Expat Money Woes: Philippines Financial Reality
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- Опубликовано: 27 мар 2024
- 🔥 Navigating Finances in the Philippines: Tips & Tricks! 💰
Join us for an insightful discussion on managing finances in the Philippines! In this video, we cover everything from setting up bank accounts to transferring money smoothly. Whether you're retiring here or just curious about financial logistics, we've got you covered!
🌴 From pensions to Social Security, we delve into the nitty-gritty of handling your funds abroad, sharing personal experiences and practical advice along the way. Don't miss out on essential tips for a hassle-free financial transition!
🚀 Hit that play button and let's dive into the world of Philippine finances together! Don't forget to like, share, and subscribe for more valuable insights! 💡
@paulinthephilippinesolddog9234
Good information Paul and Mae. Nice to see you both doing so well. It's always good to have a backup to your backup. My first trip there in 2003 the ATM ate my debit card. I had never seen that before. It's one thing to have the transaction denied but to actually not give the card back was pretty rude. Luckily I had a second card from another back. I used that very carefully the rest of my trip.
Do Debit Cards nowadays still get ate by ATM machines??? I'm afraid if I come to the Philippines that my bank ATM card will be eaten
Eating the ATM cards might be worse than when they don't disburse monies. You need the receipt and the go into the branch to file a report. Takes a few days to have the funds transferred back. This is with a Philippine debit card & bank account. Make sure you have multiple cards
Hi @mikedavis975 Thanks for watching! We're glad you enjoyed the video. ATMs can be tricky, even with backup cards!
It's easier just to send yourself a WU as you need it or send it to your wife..either or. I have done this many times while there
Paul, you are a kind-hearted genius. Your wife is blest to have found you. A lifetime of happiness to you both. ❤
Kind hearted but selfish knowing that her way too young wife will end up being his care-taker in a few years.
@@brucefredrickson9677 But then she spends the rest of her life with a bit of income if they are married. I would guess that she would continue to get his SS but I don't know.
Hi @lynnflynn5591 Thank you so much for your kind words!
Hey Guys. Good topic. Money does matter anywhere.
Hi @saulgoodman7221 Thanks for watching! We're glad to share our expat experience in Dumaguete.
great video thanks for sharing this very Informative video..
You guys are a great couple. Much love to you both.
Great video and a lot of great information, thank you.
Hi Paul and Baby Mae,.. great 👍 informational video about money in the Philippines.
Thanks and keep up the great work.
God bless.
Tmobile is $70. Per month for the international plan. I will be moving to Cebu on the 29th, thanks to you and Mike hopefully I'm prepared. You 2 are the best!
Great folks, great channel.
VERY IMPORTANT information Paul. Many expats are dependent on social security to live. My social security was cancelled by the department, and correctly so, because of my apparent failure to send the required paperwork to the department, they assumes I was dead. What happened was, as usual, the mail I'd sent the relevant forms via the Philippine postal service. Was unable to send via courier service because only a PO Box is provided. when they eventually received the forms in America I was advised via email form social security in Manila all was well and my social security would be paid in February 2024 and past months also would be paid. Ah, no. That didn't happen. I advised social security in Manila and will hopefully hear back from them before I die. Fortunately, although Im far from being rich, I'm modestly comfortable financially and don't depend on social security . But, and this is a big one, what about the many other expats living here who, through no fault of theirs, find themselves broke and perhaps hungry due to not receiving their hard earned social security benefits?
The US social security administration has an office in Manila ?
@@tomsorrell4918: They do indeed. It's in the Federal Business Unit of the U.S. Embassy. They accept emails.
Hi @michaelcassidy1864 Thank you for sharing your experience. It's a good reminder for us expats to stay vigilant with our paperwork.
Great content! So fun to follow your journey. Thank you.
Thanks for watching!
Very informative, Paul.thanks for ur infos/researches .surely ,u are w meticulous guy ,honest .God bless u and family ❤🎉🙏🙏👍👍🙏
Thank you for sharing your experience.
