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Taking money to the Philippines

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  • 16-03-2015 12:26pm
    #1
    The Witches Cat
    Registered Users Posts: 257 ✭✭


    Hi Folks. Hoping someone could help me with some info.
    In August I will be travelling to the Philippines for a 4 week stay. I will be based in Cebu and will not be in Manila at all.
    Can anyone explain the best way to bring money with me. The area I will be in can be remote so access to ATMs will be tough. Could I just bring all my cash with me and get it exchanged over there. Will be bringing about €12,000.
    It was also suggested I open a Philippines bank account in ireland before I go and deposit all my money into this.
    Any advice on the best and easiest way to have access to my money would be greatly appreciated.
    Thanks for reading this.


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    #2
    conor_ie
    Hosted Moderators Posts: 1,809 ✭✭✭conor_ie


    If you do to bring the cash with you, it needs to be declared to Customs before you leave the country...

    http://www.revenue.ie/en/customs/leaflets/customs-excise-cash-controls.html

    They randomly have detector dogs that can pick up the scent of a lot money going through departures... If you do get stopped you can be sure of a lot of questions.. not something you want before you head away!

    I'd imagine you will have to declare it when you land into the Philippines as well!


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    #3
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    That's a scary amount of money to even consider bringing in cash, I would be concerned for your security. You won't be the first one to have done this trip so hopefully someone will have a more secure option for you


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    #4
    Carlos Orange
    Registered Users Posts: 2,499 ✭✭✭Carlos Orange


    That sounds like a crazy amount of money to be bringing.
    Surely anywhere you are going to be spending €400+ a day will have some atms.


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    #5
    Sam Mac
    Closed Accounts Posts: 2,227 ✭✭✭Sam Mac


    I wouldn't even chance bringing such a large sum of money around with me in cash. Imagine if you were robbed?! - Lodge it into your own bank here and use your Debit card to take out cash while you're there. Never carry too much cash on you at one time.


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    #6
    dratw
    Registered Users Posts: 11 ✭dratw


    Even in the more remote areas it's fairly easy to find ATMs.

    You'll get a horrific exchange rate if you try to change €12k when you get there and it's very difficult to open a Filippino bank account (parents live there, so speaking from their experience).

    There's one bank, can't remember which off hand, that doesn't have a limit on how much you can withdraw from it. I think it might be BPI. They generally don't have transaction charges like most others either.

    I'm going this weekend so will be able to check then which bank it is.


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    #7
    dratw
    Registered Users Posts: 11 ✭dratw


    Even in the more remote areas it's fairly easy to find ATMs. You're asking for trouble carrying that kind of money around with you!

    You'll get a horrific exchange rate if you try to change €12k when you get there and it's very difficult to open a Filippino bank account (parents live there, so speaking from their experience).

    There's one bank, can't remember which off hand, that doesn't have a limit on how much you can withdraw from it. I think it might be BPI. They generally don't have transaction charges like most others either.

    I'm going this weekend so will be able to check then which bank it is.


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    #8
    clever user name
    Registered Users Posts: 537 ✭✭✭clever user name


    I've been to the Philippines about 5 times, most recently in January! I certainly wouldn't recommend bringing 12k in cash. I've been to Cebu before, and I can't say I had much hassle finding an ATM. Yeah some areas their were none, but that just meant making a short trip to where there was one, not a big deal.

    So my advice would be bring some cash (I dunno, maybe 2 or 3k) with you and change that at the airport. Then just use your card. I really don't see you NOT finding an ATM. Also, quick hint...in Cebu city go to the HSBC ATM's if you can. They have a maximum daily withdrawal limit of 40,000 php, and actually sometimes more!! Where was most ATM's will only give you 10,000 - 20,000. It saves on time and also withdrawal fee's (there are none for overseas bank cards in HSBC machines).


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    #9
    Stinicker
    Banned (with Prison Access) Posts: 7,102 ✭✭✭Stinicker


    Don't take €12k, I was there last year and took €500 and used to change €100 at a time in the money changers in the mall which gave a far better rate than my Irish debit card, also changing €12k to Peso is a bad idea as the Peso is at historically strong levels now versus the Euro, €1 = 46php compared to 57php last July. The ATM machines have a 200php levy on all foreign cards so taking cash is a good idea but €12k is dodgy unless you plan to be there a year or a ofw remitting, if you really must take €12k be very security conscious and try get it lodged into a bank ASAP, foreigners get killed there regularly for much smaller sums, especially if your going to Angeles City, a real danger area.


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