⌛ sold the house

Hi there.
My name is Richard and I am from Australia, married with 3 kids.
Sold the house and coming Feb march next year.
Have been a member on DI for a while and only watched and not posted.
There is some very good info on the site.
Have been traveling to Duma for The last 14 years.
Have seen a lot of changes , but its my favorite place.
I am 53 this year so i figured it was time to call it quits in the building business.
Plan to settle in Valencia and just relax.
Hope to get to know a few members and get a bit of info on setting up.
I have a house but need some info on motor bikes and all that type of stuff.
Anyway counting the days.
Cheers..Richard and Maria..plus the 3 kids

 

Welcome to paradise.....You came to the right place for information

First bit of advice.....I assume you will be opening a bank account.....moving money from Australia to the Philippines..... make it a bank account in Australian currency..... then you can use the local exchange to your advantage (there are two in town that give good rates) .....most banks have horrible exchange rates...... I made the mistake of opening a peso account..... and lost money everytime my bank in America sent money here

 

Thanks Kojak...nice to meet you.
I have noticed that sendind money that you avoid doing multiple currency exchanges.
Because you get charged per exchange.
I have been sending pesos from here for the construction of my projects because it only incurs one exchange.
But that was a question i was going to ask is which bank is best to deal with.
Thanks..Richard

 

Hi Richard. I a short while back posted a Bank inquiry. I will post the link below.

http://www.dumagueteinfo.com/board/expat-section/best-bank-best-way-expat-transfer-8430.html

Take care to you and your family and best luck with your relocating plans

 

Like most things....which is "best" is highly subjective...... The oldest bank ....the one with the best reputation..... Bank of the Philippines Islands BPI

NOTE That the Philippines only insures a limited amount....so if you have a large sum think about having several accounts.....possibly at different banks....

Sending money is always a problem..... they seem to rip you off no matter who you use....for me the worst is Western Union.....I got ripped off when I sent it and they ripped off my wife when she got it
Possibly the best option is to open an account..... in Australian $..... give your partner here access..... then have them use the local exchange..... that way you wont lose as much

 

Opening an account here can be an interesting experience, so I thought I'd share this.
My UK bank is The Royal Bank of Scotland and the ATM card works world wide, but in the Philippines it is limited to a 10,000 peso (approximately £140) withdrawal per day, which is less than half the amount available in most other countries. There are times when you need to get your hands on considerably more, when buying a car or furniture for instance, so I decided to open an account here, the idea being that I could transfer reasonably large sums on line from UK account to Philippines account and then draw on it here if needed. I went to Robinsons Bank at the back of the Mall, and the conversation went thus:-

Me. Good morning, I'd like to enquire about opening an account with you.
RB. Of course, we're glad to see you.
Me. My money is paid in to a UK account.
RB. Oh, so how do you get your money?
Me. I use an ATM.
RB. Which one?
Me. Any one that works for my card.
RB. Ok. Who is your bank?
Me. The Royal Bank of Scotland.
RB. Who?
Me. The Royal Bank of Scotland. You must have heard of them.
RB. No.
Me. Well, the Royal Bank of Scotland (Philippines) is now called Robinsons Bank.
RB. Oh, yes, that's correct.
Me. I know it is, but what I really want to know is this. I can do an on line transaction to transfer funds in and the transaction is completed in seconds. How long do I have to wait after the transfer before I can draw on the money ?
RB. Oh you can't do that.
Me. Yes I can.
RB. No, you have to have an account with us for 6 months before you can make deposits.
Me. Come again !!!
RB. You can't do that until 6 months after you open an account.
Me. But how can I open an account if you won't let me put any money in ?
RB. I will ask someone.
Me. Wait. If I can't transfer money in, then there is nothing for me to draw out either.
RB. I will see what someone else says.
Me. Do you mean that I will have to have a zero balance account ?
RB. No.
Me. Well what do you mean ? I've never heard of a bank that didn't want deposits !!
RB. We want you to deposit your money with us.
Me. But not until 6 months after I've opened an account that I can't use ?
RB. We might be able to make an exception for you because you are with the Royal bank of Scotland.
Me. Why would that make a difference ?
RB. I don't know. I will phone Manila and ask them.
Me. Please don't bother on my behalf. Thanks for your time. Good day to you.

I walked 100 metres to BDO. One passport, one passport photo, one ACR card = instant account. I can transfer funds on line from UK to the Philippines and it can be drawn on as soon as it is confirmed, which is within 24 hours.

Robinsons Bank !!! How on earth do you stay in business. Eat your heart out.

 

I have three accounts with BDO. One, I transfer US$ from my US bank to my BDO (Robinson's) $account. Two, my social security pension is automatically transferred to a secure $account. Three, I have a peso checking account which I can move funds from my other $accounts into pesos for local expenditures. Works for me. Now if only the %#@&(+ exchange rate was better....

 

Proverbial Nightmare!

Hi Richard, Jack P. saying hello and welcome. Here on DI, I guess you can see, we all have our own favorites, with many Fores and Against. Me I am with PNB because I am in Spain Working and the transfers are direct. No doubt you will getl Giddy with all the answers. Pat has it right, Biggest draw of all is the exchange rate, just try and get a bank that will only need 1 (One) exchange. best of luck, Hope the transition goes well.


Jack P.

 

Thanks for the info every bit helps.
Its a big learning curve.
But hey...i figure its for the better.
I am coming in sept for 2 weeks with my wife (she who must be obeyed...lol).
To have a look around and checkout the apartments i built.
Have not seem them yet, only via pics.
If anyone lives in Valencia and wants to have a look and give me there opinion it would be good.
They are on the corner of Rizal and Hijalba.
I would post a pic but am still a junior member so I need more brownie points I figure before permission is granted.
Anyway thanks again Richard.

 

Hi,
I guess you can see we all have our own favorites, with many fores and against. Me I am with pnb because, I am in Spain Working and the transfers are direct. No doubt you will get Giddy with all the answers.Biggest draw of all is the exchange rate just try and get a bank that will only need One exchange.