Ahh....Good one.:D

BTW, thanks for the info Teacher.

 

OK, so what are the group's banking recommendations? We'll be keeping an account here in the US; what is advised for banking in the PI?

~ Sue

 

Banks

Philippine banks are not necessarily secure. limit the amount you place in them. Metro Bank , BDO or any large Bank is okay. Don't use rural Banks the are not safe or solvent.

 

Not an expert but pragmatic: please keep your moneys where it's safer sitting in a stable bank in the US. Keeping some cash in the Phil is great so it's there/here right away when needed. Carry your checking debit card with you. Why am I able to extend this piece of practical advice? A few friends who are doing this kind of thing are happier with their money management. As for me, I don't have any personal evidence re this practice. Friends say it works and that it's convenient.

 

"sitting in a stable bank in the US"?

Either I've been reading the news reports all wrong or you haven't been reading them at all.

Thanks for the ironic smile.

 

No ironic smile. Just a simple one that said "no evidence". You're most welcome anyways. Thanks for your response.

 

Technically Mam A is right, the FDIC insures each depositor up to $250,000 per depositor per bank. I dont know many people who have checking accounts that large but if you do keep your money in a checking or savings account that has been the safest place to be in this economy. At least your getting about 1% while stocks, even mutual funds are down as much as 60-75% from last summers highs. If I had a crystal ball I would have moved all my mutuals into cash and gladly kept them there till this reccession blows over. I can only hope for a speedy recovery.

 

Thanks for your kind words Pedro. There's so much for me to learn...