Money issues when moving to the Philippines ??

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Information Money issues when moving to the Philippines ??

Title	:	Money issues when moving to the Philippines ??
Lasting	:	23.15
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Views	:	258

What bank are you using in America that only charges a 5 dollar wire transfer fee? Bank of America charges 35(for any amount) If you get a Charles Schwab checking account, you can get a bank card through them, and they reimburse the 250 pesos fee for every transaction here in the Philippines at the end of the month And yes, I have heard of the reporting if you have more than 9999 dollars in any bank here in the Philippines in your nameto both the Philippine Govt and to perhaps also the American govt
Comment from : Mr Carlsen

I'm 3 years out, from coming to the Ph 🇵🇭 from the US🇺🇸, I love the A-Z banking info, this was good information👍🏾
Comment from : Ronald🇺🇲

Just open a PNB account, leave your money in the USA, and link your accounts Use a relative or friend's stateside address Treat them to a yearly vacation in the PI as payment for their kindness Too easy Plenty of affordable condos for sale and rental properties in the PI No need to build anything
Comment from : The Contractor

Thanks - needed this info - Me and my fiancee found a house we want to buy and were have trouble getting money from my US account to her account here in the PH , sounds like we need a wire transfer WU shut me down after eight transfers of 500 us, which my bank said was the limit on that type of transfer ? I was trying to reach 35k to buy a Bungalo
Comment from : Richard Hughes

We're looking to buy a lot in your area how much it costs to buy
Comment from : Elenor Jarret

can you maintain a US bank account even though you are living permanently in the Philippines?
Comment from : Joe Ricolcol

Thank you
Comment from : Jlb6319

Great advice Salamat
Comment from : Raymond Walker

I could never share a bank account with my mom and with my significant other
Comment from : Chace Bonanno

Could you get by with just using something like Wise or Revolut, and not getting any Philippines bank account?
Comment from : Chace Bonanno

Which bank do u use for ur wire transfer? My bank charges me $50 for wire transfer
Comment from : Sam Sison

Never trust the fake Saudi gold
Comment from : Britt Kentish

My name is Steve & my wifes name is Monica We've been married 43 years and we have built two houses here on biliran island our house was built 28 years ago and we built our guest house 25 years agoWe've been here awhile to say the least We have used BDO tranfer with Wells Fargo for years its free and you can transfer up to $12,000 a month and it only takes a few minutes and we can go to atm and get the peso outfast & easy
Comment from : Stephen Duling

May I ask? PNB has a few branches in the USIf someone opened a PNB account in the US? Would that still be an active account for use in the Philippines? Soa Philippines bank accountthank you
Comment from : Zack Parker

You can also have your Pension and Social Security direct deposited into your Philippines bank dollar account and not mess with transfers at all
Comment from : Pirate Cove Philippines

What Bank in Ph lets you withdraw $1000 USD per day in the ATM ??????!
Comment from : Ed Ca

Hi you mention you have done International Wire Transfer fromUSA to Phillipines and paid $5 bucks the question is Which Bank are you using in USA ?brTy
Comment from : Ed Ca

Very well thought out plan!!brWere are coming to the Philippines in Jan for 6 months, Kinda of a trail run for mainly mebrWe actually have done everything you have suggested here, but we do still have to go to our bank and have that talkbrI might add, we open a Charles Schwab checking account 2 years ago We got 2 debit cards that can be use world wide and they reimbursement brany and all ATM charges every month I can also wire funds thru them too, but I don't believe it as cheap as you are doingbrGreat information on the bank there We wasn't sure how that was going to work outbrThumb up this one! 👍 (Oh, and thank you for NOT playing stupid music in the background)
Comment from : Steve Miller

The banks in The US are not as stable as they once were, so I have my money separated within 6 different banks, and these brsavings accounts are earning over 5 interest right now I have 10 different credit cards with my banks and others I havebra Charles Schwab account to use the no fee debit card, which refunds all ATM fees from any ATM in The World
Comment from : CD Morrissy

Also tried to get bank acct at BPI I have Acr They would not open it because is says tourist on card Struck out again
Comment from : Douglas LaTurner

I tried to tranfer with zoom for pickup in the Philippines from the Philippines They would not transfer from my bank of America account I set up the zoom acct Before I left US They said I could not tranfer if I was out of the country in Philippines
Comment from : Douglas LaTurner

Best of luck to you both We tried this in 2013 but only lasted 3 years of retirement there What made it not work well for us is the medical side of it Not sufficient medical treatment and expensive hospitalization You’d have to never get sick or one hospitalization could be anywhere from 1-2 million pesos for just pneumonia staying 2 to 3 weeks in the hospital
Comment from : SPC