Both of you make such an incredible couple and it's obvious the love and trust you have for each other!
Thank you Paul, great video. Nice to see a updated subject.
Hi @donbuesen3558 Appreciate your support! Glad I could provide an update on this important topic.
One more good idea…have multiple bank accounts and credit cards with expiration dates that overlap. Because if you only have one card and it expires then you’re screwed.
Multiple wallets doesn't hurt either. I lost mine through a freakishly unlikely scenario, and it had literally everything in it. In another bizarre twist.. a stranger tracked me down and returned it intact. More likely to win the Powerball lottery.
Hi @NapoleonDynamyte Thanks for the tip! We've found having multiple accounts helps with budgeting and avoiding issues when traveling.
This is the best video I have ever seen you do. You and Mae did a great job explaining the nuts and bolts of personal finance between the USA and the Philippines. Thank You!
Great video, Paul. Transferring money is still my main concern. Thanks for covering this subject again.
Great info. Great to see how your subscriber base has grown.
Hi @Jimmy_Duff Thanks, glad to share our experience!
Thanks you two, another great video!
Thanks Paul and Mae for sharing, God’s blessings to the both of you.
Hi @troymoses8405 Thanks so much! We appreciate your kind words and prayers.
Thanks, big Daddy! Very informative video.
Hi @brent2438 Thanks, buddy! Glad you found it helpful.
Great advice
Great stuff!
Glad you think so!
Good video, Paul, and very informative. Good job providing detailed information and expectations needed to move and live in the Phils.
Glad it was helpful!
Great info. Thanks
Glad it was helpful!
Glad it was helpful!
😇great to see you this morning Paul you are getting really close to a hundred thousand subscribers 😁😎🎯 it won’t be long!!
You too!!
Thanks Paul and Mae! Another great video!
Glad you enjoyed it
Paul and Mae...Great video with good information...Thanks Paul and Mae.
Hi @jamesberner6040 Thank you!
Hey Paul. Been watching you and your mate for some time now and can only say: Well done. Your videos are always informative, entertaining with a bit of humor, often at your own expense, which is refreshing. Glad to see you two are still together doing well during your twilight years. What a way to go out! Congratulations.
Hi @African1939 Thanks for the kind words and support! We appreciate it.
Thanks for the vlog Paul . This is a topic that cannot be covered enough. Whether your way or another way, it's a topic one should know inside and out. Many options are always good to have.
Hi @andrewh6898 Appreciate the support! I'm glad this topic resonates with you. Thanks for watching!
This the first detailed information on this important topic that I’ve seen. You and others have touched on it once in a while, but I still didn’t understand the whole thing. Thanks for explaining it more clearly.
Thanks Paul, and Ms. Mae. I’m retiring in less than 5 years, and y’all have been a fantastic resource. Take care 👍
Your approach is the best in my opinion
Thankyou for the great info on bringing money to the philipines from your home bank.great video..thankyou.
.
Hi @geofffletcher2539 You're welcome! Glad you found it helpful.
Just a suggestion. Do a video about reporting your foreign bank account to the US Government if you are a US Citizen and your balance exceeds $10,000 at any time during the year.
Just use a tax preparer that routinely services expats. It's too risky doing it yourself tax.laws vary each year.
Very inspiring couple even though I changed my mind on going over there when I watched this video. I'm inspired.
Hi @user-lx6vw8tq3u Thanks for watching and being inspired! We're glad to have had a positive impact.
Thanks Paul
Pretty Good Info Paul. What I did was file for Social Security in my local office. Easy. No problems. Direct to US bank account. My wife and I keep our US phones. Yes, our phone accounts cost $60. a month, but they work on Wifi, or even Globe. We can do business on our US phones. We can get calls just like at home, except when they call 3 in the morning!
Wise has been the best. Sometimes, you have to re-do the ID info, which is a pain, but can be done.
