Feyma and I make heavy use of the ATM network here in the Philippines. With my various online businesses, mostly I get payments from credit card purchases on my site, and from Advertisers who buy ads on my various sites. Almost exclusively, these payments get paid into my bank account in the United States. Because of this, when we need money, we generally just go to an ATM machine at a Philippine bank and withdraw funds from our US account. It’s a system that has worked fairly well for us over the years.
About a week or two ago, though, Feyma told me that she had some trouble getting money out. We generally use BPI (Bank of the Philippine Islands) most frequently. The reason for this is that you can get out up to P20,000 in a single transaction. Most other banks limit ATM transactions to only P4,000 or P5,000. If you need a serious amount of money, it is a hassle (and more costly in ATM fees) to have to do multiple transactions in order to get the money that you need. Because of this, we always go to BPI as our first choice.
Anyway, as I said, Feyma recently told me that she had trouble at BPI. We’ve been using BPI for years now with very few problems, so I was surprised. Feyma told me that she was only able to get P5,000 out from the BPI ATM machine. When she tried a follow-up transaction, it was denied with the message that she had reached her daily transaction limit. Very strange, because in the past we have gotten out up to P50,000 on her card, and another P50,000 on mine (all in a single day), if there was a need for some serious money. I went to BPI to try it out myself. I had not done any transactions that day, so my card was “fresh.” When I tried to get any money I got declined saying that I had already reached my transaction limit for the day. Very strange. I knew that there was money in my US account, and that my ATM card limits were well beyond what they were giving me.
I did some checking into this and found that BPI has recently changed their limits on ATM transactions. Only a maximum of P5,000 can be taken from an account in a day. Even if you have two cards that each access the same account, the total limit is P5,000. Frankly, with a number of businesses that I run, there are days that I need a lot more money than that in order to keep my businesses going.
Since finding out this information, we have been doing some checking to find better options for us. We had gotten to the point where we had not really kept up on this, since BPI was always reliable for us. As of now, the best option that we have found for accessing a US account through the ATM, with a higher transaction amount is through BDO (Banco de Oro). Through the BDO ATM network you can get up to P10,000 per transaction, and you can do multiple transactions up to the daily limit that your bank allows you on the card. This is a lot better than the P4,000 and P5,000 per transaction limits that most banks have.
While the new rules at BPI have made life a little more of a hassle, we are still able to access our US funds as needed. I just hope that BPI goes back to it’s old policy again, and soon!
Hi Bob,
First of all i want to commend you on your great website. I love to read your columns and topics which everyone could identify themselves in their day to day life. With regards to ATM banking in Phils, this is what i did with my ATM card..I went to Equitable Bank and told the lady at the desk that I want to cash advance from my ATM card (also this is my Debit card in the States). I was able to get $2500.00 that day and it got converted to its peso equivalent. The money is being taken from my Checking Account in the States. Bob, have you tried making cash advance with your ATM card. This is my first experience using my ATM card in the Philippines while on vacation for 4 months there. Now I'm back in the States.
Hi Peachy – Yes, I have done the cash advance too using my debit card. I prefer the ATM, as it is more convenient, though.
Thanks for visiting the site!
Bob – Yes, Jenny ran into the same surprise a couple of weeks ago. I've been banking with BPI here for ten years. I'm pissed. I haven't, however, yet visited my main branch at Tektite in Manila to see if they will give special dispensation to preferred customers. Have you tried that?
I ran into BPI's new rules recently too, but I found out I can do 3 back to back transactions up to a total of 15,000 pesos. So I can still do the daily limit from my us bank account, just limited to 5k per transaction. Personally I'm switching to BDO for using the card. I get nailed $3.95 for every foreign transaction not so bad when it's one transaction but now it's 3. At least when I'm in Ak I can direct deposit my checks into my BPI account and cut out the middleman.
Hi Nick Nichols – I also am not too happy with it! I have not made any inquiry as of yet, but it's something I may do in the future. Let me know if you make progress.
Hi Louis – I am lucky in that I don't have to pay ATM fees. I have a bank account that allows me free ATM use worldwide, my US bank eats all ATM charges. But, it's still a major hassle. For us, at BPI, we have only been able to get P5k per day, after that it won't allow any more. Consider yourself lucky! 😆
Hi Bob,
The new HSBC branch in davao has a high daily limit . hope that helps bob.
hi bob charles schwab have no limt. you might want to check it out.they have a couple of diff names acct.you may trade stocks thru them also.
Hi andy – Thanks for the info. That's close to my house too.
Hi TV – The problem is not the daily limit on my card, that is already quite high. The problem is that BPI has a daily limit for the use of their machine! Thanks for the tip, though. 😀
Bob,
We have used BDO since they merged with Equitable. One thing I have found is the Branch in downtown is much friendlier than the Lanang Branch.
When I first moved here we went to the Lanang branch and got the old "We cannot accept these bills since they have tears, marks or faded" After talking to the manager she accepted all the bills.
At a later date we went to the downtown branch and they just counted and accepted all the bills.
The Manager there also is very friendly and offers better options for your accounts.
Hi Bruce – That's good to hear! My first experience in using BDO was over the weekend at SM, and they were quite good. Listeners may recall that on my first Podcast, Dave Starr also recommended BDO, so it seems that so far I've heard nothing but good about them.
Thanks for dropping by, Bruce. 😀
Hi Bob.
I didn't know that it was possible to withdraw 50,000 in BPI at once.
And It's too bad they chenged there policy…
I always had to ask doing multiple transactions when I was in the hospital… It's simplly too bad.
? bob if you are us citizen living in the philippines do you have to pay income tax x2 . for us and the philippines.?