Greg and Wilma: You mentioned that once you set-up your dollar account and your peso account in the Philippines you are now ready to convert dollars into pesos My question is what is the exchange rate the banks charge you to convert the dollars into pesos? Your example was that the Philippine peso was at $5700 pesos to the American $100 Thanks!
Comment from : Lone Ranger

Wrong I got a ACR card when I extended my stay in the Philippines does not take 6 months only took me two weeks
Comment from : ronald akers

Thanks for the great info Greg and Wilma
Comment from : Life After 50

Hi great info, your phone plan is it USA or in the Philippines because I know doing bank and credit card payments they will ask you for a code
Comment from : bill dee

You Guys are Awesomely Amazing! 👍
Comment from : Total PKG Productions

Good for you that you keep the bulk of your Philippine account balances in dollars [rather than pesos] I made the mistake of transferring a bit too much into pesos initially I transferred a sizable sum from euros to pesos and these pesos have since lost value in relation to euros So long as crude oil continues to march higher in the markets, php is not the place to be given that Philippines imports all, or almost all, it´s energy needs which will impact the country´s current account and weaken the peso
Comment from : Brian Tierney

All the answers we’ve been looking for for months Thanks excellent logical descriptions
Comment from : Keith Davis

New to the channel and very happy I found it You presented some very important financial considerations Greg, can I ask if you're permanently retired? The both of you have experience living in both the US and the Philippines Can I ask why Dumaguete for your permanent residence? It looks very nice there, but my only concern is quality healthcare I'm not looking for cheap or inexpensive care However, I want the best, no matter the cost, and particularly in an emergency situation The ability to get there quickly and be treated with modern care can mean the difference between life and death Can't put a price on that From my understanding, there's no 911 or ambulance service While you have a car and a partner, others may not Your thoughts would be appreciated Well wishes!
Comment from : Thomas C

I missed it probably but you still file income taxes in the US? Im assuming theres an income THERE but what if you dont? Do they ‘close you out’ so to speak, because i hadnt gotten that far yet lol Im listening tho and heed your advice and have this to refer to should i need Thank you for all your tutorials!🙏🏻❤️hope you guys feeling healthy now 🙏🏻
Comment from : Linda Buck

Thanks for the info, very helpful we're planning to retire in PI Lord's willing
Comment from : Cristina Teller

Very informative, thank you for sharing and keep the videos coming
Comment from : James Christian

Could you talk about your phone service and where you have accounts on a video
Comment from : Gerard Hartze

What is the name of the bank that you use in the Philippines
Comment from : Steven Thomas

I send money through remitly It was free but now it's 199 USD to send it to an Cebuana Lhuillier account
Comment from : KING BEE STACKER

How do you set up the VPN?? in your devices?? Thank you What is Nord VPN?? Can you show the website to enroll?? Thank you!!
Comment from : Maria Neil

Really great thorough info and descriptions! thanks very much! however you have the golden ticket of a Filipina with dual citizenship this creates the easiest possible path for a philippine bank account and communication I venture to say most of your viewers do not have this benefit like myself who is a single US citizen who would want to retire over there Not having a Philippine bank account for at least six months as a foreigner creates a few more challenges but your advice here still helps with some of those hurdles I have visited Duma and intend to return in January to continue the recon thx John
Comment from : RazzyCat

New bank accounts I see no advantage of creating new accounts at the same bank and canceling old accounts Not sure what it is you're worried about Sounds like irrational fear I can definitely understand creating new accounts at other banks Banks say "no problem" and that's true right up until there's a problem Sometimes banks change security measures and how they flag transactions You can sudden find your access is blocked Sometimes a bank will require you to appear in person to renew access If you have accounts in other banks you should still have access to them When out of country I use all my different accounts to make sure they're still workingbrbrIf you're concerned with keeping an account you've used for years you can reduce the amount in those accounts for you have less risk My Chase accounts have $0 min balance, no fees because I'm ex-militarybrbrI transfer from banks holding almost all my money to other banks that I use my debit/credit cards so those always have low balances If my card gets hacked I have min risk while the bank sorts out the problem This also minimizes me logging into my high balance banks
Comment from : Water Bug

You mentioned keep vpnon? What's that?
Comment from : Henry Bohannon

I used to use "XOOM" to transfer money to my girlfriend in the Philippines all the time and it worked great I just put it on my credit card and she would just go to one of the locations and they would give her cash I think it was a $6 fee to send her money each time with them This was back in 2016
Comment from : My Life Thai

