Results 1 to 6 of 6

Thread: Money Management in The Philippines

  1. #1
    rodsroom is offline DI Member
    Join Date
    Dec 2009
    Location
    Portland, Oregon USA
    Posts
    23
    Thanks
    6
    Thanked 0 Times in 0 Posts

    Question Money Management in The Philippines

    I am in the process of making a move to the Philippines, and I am on Social Security.

    I recieve my money on a Debit/Credit card. I also have a business online and my funds go to a Debit/Credit Card. Both cards are Mastercards.

    Will I beable to exchange my money at a bank, and also will I beable to use an ATM?

    Please advise me as to what I will need do without complications.

    Thank you

  2. #2
    jackpeterson's Avatar
    jackpeterson is online now DI Member
    Join Date
    Feb 2010
    Location
    JUNOB With My Wife Corazon & Daughter Trisha-Mae
    Posts
    3,060
    Thanks
    177
    Thanked 99 Times in 82 Posts

    Default

    Quote Originally Posted by rodsroom View Post
    I am in the process of making a move to the Philippines, and I am on Social Security.

    Will I be able to exchange my money at a bank, and also will I be able to use an ATM?

    Thank you
    Your ATM card is good for any country you choose, providing the ATM opertator accepts the card issuer ie Visa Mastercard etc. It will pay you out in the local currency, from another article of late, it is the way you receive your US, SS that may be in Question. I was Reading, that the US do not like SS cheques paid into a bank account where an ATM is means of Withdrawal, I gather the PI banks are honouring this request from US Authorities. maybe, one of our US members, can answer that for you, being a Brit I can only say about my own Situation.

    Bon Voyage and best of Luck


    JP.
    Life! is not a rehearsal, It's for Living. Live it!




  3. #3
    PatO is online now DI Member
    Join Date
    Apr 2010
    Posts
    3,069
    Thanks
    243
    Thanked 296 Times in 195 Posts

    Default

    The simple answer is yes. However, banks here have a fee for those transactions and a limited amount daily. Another solution, which I use, is to set up a dollar account at a bank here and my social security is automatically transferred to my local bank at the same day it would be put in a US bank. I can then exchange to pesos or my peso account when I choose to while watching the exchange rate. One minor adjustment is that SSA requires you to have a secured dollar account here, no checking or ATM, so I have a peso account with ATM and checking and a debit card. You can use the Manila US SSA office to set up the funds transfer, simple process.

  4. #4
    expatron is offline DI Member
    Join Date
    Dec 2008
    Location
    Sibulan
    Posts
    1,487
    Thanks
    231
    Thanked 89 Times in 66 Posts

    Default

    Also several banks here have the form to set up the dollar transfer from ss, and do all the processing for you. The ATM charge for a card is P200 per transaction and the Dumaguete banks have a maximum of P10,000 oer trabsaction

  5. #5
    Cutie ladybug's Avatar
    Cutie ladybug is offline DI Member
    Join Date
    Sep 2011
    Posts
    371
    Thanks
    0
    Thanked 15 Times in 13 Posts

    Default

    But you can do more than one transaction to walk away with at least p20,000
    Fast this Life of mine was dying
    Blind already and calm as Death
    Snowflakes on her bosom lying
    Scarcely heaving with her breath
    Love came by, and having known her
    In a dream of Fabled Lands

  6. #6
    Ten Twenty Lenny is offline DI Member
    Join Date
    May 2012
    Posts
    129
    Thanks
    12
    Thanked 8 Times in 8 Posts

    Default

    If one of your cards is social security you have no problems, you can draw as much as you like at 10,000P per transaction there is a 200P charge per limit of 10,000 a pull...( I pull 40,000 regularly per transaction have not tried more but I believe it is possible))... plus S/S charges of $3.00 per pull and 3% of total withdrawal...Your other card should be fine also same premise, however do not use Bank Of America with it.. as I could not withdraw with their card here, it was however a Visa..I do not even think about the banks here....

Bookmarks

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •