Here is one more tip for Americans traveling to Philippines. They are very strict on the currency Americans exchange there. I had over $300 rejected because it had microscopic tears on the sides of the bills. I went from Western Union, BPO banks, the mall exchange. Every one says the same. They don’t take torn currency, even if very small. So make sure your bank gives NEW bills if you intend to take cash for exchange to the Philippines. It will save you headache in long run.
Very true. If you do have slightly torn bills that are still in one piece, you could get away with depositing them by repairing them with 3m Scotch magic tape
thanks for this comment as i was wondering if businesses uses dollars. instead of wasting time trying to have my money converted at an exchange in ph, i will just visit the currency exchanger here in the airports and pay the fee to save the time from doing that in ph and just bring mostly pesos with me.
Before I moved to the Philippines, I added my older son, whom I explicitly trust, to my bank account. I did this so he could help me work out any problems I might encounter with my American bank while I am living in the Philippines. I am glad he is on my account because I have needed help on two occasions, and he was able to go into the bank and deal directly with the issues. Obviously you need someone you absolutely trust and who does not interfere with or question your business.
I've been watching videos on living overseas for a few years now and have always wondered about personal finances in a foreign country. I hadn't seen it covered up to now. This was an awesome discussion on this subject. Many thanks!
FYI Make sure you inform all CC companies that your travelling abroad just so they dont freeze your accounts and also make sure that they have your limits set high enough .Thanks man good stuff love CS cards also
I also use the Schwab and multiple backups of credit cards/debit cards. Debit cards only for ATMs. One thing I would add is make sure you have the capability to use the same phone number for text authentication that you set up in your home country. If there is an issue and they send a code to the phone number you can't access.
Bringing a phone that you can get text codes from banks is critical. Excellent point. I have to respond multiple times a month between all my accounts. Thanks for that!
@@richardhowe5583 I use 2 phones, one with local SIM card. But you can get dual SIM phones. My U.S. phone is Tmobile with text available for ~200 countries. I also have a Google Voice number loaded in it. I also have an old Magic Jack with its own number I have used for years.
4 years Remitly and never used VPN. Same with PayPal and western union! What you say is BS, to use VPN. REMITLY KNOWS and EXPECTS you to transfer while overseas. They can easily tell these days you are on a proxy server. They expect you to be living some of the time in the USA at the USA address provided and we do visit home occasionally. That's it. Sheese.
Man, you are spot on I have brokerage account and IRA with Schwab just need to open Checking & Savings acct. Specifically when I go home to PI I can do the same thing you’re doing Thank you so much.
In NYC there are Philippine based bank branches like Metro Bank, Banco de Oro and Philippine National Bank. If you deposit your monthly check in those banks, they send the amount straight to your account here in the Philippines. The only thing is that you cannot withdraw money from those account in NYC.
Made a mistake with my aunt's ATM card as she was in the hospital and needed some help. Even sending a balance inquiry cost something like $10 a pop. And I did it 3 times! Lesson learned.
I’ll be going to Davao on Sept 1 until Sept 25. I’ve been to the Philippines many times. I’ve used my debit card and my Amex Platinum has 0% foreign transaction fees. And you’re right I get rewards points. So much so that I actually paid for a trip to the Philippines after going a few times and using my Amex.
Charles Schwab is the way to go. I've traveled the world with them. They change zero fees and reimburse foreign bank fees. FYI 250 P is kinda a low charge for banks internationally. $6 is common
In my opinion getting money to the Philippines is a nightmare :) so it's better to just bring cash with you! Every ATM will charge you like 5$ for each withdrawal plus your own bank can charge you a fee as well... if you use cards, just use them for payments of hotels or in 7/11 although i must stress out that even some hotels will charge you 3% more if you choose to pay with a credit / debit cards... so yeah cash is the king in the Philippines!
true, atm's charge $5, but why not get a schwab account? at the end of the month, they givec you all your atm fees back. (just tell people not to abuse it)
If got gf or wife send to their account is but your right cost alot everytime to used atm I always bring some cash plus I I send myself money through western union this time going try my crypto card.
Goodness, gracious!!! When I went home for my nephew's wedding in Gensan I had a lot of trouble with the ATM's. When it rains, the machines are down and I could not withdraw cash. A foreigner staying in the hotel we were in was having the same problem. I ended up borrowing money from my nephew.😓
@5:25 the problem with bank to bank transfer is the bank will always give you the worse currency conversion rate...plus shittty fee....so not worth it sometimes....almost a rip off
A nice quick coverage video concerning money transfer, I'd like to get your take on cell phones, do you keep your US account phone and get a cheap phone for local use in the Phils via Smart or Globe Sim cards? Do you just purchase a phone in the US and make sure it's unlocked before leaving the US, how does that work? What's a longer term solution if you're going to retire in the Phils, I've heard others say they set up a Skype account with their local Phils phone as well, thoughts?
I haven’t gone to the Philippines but I will say going from the US to the EU CASH APP is undefeated. I pay with almost everything with it using its debit card. And withdrawing money doesn’t take a conversion or transaction fee. (Ive only been to Germany and Poland)
I don't mind the fees the only issue I have is bending limited to only a couple of ATMs like PNB and RCBC which can only be used at Lee plaza in Dipolog . So if we take a trip we have to plan whats needed in advance
Your video was very helpful. Thank you. About the 10-minute mark, you begin throwing out terms like Strip, Thin(sp?)tech, etc. It would be helpful to edit in the spelled versions of those on screen, as you are talking fast and I can't tell if you are saying Thintech, or Fintech, The link below to your Transferwise section was great. or a link to them in your description would help a lot. I did see the "transcript option below, snd did not use it. I'm sure that would do the trick.