Wells Fargo is Partners with BDO you can transfer up to 12,000 a month it's free and only takes about 10 minutes to do it We have been using them for 15 years now we have never had an issue We just use the BDO ATM card it's good all over the Philippines And Singapore, Australia no fees 😊
Comment from : Stephen Duling

Great video and info guys! I basically have the same setup as you do including the NordVPN I've used Wise too before for small amounts but the vehicle purchase and building contractor payments I wire from Bank of America to our BPI dollar account I noticed that you did not mention if BDO charges you for the incoming $ funds For BPI they always charge $1650 ($10 for the intermediary bank and $650 for incoming international wires) How much does your bank charge you? Thank you and excellent work!
Comment from : Buddy T

which bank do you use for wire transfer to the philippines with only $5 transfer fee we’re moving to the Philippines this coming january 2024 thanks in advance
Comment from : Alfonso Manimbo

Great info! Subscribed
Comment from : NSX Fever 95

You are wrong concerning the ACR card I've been in Davao City for two months and I had to get and pay for my ACR card today it cost a little over $2,000 pesos they took photos and finger printed me I can get the card in one month at Immigration Its not 6 months, so you need to do a correction to your viewers
Comment from : Ronnie Cupstid

We just ran into our unexpected expenses good to be prepared 👍
Comment from : Filipina and the Foreigner

That's great glad to hear that Thanks for watching
Comment from : wesley123

😂50k pesos is not a lot at MLhuillier
Comment from : James Walters

how does a non-filipino citizen open a bank account; i stayed for 6mnth and have only a "tourist" ACR card, NOT a resident ACR card! tourist-ACR is not accepted ID at Philippines bank to open a bank account
Comment from : Lead Learner

Very clear and helpful advice Been in Manila a year now and picked up a couple great tips from you Thank you
Comment from : Living and Leaving Well

what are the services of the wells fargo express send stations in some of the bigger cities there?
Comment from : Lizard Trades

We are planning to move to Leyte What do you recommend for high speed reliable internet We have had a slow and unreliable experience
Comment from : JL Pirate

Do you have to have a local ID to open a Bank Account there? Also do you know what CD rates are for 3 month at your bank?
Comment from : Nickolous Zahar

That's the smartest way Wise move
Comment from : Roni Fajardo

I've used "WISE" transfer outa UK but I'm an American citizen family sends my monthly Soc Sec Benefits to Thailand now for 6+ years with WISE I get the funds in about 4-6 hours and about 20 buck fee NEVER had one ounce of problem with WISE Very dependable was going to try Charles Schwab but their costumer service was terrible
Comment from : Patrick Kelly

excellent information Good to know !!! really enjoy and appreciate!! You two are looking really great
Comment from : Kai Ni

If you wire money from the USA to Philippines from USA bank to Philippines bank there is no chargebrI have been doing it for a long time brAnd when you send money from usa bank account to their gcash account it is free of charge I used Remitly, and world remit
Comment from : Ruby Evans

Hi Greg and Wilma How timely your recent videos are for us, happy to say all going well, we will be arriving in December Our Balikbayan boxes are on the way Thank you for such informative videos
Comment from : George Vernham

Thanks for the information!!!!
Comment from : Scott Moede

Hi I am wondering something When one transfer a large sum like $200,000 US dollars from US to Phil BankC does the babk or governments take a percentage, or do you get taxed on it, or does anyone take a penalty chunk or anything? Or do you get exactly what you transfer from one country to the other?
Comment from : Terra Scapes

Hi Greg and Wilma Would you mind sharing what bank charges only 5 bucks to send an international wire please? Thank you so much This video was very helpful 😊
Comment from : Lynn Tanner

Great video , just one question My wife is still a Philippines citizen and we are planning on going to the Philippines this winter for a couple months, can she open a bank account with just her passport and Canadian drivers license or will she need to get her Philippines license first before opening the account Reason I ask is because we want to begin looking for a piece of property to build on in the Philippines in preparation for retirement in the future and I think have the Philippines bank account before hand would really be helpful Thanks for all your videos, I’ve learned so much from your channel over the last year
Comment from : Cory

Great great content! Been waiting for this subject to be discussed Thanks so much Valuable insight
Comment from : Greg McLean

Very good video
Comment from : frode h

there is nothing "safe" about bank of AmericaThey are going digital cashlessTHEY control what you buy
Comment from : American in paradise

