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$ Acct vs Peso Acct Conundrum

Discussion in '☋ Expat Section ☋' started by PatO, Jul 18, 2011.

  1. PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    There are lots of very interesting TV news interviews with key "experts" discussing the state of the US economy. For me, I am debating where I put my trust. Here, I have a Dollar account and a Peso account. Do I anticipate the Dollar will go down drastically and convert the account to Pesos, even with a lousy excahnge rate? Or do I not trust the Philippines economy enough to put all my Dollar into my Peso account?
    At this point, I think I will gamble and see how the debt solution will unfold by the end of the month.
    Anybody else pondering over this?
     
  2. expatron

    expatron DI Forum Patron

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    Not wanting to get political, one day soon I hope to go Peso's.
    Ron
     
  3. sfgb35

    sfgb35 DI Member

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    Its an interesting question, I have friends who are financially minded, and they recently, took all of their money out of the states. putting some here and some in europe. They consider US a financial risk, also Europe too !!!
     
  4. expatron

    expatron DI Forum Patron

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    I have a friend that converted loads of Dollars to Peso's when the exchange rate was 55, he is all smiles now.
    Ron
     
  5. Knowdafish

    Knowdafish DI Forum Luminary

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    Since the peso is so closely tied to the $ I would study the historic exchange rate charts and watch for yearly cyclical exchange rate changes before I would go solely with one or the other.
     
  6. jimf

    jimf DI Member Showcase Reviewer

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    I have heard many horror stories related to the state of banking in the Philippines, up to and including monies vanishing in thin air. I consider the source of some of these stories as reliable.
    I would like to ask the group: Do you feel that your money is safe in Philippine Banks?
     
  7. Naaling

    Naaling DI Junior Member

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    A few years ago an American friend of mine was faced with the same problem when he inherited a large sum of money. He opened an account with HSBC in Singapore and transferred his money there. He's done well from the move and he didn't even have to go to Singapore to set it up.
     
  8. Pedro

    Pedro DI Senior Member Showcase Reviewer Veteran Navy

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    I would only use the older state banks that have been around for several years. I just do not trust the Chinese and newcommer banks, the government has limited vested interest in them. But the problem with most PI banks is that they are just starting to fully automate their operations. Most still depend on pen and ink ledgers. I have been using the PI state banks for years with no problems except speed of transactions, they can be painfully slow.
     
  9. Knowdafish

    Knowdafish DI Forum Luminary

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    Just don't use any one of the Rural Banks. They are a joke!
     
  10. jimf

    jimf DI Member Showcase Reviewer

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    Thanks for the info...
     
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