I will ask for you Tom the next day or so when I go to the bank and will let you know what they say.

 

A check?

I do not like the idea of paying the banks just to get to OUR money. Wire cost $35 USD to get it started this way, than theres is at least two other banks that take a chunk before it arrives here in Dumaguete. Just yesterday I wrote a check to myself for deposit only in to my/our USD account at BDO and deposited it. We were told it would take 3 or 4 weeks to clear. I can still use the ATM in the mean time. I will try to remember to let you know how this, check to myself, works out.

 

I too have my pension directly deposited to a BofA account in the US. Now, if I withdraw from BPI using my BofA card, I will be charged P200 ($4.50) from BPI, as well as $5.00 from BofA and also another charge (about $3.00) for dollar/peso exchange, for a total withdrawal fee of $12.50 or about P560. Ouch. I could buy a nice steak and a couple of beers at Casablanca for that.

 

Local accounts are possible.

We opened peso accounts using a local address and have a BPI issued ATM card. I avoid using a US issued credit card as much as I can.

 

[QUOTESorry for wasting band width if this subject has been covered before, but does anybody have any ideas on how to withdraw money from local bank ATMs without having to pay out so much money?[/QUOTE]

I have read that PayPal accounts can be linked to BDO -- then using your PayPal card to withdraw funds is without a fee at BDO branches. Don't know this 100% yet and will research it tonight. We are in the same boat, so I will share whatever official info I learn in a subsequent post in this thread...

 

BPI accounts

We opened up both of our dollar and peso accounts after we arrived in the PI. We then went to the American Embassy to set up direct deposit of my husband's SS into the dollar acct at BPI. None of it has to be done before you come.

 

mmm ??? VISA!

We have just drawn from Cash Machine at Lee Plaza (Express Teller) My Visa C/C was Charged 150p BUT the Visa debit card was no Charge at all. I sent a quick mail to Visa and they have just replied telling me that as the debit to the Bank is instant there is no charge from the the issuing bank. The C/C is not Instant so they will charge. It would appear that where the issuing Bank or ATM company has to wait for the Funds from our own banks then they will Charge. So, Can't say Much about the US but for Europe it looks as if the Debit Card is the Best bet. Hope this works for others as I am like all, annoyed that it costs me to get my Cash and then have our own bank charges on Top.

Jack P.

 

I too was recently stung with the PP200.00 ATM fee at BPI. I had been using this bank exclusively for some time as it had a PP10K withdrawal limit VS a lesser amount at most other local banks. That it did so at no additional charge when the competition was making a PP150.00 levy per withdrawal was a plus. No more!

The recent change finally forced me to make the move which I had been contemplating for some time. That's to deposit money directly into a Philippines bank account. Of my limited experience with Philippine banks generally, BPI appears the best of the lot, at least for my needs.

Here's a link to its home page. Look around here or at the URL for another bank of your preference and see if the services you require are addressed:

Welcome to Bank of the Philippine Islands

Listen up! If we intend to live here, should we NOT also bank here? Grousing about outrageous fees will only make your blood boil. You'll end up paying them anyway. Why not get something for your money?

 

International ATM Cards!

davfitz! I agree with you entirely, Most of Do us have local Bank Accounts. I for one! Can't Get certain Payments Made to these accounts without a Lot of Hassle and Cost. We keep The International Cards for Travel, Collection of the funds that are Still Abroad. I also agree with others that they try and use less the foreign issued cards due to this Charge. I still work Some in Europe and if I were to present a PI Card in Spain, that too would then be Foreign in it's self. Banking has become a Vicious Circle now for the Man in the Street. I posted really to say that for now, I had found a little help in using a Card that was not Charged (YET!) Until then, I will use My Internet Banking to Transfer Funds on to that card for as long as I can.

Have a Good Weekend all!

Jack P.