Hey Wilma and Greg, I will be visiting the Dauin/Dumagueti area in November Can you recommend an “affordable” but nice beach resort in the area that has its own restaurant but also food outside of the resort in the neighborhood?
Comment from : KKMDStyle

Wow Greg and Wilma Really great information Thank you for the video
Comment from : Duane Bock

Thank you for this valuable information I would be lost without it I just subscribe to your channel
Comment from : PETER LATTANZI

How do you pay your US federal taxes on your social security every year when you're no longer in America?
Comment from : Ivan Peressini

Nice❤
Comment from : Alex Salboro

Can you recommend a US bank that works easily with transfers?
Comment from : Paul Chesney

Hi Greg and Wilma, great vid and info If you don't mind me asking, what US bank do you use where they only charge $5 for a transfer? I use USAA and Navy FCU and their rates are way higher than $5 I also thought that US banks would close your accounts if they knew that you moved outside of the country Which is way I was considering opening an international Charles Schwab account Thanks again for all your great videos
Comment from : Keith McKinney

Thank you very much for the detailed information
Comment from : Josh Haasz

This is the most informative video I have seen yet I started watching your channel for the house building information, this answers a lot of my other questions Geez you guys really have it together, without your help dummies like me struggle at best Thanks for helping everyone
Comment from : Rono

Good video guys! I like your idea of the dollar account Are there any tax implications that you know of when moving large sums of funds to a PH bank?
Comment from : Jerry Thomas

Another very helpful video guys Thank you 🎉❤
Comment from : Annabelle Hurley

Great video This is exactly the kind of information I was hoping to see Thanks guys
Comment from : R Miller

Hi,great video What is the Philippines bank name are you using I am here near Iloilo thinking about opening a joint account with my wife Philipina How do you transfer your money to pesos on ATM???
Comment from : Jean-Pierre Deslauriers

Interesting that you have a Pecos account I use a Discover account very rarely some places don’t take it but not often So I guess I will pay my local taxes with cash this year
Comment from : Charles Cox

Hopefully the bank kept your original date of account for good credit score purposes They always say never get rid of old credit card accounts The older the accounts, the higher your credit score
Comment from : Brian OReilly

Good information, i can also add when we send money for are house construction and the SUV we bought we used Optimum Traders in Dumaguete as they give better rates than banks do and higher amounts you send the better rate you get They are legit and used many times and are architect had payment plan for the house build to show them the reason for sending
Comment from : Blueberry

Excellent VPN for sure Which credit cards are available in PhilippinesVISAMastercard?brBTW What is the lot size of your home
Comment from : Ian

Thanks y'all That was perfect timing I got up this morning to see this video I'm in the middle of trying to figure out the best way to do a wire transfer so we can buy a car My wife is a dual citizen My wife is a procrastinator No matter how much I try to motivate her, it has still taken her almost 2 months to open a bank account here, which she just got opened this past week (I did not know you could have a US Dollar account and a Peso account at a Philippine bank, so that was great info) We have been regularly using Xoom to pick up money They are horrible on their exchange rates And sometimes we have to jump around to different money pick up places because recently one place said we are taking all their money ($700US), so they try to say they suddenly don't accept Xoom anymore It's been a big headache for me because I am the only one who does the budget for our money here If it had been up to my wife, we would have been broke before we ever left the US to come here in Bacolod City Y'all are lucky that you and Wilma both know how to handle money and do the transactions and pay bills, in case one of you is not available (Even though you say Wilma takes care of it all) So now I am trying to do research on money transfers and best way to do it safely Plus I've been waiting on my wife to get her bank account opened here And that was good advice about getting to know the local bank manager, so he will know what the money transfer is for and quickly sign off on it And the VPN is great advice also Thanks again for the video
Comment from : steve3416

Hi Greg and Wilma Thanks for the banking information brWe do rely on the card system when in Philippines it works wellbrHouse construction payments were all done bank to bank this worked for usbrHowever changes to exchange rate sometimes cost us a lot
Comment from : Graemes Cebu Philippines

Great video! Thank you for sharing this with us Wilma’s choice of earrings and necklace are great and go well with the blouse Take care🤙
Comment from : Gary Johnson

Help a lot ,thank's so much for the Infos !!! Have a nice weekend together !!! Regards Erwin Zado
Comment from : Erwin Zado

Gcash app may be another layer of protection for local transactions versus using a atm or credit card
Comment from : Mike Heyjoe(Buenavista Dreamin)

when you transfer more than 10K when buying the car or building the house was it a pain in the Butt dealing with USA to file paperwork to declare ?
Comment from : Mike Heyjoe(Buenavista Dreamin)