There’s US phone companies that charge around 5 or 10 dollars a month to use in the Philippines or other countries. Some are, Tello, US Mobile, and Mint Mobile. If you are In another country they work through Wi-Fi.
Whats the name of the $5 or $10 company?
Hi @martinedward2697 Thanks for sharing your experience with Social Security and keeping US phones!
great advice
Great video Paul, I find the information in this one so valuable I have downloaded it. Thank you for your clarity when it comes to planning a move to a distant land and all the matters to consider before doing so.
Hi @IrAbynormal Thanks for finding it valuable! We're glad to help others navigate the financial realities of moving abroad.
Wow! Paul is looking younger n younger than ever before👍
Good information
Great video. Thank you sir.
Glad you liked it!
Very welcome
Thank you for watching! I'm glad you enjoyed the video.
The funds receiving method described here was the norm in years past, but nowadays there's no need to bother with so many steps to move money from overseas. Just bank directly with Schwab or Fidelity, and/or set up a GCash or similar mobile banking account and transfer funds into it using the service of your choice. There's always a fee, either openly stated or hidden in the exchange rate difference, so it's not about saving a few bucks; it's about convenience and personal safety.
Hi @MichaelSmith-hr3be Thanks for the update! We've found GCash to be super convenient too.
Thx Saint Paul
On my way, love the channel
Watching now Paul and Baby Mae, this is very informative video. The immigration business JRC could add the "PROOF OF LIFE" to their business. im entertaining ( spoiling) Ms Jo this week on her spring break.
Hi @stanleyboothe4893 Thanks for watching! We appreciate your feedback on our video's financial reality check. Enjoy Ms. Jo's spring break!
good info rmation
Thank you Paul and Ms Mae for this information.
Hi @user-fs3ws4br2d You're welcome!
very detailed thankyou
So nice of you
Thanks, you Old Dog. This was very informative. Like your prior videos on a myriad of topics. Namaste
Hi @johnmurphy8791 Thanks for watching, Namaste!
Paul, this is without a doubt one of the most valuable and useful videos anyone I know of has done for us expats. Thank you! Back in 2012 I opened an HSBC account near Ayala Mall in Cebu City and had a peso and a US dollar account with them. My trust in America wired the money into my dollar account once a month. I would get online at my apt. in Cebu and transfer whatever dollar amount into my peso account that I wanted to and then use my HSBC debit card locally at stores and restaurants. Never had a problem.
Hi @wesgraham2262 Thanks for sharing your experience! We're glad it's been helpful. HSBC has been a good choice for many expats here.
Thanks!
Thank you Robert 😊
Paul, Thank you so much for this excellent video, your advice should help other expats avoid a lot of painful mistakes. Much appreciated!
Hi @tryscience Thank you for watching and I'm glad my experience can help others!
Thank you paul and mae for this video.
Hi @user-hu3tx8vl7w Thanks! We're glad you found it helpful.
Very thorough. Though I’ve not experienced the same difficulty, I know many who have. Great advice Paul. In sum: you cannot over prepare. 👍🏼
Hi @KanoKanding Thanks! We agree, preparation is key to a smooth transition.
HI PAUL and MAE , I am 1 of your TOP CRAZY FANS , that saidTY for all your important help you give us.
HAPPY EASTER
GOD BLESS CIAO
I’ve been following your channel for awhile and this video was so informative. Thank you so much for the different ways to get money there. Keep up the great work you two❤
Hi @aggierowe9574 Thanks for watching! We're glad you found the info helpful. Appreciate the support!
Good morning to you both!!
Thank you, Great Advice!
Glad it was helpful!
Thank you
Excellent video!
Thanks so much 👍
Thank you for another informative vlog. You know you will be doing this again somewhere down the road.
Hi @dondunne5615 Appreciate the kind words! We'll keep sharing our financial journey in Dumaguete.
Love your yellow rubber duckie. I still have a purple Barney the dinasaur figure from when the kids (now 30ish) were little. Barney is coming with me as my touch of home.😊
Send the first Zoom, Remitly etc to yourself in the Philippines while you're still in the States for that confirmation call.
