Chase Bank

[Mike J]

7 hours ago, baronapart said:

My wife got her US passport last month. I had to fill out two paper checks. It took me a couple of moments to remember how to fill them out properly. It has been years since I wrote one out.

I write three or four per year.  No fees/charges to move dollars from the USA to your PH dollar account.  The drawback is the time for the funds to be available, about 30 days.

[Imaginos]

9 hours ago, JJReyes said:

Are you referring to the practice of the credit card reader asking if you want the transaction done in pesos or dollar?  This is especially true if the processing bank is BDO.  The correct answer, I have been told, is pesos.  The bank has to use the Central Bank rate.  If it is in dollars, they can choose whatever rate is favorable to their bank.  

If you choose pesos, the bank sets the rate. If you use dollars, the credit card company does the conversion and Mastercard/Visa stipulates the rate.

[OnMyWay]

1 hour ago, Imaginos said:

If you choose pesos, the bank sets the rate.

In my experience with Cap One Mastercard, the Mastercard rate is used.  I'm not sure who does the conversion, but that is the rate.

1 hour ago, Imaginos said:

If you use dollars, the credit card company does the conversion and Mastercard/Visa stipulates the rate.

That might not always be true.  Not sure.  Here is Subic Bay Freeport, we have "duty Free" stores who price some items in dollars, and some in pesos.  Then on the receipt, the price is in dollars. using the store conversion rate.  It is a scam, but so be it.  Then at the bottom, they have the total in dollars and pesos.  I have always assume that if I tell them dollars, it will send that total and there will be no conversion.

Edited Sunday at 11:26 PM by OnMyWay

[JJReyes]

1 hour ago, Imaginos said:

If you choose pesos, the bank sets the rate.

This is correct.  But banks are required to use the Bangko Sentral ng Pilipinas daily exchange rate.  I believe this rate is set every morning at 11:00 am, during a regular business day, for financial institutions to follow.

[OnMyWay]

12 minutes ago, JJReyes said:

This is correct.  But banks are required to use the Bangko Sentral ng Pilipinas daily exchange rate.  I believe this rate is set every morning at 11:00 am, during a regular business day, for financial institutions to follow.

We are talking about U.S. credit cards.  I don't think Bangko Sentral would be involved.

https://www.mastercard.us/en-us/personal/get-support/convert-currency.html

[JJReyes]

2 minutes ago, OnMyWay said:

We are talking about U.S. credit cards.  I don't think Bangko Sentral would be involved.

https://www.mastercard.us/en-us/personnel/get-support/convert-currency.html

Transactions using a U.S. credit card in the Philippines are processed by a local bank, which is under the jurisdiction of the Bangko Sentral.  Technically, an international network of Clearinghouses is involved.  Both Visa and Mastercard are brands of two independent companies affiliated with American banks.  Most of the shares are owned by banks who subscribe to their services.  

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[Imaginos]

3 hours ago, Imaginos said:

If you choose pesos, the bank sets the rate. If you use dollars, the credit card company does the conversion and Mastercard/Visa stipulates the rate.

Oops. I did that backwards. Dollars, the local bank does the conversion at a bad rate. Pesos, your foreign bank sends the money via Visa/Mastercard and you get the the mid day rate which is much better. I shouldn't post until I've had my second coffee, obviously.

[Tommy T.]

Related to the above discussions... I recently learned that Grab and PLDT will not accept credit cards that are based on one of their "accepted" PI banks. Actually Grab did accept a few orders a few months ago using my VISA card based in USA, then stopped doing so. I inquired about that to their customer service and they said they needed verification of the card - like scans of front and back and something else like passport or some other ID I believe. I was a bit shocked since they had already accepted two payments via that same card just a couple of weeks previously. PLDT never accepted that card nor an American Express card I tried. So I am stuck feeding my bank pesos into a debit account and using the debit card sparingly.

Interestingly, I applied on two different occasions for credit cards from PNB - where I bank - and didn't even get the courtesy of a response. Obviously they rejected it and didn't wish to face me with that. Quite sad the way some things just don't work here.

[Possum]

4 hours ago, JJReyes said:

This is correct.  But banks are required to use the Bangko Sentral ng Pilipinas daily exchange rate.  I believe this rate is set every morning at 11:00 am, during a regular business day, for financial institutions to follow.

But the local banks don't have to follow the rate.  They do seem to make sure it's less than the BSP rate though. It also can vary from branch to branch of the same bank in the same city.

Edited Monday at 04:14 AM by Possum
spi

[earthdome]

2 hours ago, Tommy T. said:

Actually Grab did accept a few orders a few months ago using my VISA card based in USA, then stopped doing so. I inquired about that to their customer service and they said they needed verification of the card - like scans of front and back and something else like passport or some other ID I believe. I was a bit shocked since they had already accepted two payments via that same card just a couple of weeks previously

Both my wife and I have used Grab for years. Never had any problems with it using our US CapOne credit cards.