5:28 are there any modern atm machines in ph? that allows you to just put your phone next to the computer the way chase bank does here in NYC. in additional to that, do you have a video talking about the top most modern cities in ph?
If you are an American and you have an amount of $10,000.00 or more or equal to this amount in pesos deposited in any of the Phil banks, do not forget to report that account to the IRS by filing your FBAR every year. If not your will be fined for it.
Great video. I shared this to my parents, who are back home in the Phils and have no idea how today's international exchange systems work despite having lived half of their lives there. They have a "suki" at the palenke who takes US checks and pay out in cash 1 PHP/1 USD. Shady AF. I personally rely on online banking systems in the US (Betterment) that offer zero foreign transaction fees. However, because they are affiliated with Visa, many ATMs in the Phils do not recognize them. I noticed many ATMs in my province are Mastercard friendly. This is why I also have an account with Aspiration, since they have Mastercard affiliation.
@@DrLawaytravels Yeah, it's strange. I'm really not a fan of having an account with Aspiration because their investment vehicles aren't very good. If there's a Mastercard-affiliated company in the US who has good incentives, I'm all ears.
Eye opening. I didn't know you'd need to utilize an intermediary service to transfer money from your U.S. bank account to another bank account you open in another country. I figured it would be as simple as it is to transfer money between accounts in two different US Banks, and not getting charged service fees to do it. It's also good to know you need credit cards without foreign transaction fees. I have multiple credit cards but have no idea about their transaction fees if used out of country. If I choose to be an expat when I retire, I have homework to do. I'm happy RUclips is available to assist me in learning about things I didn't even know I needed to know. Thank you for sharing.
if you try to do a "normal" bank transfer, that's called a "wire" and your bank (us bank) will charge you $25 for that. so yes, these other services like western union, or xoom do have their place (best to open a schwab acct and get 100% exchange rate and get all your ATM fees reimbursed. Just don't abuse it.
I'm from uk. What should I prepare before coming. I need access to my money and would like as low fee's as possible. I checked out the money exchange in uk and it's about 8.1 percent. That is £81 fee for £1,000
I didn’t figure it out until I got back from the Philippines, but I looked into PayPal. You can put US dollars on your PayPal account and then convert it to Filipino pesos. I was going to take my ATM card to the Philippines with me next time and see how much it charges me to, withdraw my money
Use Remitly and send money to yourself and collect the money in the Philippines. They charge me $5 fee if sent from my debit card. There are so many areas where you can collect the money you sent.
do businesses use tap device? because then i can use google pay/apple pay with my coinbase visa. this card has no fees on any foreign transaction. and in general, when i go out, i don't pay any taxes when using google pay or apple pay. when the time comes, i plan to be in the makati area because of their shopping malls. i am a fan of hanging out, eating out, meeting women here in NYC in shopping malls. its a nice atmosphere and it looks like makati has the best shopping malls. 2. is makati the most modern city?
My fiancé uses BDO bank and I saw her withdraw $600 on her debit card at the bank ATM … ( not a foreign debit card) … I’m thinking to open a bank account for me too as soon as I’m there in a few months and simply have my bank transfer my balance once a month to my BDO account… then use a debit card from their bank… I need to call my bank and see what information they’ll need to transfer my money each month ( social security retirement income) from my US bank ( chase) to my new account in the Philippines
I traveled to the Philippines from the U.S. in March 2022. I had the foresight to transfer $8k USD to my fiancé s Philippine bank account before I left the U.S. The purpose of this trip was to get married. The 8k was used to pay for the wedding and to pay for 4 months of condo while I was in the Philippines. There was a BDO bank in the condo where we stay (my now wife uses a BDO bank). I tried to open up a bank account with the BDO bank. No joy. I needed additional Philippine ID documents in order to open up a bank account. Even the ACR card issued by Philippine immigration was no enough. The ATM at the BDO bank would not accept my debit card. The machine in the BDO bank was always down as well. I did find a ATM at a market that I was able to use (250php fee). I didn't find out what the maximum withdrawal fee was. My question.... How does one open up a bank account in the Philippines when you enter the Philippines on a tourist visa (30day visa upon arrival) ? Banking, visa extensions, and transportation could be greatly improved in the Philippines...
Three forms of identity, your home state driver's license, your passport and an international driver's license that you can get from AAA in USA before you leave..
Hit or miss getting an account on a tourist visa. Depends on the province, city, bank and manager opening the account. Also depends on your nationality. If you are an American much more difficult. Very few will open one for you.
Questions , i go in the local store and buy with my debit card, they ask me, would like it in usd are php? What one should i say,? And what one use less of my usd to pay the bill.
@@fearless6947 No, I am trying to get funds together. I need to return immediately, to take care of some imperative matters. It's been a real eye opening experience.