I do wire transfers from my bank in the USA to a Philippines bank. Pretty easy and no fees. The downside is it may take several working days to complete the transaction.
Thank you for sharing this info! I just subscribed to your channel bc of your willingness to share such info.
Hi @pauldeanda4985 Thanks so much, appreciate the support!
I have been to the Philippines 6 times and never had a money problem. I call my credit union letting them know where I am going. So I use cash machines and pay a few bucks to do that. Or go to a bank and get my cash and pay a small fee. I have done all my banking online for years so when I am there I just use my laptop to move money to checking and that account is the one I draw money out of. It is safe and my credit union is the best.
Hi @larryp759 Thanks for sharing your experience! We've had similar success with cash machines and online banking, it's a great way to manage finances while traveling.
Old Dog Paul and the Lovely Mae, good useful info.
Tks., much appreciative.
Hi @JMoroccoMisterBoy Thanks for watching!
Good information. You two stay safe and happy!
Hi @loneranger668 Thanks for watching! We appreciate your kind words.
I alwys enjoy watching ur videos when u interview any foreigner .u r not only humorous but witty ,a joker. 😂😂❤.ur laughter is contagious too😂😂😂👍👍👍Cheers🎉🎉
Hi @ThanaykhwamMai-ff4ni Thanks for the kind words! Glad you enjoy our expat interviews and my attempts at humor!
PAUL AND MAY THANK YOU BOTH SO MUCH GREAT INFO AND MUCH APPRECIATE YOUR DETAILS VERY HELPFUL 😊
Hi @vn6714 Thanks for watching and appreciating our financial reality in Dumaguete!
Thank you for the video, very informative
I recommend getting to the point.😊
Great advice, Paul.
Good Evening Paul And Mae , Great Video ! Hope Both Of You Have A Wonderful Night ! 🥰🥰🥰🙏🙏🙏💯💯💯
You too!!
You too!!
@@paulinthephilippinesolddog9234 Thank You !
Congratulations on 91,000 subscribers!
Hi @MyLifeThai371 Thanks for watching and supporting our channel!
Thank you two so much for getting this information out. I just got back from a three week vacation March 1-23 on Negros awesome time by myself getting on the motorbike and going up in the mountains. It was all I could do to not to reach out to you just come shake your hand. Thank you so much for getting me out of my comfort zone. I probably had one of the best time I’ve ever had all bye myself. Thank you.
My pleasure
That's very good advise from one who's been there, done that. I love listening to your accounts and stories Paul.
Hi @PauldeSilvaG Thanks for tuning in! Appreciate your support.
I live in Lima Peru and use Western Union with no problems
All very good and helpful info, Paul. Everyone needs to do some research and planning and always have a backup plan. BTW, I've been watching you for several years, and your looking even younger now. Your diet and lifestyle is working for you!
Bank of Hawaii and Fedrral Credit Unions call your Philippine number for 2 step verification. No need a U.A. number.
Hi @phill7573 Thanks so much! Means a lot coming from a long-time viewer. We're glad to share our experiences with others.
❤-its a pleasure to watch you ; and listen to your welspokeness .
Hi @edgarwangsmo6 Thank you for your kind words!
Happy Easter to you and Mae and all
Hi Paul and Baby Mae!
I just want to thank you both personally for doing what you do! I'm a 59 year old never married RN of 30 years, looking seriously at the total retirement plan that will hopefully end up in the Philipines! I've been watching all of your videos very carefully. Thank you both for your caring hearts for guys back home in the US who aspire to fufill the goal of retirement in the Philippines! I encourage you both and mega THANK YOU for being sincere caring people who care and want to encourage US guys to become Ex Pats in Philippines for retirement, you help sort it all out, (HUGE!) and do it right without reinventing the wheel. Please continue to do these practical How To videos like this! Paul, you are the GOAT! Phillipines You Tuber!!! I love your down to earth real world videos, God Bless You and Mae, I hope to be there doing the same thing in a few short years, daily you provide me with the encouragement that I can make this happen in a few short years. God Bless You Both, don't change, and keep your real world videos coming! You are positively changing lives. I pray I can be there in a few short years!
