Quote:
Originally Posted by Cadster
Quick Q regarding money, are there high surcharges from ATM machines from foreign bank providers, and indeed are ATM machines compatible with western bank accounts.
Following on from that is it possible to set up bank accounts there as a foreigner and are there lmits as to how much cash you can bring with you into the country.
You can open a bank account within this country but it just depends on the bank and the policy, if you have HSBC in your home country you should be able to move money to the HSBC's here with a little fuss. Wouldn't advise anyone to be carrying large amounts of cash especially through the airports, sure plenty of people have done it with no problems but trust me it's a risk not worth taking. (your supposed to report anything over 10k peso's which is like 250 bucks but in reality they wont kick up much fuss for anything not exceedingly large)
ATM fee's (for ATM cards from outside the country) are getting kind of out of hand, right now its like $5.50 per withdrawal (php 200 on top of like 1 or 2$ depending on the ATM) + whatever international fee's your bank decides to charge (its like 1% for me). On top of that most of the ATM's have low withdrawal limits per transaction (around $250) forcing you to perform many transactions (and be charged with fees every time) just to withdraw a larger amount of $. HSBC ATM's allow up to nearly 1,000$ per withdrawal and some of the other larger international banks have higher limits also but these are semi-rare. Most of the Filipino banks aren't really familiar with direct deposit, but any of the international banks here will probably be more accommodating.
Last edited by FightRight; 01-26-2011 at 08:11 PM.