@@willietee8979 i'm sorry to hear that. You must have family that can send you money, to return home? It seems so bad, might as well not go philipines. I'm scared
@@fearless6947 if you come here make sure you are well prepared. They don't treat foreigners very nice here. Many people here see all foreigners as a financial opportunity. You will pay outrageous and repetitive taxes, fees, duties etc.. while visiting. I have met some nice people. The citizens are really in need, here. The medical care here is very unprofessional and if you have an emergency and little money, you will most likely become a statistic. ☹️
7:06 do businesses accept dollars? or only strictly pesos? in addition, i think i will only be bringing 1,000 USD and may even consider converting it to ph pesos in advance here in JFK airport.
Good information. My wife and I are retired here in cebu city. I have a capital one Venture travel card and it's a good card to have. No international fees, 95% of the time we get the daily peso exchange rate, and 2 to 5 travel points per dollar spent. charged. When you use a creditcard and the cashier ask charge in Peso or dollar always say peso or their bank will charge a 5% fee. I have a couple of questions for you. If you have a Philippine bank account or any foreign bank account, do you file an FBAR with the USA govt? When you use your Charles Schwab debit card, do you get a good exchange rate?
95% of the time I get the mid market rate with Charles Schwab they really are great. Only got taken in Thailand a couple of times but it did not amount to more than 5 or 6 dollars on a $900 withdrawal when the market was very volatile. Capital One Venture is one of my favorite cards!
We have been in the Philippines for three years. We find the cheapest way to move money is deposit a check for five thousand dollars, they charge only five dollars. The big but is it takes about a month for the money is available. So it works good for a monthly budget.
How can one maintain a U.S. Bank if he has moved full time to the Philippines or another country? In the case one does not have any friends or family whose address he can use. Will a mail forwarding service/address work? As I understand, U.S. Banks require a U.S address in order to maintain a bank account with them.
If I had a bank account in both countries, wire transfer before my flight to PH. Otherwise would depend on where I am at and how much the vehicle costs
Which one would you recommend for longer term stay in the Philippines (Wise or Charles Schwab!? I’ll be moving to Philippines for school in a couple months.
Doesn't the Schwab International account require $200k in a Brokerage account attached to the Checking and Saving and balance can't drop below that to get the "Reimbursed" fee's? Also, how do you handle filing US Tax Return's if you are living there permanently? And finally, other than a VPN, which I use all the time even here in the US, is there any other "Online Security" programs you use on your Computer to keep from getting hacked? THAT scares me the most, having your accounts drained and being screwed there overseas. Thanks, great video!
#1 No. You could have zero in the brokerage account and then start the checking account. I did, and added money to brokerage later. Just read their information. #2 Online #3 If you are that worried, have a laptop for exclusive bank/savings/transfer use. It will only be connecting to secure servers. On it have VPN and security software.
@@ramblinman787 Thank you for your response. I'm real paranoid about ID theft, so I kinda do that now, have Norton, turn on VPN and scan before any use. I do use it for online shopping, Amazon and such, and the VPN kinda blocks access to most sites, so if I really need something, I have to turn it off to get it done. Are you living abroad?
@@bigjohnson7415 Just use a different laptop/tablet/phone for emails, youtube, websurfing, facebook and the like. Most problems come from opening emails and going to bad websites. I travel enough that I have 2 passports
I load up my Mastercard with several thousand dollars. Every 7-10 days I go to BDO to get a cash advance. I believe my bank charges me $20.00 each time I do this. Comments?
One question about I have a wise acct do I havecto open a bank account in Philippines to transfer to my self is G cash very good or a wise credit card .so when I get money out monthly where to do get it from remit.or wise?
You say with WISE you move your money to a PH Bank account but most of us will not have one, so can we still get cash out via WISE from a PH bank, that is go into the bank and get cash not via their ATM?
@@DrLawaytravels Great info! Met my Filipina here in the US. Been to PI once, she goes every couple of years. Things here in the US are becoming too expensive. I live off of Social Security, and she works full time. We have decided that next year we are both going to retire. We hope to live half of the year in Thailand and half in the Philippines. She is comfortable transferring funds, but I am clueless. Your video answered a lot of my questions.
I'm a bit old school. Would you be able to use Western Union and send money to yourself while overseas? Was sending money to someone else before but never to myself. Love your channel, thank you for sharing Sir
I haven’t tried .. but I tried sending it to a trusted person’s name and I go with her to pick it up to make sure because I have the pick up info and she has to present her ID so no problem😊
Yes I sent to myself and I sent the control . numbers for picking up the cash to a email just in case I lose. The numbers for some reason just be sure to only send $900 in each western union and also if you have gf or wife you can trust them and you do have a slightly ripped bill they will cash for a Filipina with no problems if she exchanges the money herself you can look at her at distance n she will be stream lined in the process if you take money there .. western union will charge you to send to yourself but I think it's worth it cuz it like money u can get n not worried about getting robbed only thing to keep in mind is western union is only good for 30days after that it's a hassle to reactivate what u sent I found that out waiting long the
@@Dalszielleyou will have no problems cashing western union sent to your name on your passport JUST MAKE SURE YOUR NAME IS EXACTLY THE SAME ON YOUR PASSPORT
When my son withdrew money at BDO in the Philippines today, there's a question Visa Debit or US Debit? What's this mean? I told him to click Visa Debit. Is that correct?
if you want to take lots of money with you buy 24 karat gold coins drill a small hole at the top and put as many as you like on a fine thin necklace as much money as you want to carry then once you get to what ever country your going to take to a Gold Store and sell as 24 karat gold buy half gold coin half gram half ounce
Set up remitely or zoom from your bank accounts to transfer until you get a replacement card sent to someone in your home country so they can FEDEX it to you.
