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Dollar Deposit Account and Dollar ATM Card.

Discussion in 'Banking - Investing - Finances' started by andiflip, Jul 31, 2020.

  1. andiflip

    andiflip DI Forum Adept

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    I am planning on going on holiday for several months and as everyone knows we are only allowed to take $10,000 USD out of the country,, Is it possible to get an ATM card here on a dollar account??? I was in Europe last year and my peso ATM card doesn't work anywhere i tried it.. Thanks if anyone can help me out..
     
  2. Show Pony

    Show Pony DI Forum Patron Highly Rated Poster Showcase Reviewer

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    My peso ATM cards works abroad but you have to notify the Bank before you leave the PI. Same thing with a Philippine Credit Card.
    As for the $10,000 limit, as I understand the rules; you can take more than $10,000 but you have to declare it when leaving the country. You should verify the protocol with your bank manager. I believe you need permission from the Banko Sentral.
     
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  3. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    If you have any problems with this (I read the reply from @Show Pony and he seems to have sorted it for you) OR anyone reading his has a problem getting money from the Philippines to elsewhere:

    1. What about direct bank transfers from your Philippine bank account to any bank account you have (perhaps in the US) where you can collect in person or use the ATM of that bank in other countries you visit? But can that be done online if the bank customer is not in the Philippines (I note many will not allow online using VPN but is that because they detect the VPN or to prevent transactions carried out from abroad (would seem odd but then...!)?
    2. Are there any companies who remit from the Philippines to other countries? I note that Transferwise does not convert the Philippine peso but will convert dollars - so I assume the country the money is held in is less important than the currency. They will convert the USD to 54 other currencies, which should be okay for most people and, anyway, the USD is accepted just about everywhere.

    Always best to have more than one tool in the toolbox - so I would be researching various ways to access money rather than depend solely on an ATM card, even if the other methods never needed to be used.
     
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  4. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    And they have the legal right to confiscate all the excess - possibly all the cash (including your $10,000) - if anyone thinks it might just be worth trying.
     
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  5. jim787

    jim787 DI Forum Adept

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    BPI says that their ATM card will work abroad. I have not tried it. I have tried to use it to pay a domestic bill--Globe--online, and the message of decline suggested that it needed to be approved for that sort of transaction.
     
  6. SkipJack

    SkipJack DI Forum Adept

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    Where did you get the information that TransferWise will not convert the Philippine peso? That is contrary to how modern exchange services work. They need to transfer both ways so that they do not pay fees to other institutions for acquiring the currency.

    I have used TransferWise to convert both ways. Here is a link to their exchange rate for converting pesos to USD:
    https://transferwise.com/gb/currency-converter/php-to-usd-rate

    It also shows how the value of the peso is improving against the dollar because of how badly the US is managing the pandemic compared to the Philippines.

    Also the OP @andiflip should consider getting the TransferWise debit Mastercard. This way they can transfer money into their TransferWise account while they are here in the Philippines and then use the debit card to withdraw it in other countries in the proper currency.
     
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  7. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    I got it from their site just before I posted as I try to check my facts first.

    But then I read your piece and followed your link and they did indeed show the transfer rates of PHD to USD .... but below it they wrote "We can't send money between these currencies. We're working on it. Sign up to get notified, and we’ll let you know as soon as we can".
     
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  8. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    Sounds a good idea.
     
  9. OP
    OP
    andiflip

    andiflip DI Forum Adept

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    BPI card will not work in England or Scotland.
     
  10. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    Visit Wales instead! :smile:
     
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