI Alabang told me when I opened the dollar account to give them a few days notice it I need to withdraw a lot of dollars.

At BPI, the $500 is the minimum to open and the minimum to avoid a service charge. If you go below that you will get a monthly service charge.

At BPI, if you don't actually need greenbacks but want to get the money out of the dollar account, you can transfer it to your peso account. Then you will have a service charge or close the account.


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## overmyer (Aug 15, 2013)

DonAndAbby said:


> The manager at BPI Alabang told me when I opened the dollar account to give them a few days notice it I need to withdraw a lot of dollars.
> 
> At BPI, the $500 is the minimum to open and the minimum to avoid a service charge. If you go below that you will get a monthly service charge.
> 
> At BPI, if you don't actually need greenbacks but want to get the money out of the dollar account, you can transfer it to your peso account. Then you will have a service charge or close the account.


Same is true for ChinaBank and, if you want, you can activate online bankibg on uour dollar & peso accounts and transfer funds between them without visiting a branch - as in the U.S.


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