3 weeks vacation

[EddP]

I’m traveling in May for 3 weeks to Davao, Puerto Princesea and Bolinao. I’ve already arranged hotels and most include breakfast. But couple questions 

*Should I convert usa to pesos? If yes, how much ?

*what bill demoniations and Daily Cash carry?

I asked because I know people are watching 
thanks for your input 

[Dave Hounddriver]

I like to travel with as many crisp, new, US$100 bills as I feel comfortable with.  Beyond that, I found withdrawing pesos on my Canadian bank card very easy at HSBC Cebu, near Ayala Mall.  The exchange rate for the HSBC withdrawal was good, IMO, and they allow 40K pesos per withdrawal provided your bank allows it.  It may be wise to increase your card limit before leaving the USA so you can take out 2 lots of 40,000 pesos per day at the HSBC.  The moneychangers vary with their exchange rates but a bit of hunting will usually find one who will slightly beat the bank rate.

But do not convert US$ to pesos before coming.  The rate is shit AND they could nab you at customs if you are carrying too many pesos.

[Kingpin]

1 hour ago, EddP said:

*Should I convert usa to pesos?

Not necessary if you're using ATMs

1 hour ago, EddP said:

*what bill demoniations and Daily Cash carry?

10,000, large bills and hundreds.  When you get low just hit the ATM again for another 10k.

[Gator]

Amount to carry every day will vary and may depend on your plans for the day. 5-10k pesos is usually more than enough. Be sure to always have a few hundreds, fifties and twenties on hand for taxis or trikes as they never seem to have change. 

I have an investors checking account with Schwab, no international fees when using at ATM’s and any fees that are charged will be credited back to your account.  Most ATM’s here have a 10k withdrawal limit, but a few at 20k or higher as Dave pointed out. You can make multiple withdrawals (up to the daily limit set on your card). Check with your bank about using your ATM card internally and what their fees are. Bank of America (who I also have accounts with) charges a fee on top of the terminal fee and their exchange rate isn’t too good either (or at least it wasn’t as I haven’t used that account here to withdraw from an ATM for a few years). 

I also have a Citi Bank credit card I use here for larger purchases. Most larger stores and those in the malls accept credit cards. No international transaction fees and their exchange rate is very fair.  If you do use a credit card here be sure the transaction is rung up in pesos and not dollars as you’ll get a better exchange rate from your credit card company. 

Another option often overlooked is to send yourself money via a remittance service such as World Remit, Wise, etc.  Cebuana and MLhuiller remittance centers are all over. The first time you use either one you will need your passport to collect the pesos and they will likely have you fill out an “application” form. After that all you need is some type of photo ID (like your USA drivers license). 

Good luck and safe travels. 

[JJReyes]

2 hours ago, Dave Hounddriver said:

But do not convert US$ to pesos before coming.  The rate is shit AND they could nab you at customs if you are carrying too many pesos.

Import/Export of Philippine currency is limited to P50,000 and under.

3 hours ago, EddP said:

I’m traveling in May for 3 weeks to Davao, Puerto Princesea and Bolinao. I’ve already arranged hotels and most include breakfast. But couple questions 

*Should I convert usa to pesos? If yes, how much ?

*what bill demoniations and Daily Cash carry?

You have already prepaid for hotels and breakfast.  Many tourists related businesses like transportation companies and domestic airlines accept international credit cards.  It is the same for the larger, more upscale restaurants.  Cash per day should not exceed more than P5,000 in various denominations divided by the number of pockets, carry bags and your wallet.  Also limit your carry to one credit card -- Mastercard or Visa.  

[JJReyes]

7 minutes ago, Gator said:

No international transaction fees and their exchange rate is very fair.

There is a mini bank scam where you are sometimes asked, "Pesos? or Dollars?" for a credit card transaction.  If you agree to dollars, the exchange rate is horrible.  It seems to be BDO (Banco de Oro) terminals that offer this option.  

[Gator]

37 minutes ago, JJReyes said:

There is a mini bank scam where you are sometimes asked, "Pesos? or Dollars?" for a credit card transaction.  If you agree to dollars, the exchange rate is horrible.  It seems to be BDO (Banco de Oro) terminals that offer this option.  

That’s why I mentioned in my post to make sure it’s always rung up in pesos.  Whether they ask or not, I’ve actually gotten into the habit of just telling the cashier to ring it up in pesos and then double check the display and/or the receipt before I sign to make sure they hit the right button. 

[mountainside]

1 hour ago, Gator said:

I have an investors checking account with Schwab

With US address?  Years ago, Schwab let me convert to an international account while I was living in the Philippines.  It was converted back to a domestic account when I moved back to the US.  I understand that Schwab will no longer provide international accounts in the Phils.  I'm willing to maintain a US address, if only to keep that account (and its great debit card) alive.  No problem with making only Philippine withdrawals for an extended period of time?

Edited March 31, 2023 by mountainside

[Gator]

55 minutes ago, mountainside said:

With US address?  Years ago, Schwab let me convert to an international account while I was living in the Philippines.  It was converted back to a domestic account when I moved back to the US.  I understand that Schwab will no longer provide international accounts in the Phils.  I'm willing to maintain a US address, if only to keep that account (and its great debit card) alive.  No problem with making only Philippine withdrawals for an extended period of time?

Yes, with a USA address.  Never had an issue using the card here. I also occasionally use it to pay a bill in the USA (credit card). 

[BrettGC]

1 hour ago, mountainside said:

With US address?  Years ago, Schwab let me convert to an international account while I was living in the Philippines.  It was converted back to a domestic account when I moved back to the US.  I understand that Schwab will no longer provide international accounts in the Phils.  I'm willing to maintain a US address, if only to keep that account (and its great debit card) alive.  No problem with making only Philippine withdrawals for an extended period of time?

I ran into a similar issue with Citi Bank; I had linked AUD and PHP accounts that I could transfer between freely but once I moved here and changed my address (stupid me) they decided it was not allowed.  Why did I do this to begin with?  To avoid international withdrawal/card fees and the exchange rates were some of the best. I changed it to a global currency account and that sorted it - still has some minor fees but nothing like some other institutions.  I think it has something to do with the mess Australian banks are in with regards to anti-money laundering measures and the Australian regulator starting to fine Aussie banks that don't enforce those measures.  Australia's biggest banks (Commonwealth and Westpac) were fined amounts in the billions a few years ago.  And yes, they paid in the end despite their time in court fighting it.  I might try going back to a local PHP account again now I have an address sorted in Australia but for the time being, it's not a huge concern.  

Edited April 1, 2023 by BrettGC