You should only keep a few in your wallet and you should utilize other safe strategies for keeping cards and cash safe. My wallet never has more than 2 or 3 cards at a time. In addition, as I am married we have several joint accounts where she has duplicate cards.
I'm going to bring cash when I'm out and about. Some in my shoe or front pocket in case my wallet gets ... lost. I had to get another TX DL when I moved recently, and I kept the old one that doesn't expire until 2026 and I'll carry that everyday there as well. I will always have my other credit cards, my newer DL, my passport and cash secured at home wherever I'm living. I also want to get one of those Pacsafe portable safes I can loop through the bed post and store the safe between the mattress and bed platform.
I would recommend open accounts in the USA of banks that are also found in Phillipines. Chase, Citibank, Bank of America. You can always wire yourself money to Banco de Oro its like doing a western union. All you need is Form of Identification like Passport to collect the money from there. I do not know of the limit but I have send money to friends using that service $400 dollars is the most I have ever sent. The exchange rate is Mid level which is good. Do not recommend using ATM machines and getting a lot of money out you can become easy target. Better go to the exchange houses many of them have armed guards. The bigger places can take you to a private room.
I want to create a private online wallet exchange with very low fees for all foreigners to be able to use to move money around even in and out of crypto with out all of the trouble and issues here in the Philippines and globally.
Here is one more tip for Americans traveling to Philippines. They are very strict on the currency Americans exchange there. I had over $300 rejected because it had microscopic tears on the sides of the bills. I went from Western Union, BPO banks, the mall exchange. Every one says the same. They don’t take torn currency, even if very small. So make sure your bank gives NEW bills if you intend to take cash for exchange to the Philippines. It will save you headache in long run.
Very true. If you do have slightly torn bills that are still in one piece, you could get away with depositing them by repairing them with 3m Scotch magic tape
thanks for this comment as i was wondering if businesses uses dollars. instead of wasting time trying to have my money converted at an exchange in ph, i will just visit the currency exchanger here in the airports and pay the fee to save the time from doing that in ph and just bring mostly pesos with me.
So true!!! New bills only!
Great advice...I had a similar experience.
Ty for the advice .you friends.
Capital One is the bomb. No foreign transaction fees or cash advance fees for any transaction I have ever made. In Ukraine and now in Philippines.
Exactly that’s right and so is Charles Schwab 👌🏾!
Before I moved to the Philippines, I added my older son, whom I explicitly trust, to my bank account. I did this so he could help me work out any problems I might encounter with my American bank while I am living in the Philippines. I am glad he is on my account because I have needed help on two occasions, and he was able to go into the bank and deal directly with the issues. Obviously you need someone you absolutely trust and who does not interfere with or question your business.
IF you have someone you can absolutely trust this is a great idea. I have one for my father and my adult daughter
I've been watching videos on living overseas for a few years now and have always wondered about personal finances in a foreign country. I hadn't seen it covered up to now. This was an awesome discussion on this subject. Many thanks!
Happy to help!
If you are a veteran get a Navy federal account. If you absolutely need to go to your bank it’s only a short plane ride to Guam
I just got one a few weeks ago. Next I'm going to work on Charles Schwab. I should be there June 2023 can't wait
FYI Make sure you inform all CC companies that your travelling abroad just so they dont freeze your accounts and also make sure that they have your limits set high enough .Thanks man good stuff love CS cards also
I also use the Schwab and multiple backups of credit cards/debit cards. Debit cards only for ATMs. One thing I would add is make sure you have the capability to use the same phone number for text authentication that you set up in your home country. If there is an issue and they send a code to the phone number you can't access.
Bringing a phone that you can get text codes from banks is critical. Excellent point. I have to respond multiple times a month between all my accounts. Thanks for that!
What phone service do you use that lets you do that? Thanks
@@richardhowe5583 I use 2 phones, one with local SIM card. But you can get dual SIM phones. My U.S. phone is Tmobile with text available for ~200 countries. I also have a Google Voice number loaded in it. I also have an old Magic Jack with its own number I have used for years.
@@ramblinman787 👍 thanks
Thanks for the post. How does Charles Schwab work? Is it the same as a checking account? I thought they were just an investment firm?
Remitly and Zoom are my go to's. VPN is essential using those services when in county
I have both as well and have used them both in the states and abroad.
Which VPN are you using? Thank you
@@Mhel2023 i use mysterium
@@DrLawaytravels how exactly are those services (Remitly or Zoom) utilized? For transferring money only or exactly what?
4 years Remitly and never used VPN. Same with PayPal and western union! What you say is BS, to use VPN. REMITLY KNOWS and EXPECTS you to transfer while overseas. They can easily tell these days you are on a proxy server. They expect you to be living some of the time in the USA at the USA address provided and we do visit home occasionally. That's it. Sheese.
I would also suggest keeping enough USD cash on hand to buy a ticket home incase issues cannot be resolved over the phone.
Man, you are spot on I have brokerage account and IRA with Schwab just need to open Checking & Savings acct. Specifically when I go home to PI I can do the same thing you’re doing Thank you so much.
Schwab rocks!
Best video I have seen so far one money transfer. This is what I needed to help me prepare.
Thank you so much!
