Last week, I wrote a column here called “Cash is KING.” In the comments, AmericanLola mentioned about how when she first moved here the largest bill available was the P100 bill, and that people would bring boxes to the bank when they were withdrawing money, since they would need a large pile of currency even if they withdrew a relatively small amount of money!
When AmericanLola said this, it reminded me of something that happened the first time I visited the Philippines. When I traveled here, I had already known Feyma through correspondence for a while, and I had an idea in mind that I wanted to marry her, provided that we hit it off in person like we did through letters. So, because of this, I brought some extra money with me when I came here to visit her. I had a little over $4,000 with me when I came here, mostly in traveler’s checks. Traveler’s Checks are not that widely used here, which is something that I did not know at that time. We met originally in Cebu City, as Feyma was studying there at the time. Indeed, I asked her to marry me, and she said that she wanted to be married, but I would have to ask permission from her Father, who lived in General Santos City, so we booked our travel to GenSan.
The day before leaving for GenSan, I asked Feyma if I could use traveler’s checks there. She was unsure. There was an American Express office in Cebu, so I called them. They informed me that they could not guarantee that the traveler’s checks would be usable in GenSan. Since I would be needing cash for the wedding, I decided to go to the American Express office and cash all the checks in just to be certain. I walked in with $4,000 worth of traveler’s checks, and signed them all. The man behind the counter went to the vault and started hauling out armfuls of cash! All P100 notes.
“Can you give me larger notes” I said.
“Sir, these are the largest they make.”
OOPS! What am I going to do with all this cash? Thankfully, the agent at American Express asked me if I needed something to carry the money, and I said that indeed I did. He went and got a very large FedEx envelope, and stacked up all the cash into the envelope. It was like carrying a box load of cash! I was never so security conscience in my life!
As we left the American Express office and headed to the airport, we kept watching to see if anybody was following us, thankfully nobody was. But, as we got into the airport, I started thinking… “I hope they don’t open this envelope for inspection, they are going to think I’m a drug dealer or something!” I gave the envelope to Feyma, figuring that a local person might get less of a security check than a foreigner. The security people asked “What’s in the envelope?” I said “Documents.” They waved us through! Whew!
When we boarded the plane, Feyma sat there with the envelope in her lap. The stewardess came by and said it would need to be put in the overhead bin. Although we argued that we’d rather hold it, there was no point, because the rules were clear.
You can bet that we never took our eyes off that overhead bin the entire way to General Santos City!
Wow. Even at today's exchange rate of 45.30, that would have been one huge stack of notes. I would have been as nervous as a long-tailed cat in a room full of rocking chairs. 😆
Wasn't too bad on my first trip to the Phils with an exchange rate of about P16.50 = US$1.00. (One could get P22.00 = USD1.00 in the black market if you had BIG BILLS to trade 😉 ) P100 bills were like US$5.00 bills but spent like US$10.00 considering low prices.
Then, the US$ was more readily acceptable as payment for anything–not so, now–so there wasn't much need to a box full of P100 notes. Too, some banks and exchange marts didn't have a large supply of P100 notes–and the resulting pocket full of change was a bit heavy! 😆
Hi Gary – Believe me, I was at least as nervous as your long tail cat! Ha ha… it was quite an experience.
Hi Paul – I know what you mean about a pocket full of small bills and coins! It's like that even today, and I really hate it. I especially dislike carrying coins, but it's inevitable. 😆
Hi Bob
How about a credit card.
I bought kitchen furniture when we started to built the house about 12 yrs ago, so that the workers could have cold water and be able to cook etc.
I asked in the store first if a credit card was acceptable and was told yes no problem, so we proceeded to get some (and some more) items. and had them loaded on the truck waiting outside. Anyway when I produced my credit card for payment I was asked what it was. I sais you told me you accept credit cards to be told again “yes we do”. Well I said this is a credit card, only to be asked “what do I do with this”
Anyway to make a long story short we hadn’t planned to purchase so much, as we only brought enough cash for the items we wanted. So rather than unpack the truck again my wife had to get a lift back home (1-1/2 hrs drive each way) to get more cash to pay for the stuff.
But I see a lot of places accept credit cards now.
A few years ago we brought travelers checks to the Philippines as a way of transferring money. To my distress the banks were quoting me a 6 to 8 week clearing time. Adventure Travel in Cebu, the local American Express office, would cash 2000 dollars per day per person. So we spent some time in Cebu feeling quite vulnerable while we changed and held our money.
Also whenever I go to a small town I have found that even 500 peso notes are not very useful because they dont usually have that much change so I bring alot of 20s and 50s.
Took me 2 days to cash travelers checks first time I went there…and i had to bring a filipino friend who had an account there to vouch for me !
Now its the money belt…which I also tape to my tummy just in case it gets loose ….fun stuff when ya got a hairy belly !!!! 😳
Yes, ny husband used to feel very nervous when he went to the bank at the first of the month to pay the bills. He wondered if he was being watched, wondered where he could stash it, since he didn't go in for the 'men's purses' many men carried to and from the bank. then one day he saw a local merchant saunter up to the cashier and fill up a shoe box and walk out. Hmmm. He didn't feel so much like a target after that!
Hi Jul – I have a friend who sells cars in the States, and he has told me so many stories just like that one that you shared. Often times the people who look like they have nothing are the richest among us! Anybody in sales should watch out for this!
Hi Anton – Things have certainly improved over the years. It sounds like you have also figured out better systems for accessing your money!
