ATM Machines in the Phills.

[Huggybearman]

1 hour ago, Arizona Kid said:

It's the only way I've done it since 2003. Don't know any other way. 5 bucks per 400 bucks withdrawal didn't sound to bad for me. Don't have a local bank account.

You’re lucky that you are able to get 20,000php per ATM withdrawal. (Just for clarification, I am talking about PER WITHDRAWAL, not a daily limit) The most I am able to get from any ATM here in Cagayan de Oro is 10k. I used to be able to get 20k from BPI and RCBC but they reduced the maximum to 10k about three years ago and at the same time upped the charge from 200 to 250 php for foreign cards. What bank gives you 20k?

Edited March 31, 2020 by Huggybearman

[Marvin Boggs]

13 minutes ago, Tommy T. said:

Every card I have received from USA in the last many years just has a phone number to activate or I need to go online to a particular website to activate... It's not been difficult, Marvin...

 

 

I'm just telling you how it happened for me.  Numerous phone calls, electronic initializations, etc. yet they just could not get it activated.  My point is simply, cards can be glitchy and I would not want to rely on a bank half way around the world when it is so easy to have an account here. 

[Jack Peterson]

1 minute ago, Huggybearman said:

 What bank gives you 20k?

PNB does

[hk blues]

22 hours ago, Huggybearman said:

You’re lucky that you are able to get 20,000php per ATM withdrawal. (Just for clarification, I am talking about PER WITHDRAWAL, not a daily limit) The most I am able to get from any ATM here in Cagayan de Oro is 10k. I used to be able to get 20k from BPI and RCBC but they reduced the maximum to 10k about three years ago and at the same time upped the charge from 200 to 250 php for foreign cards. What bank gives you 20k?

This is a regular topic on here IIRC.  There are a number of variables, including the type of account and where/when the card was issued.  I can get 20K in one go at BPI, my wife cannot - her card was issued in Hong Kong, mine's here. 

So, BPI will give 20K in one transaction but not necessarily to all account holders.  I can always get 20K by doing 2 consecutive transactions if using another bank's machine or another bank's card at a BPI machine.  

 

 

Edited April 1, 2020 by hk blues

[hk blues]

22 hours ago, Marvin Boggs said:

I'm just telling you how it happened for me.  Numerous phone calls, electronic initializations, etc. yet they just could not get it activated.  My point is simply, cards can be glitchy and I would not want to rely on a bank half way around the world when it is so easy to have an account here. 

Agreed - belt 'n' braces as we say.  

[Arizona Kid]

22 hours ago, Huggybearman said:

You’re lucky that you are able to get 20,000php per ATM withdrawal. (Just for clarification, I am talking about PER WITHDRAWAL, not a daily limit) The most I am able to get from any ATM here in Cagayan de Oro is 10k. I used to be able to get 20k from BPI and RCBC but they reduced the maximum to 10k about three years ago and at the same time upped the charge from 200 to 250 php for foreign cards. What bank gives you 20k?

BPI Family Bank. Not the same as BPI for some reason.

03/05/2020	International Transaction Fee		Debit	-$3.95	$1,322.85
03/05/2020	ATM Fee - Withdrawal		Debit	-$1.00	$1,326.80
03/04/2020	ATM Withdrawal - FB Noveleta 1 1 Noveleta PH		ATM	-$398.23	$1,327.80

[OnMyWay]

On 3/31/2020 at 7:54 AM, Tommy T. said:

Some institutions like mine - Schwab Bank - offer world wide ATM withdrawals and fees are automatically repaid monthly. It's another reason I am really pleased with it.

True, and same with Fidelity, but they really don't want customers who are living in the Philippines.  Need to keep that a secret.

[OnMyWay]

5 hours ago, Arizona Kid said:

BPI Family Bank. Not the same as BPI for some reason.

03/05/2020	International Transaction Fee		Debit	-$3.95	$1,322.85
03/05/2020	ATM Fee - Withdrawal		Debit	-$1.00	$1,326.80
03/04/2020	ATM Withdrawal - FB Noveleta 1 1 Noveleta PH		ATM	-$398.23	$1,327.80

In the long run, you are paying quite a bit more than you think.  They are getting you on the exchange rate too, but actually yours is not as bad as some.

Consider this.  XE.com provides a baseline exchange rate that is a mid-market rate.  When I exchange dollars to pesos at BPI, I usually get 20 to 30 centavos less than that.  If I take the dollars outside to a changer, I usually get 5 to 20 centavos less than that.  On 3/4, the XE rate was 50.78 per dollar.  So my worst case is 50.78 - .30 = 50.48.  If wanted p20,000, it would cost me 20,000 / 50.48 = $396.20.

For you to get p20,000, it cost 398.23 + 1.00 + 3.95 = $403.18

$403.18 - $396.20 = $6.98 in fees per p20,000, compared to what I paid.

However, if your budget is p80,000 a month, you have to do this 4 times a month.  4 X $6.98 = $27.92

$27.92 X 12 months = $335.04 per year.  For the last 17 years, you paid $5,695 more fees than I would have.

There are much better ways.

[Tukaram (Tim)]

We just pulled money yesterday. No problem with the ATM. My wife said the line was even short (the quarantine cards keep the crowd down)

I use my US bank (USAA).  They just sent me a new ATM card and I activated with my phone app. There is also a phone number, or web page to activate. Visa sets the exchange rate and it is very good. The posted rate yesterday was 50.78 and we got 50.41. There is a p250 fee but USAA refunds that at the end of the month.  BPI allows p20,000 per transaction (select "other amount" and enter p20k).  I gave up on the franchise banks here years ago. My phone app is a better bank than BDO or BPI.

[OnMyWay]

43 minutes ago, Tukaram (Tim) said:

My phone app is a better bank than BDO or BPI.

What do you mean?  Phone app from USAA?