money matters

[dave65]

A quick question for you seasoned travellers, i understand that travellers cheques are not much use so it sounds like credit card or cash
if taking cash are there restrictions on how much you can take in or out
either in local currency or sterling or dollars
which seems the best currency to carry
being used to travelling in the old soviet bloc i am in the habit of having to get receipts for everything does one need to do this in the phillippines
Dave

[walesrob]

Originally posted by dave65@Jan 19 2006, 09:18 AM
A quick question for you seasoned travellers, i understand that travellers cheques are not much use so it sounds like credit card or cash
if taking cash are there restrictions on how much you can take in or out
either in local currency or sterling or dollars
which seems the best currency to carry
being used to travelling in the old soviet bloc i am in the habit of having to get receipts for everything does one need to do this in the phillippines
Dave

Quoted post


Dave you are correct, travellers cheques are of not much use...take a mixture of cash and credit/debit cards.
With a credit or debit card, you'll have no worries with the ATM's out there - plenty of them everywhere and if one doesn't work, you wont have to go far for another one.

Heres a tip for you: Open a Nationwide Flexaccount, they issue a Maestro ATM card, and they charge NOTHING to withdraw cash anywhere in the world at any ATM. Most other banks will slap a £1.50 charge for withdrawing cash abroad. I know £1.50 is not much, but if you make say 6 withdrawals in a fortnight, thats £9!

While I dont know of any restrictions of how much you can take in or out. To be honest, I've always used a debit card to withdraw cash as soon as I land in Manila, so I've never brought any Philippines pesos with me. My guess would be that dollars are the best currency for the Philippines, but its hassle for us Brits as it means changing some pounds into dollars, then back to peso.

[deepete]

Hi

I like to take a wad of cash so that I can say thats what I`ve got to spend and budget accordingly. I use my credit cards as a backup. It also brings you into reality, handing over cash, that I find easier to keep a control on my spending. I hate having to pay c/c bills after the event.

Some people may not be comfortable carrying around cash though, its a personal choice. Never known of any restriction in the amount allowed. Dont worry about dollars, pounds are fine. My wife has always told me that the money changers like clean notes with no scribbles on them, never put it to the test so I`m not sure on that.

Fifty pound notes are fine, if your going to Angeles the best money changer is the owner of a clothes shop in Nepo.

ps:try to get say a thousand or so pesos to travel with, for getting through the airport.If you know any pinoys locally they should be able to help.


cheers

Peter

[Eljohno]

Originally posted by dave65@Jan 19 2006, 09:18 AM
A quick question for you seasoned travellers, i understand that travellers cheques are not much use so it sounds like credit card or cash
if taking cash are there restrictions on how much you can take in or out
either in local currency or sterling or dollars
which seems the best currency to carry
being used to travelling in the old soviet bloc i am in the habit of having to get receipts for everything does one need to do this in the phillippines
Dave

Quoted post


Hi,
for me the best thing was to have cash and also if you have money in the bank just use the debit card but as i use Nationwide and its already been said they do not charge.

Some atms have only ever allowed me to take around £40 out and the most i was able to take out was £50, which means it can take a while if you are looking a large amount.

I always find the atms an experience because there are always large queues and some filipinos still find it hard to work so be prepared for a long wait.

John

[Pauldo]

Originally posted by deepete@Jan 19 2006, 12:20 PM

Fifty pound notes are fine, if your going to Angeles the best money changer is the owner of a clothes shop in Nepo.

Peter

Quoted post


I was in (possibly) that very clothes shop a couple of weeks back. No security guard on the door, which was strange, but then I noticed a Filipino SWAT team are located in a small store next door! The rate was 92.50 to the quid then.

Normas, down behind Checkpoint, used to be the 'hot' place for good exchange rates, but that was a couple of years back.

[JustSomeGuy]

According to the landing card, you should declare if you have more than 10,000 PHP on you,
You should also declare if you have 10,000 US dollars or it's equivalent in any other currency. I guess this is part of the anti-money laundering scheme they are 'trying' to introduce....

When it comes to ATMs I found that IPB cash machines (red and white) that are part of an IPB branch will allow you to take out 15,000+ (also in manila, the ATM in the airport after the first set of doors (large room before the road) on the far left also allows at least 10,000)

Yes get a recipt for everything, the guards there also like to check every now and again.

Sometimes you will find the whole ATM network within a mall is down for a day or so. (you can withdraw via ATM from local banks but not international ones as they do more checks on the system, try to find a bank with a cash machine inside these normally use a better/diffrent line, (HSBC is good but you may get questioned by the guard as to the nature of your business, "ATM" is good "Give me cash" is bad ;-), if the guard is inside and places his hand on the glass as you walk up this maybe because the ATM is being refilled, he will be nervous at this time, don't still try and push the door open as i watched some other white guy try.... getting a shotgun 'pumped' 1 inch from the nose gave him the hint to back out and wait......

I would always try to land with some local currency anywhere i go, sometimes **** happens and ATM/moneychangers are closed... having enought cash in your shoe/hat etc to get home/hotel in a taxi also helps in case of 'problems' as does having a second form of ATM card somewhere at home/hotel.

There are quite a few paralels between some ex-ussr states and the phills esp when it comes to shops, transport, police, service and social divide with one big diffrence, in the phills everyone can see you are 'not from round here'.

Have fun, it's a great place, a slower pace, a little fustrating at times, but lets face it you're not in the UK.

Dave

[deepete]

Originally posted by Pauldo@Jan 20 2006, 12:51 AM
I was in (possibly) that very clothes shop a couple of weeks back. No security guard on the door, which was strange, but then I noticed a Filipino SWAT team are located in a small store next door! The rate was 92.50 to the quid then.




Small world , last year we was getting 102+ to the pound thats a 10% fall, something to consider for those pushing the idea of lump sum investments in the P.I. against there interest rates. We also used the checkpoint changer but they feel safer at Nepo, plus I like the bakery/sandwich shop on the next corner, nice and clean looking if you can excuse the hairs in your food...LOL

We must tread the same paths, done a few karioke bars with a korean friend but only a quick look in the girlie bars escorted by my in-laws.