Going To The Philippines - Money Question

[Cmptrsdeal 76]

I have not been to the Philippines for over almost 5 yrs.  What is the best way to pay for things there?  Should I just continue to use my credit card or withdraw cash in the local currency?  I'm trying to find a way if I have to withdraw money, to avoid any additional fees from ATM's and all that fun stuff.  Any recommendations please?

[Ontarkie 13,925]

~~Moved to the PI forum, from Off Topic~~

[Hank_ 9,173]

47 minutes ago, Cmptrsdeal said:

I have not been to the Philippines for over almost 5 yrs.  What is the best way to pay for things there?  Should I just continue to use my credit card or withdraw cash in the local currency?  I'm trying to find a way if I have to withdraw money, to avoid any additional fees from ATM's and all that fun stuff.  Any recommendations please?

Cash (Pesos) is king in the Philippines.  Most places you can not use a CC, so the store would send you off to find an ATM.  If you have one of the rare  CC without foreign transaction fees you could use that at an ATM and it would not be too costly.

 

Personally I bring some cash with me and if I need more I sent more to myself using REMITLY (best exchange rate and no transaction fee, link in my signature).

[payxibka 10,044]

17 minutes ago, Hank_ said:

Cash (Pesos) is king in the Philippines.  Most places you can not use a CC, so the store would send you off to find an ATM.  If you have one of the rare  CC without foreign transaction fees you could use that at an ATM and it would not be too costly.

 

Personally I bring some cash with me and if I need more I sent more to myself using REMITLY (best exchange rate and no transaction fee, link in my signature).

While I agree pesos are king, I found many more places accepting CC than I thought.

[RO_AH 1,619]

I do the same as Hank. I think of all the times I went to the Philippines I have only used my Credit/Debit card once. I just wire myself money as needed using Remitly.

[Chris Duffy 1,256]

1 hour ago, payxibka said:

While I agree pesos are king, I found many more places accepting CC than I thought.

Depends on where you went to.  Most province places CC are a no go.

 

Maybe Manila or Cebu or Davao,  but I have always found CC to be hit or miss and mostly miss for me

[Chris Duffy 1,256]

 I bring about $2000 cash on me when I enter Philippines.

 

For a month trip I will wire myself about 3 more remittance between $800 and $900 and get them as needed.

 

 

[payxibka 10,044]

15 hours ago, Chris Duffy said:

 I bring about $2000 cash on me when I enter Philippines.

 

For a month trip I will wire myself about 3 more remittance between $800 and $900 and get them as needed.

 

 

So are you saying you need $4,000 USD per month for living expenses?  I am trying to figure out if I can work 6 mos. in the US and then live 6 mos. in the PI, and what I would require per month in the PI to live

[Hank_ 9,173]

8 minutes ago, payxibka said:

So are you saying you need $4,000 USD per month for living expenses?  I am trying to figure out if I can work 6 mos. in the US and then live 6 mos. in the PI, and what I would require per month in the PI to live

What you need per month depends on "where" you are in the Phils and what you are doing.  Some guys are bar hoppers and all that goes with that.  Some guys like the province, living the simple life and all that goes with that.

You have to look at what style of living your are planning to figure out how much money you need.

[payxibka 10,044]

My gal's parents just subdivided some property for her and her dad is going to build a living unit with certain amenities so that the "american" will be comfortable.  Construction begins right after the new year.  So accommodations are covered.  

[Hank_ 9,173]

29 minutes ago, payxibka said:

My gal's parents just subdivided some property for her and her dad is going to build a living unit with certain amenities so that the "american" will be comfortable.  Construction begins right after the new year.  So accommodations are covered.  

If you don't have rent to pay and are not getting crazy with buying too much stuff or eating at restaurants continually you can easily get by with $750-$1000/mo.  

[RO_AH 1,619]

3 hours ago, Hank_ said:

Some guys like the province, living the simple life and all that goes with that.

That's me  I live in a big city which is arguably the most expensive in the US and participate in the daily grind of the rat race. When I go to the Philippines I go to escape all of that and enjoy living a simple life. 

3 hours ago, payxibka said:

My gal's parents just subdivided some property for her and her dad is going to build a living unit with certain amenities so that the "american" will be comfortable.  Construction begins right after the new year.  So accommodations are covered.  

Like Hank said it depends on where you will be living and your lifestyle. Where my wife lives I could easily get by with $500/mo or less. That would cover electric, propane and food which are the only necessities I would need. There is no rent or house payments to worry about for me either. However if you will be going out and wanting to buy things and such you will obviously need more. I think it's best to make sure you have a decent amount in the bank to cover emergencies, but try to keep it for that, and live a simple life only taking out what you need.

[Chris Duffy 1,256]

6 hours ago, payxibka said:

So are you saying you need $4,000 USD per month for living expenses?  I am trying to figure out if I can work 6 mos. in the US and then live 6 mos. in the PI, and what I would require per month in the PI to live

Just depends on what you want to do, how many girlfriends you want to entertain, and how much party party you want to do.  For me I party party from Manila to Cebu down to Davao City. 

 

You can get by  with 1k per month I if you watch your spending habits.  For years I usually stayed at girls house whom lived with there parents, and that would cut down a lot on my living expenses.  I would let the family cook for me and house me and I usually crashed with the girl at night. 

 

As they saying goes "No Money, No Honey"............

 

 

[Backpackers 19]

Look into a Charles Schwab checking or Fidelity Cash Management account. Both offer free atm withdrawals worldwide, and they reimburse any fees charged by the bank you're withdrawing from. Plus they give you the exact exchange rate.  You can open them 100% online and transfer cash in as needed. 

 

It's an unnecessary risk having large quantities of cash on you or in your hotel room.  It's also unnecessary to pay fees to the agencies that can send your money abroad. 

 

I've personally used the fidelity account for several years across several continents and it has always worked as described. 

[Hank_ 9,173]

If you are or were military you can get a CC at USAA that have no foreign transaction fees.

 

USAA online banking is excellent as well.