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Money Management in The Philippines

Discussion in 'Off-Topic Forum' started by rodsroom, Jul 29, 2012.

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  1. rodsroom

    rodsroom DI Junior Member

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    I am in the process of making a move to the Philippines, and I am on Social Security.

    I recieve my money on a Debit/Credit card. I also have a business online and my funds go to a Debit/Credit Card. Both cards are Mastercards.

    Will I beable to exchange my money at a bank, and also will I beable to use an ATM?

    Please advise me as to what I will need do without complications.

    Thank you:smile:
     
    rodsroom, Jul 29, 2012
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  2. Jack Peterson

    Jack Peterson DI Forum Luminary Highly Rated Poster SC Connoisseur Veteran Air Force

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    Your ATM card is good for any country you choose, providing the ATM opertator accepts the card issuer ie Visa Mastercard etc. It will pay you out in the local currency, from another article of late, it is the way you receive your US, SS that may be in Question. I was Reading, that the US do not like SS cheques paid into a bank account where an ATM is means of Withdrawal, I gather the PI banks are honouring this request from US Authorities. maybe, one of our US members, can answer that for you, being a Brit I can only say about my own Situation.

    Bon Voyage and best of Luck


    JP.
     
    Jack Peterson, Jul 29, 2012
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  3. PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    The simple answer is yes. However, banks here have a fee for those transactions and a limited amount daily. Another solution, which I use, is to set up a dollar account at a bank here and my social security is automatically transferred to my local bank at the same day it would be put in a US bank. I can then exchange to pesos or my peso account when I choose to while watching the exchange rate. One minor adjustment is that SSA requires you to have a secured dollar account here, no checking or ATM, so I have a peso account with ATM and checking and a debit card. You can use the Manila US SSA office to set up the funds transfer, simple process.
     
    PatO, Jul 29, 2012
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  4. expatron

    expatron DI Forum Patron

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    Also several banks here have the form to set up the dollar transfer from ss, and do all the processing for you. The ATM charge for a card is P200 per transaction and the Dumaguete banks have a maximum of P10,000 oer trabsaction
     
    expatron, Jul 29, 2012
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  5. Cutie ladybug

    Cutie ladybug DI Forum Adept

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    But you can do more than one transaction to walk away with at least p20,000
     
    Cutie ladybug, Jul 29, 2012
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  6. Ten Twenty Lenny

    Ten Twenty Lenny DI Member

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    If one of your cards is social security you have no problems, you can draw as much as you like at 10,000P per transaction there is a 200P charge per limit of 10,000 a pull...( I pull 40,000 regularly per transaction have not tried more but I believe it is possible))... plus S/S charges of $3.00 per pull and 3% of total withdrawal...Your other card should be fine also same premise, however do not use Bank Of America with it.. as I could not withdraw with their card here, it was however a Visa..I do not even think about the banks here....
     
    Ten Twenty Lenny, Jul 29, 2012
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