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Is it best to take pounds to the phils and exchange them there

Discussion in 'Money Matters' started by SoldierRJ88, Dec 25, 2016.

  1. oss
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    oss Not Here

    Yeah but you didn't report it the foreign crime in the UK, John is saying that had you done so the bank would have accepted it.
  2. johncar54
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    johncar54 Member

    You may have to insist when a bank get it wrong. Nationwide have just given me £125 as compensation for giving me the wrong info. I had to argue with them as I have done I the past. They have paid up every time. Most people accept what the bank say, and then give up.
    Last edited: Jan 28, 2017
  3. Markham
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    Markham . Lifetime Member

    I reported my loss to my local branch and the deputy manager told me they needed a Police Report from the jurisidiction in which the incident took place, that being Cebu. He did not ask me if I had reported the incident to the local Police nor did he suggest I did so.
  4. johncar54
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    johncar54 Member

    So you let the bank off the hook. Lucky bank
  5. DavidAlma
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    DavidAlma Active Member

    I'm with Johncar all the way with this one. I will avoid carrying large amounts of cash in all situations. Even accepting that there will be debit charges and exchange rates which may end up costing me a few extra dollars, I use debit cards and credit cards rather than carry large amounts of cash for the peace of mind. The only time I was unfortunate to have credit card stolen, and that was during a business trip in Europe, one phone call to the issuing bank took care of any fraudulent use of the card. The card was blocked immediately and a replacement card made available and ready to be couriered to me. I thought money belts disappeared along with travellers cheques.
  6. uklove
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    uklove Active Member

    A little of topic but...the external pocket on my shorts was cut in an attempt to extract my wallet.
    The cut was surgical and I never felt a thing. I was lucky to keep my cash.
    • Useful Useful x 1
  7. oss
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    oss Not Here

    The worst experience I ever had on a night out in Manila was in a place I had grown to trust over many years and I was very disappointed with what happened, it was a few years back now.

    I know Malate well and we had gone for a nice Korean meal and then played pool for an hour or two before popping into Bedrock for some live music for 40 minutes, when we came out we tried to hail a cab and for the first time ever in Malate we were surrounded by a group of street kids with a leader who was trying to distract me, I was trying to find some coins for them but then I felt a hand trying my back pocket at which point I broke a rule, I raised my voice aggressively, you should never do that, but I needed to create the space around me to get rid of those hands, and I needed to stop the argument with Ana about taxi XYZ being unsafe, Ana was a nightmare when it came to picking cabs, and I forced us into one that I had been watching out of the corner of my eye, on getting in my parting comment to the kids was 'we are always kind we know how hard things are here but we don't deserve to be abused, you would have got a better result if you had been nice'.

    The cab was fine, she was angry at me because I had raised my voice, I explained that while I was trying to give some kids a few peso, I felt hands in my pockets, she calmed down at bit when I explained that bit.

    And the cash I had left was secure in harder to reach places (I did say I am big it is not easy to get into my front pockets :)) I also had my good camera sling bag with an APS-C digital SLR and lens and some other bits and pieces on me and about 2000 peso in an internal pocket in that bag, to get my bag they would have to cut the strap (I am constantly aware of where that bag is) and a few of the straps I use have a metal core to help prevent theft.

    Anyway they got nothing and I got very upset as stuff like that never usually happens to me in Manila, I had a similar experience in Cebu city once in 2005 but that was the exception and the taxi driver did warn us not to give anything to any of the street kids, we ignored him and they were like an exploding ant hill, it was terrifying :)

    Really upset me as I care about those kids, some (not all) are genuinely desperate, you can see they have not been fed, but they are being worked in Fagan like gangs, I know that but I still feel for them, there but for the grace of god and all that.
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  8. Dave_E
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    Dave_E Well-Known Member Trusted Member

    Hopefully not too surgical, or you might have lost "other things". ;)
    • Funny Funny x 2
  9. Dave_E
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    Dave_E Well-Known Member Trusted Member

    I have the totally opposite viewpoint.

    I worked abroad for years, love travel, and always use cash.

    My backpack currently contains wads of MYR, USD, GBP, EUR, IDR, THB and KHR, all relevant to my current winter travels in Asia.