Hi Garret – Ha ha… I bet that was something carrying around P1M worth of cash! I would have been quite nervous! I’m glad it worked out for you! 😆
Hi James – I always wondered why traveler's checks are such a problem to use in the Philippines! Here, they even require you to bring the checks and the receipts to the bank when you cash them, something that the traveler's check issuer advises that you should never do for security reasons!
Hi Brian – Ouch! I can just hear that hair being ripped from the skin! Who needs waxing? 😆
Hi AmericanLola – I'm with your husband! I would never carry a "man's purse" – good man! 😉
Hi Bob:
There's one farmer in Mindanao who went to a dealership of pick-up trucks in CDO. He then bought a truck and paid it cash on the spot. He carried along the cash in his bag of what we call "buyot". It's design is like that of a burlap sack but with a handle and is made out of matted palm.
At first he was ignored by the sales personnel maybe because his looks/attire didn't appear to be like someone who could afford to buy an expensive pick-up.
Hahaha….. Isnt it funny how something as simple as
a bank transaction can become a top secret covert operation in the Philippines. I think we have all had banking experiences in the philippines that have left us more than a little dismayed and very nervous. I was in Leyte some years back and had a large amount of money wired to me through western union. The town I was in was very small and when I went to the local western union which was operated by a pawn shop owner, I was informed that they could not give me the money. When i ask why, they told me that they didnt have that much money and I should come back later in the day. After a couple of trips to the western union they finaly told me that they would send someone for me when they had all of the money to complete the transaction.
When at last they had the money they sent for me, and much to my surprise there was a stack of bills that looked like I would need a small donkey to carry. Haha I ask the clerk what I was supposed to do with all of that money and was told that it was my problem now and maybe I should hire a security gaurd. Hahaha… I didnt have anything to carry the money in and they didnt have anything either so I ended up with money in every pocket, down my pants, in my socks, the wifes pockets and purse and any where else we could find a place to stick it. Needles to say it was a nerve racking trip back to the pension house we were staying in
@0 years ago , when i first go to a bank in iligan , it will take more than 1 hour before my cheque was changed. [ must past 3 clerck and the director ] $ 100 gave you about
350 peso , [ now it,s about 4500 ]
They gave me 10 and 20 and some 50 peso note,s. Bank has no 100 P
note.[ And you cannot use the machine. First time we can use that was around 2002 ]
4 years later we took a lot of cash with us [ but you feel not save ] and it was only on the black market they gave you 100 P note,s.
Then later with the 1000 P it was the same.
Now we have an account and send some money every time so that we can use the macine on our holiday,s.
Because in iligan, untill now you can only use the equitable bank mach.
Not the PNB.
Hey Bob, that story reminds me of what I did last year when we bought a nice piece of land. I have an account with Metrobank which allows easy transfer between dollars and pesos; it is all done electronically. However, last year we purchased a nice hunk of land that cost 1 million pesos. When I went to the bank to get that money needed to pay the owner I brought a large box with because I knew it would be a large amount. I was worried about the money as we traveled to lawyer’s office to finalize the deal.
😯 I don't know how you and Feyma pull that one. But that was insane. I don't think I can do that, hand carrying a bag full of money. Wow!!!
Hi Jack – Yeah, the time that I wrote about happened over 17 years ago, and at that time using a credit card here was virtually impossible. Plus, I had the traveler's checks with me since I had already bought them in the States before coming. It seems like your experience was similar to mine too! 😆
Hi Clay – Believe me, I was indeed VERY nervous carrying around the huge envelope full of cash! My eyes were peeled 360 degrees at all times! Your experience sounds like fun too! 😉
Hi Feds – there was a lot of nervous sweating going on that day! I assure you of that!
I was wondering if the exchange rate of the American dollar has any of you worred? For the first time ever, the US Dollar is trading equally to the Canadian dollar. Scary stuff.
Hi PJ – Over the last 2 years I have written numerous articles on this site regarding the Dollar. It is a major concern as most of my earnings are in US Dollars, which means that I am getting about 25% less money for the same amount of work! Yes, that worries me! For my most recent article on this site about the Dollar slide, check here.
I also just wrote an article on another site of mine about what I am doing to combat dollar devaluation, you can read that here.
You know what, guys? That story is something very similar to what I experienced! … Er…um… only in reverse. My first and last (well… CERTAINLY not last… well you get the point.) – My most recent visit to the phils was fantastic for the availability of funds. I brought my ATM card and nothing else and was pleased that Marleen could direct me to just about any ATM that I felt that I wanted to use, even the ones that don't charge extra fees on top of the usual ones. While all of them worked well, I only was able to receive seven 1,000 peso bills and two 500 each time I withdrew… Now you may think, "So what? 1,000 notes are accepted everwhere in Cebu City!" The problem was that I spent quite a bit of time in Leyte with Marleen's family for her birthday… as much as I wanted to buy everything they needed, I was unable because no one in the provinces has 870 pesos worth of change. Very difficult to spring for 2 kilos of fresh fish and hand a poor fisherman's wife a 1,000 pesos…. Honestly, she just looked at me and Marleen was stuck somewhere between shocked and amused. Furthermore, when we went to Baybay, I was freaking out, partly because I was holding about 8,000 pesos (and I am naturally high-strung about things like that) and also because I knew that I would have to flash a wallet full of cash to get anything even remotely close to acceptably small bills…
After we got back to Cebu, there was no problem with change especially at the malls!
Hi Lawrence J – Ha ha… I know what you mean about the availability of change on large bills. I tend to avoid getting P1k notes, because in many areas it is nearly impossible to spend them. P500 notes can have the same problem too!