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@AlbertaDonuts

Use your Canadian bank debit card at an ATM where you will get the best exchange rate. No real need to set up a Filipino bank account. Some banks don't charge withdrawal transaction fees. I use JP Morgan Chase.

Make sure you notify your bank that you will be spending several months in the country before you leave. Ideally it's best to have two debit cards from two banks as a back up

Thanks I have a bank card and a second one on order, my past experience has been heavy fees and I could only take out a small amount of money, I think 5,000 or 10,000 Pesso depending on the bank.... and they did not disclose the exchange rate so I assumed it was not a good rate.

I appreciate your comments and I have this as a backup if I can't do better.

Donald

@AlbertaDonuts

Find someone that you can trust, opening bank account it's not easy cause you will just visiting the Philippines. 

Hi and welcome back Don, good to see you moving forward with your plans/future.

Firstly I thought you were going the SRRV route, sure that takes time and as others have said simply use your debit card/s until you get your SRRV then easy to open a bank account, drivers license etc.

So, if you are coming for an extended time this trip, go to your Canadian bank, order a max of P 50K and get smaller notes as well, you can order these denominations with your bank, I have done the same for many countries. Get 20's, 50's, 100's and a few 500's, 30 to 40K in thousands, small change is for taxies, food etc.

Book your accommodation here in advance, 1, 2 or longer weeks and pay by Debit/Credit card either before online or if they allow when you arrive, study well the reviews of the accom you are considering. Also look at Air B+B

Your flight booking: talk to your airline/booking agent at length with regards to your exit ticket from the Phills. There are many posts here with regards to 30 day exit tickets and all including myself have different stories and we would hate for you to not be allowed to board your flight from Canada.

Going back to SRRV let us know if you are going down this path, I and others will give you pointers.

Good luck Don.

Cheers, Steve.

@bigpearl

I was originally thininking the srrv route till you and I talked 2 months ago.... thinking more about doing the same as you now.  Having said that I have not had great luck with my bank card in the Philippines in the past.  Works in some cities and not in others.  I had to hit 6 banks in Dumaguette before I found a machine that would take it.... had a similar problem in Bangkok and my card has all the standard international  atm networks.

I remember people talking about Wise and Remity a while back so I was planning on using that as an option as well.  Just want to know I can get cash before I need it, lol.

THanks

Thanks for your

Strange Don your having trouble with your cards, did you notify your bank that you were travelling O/S before you departed? That's a must or rejection.

Our Pm's some time ago from memory was that I have been here for 4 plus years on a visitor Visa. On and off for a further 8/9 years prior to retiring here.

I am in the midst of converting my superannuation to a pension fund (Australian government won't give me a penny, jack sh1t as apparently I have too many assets even after paying copious amounts of tax for 45 years, means tested stupid system, perhaps socialism at its best) Let's not go there but now once I secure a pension I will go the SRRV route reluctantly and warily.

Means I don't need to leave the beach and home every 2 months to renew my visa but simply do what I/we want when we want, cost is similar aside from the US10K sitting in a hole, no big deal.

Not looking forward to the trip to Manila but I refuse to deal with the egotistical fool running the Baguio office, he is a twat and lost me a year ago.

The SRRV is the way to go especially if you are military aligned and next over 50 with a pension.

Said it in another post earlier buy Pesos from your bank in Canada, order the denominations you need, may take 2 or 3 days to secure, but when you arrive you can pay for the basics, While you are there or telephone banking make them aware that you are O/S and give an itinerary of the countries and time frame/s or they will cut you off.

Enough for now.

Cheers, Steve.

@AlbertaDonuts

and they did not disclose the exchange rate so I assumed it was not a good rate

You 'assumed' wrong Albert. It IS the best rate. My account with JP Morgan Chase (just called Chase here in the UK) is a phone based app account. It will give you the exchange rate and more importantly confirm the amount you have withdrawn without incurring withdrawal fees.

Hitherto I just had my HSBC debit card. Over the years while in the Philippines I lost count of the number of times I would try to withdraw money from a non HSBC ATM and nothing happened. Was never sure if the transaction had gone through and that I'd been 'stiffed'.

The Chase app gives you live time up to date info on transactions. Moreover you can communicate directly with the bank using your Phil sim card and confirm your new number.

Last November was my first visit to Asia since lockdown. The card worked a dream with only one ATM refusal and that was in Jakarta.

Like my Amex card I shall now 'never leave home without it'

@AlbertaDonuts

I use Charles Schwab that takes no transaction fees. Highly recommend

@AlbertaDonuts
I use Charles Schwab that takes no transaction fees. Highly recommend
-@KTAB

Hi and welcome to the forum, can you tell us the exchange rates because that is relative.

Cheers, Steve.

AlbertaDonuts said . . . I use Charles Schwab that takes no transaction fees. Highly recommend

****

Some members on this forum agree with you. Even though Scwab reimburses you once a month for fees involving transactions using their card.

My question to you and others, when transferring from your bank to your Schwab account, is there a fee?

And do they give you the market rate for the transfer to the Philippines?

Great comments everyone, thanks.  I always let my bank and credit card know my travel details although some have stopped taking that info.  I am glad to hear I am not the only one who has had a card refusal.

USA banks are better than Canada... Very hard to get no transaction fees, for instance it is the exception in Canada to get a credit card with no Foreign Transaction Fee, the opposite in the USA.  It sounds like UK and Australia are also have less fees than Canada.

I get hit with about  $5 in fees when I use a foreign ATM and that is for every P 5,000 or P 10,000 max withdrawal, that is a 3% to 5% hit right there but if it is a good exchange rate perhaps that is my best option... thanks everyone.

Can't wait to join you all in the Beautiful Philippines.

Donald

@AlbertaDonutsj was just in philippines and my atm worked in all machines i tried, the downside us that its a fee both in philippines and us.

Update on the original post.

I have now been in the Philippines for nearly 5 months and have not used my ATM card once.  Remitly allows me to send cash to myself... takes 5 days to clear my bank in Canada and get the pickup code, but once it comes through I can go to dozens of banks or financial stores to pick up significant amount of cash.  The fee is only $5 Canadian, so on a $1,000 transfer, that works out to 0.5%.  On top of this, I get a great exchange rate, several percent better  than the rate I get with a money changer in Canada or here. 

Now that I have a bank account established I can also transfer directly to my account.  Until you have been here 4 to 6 months it can be hard to open a local account so I recommend Remitly or the other similar services.

Cheers

Now you have your bank account here why not simply transfer there? Australia to here from Westpac to BDO is .1to .1.1 lower than the live market rate. not .5%. All adds up.

Cheers, Steve.

@AlbertaDonuts

I have now been in the Philippines for nearly 5 months and have not used my ATM card once. 

The best exchange rate is via an ATM nothwithstanding the terminal fee charged. The Charles Schwab debit card refunds you any terminal fee charged at the end of the month.

@AlbertaDonuts

I have done a transfer but I am waiting for my bank card to be ready for pickup, then I can compare the exchange rates and any other fees they may try to add on.... But this is the plan for the future.  The bank account is just new but prior to it Remitly was surprisingly great exchange rate.