In NYC there are Philippine based bank branches like Metro Bank, Banco de Oro and Philippine National Bank. If you deposit your monthly check in those banks, they send the amount straight to your account here in the Philippines. The only thing is that you cannot withdraw money from those account in NYC.
Made a mistake with my aunt's ATM card as she was in the hospital and needed some help. Even sending a balance inquiry cost something like $10 a pop. And I did it 3 times! Lesson learned.
I’ll be going to Davao on Sept 1 until Sept 25. I’ve been to the Philippines many times. I’ve used my debit card and my Amex Platinum has 0% foreign transaction fees. And you’re right I get rewards points. So much so that I actually paid for a trip to the Philippines after going a few times and using my Amex.
Amex is one of my two main cards for getting points, currently got a bunch of miles to burn and no where to go LOL
@@DrLawaytravels haha I guess that’s a good problem to have!
@@DrLawaytravels wow that’s great can you sponsor a ticket for me I wanted to visit Davao next year✈️🫢🥹👐🏻🤝👋🏻🌻
Charles Schwab is the way to go. I've traveled the world with them. They change zero fees and reimburse foreign bank fees. FYI 250 P is kinda a low charge for banks internationally. $6 is common
Good morning have a great day we are glad that you visiting in the Philippines
Thank you so much!
In my opinion getting money to the Philippines is a nightmare :) so it's better to just bring cash with you! Every ATM will charge you like 5$ for each withdrawal plus your own bank can charge you a fee as well... if you use cards, just use them for payments of hotels or in 7/11 although i must stress out that even some hotels will charge you 3% more if you choose to pay with a credit / debit cards... so yeah cash is the king in the Philippines!
Cash is king for sure here!
You are not allowed to bring more than $10,000.00.
@@User5260jo well if you have 10k usd im sure you can then afford a ticket to go back and bring more 😄 🤣
yeah true. even the brothels prefer cash over card. i feel like a foreigner every time i go home even though i am filipino.
true, atm's charge $5, but why not get a schwab account? at the end of the month, they givec you all your atm fees back. (just tell people not to abuse it)
If got gf or wife send to their account is but your right cost alot everytime to used atm I always bring some cash plus I I send myself money through western union this time going try my crypto card.
Goodness, gracious!!! When I went home for my nephew's wedding in Gensan I had a lot of trouble with the ATM's. When it rains, the machines are down and I could not withdraw cash. A foreigner staying in the hotel we were in was having the same problem. I ended up borrowing money from my nephew.😓
Yep best to always have some cash because ATM's are hit and miss, sometimes out of money, sometimes software is down.
@5:25 the problem with bank to bank transfer is the bank will always give you the worse currency conversion rate...plus shittty fee....so not worth it sometimes....almost a rip off
A nice quick coverage video concerning money transfer, I'd like to get your take on cell phones, do you keep your US account phone and get a cheap phone for local use in the Phils via Smart or Globe Sim cards? Do you just purchase a phone in the US and make sure it's unlocked before leaving the US, how does that work? What's a longer term solution if you're going to retire in the Phils, I've heard others say they set up a Skype account with their local Phils phone as well, thoughts?
Subscribed! Very useful information. I’ve got ten years to start figuring it out. Thanks.
I haven’t gone to the Philippines but I will say going from the US to the EU CASH APP is undefeated. I pay with almost everything with it using its debit card. And withdrawing money doesn’t take a conversion or transaction fee. (Ive only been to Germany and Poland)
I don't mind the fees the only issue I have is bending limited to only a couple of ATMs like PNB and RCBC which can only be used at Lee plaza in Dipolog . So if we take a trip we have to plan whats needed in advance
Charles Schwab is by far the best debit card, that’s what I use as well. Thanks for sharing 👌🏾👍🏾👏🏾
Your video was very helpful. Thank you. About the 10-minute mark, you begin throwing out terms like Strip, Thin(sp?)tech, etc. It would be helpful to edit in the spelled versions of those on screen, as you are talking fast and I can't tell if you are saying Thintech, or Fintech, The link below to your Transferwise section was great. or a link to them in your description would help a lot. I did see the "transcript option below, snd did not use it. I'm sure that would do the trick.
5:28 are there any modern atm machines in ph? that allows you to just put your phone next to the computer the way chase bank does here in NYC. in additional to that, do you have a video talking about the top most modern cities in ph?
If you are an American and you have an amount of $10,000.00 or more or equal to this amount in pesos deposited in any of the Phil banks, do not forget to report that account to the IRS by filing your FBAR every year. If not your will be fined for it.
Very important to know, thank you 😊
Great video. I shared this to my parents, who are back home in the Phils and have no idea how today's international exchange systems work despite having lived half of their lives there. They have a "suki" at the palenke who takes US checks and pay out in cash 1 PHP/1 USD. Shady AF.
I personally rely on online banking systems in the US (Betterment) that offer zero foreign transaction fees. However, because they are affiliated with Visa, many ATMs in the Phils do not recognize them. I noticed many ATMs in my province are Mastercard friendly. This is why I also have an account with Aspiration, since they have Mastercard affiliation.
You know now that you mentioned it they do seem to prefer mastercard affiliations here which is strange because most of the world prefers Visa
@@DrLawaytravels Yeah, it's strange. I'm really not a fan of having an account with Aspiration because their investment vehicles aren't very good. If there's a Mastercard-affiliated company in the US who has good incentives, I'm all ears.