Hi @hborogreg Thanks for the kind words and for watching our channel! We're happy to help with your retirement plans. Good luck!
Hi Paul
Been subscribed for ages - love the videos. Recently had a month on holiday in the Philippines from the UK. Couldn't get over how cheap it was compared to Europe. All UK banks and credit cards say don't need to inform them if you go abroad. But they often send a text with a one time code to your phone - this worked well, just had to remember to use the UK SIM to receive the text. (dual sim phone was very useful)
Hi @steve1711 Thanks for subscribing and enjoying the vids! Glad you experienced the affordability of the Philippines firsthand!
I've had a Schwab account for 15+ years and have had only a few hundred dollars in there, I have not been cut off
but is it a Schwab brokerage account with IRAs where you have to sell shares in a IRA to get money while living in the Philippines for more than 6 months?
@napoleonmdusa8877 yes paul needs to clarify if the experience relates to the brokerage account or investor checking ATM card. It's confusing
Take care guys
Hi @George-ux6zz Thanks, we appreciate your support!
That sounds fairly complicated.
Hey, the bird moved!!
Fantastic info!!
👍🎩👍
Thx
Hi @AnthonyShaw-ty9pi Thanks! Glad you found it helpful!
Paul your absolutely correct. I have been going to the Philippines since 2008. And so many things have changed. I have not expensive SS asking for prove of life. But it got me thinking what if. Thank you Paul for bringing this up. I need to handle all this while I am I usa till end of the month
Hi @Fire2Hot911 Thanks, glad to hear I'm on the same page! Good luck with your financial planning before your trip back home.
First rule of personal finance 'pay yourself first!' Also for disabled vets receiving payment from the VA, once you are at 80% or more you can petition them to pay you at 100% for being unemployable. It is worth looking into.
You should have a family member or good friend whose address you can use in the states. Also they can send you bayak bayan boxes that they fill with stuff you order and send to them. It’s great for stuff you can’t get here. It can take 3 months to get here, but it’s like Christmas when it arrives .
Viber helps so much. It's good your explaining what really needs to be done to be successful in living there in the Philippines.
You need to and it's a suggestion to only publish your plan that works so others can follow what you have done to be successful in not having situations or problems being in the Philippines.
Kindest Regards.
Joel Alm
Two great RUclipsrs at one time 🎉🎉
Hi @mariomejia1701 Thanks for watching and appreciating our content!
@@paulinthephilippinesolddog9234 absolutely Paul
Great content
Hi @watersbey25 Thanks for watching!
Not my business, but very delighted to see Mae getting her dental bite adjusted. Of course, she was always pretty and smart. She will enjoy a better digestive process with a more even bite.
Hi @ericlee2931 Thanks for the kind words! Glad to share our life experiences with you.
Great video. I think you were smart to make this video.
Thanks.
Hi @rogermedler5686 Appreciate your support!
Great job Paul. It’s a lot of mechanics that well you don’t know until you know. I have bank accounts in Thailand and the Philippines. I have Wise which gives me a great exchange rate and a debit card that I can use as a backup plan. Been in Southeast Asia going on 4 years now and knock on wood no problema. Another thing I’d like to add is timing. Know your country’s bank holidays and where you are sending the money. You can then better deal with the delay. Also holidays here mean the atm will not have money. Plan accordingly. You can adapt. You can live the dream. Just remember everyone’s dreams are different. If you try to do everything like Paul but you are not Paul… you might fail. Take his advice as a starter. Work on your plan. Stay true to yourself. You will be happy. You got this.
Hi @L4P-Monk Thanks for the tips and insights! Wise sounds like a helpful tool, glad it's worked out well for you!