That's normal because you're using your American card.Just try to open a local bank account like bdo or bpi.And you can transfer it via online from your American card to your local bank account.

 

I think what you mean is "When using local ATM's with a card issued by some foreign bank, you can get screwed twice or even three times if you pick the wrong bank."

I researched banking before I started traveling overseas and settled on a Charles Schwab account for ATM transactions. I did not move any of my finances from my primary bank and still get deposits and maintain my primary account there. I only move money to my Schwab account as I want to make ATM withdrawals - as a protection limiting lost funds if my card is stolen.

Schwab charges $0 fees for ATM withdrawals, reimburses ATM withdrawal fees at the end of every month (so I get the now p250/transaction fee refunded to my account), and using your example of the current rate at 51.00 I typically would get 51.05 to 51.15. So no bank fee, refunded transaction fee, and slightly higher exchange rate.

 

Yes Steve, I heard the Charles Schwab alternative before, excellent if it works like that for customers of that bank. However, I believe they have a minimum required balance of 25,000 US$ (information from their website), which would probably make that option a no go for many people.

 

I opened my account with $100 and transferred money in later after I got my card and all the routing stuff was set up to transfer from my primary bank online.

 

After 1 year living here in Tanjay City I was always told there was only 1 ATM location place PNB. They charge 200 pesos for 10,000 pesos. There is always long lines there. Last week
I found another place in front of Prince Hypermart. It is a Metro Bank ATM charging 250 pesos for 10,000 but no line. So happy to pay the extra 50 pesos and not wait half hour in line.

 

I can see your logic in paying P50 to save time but I am puzzled why you are willing to pay 2.5% of your hard-earned cash when there are alternatives as described in this thread and others.

 

I should have posted that I have tried all the alternatives. ATM usage was the lowest cost way that I could find for accessing my US funds. Writing a check to myself was good for awhile. But, didn't care for the long wait 30-45 day for check to clear. There was also a $20 fee for $1,000. Through my bank Chase there was $45 wire transfer fee.

 

What about remittance companies? I use three main ones to remit from my UK bank to my wife's Phil bank and then withdraw free of charge. Using one company I can send P200,000 for P670 (this is converting at today's rates). By choosing when to send I can get exactly (or even above) the market rate for my currency conversion - so no 'real' loss. My cost is therefore 0.335%.

 

I opened my Schwab account with $100. Then I transferred money from my main bank account into Schwab as needed when I was in the Philippines. Currently I have about $40 in my Schwab checking account. The only reason now I have the account is if and when my wife goes back to visit.