@@petefalcone435 so what usually happens when you attempt to withdraw money using a visa card?
Awesome information...thanks a million!
Your "money matter" tips are very helpful. Thank you!
Don't open bank account in PI, itsmeasy to put in but hard to take out. Also carry cash when your in PT.
How do you withdraw cash in the ph?
Good advice when I move there from florida.
Eye opening. I didn't know you'd need to utilize an intermediary service to transfer money from your U.S. bank account to another bank account you open in another country. I figured it would be as simple as it is to transfer money between accounts in two different US Banks, and not getting charged service fees to do it. It's also good to know you need credit cards without foreign transaction fees. I have multiple credit cards but have no idea about their transaction fees if used out of country. If I choose to be an expat when I retire, I have homework to do. I'm happy RUclips is available to assist me in learning about things I didn't even know I needed to know. Thank you for sharing.
A lot of banks require you to do wire transfers in person to abroad or have terrible exchange rates, which is the reason for the third party systems.
if you try to do a "normal" bank transfer, that's called a "wire" and your bank (us bank) will charge you $25 for that. so yes, these other services like western union, or xoom do have their place (best to open a schwab acct and get 100% exchange rate and get all your ATM fees reimbursed. Just don't abuse it.
If you are moving out to the Philippines you could have your bank send you money once a month to your account it will cost something but its one way .
The best way to get some cash in the Philippines is by sending you a western union money! Which is accessible everywhere in the Philippines..
I have used them for almost 25 years now, but they are very expensive compared to other services. Great about picking up at any location though.
Information Here is Valuable! Thanks!
Don't know about USA but UK to a Philippines bank costs £2 and you can send 250k PHP for that through WorldRemit and its instant no waiting.
I'm from uk. What should I prepare before coming. I need access to my money and would like as low fee's as possible. I checked out the money exchange in uk and it's about 8.1 percent. That is £81 fee for £1,000
what if I don't want to open a bank in philippines?
Idea I like the best is opening a bank account there and transferring through wise.
PNB has banks in the US. Open an account with them in the US and use it in the Philippines. No more giant ATM fees. 😊
Good video, Dr. Luh-Why. Remitly is a good place to send yourself money in the PH.
One of my top three
What do they require when you send money to yourself ehen picking up on a location? Coming from US
I didn’t figure it out until I got back from the Philippines, but I looked into PayPal. You can put US dollars on your PayPal account and then convert it to Filipino pesos. I was going to take my ATM card to the Philippines with me next time and see how much it charges me to, withdraw my money
Use Remitly and send money to yourself and collect the money in the Philippines. They charge me $5 fee if sent from my debit card. There are so many areas where you can collect the money you sent.
This is so helpful. Thank you so much
Give a power of attorney for your accounts to a family member to handle any problems is a good idea.
I use USAA and no fee's. Except the initial 250p to withdraw here.
so 5 bucks everytime you withdraw? might as well get that one bank with no international fees. I use it.
11:26 do you have a video comparing ph vs singapore?
not yet
Great info 👍
Be careful using outdoor ATM machines to avoid a drive up motorcycle theft.
Free to send via PayPal to GCash. Then cash out anywhere it’s free also 😂
do businesses use tap device? because then i can use google pay/apple pay with my coinbase visa. this card has no fees on any foreign transaction. and in general, when i go out, i don't pay any taxes when using google pay or apple pay. when the time comes, i plan to be in the makati area because of their shopping malls. i am a fan of hanging out, eating out, meeting women here in NYC in shopping malls. its a nice atmosphere and it looks like makati has the best shopping malls. 2. is makati the most modern city?
Oh, one question. How does Schwab work? Can one just open a checking or savings account?
So it's an investment account, got it. Thank you!
I have bpi account in Philippines then just wire transfer thru BOA mobile and it’s free.
Dr. Laway, what kind of health insurance do you recommend in the Philippines?
Great to stay on topic hahahaha
Apple Mastercard has no foreign transaction fees
What about when your cards expire? How do you get the new ones from the us?
Chase charges 3% when used here in the Phils.
It's 5 dollars to send yourself a moneygram. Exchange rates are fair.
I plan to use my credit card for everything from hotels and food purchase what is your take on it sir
How do you keep all your pin numbers and passwords safe for bank account .cards. transfer account like wise???
My fiancé uses BDO bank and I saw her withdraw $600 on her debit card at the bank ATM … ( not a foreign debit card) … I’m thinking to open a bank account for me too as soon as I’m there in a few months and simply have my bank transfer my balance once a month to my BDO account… then use a debit card from their bank… I need to call my bank and see what information they’ll need to transfer my money each month ( social security retirement income) from my US bank ( chase) to my new account in the Philippines
I traveled to the Philippines from the U.S. in March 2022.
I had the foresight to transfer $8k USD to my fiancé s Philippine bank account before I left the U.S. The purpose of this trip was to get married. The 8k was used to pay for the wedding and to pay for 4 months of condo while I was in the Philippines.
There was a BDO bank in the condo where we stay (my now wife uses a BDO bank).
I tried to open up a bank account with the BDO bank. No joy. I needed additional Philippine ID documents in order to open up a bank account. Even the ACR card issued by Philippine immigration was no enough. The ATM at the BDO bank would not accept my debit card. The machine in the BDO bank was always down as well. I did find a ATM at a market that I was able to use (250php fee). I didn't find out what the maximum withdrawal fee was.
