Funding yourself while in the Philippines

[MotorSarge]

On 11/20/2023 at 9:32 AM, stevewool said:

so for our long term vacation I don’t want to bring loads of cash with us or keep loads of cash on us so how do others go about this , I

We feel the same way and not sure of the exact method that we will use to access cash and make transactions once we do the long term/partial move.

We always carry just a few dollars right under the $10,000 max,

Have been asked to declare our carry amount and never been pulled aside.

 

[JJReyes]

Leaving for the Philippines during the next few days.  My money strategy is as follows:

Pesos - Leftover from a previous trip.  Keep the amount under P50,000 to avoid complications due to Bangko Sentral regulations.  The minimum amount should be sufficient to pay for taxis, tips, and food for the first few days.  Most hotels accept credit cards.  

Dollars - Stipulate with your bank teller that it should be new, crisp $100 bills with no markings and no tears.  Money changers won't exchange them for pesos unless the notes are near perfect.  The exchange rate for small denominations is lower.

Debit Cards - Works with most ATMs.  If you are an old customer or large depositor, ask the bank to absorb foreign fees.  I get it back in the form of a credit.  

Credit Cards - Accepted in metropolitan areas.  Used it to pay for hotels, restaurant meals, airline tickets and merchandise.  Use local currency for situations that require cash payments.  I always ask first if they accept credit cards.  

Relatives - Our two sons know our travel schedule and they can remit money in the event of an emergency.  We have a password/code agreement, so they know it is not someone trying to scam them.  I have relatives in the Philippines.  Never tried it, but they should be good for an emergency loan.

[Gator]

37 minutes ago, JJReyes said:

remit money in the event of an emergency.

Using your debit card you can also remit money to yourself via services like world remit or western union. 

[JJReyes]

12 hours ago, Gator said:

Using your debit card you can also remit money to yourself via services like world remit or western union. 

I had forgotten to add.  The US $10,000 cash limit or equivalent in other currencies is nearly global since there was some sort of agreement during an international conference.  However, you can carry more provided the total amount is declared at the departure country and port of entry.

[Mike J]

15 hours ago, JJReyes said:

However, you can carry more provided the total amount is declared at the departure country and port of entry.

Perhaps I am overly cautious but have not ever, and will not ever, carry 10K plus into the Philippines and have to declare it.  That amount of money could well be enough for an airport official on this side to "call an associate" who would be waiting as you exit the airport to relieve you of the cash. 

Edited December 4, 2023 by Mike J