Hi Ichi – Before, with BPI you could get 20,000 maximum per transaction, with 3 transactions you could get P50k.
Hi TV – I don't earn any money inside the Philippines, and thus cannot be taxed here. I must pay US taxes, but not Philippine.
Bob ,I'm glad you are covering the banking info. When I was last there in Manila nearly 21 years ago, I could not book a flight using a credit card on the weekend. I'm sure those days are gone. However, I did read from someone saying that one local airline had to be reserved with a credit card, but the actual purchase had to be in cash. Also, I've heard two thoughts on whether to carry a credit card or debit card on my upcoming visit. I'm concerned about going to any bank as a foreigner for the fear of being robbed and not having an account there. Please advise.
Hi Ed Griffin – Thanks for visiting my site! Yes, things have changed a lot since 21 years ago!
For airline ticket purchases, credit cards can be used, but sometimes they only take Philippine issued credit cards, not foreign cards, so watch out for this.
I personally don't feel you have anything to worry about in terms of visiting the bank during your visit. I think it is quite safe.
kindly private message your respond . how much is MAC BOOK AIR 13-inch 1.6 GHz intel core 2 dou procersor 80 gb to be delivered to cebu. i went to you wow phil. site its very nice . im impress..
Bob, it's me again! What is the difference in ATM and debit cards? Here, they are one and the same. Being a thrifty saver, what bank allows worldwide free ATM use? Do I convert some money to pesos before I arrive in country and where? Will my credit card be accepted moreso than my debit card or will some transactions require cash only? I don't want to arrive somewhat stranded. Will a Philippine bank allow me to start an account at a bank there to possibly avoid these transaction fees? Lastly, which bank can I trust most?
Hi Ed – As you say, a debit card and an ATM card are almost identical to each other. It is possible to get a card that is ATM only, without a credit card logo, though. I use the terms interchangeably though.
The offer that I have where I get free ATM use worldwide is no longer available, sorry to say. When I got it about 10 years ago, I was grandfathered in on that. I can no longer be gotten from the bank that I use, though.
A credit card and debit card will be exactly the same as far as acceptance goes.
For converting money, you can do that when you get here. Convert a small amount at the airport for use there, but rates at airports are low, so convert the bulk of your funds elsewhere.
Hi Bob,
I love reading your columns each day. Thanks for those useful informations. I want to ask you how are you able to get your debit card renewed in the U.S. without the hassle of going back and get it done. And how are you able to receive it. Thanks in advance…
Hi Laura – My bank knows that I live in the Philippines. I also have a US address that forwards my mail to me every week. The bank just sends my new cards to my US address, then they are forwarded to me here. It's all just as if I still lived in the States.
Hi Bob and to all of you, it's sad to say that most all banks changed their policies during these days here in the Philippines but also worldwide. Increasing their charges dramatically without informing us – and all these things after more and more "interesting" news and stories regarding "bank behaviours". 🙄 Can we changed the world? I am afraid to say NO…
Hi Klaus – There are still banks out there with lower fees and such. It's a matter of shopping around for the best service, prices and such. That's what competition is all about!
Yeah Bob, we will try… Thanks anyway.
HI, Any comments on Metropolitan Bank ?
I've only a little research but it was the only bank which was FDIC insured. ?
thanks
Hi craig mabius – I have never heard of "Metropolitan Bank." Is that the same as Metro Bank? Never heard it called "Metropolitan" before, though. You mean a Philippine bank? As far as I know there is no such thing as a Philippine bank that is FDIC insured, as that is the US Government. There is "PDIC" or "Philippine Deposit Insurance Corp" which covers many Philippine banks.
I was very surprised when I ran into this problem. Before I had been able to get out 20,000 pesos in one transaction but that was the daily limit. I don't understand why I couldn't get more when you could? Anyway when I got my last deposit I went to get it out and couldn't get anything. I tried 20k 15k 10k and I thought 5k but i mistyped and realized later I put in 50k. I assumed something was wrong on my banks end and started to leave when Elvie suggested I talk to someone in the bank. I found out that I can only get 5k per transaction and 20k per day now. What a pain. I have to go through 5 transactions now counting checking my balance. Fortunately I also have an account that doesn't charge me for transactions.
Hi John H – I was actually about to get P100k per day before. Now just 5k, though! 😕
Hi John H – The BPI thing has certainly cramped our style! We have not been able to get any kind of 20k per day limit, though. After 5k it locks us out!
Strange I have done that twice since they changed things. But then all I could get was 20k total before and you could get 50k. Who knows?
Hello Bob,
Is there any one in Davao City that you can recommend to do taxes for an American Citizen?
My husband services small businesses located in the USA from the Philippines.
Smiles 😀
Hello Smylen – sorry, I really don't know any US tax preparer here in Davao.
Bob,
I could be wrong but, I believe I used the ATM in Bohol (around the 8th) and was able to withdraw 10,000. As for the withdraw limits I have 2 accounts with one US bank that are limited to 25,000 my other bank limit is 50k. I have a $1 withdraw fee from both banks. I keep a back-up Philippine MasterCard for various transactions. As I have approval problems and withdraw problems with some ATMs and stores here. Ha-ha myself and my wife both have had the credit cards over 6 months now and I have yet to use mine…
Hi Mike K – Thanks for sharing this info.
Hello Bob,
Thanks for the reply. GOD BLESS YOU AND YOUR FAMILY.
Smylen
Hi Pretchy Ann Onarse Edwards – I totally agree with you!
Hi Bob,
We are very frustreated with the BPI we can get 20K in one trasaction before but now we can't i hope they will change that policy soon and back to were they are before so its lesser the bank charges for us,,, What do you think??????
n compare 10K
I think its good the 20K in one transaction compare 10K beacuse the charges is the same….