My question.... How does one open up a bank account in the Philippines when you enter the Philippines on a tourist visa (30day visa upon arrival) ?
Banking, visa extensions, and transportation could be greatly improved in the Philippines...
8
Three forms of identity, your home state driver's license, your passport and an international driver's license that you can get from AAA in USA before you leave..
Hit or miss getting an account on a tourist visa. Depends on the province, city, bank and manager opening the account. Also depends on your nationality. If you are an American much more difficult. Very few will open one for you.
@@DrLawaytravels isn't there an agent you can use, him having connections and knowing the right people, to open up bank account for you
if your able to withdraw money using your american card, why would you want a bank account in ph? it seems unnecessary.
I know of someone who transfers his money from his US Bank to his local bank online. It works perfectly.
Questions , i go in the local store and buy with my debit card, they ask me, would like it in usd are php? What one should i say,? And what one use less of my usd to pay the bill.
You explained how to get your money from America to Philippines. Is it as easy to send money to your bank from Philippines?
Make sure you have several access points for monetary reasons.
were you able to travel back home? After reading all the comments, it looks like you need at least $2,000 cash and mulitple ways to get money.
@@fearless6947 No, I am trying to get funds together. I need to return immediately, to take care of some imperative matters. It's been a real eye opening experience.
@@willietee8979 i'm sorry to hear that. You must have family that can send you money, to return home? It seems so bad, might as well not go philipines. I'm scared
@@fearless6947 if you come here make sure you are well prepared. They don't treat foreigners very nice here. Many people here see all foreigners as a financial opportunity. You will pay outrageous and repetitive taxes, fees, duties etc.. while visiting. I have met some nice people. The citizens are really in need, here. The medical care here is very unprofessional and if you have an emergency and little money, you will most likely become a statistic. ☹️
7:06 do businesses accept dollars? or only strictly pesos? in addition, i think i will only be bringing 1,000 USD and may even consider converting it to ph pesos in advance here in JFK airport.
Very few places in PH accept USD. I would highly encourage you to wait and convert in the Philippines. American exchange rates are terrible.
I have a td ameritrade debit card. Schwab bought them.
Good information. My wife and I are retired here in cebu city. I have a capital one Venture travel card and it's a good card to have. No international fees, 95% of the time we get the daily peso exchange rate, and 2 to 5 travel points per dollar spent. charged.
When you use a creditcard and the cashier ask charge in Peso or dollar always say peso or their bank will charge a 5% fee.
I have a couple of questions for you. If you have a Philippine bank account or any foreign bank account, do you file an FBAR with the USA govt?
When you use your Charles Schwab debit card, do you get a good exchange rate?
95% of the time I get the mid market rate with Charles Schwab they really are great. Only got taken in Thailand a couple of times but it did not amount to more than 5 or 6 dollars on a $900 withdrawal when the market was very volatile. Capital One Venture is one of my favorite cards!
We have been in the Philippines for three years. We find the cheapest way to move money is deposit a check for five thousand dollars, they charge only five dollars. The big but is it takes about a month for the money is available. So it works good for a monthly budget.
How can one maintain a U.S. Bank if he has moved full time to the Philippines or another country? In the case one does not have any friends or family whose address he can use. Will a mail forwarding service/address work? As I understand, U.S. Banks require a U.S address in order to maintain a bank account with them.
One question if you get a chance to reply. How would you transfer money for the purchase of a vehicle?
Or to purchase a house/condo?
If I had a bank account in both countries, wire transfer before my flight to PH. Otherwise would depend on where I am at and how much the vehicle costs
What do you think of services like Remitly with a VPN showing that you are in the USA?
I use them as well but not as often
Which one would you recommend for longer term stay in the Philippines (Wise or Charles Schwab!? I’ll be moving to Philippines for school in a couple months.
Schwab International Checking Account ends up cancling all accounts once you STAY in the Philippine more than 6 months.
Im planning to use paypal card using to transfer from my Bank of America to paypal.
Doesn't the Schwab International account require $200k in a Brokerage account attached to the Checking and Saving and balance can't drop below that to get the "Reimbursed" fee's? Also, how do you handle filing US Tax Return's if you are living there permanently? And finally, other than a VPN, which I use all the time even here in the US, is there any other "Online Security" programs you use on your Computer to keep from getting hacked? THAT scares me the most, having your accounts drained and being screwed there overseas. Thanks, great video!
#1 No. You could have zero in the brokerage account and then start the checking account. I did, and added money to brokerage later. Just read their information.
#2 Online
#3 If you are that worried, have a laptop for exclusive bank/savings/transfer use. It will only be connecting to secure servers. On it have VPN and security software.
@@ramblinman787 Thank you for your response. I'm real paranoid about ID theft, so I kinda do that now, have Norton, turn on VPN and scan before any use. I do use it for online shopping, Amazon and such, and the VPN kinda blocks access to most sites, so if I really need something, I have to turn it off to get it done. Are you living abroad?
@@bigjohnson7415 Just use a different laptop/tablet/phone for emails, youtube, websurfing, facebook and the like. Most problems come from opening emails and going to bad websites. I travel enough that I have 2 passports
@@ramblinman787 2 passports? Rambling indeed!