    Half the fun of travel is fitting into different cultures, spending the local currency, getting used to the different notes, counting up at the end of each day.
    • Like Like x 1
  10. DavidAlma
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    DavidAlma Active Member

    I also have a drawer full of various currencies, small amounts admittedly. My point here is not that we shouldn't carry and use local currency, of course that is will be required for many day to day expenses, taxis etc etc., just not to carry excessive amounts of cash.
  11. oss
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    oss Not Here

    What's excessive?

    Dave carries 'wads' :)
    • Like Like x 1
  12. DavidAlma
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    DavidAlma Active Member

    More than you can afford to lose or have stolen....
  13. oss
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    oss Not Here

    Given the locations he pops up at all over the planet, I think he can probably afford his 'wads' ;) :)

    No one would like to lose a lot of money, if I lost two and half grand it would hurt, it would not completely ruin a trip in the Philippines, but it would hurt me a lot more to lose my cameras or lenses that would ruin a trip as I could not replace those things abroad.

    The amount I usually take in cash is usually a lot less than my monthly salary (I don't always take two and a half grand, sometimes more, sometimes less) but it does take a couple of months to save it up, when I arrive I often try to not use the cash and use the likes of WorldRemit to send myself say 600 quid at a time which I then pick up at the local shop, less than 400 yards from the house, I still consider those collections to be dangerous and I tend to have other family members with me and I try to get it over with quickly and not to repeat collections at predictable times.

    While I am a high earner, value is still important to me and paying huge exchange fees or huge ATM fees (in the case of the ATM at both the Philippine end and the UK end with exchange rate and foreign transaction fees) goes against the grain, yes I am taking a gamble but I'm not a tourist in holiday mode letting my guard down and for me cash makes a lot of sense as part of a wider strategy.
    • Agree Agree x 1
  14. Timmers
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    Timmers Well-Known Member Trusted Member

    The kids amassing in the street thing has happened to me a couple of times and yes it is quite an uncomfortable experience, I also found it a little embarrassing too as you are left somewhat helpless just hoping the missus can disperse and get rid of them.

    I've never given kids like this money, I have always preferred to give the kids who are selling cigarettes and sweets extra money when buying something from them hoping they would spend it on something for themselves instead of giving it to their parents who have sent them out on the street.

    You need eyes in the back of your head when you're out and about in a major city or town in the Philippines, those kids in question come out of nowhere.
    • Agree Agree x 1
  15. DavidAlma
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    DavidAlma Active Member

    If we're talking actuals.........I also never take a months salary in cash, who needs £10k for a months visit???
    When using my credit card I pay no transaction fees with my bank and the exchange rates are as damn near as good as xeCurrency (it is not a UK bank and as high investment account I pay no fees). Yes when using local ATM there is a P200 transaction fee, no additional charges by my bank. I consider P200 in a P20,000 transaction, i.e. 1%, well worth the peace of mind. Each to their own.
  16. oss
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    oss Not Here

    Well if my costs were 1% I might be agreeing with you ;) :D but my costs are significantly higher, and it has been about 10 years since any UK card of mine could extract 20,000 peso in one go :D 10,000 is standard for me now, it was fairly obvious that local banks changed that for profit.

    And sadly it is also about 10 years since the last time I pulled in 9K revenue in a month, it was nice while it lasted though :D

    I was being deliberately vague in my numbers by the way :) these days I'm a wage slave not something I particularly enjoy but necessary for providing stability for my children :)
  17. Dave_E
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    Dave_E Well-Known Member Trusted Member

    Yes, that grates with me as well.

    At the same time that the banks started charging a 200 peso fee for every (foreign card) ATM withdrawal, they also banned over the counter withdrawals using a Visa card.

    I recall that some ATM's have a 5,000 or 7,000 peso withdrawal limit which works out at about a 4% fee at the ATM.
    Last edited: Jan 30, 2017
  18. Dave_E
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    Dave_E Well-Known Member Trusted Member

    Checking my account records in Microsoft Money, there was a 4,000 peso ATM limit a few years ago.
  19. oss
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    oss Not Here

    There are 2 classes of ATM's in the Phils, one class will accept International cards and dish out the 10,000 limit, the other class has a 4000 limit, I think it probably still applies, I always use the ATM's at one of the bigger banks.

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