@@ramblinman787 do you have two passports from the same country? If you do how do you do that? If you don't what countries do you have? Thanks
I load up my Mastercard with several thousand dollars. Every 7-10 days I go to BDO to get a cash advance. I believe my bank charges me $20.00 each time I do this. Comments?
One question about I have a wise acct do I havecto open a bank account in Philippines to transfer to my self is G cash very good or a wise credit card .so when I get money out monthly where to do get it from remit.or wise?
You say with WISE you move your money to a PH Bank account but most of us will not have one, so can we still get cash out via WISE from a PH bank, that is go into the bank and get cash not via their ATM?
Nice video. Is it common for foreigners to use Wise to pay rent straight to their landlord's bank account?
I do not know if it is common but I and a few other people I know did that in Thailand.
@@DrLawaytravels Great info! Met my Filipina here in the US. Been to PI once, she goes every couple of years. Things here in the US are becoming too expensive. I live off of Social Security, and she works full time. We have decided that next year we are both going to retire. We hope to live half of the year in Thailand and half in the Philippines. She is comfortable transferring funds, but I am clueless. Your video answered a lot of my questions.
@@sharbymj
I'd like to know if a Wise debit card works there.
I'm a bit old school. Would you be able to use Western Union and send money to yourself while overseas? Was sending money to someone else before but never to myself. Love your channel, thank you for sharing Sir
I haven’t tried .. but I tried sending it to a trusted person’s name and I go with her to pick it up to make sure because I have the pick up info and she has to present her ID so no problem😊
Yes I sent to myself and I sent the control . numbers for picking up the cash to a email just in case I lose. The numbers for some reason just be sure to only send $900 in each western union and also if you have gf or wife you can trust them and you do have a slightly ripped bill they will cash for a Filipina with no problems if she exchanges the money herself you can look at her at distance n she will be stream lined in the process if you take money there .. western union will charge you to send to yourself but I think it's worth it cuz it like money u can get n not worried about getting robbed only thing to keep in mind is western union is only good for 30days after that it's a hassle to reactivate what u sent I found that out waiting long the
So yes sending to yourself in western union is smart way to send with peace of mine
@@Dalszielleyou will have no problems cashing western union sent to your name on your passport JUST MAKE SURE YOUR NAME IS EXACTLY THE SAME ON YOUR PASSPORT
Hey quick question,if you date a Filipina, that is separated, is that a no no ? I would hate to end up in trouble,
DO NOT DATE her.. if her husband wants to, you can be put in jail. If she gets divorced, make sure she gets a CENOMAR - Certificate on Non-Marriage.
DO NOT do that!! You can be jailed or killed.
of course money matters everywhere not just in Ph.
When my son withdrew money at BDO in the Philippines today, there's a question Visa Debit or US Debit? What's this mean? I told him to click Visa Debit. Is that correct?
@1:32 is that P10000 per day?
What about western union?
I remember having to western union myself $1,000 😆. Good thing I ended up not needing it
if you want to take lots of money with you buy 24 karat gold coins drill a small hole at the top and put as many as you like on a fine thin necklace as much money as you want to carry then once you get to what ever country your going to take to a Gold Store and sell as 24 karat gold buy half gold coin half gram half ounce
When I visit for 3 weeks to a month I think I'm just going to keep it simple deal with the service fees and use my debit card when I'm over there.
I send myself world remit money transfer
hey can i ask you a question privately by any chance???
I use BDO and I can take 50,000.00 a day
What happens if you lose your wallet and all your debit /credit cards?
Why are all your cards in the wallet?
Cash is King in the Philippines...
Set up remitely or zoom from your bank accounts to transfer until you get a replacement card sent to someone in your home country so they can FEDEX it to you.
You should only keep a few in your wallet and you should utilize other safe strategies for keeping cards and cash safe. My wallet never has more than 2 or 3 cards at a time. In addition, as I am married we have several joint accounts where she has duplicate cards.
I'm going to bring cash when I'm out and about. Some in my shoe or front pocket in case my wallet gets ... lost. I had to get another TX DL when I moved recently, and I kept the old one that doesn't expire until 2026 and I'll carry that everyday there as well.
I will always have my other credit cards, my newer DL, my passport and cash secured at home wherever I'm living. I also want to get one of those Pacsafe portable safes I can loop through the bed post and store the safe between the mattress and bed platform.
Vloggers keep saying they can get 10,000 out and even 20,000 but i have only ever been able to pull 5,000 (charles schwab) am i doing somethi g wrong?
It depends on the local bank and each individual atm. I have used BDO and BPI for 20,000 in Davao and Digos
Hi guys have any of you use paypal card for purchase?
I would recommend open accounts in the USA of banks that are also found in Phillipines. Chase, Citibank, Bank of America. You can always wire yourself money to Banco de Oro its like doing a western union. All you need is Form of Identification like Passport to collect the money from there. I do not know of the limit but I have send money to friends using that service $400 dollars is the most I have ever sent. The exchange rate is Mid level which is good. Do not recommend using ATM machines and getting a lot of money out you can become easy target. Better go to the exchange houses many of them have armed guards. The bigger places can take you to a private room.
I appreciate the tips but that amounts to a full time job way to much BS why not just have your SSI direct deposited in the country your retiring in 🤷
I want to create a private online wallet exchange with very low fees for all foreigners to be able to use to move money around even in and out of crypto with out all of the trouble and issues here in the Philippines and globally.