Banking & money in Philippines: real experience from chats
Real experience of people from chats on «Banking & money» in Philippines — as it is, no fluff. For your case — ask Luky.
From real experience
When withdrawing money from ATMs in the Philippines, be aware of potential withdrawal limits. While some ATMs, like those of BPI and ChinaBank, may allow higher limits, it's advisable to look for HSBC ATMs or those located within bank branches for a greater chance of accessing larger sums. Limits can vary, and banks often aim to profit from transaction fees. The standard limit in some locations, like Manila airport, might be as low as 10,000 PHP.
Sberbank's new mobile application allows users to make payments via QR-code in the Philippines. This method is widely accepted in places with internet access. This can be a useful alternative for travelers without their physical bank cards.
To transfer money from Russia to the Philippines for cash pickup at local pawnshops or remittance centers, using Sberbank's international transfer service to a GCash number (starting with 63) has been reported as a working method. Kwikpay has been associated with lost funds. GCash is a popular mobile wallet in the Philippines that allows cash-in/cash-out at various partner locations including pawnshops and convenience stores.
When arriving in the Philippines, particularly for transit through airports like Caticlan, Manila, or Shanghai, it is important to plan for currency exchange. Exchange services at airports may have limited operating hours, especially for night layovers. It is advisable to check the availability and rates of currency exchange booths in advance. For accessing Boracay, currency exchange for taxes or initial expenses should be factored into travel plans.
In the Philippines, Rosselkhozbank UnionPay cards are accepted. Users can successfully make payments at hotel terminals and withdraw cash from ATMs.
Official money exchange in the Philippines is safer via authorized partners like Moneybees. Be cautious of scammers on social platforms offering private transfers. GCash services are tied to specific SIM cards; purchasing a pre-owned SIM can lead to account conflicts. Cash-out via QR codes (Sberbank/local networks) incurs high fees (5-10%) and multiple currency conversions.
For withdrawing cash on the Philippines with foreign cards: Expect a standard ATM fee of 250 PHP per transaction. GCash is a popular alternative; look for signs saying 'Cash In/Out'. You can use GCash via local agents (Palawan Pawnshop, M Lhuillier) or sari-sari stores. Always check the bank's exchange rate before confirming the transaction.
When attempting to withdraw cash in the Philippines with a Russian UnionPay card (e.g., from RSKhB), users report varying success and limits. Banks like BPI, HSBC, and Chinabank are frequently mentioned. ATM withdrawal limits typically range from 10,000 to 20,000 PHP per transaction, and these limits can differ even at the same ATM for different users. If an ATM fails, try another one from a different bank. For higher withdrawal limits, it is suggested to visit a bank's physical office.
GCash does not operate customer-facing offices for cash-out services. Instead, cash-in/cash-out points are widely available throughout the Philippines, often found in pawnshops, convenience stores, and small local shops. These points typically charge a service fee of approximately 2% for transactions. Operating hours vary depending on the specific establishment, but many smaller businesses may offer services late into the evening and on weekends.
Proof of onward travel is officially required for entry into the Philippines. Opening a local bank account typically requires an ACR I-Card (Alien Certificate of Registration), which is issued after two months of residency. GCash is the primary payment tool available for tourists.
GCash requirements: 1. Requires Philippine region account. 2. Philippine mobile number. 3. ACR-ID for verification. 4. Rooted/jailbroken devices are blocked by the app's security protocols. Installation via official website is recommended if regional store access is restricted.
BPI ATM at SM City Puerto Princesa (lower floor, parking entrance) allows single withdrawals up to 40,000 PHP with a 250 PHP fee. This is a higher limit alternative to the standard 10,000 PHP limit found in other machines.
Currency exchange in the Philippines: cash (USD to PHP) is the primary method of payment. Exchange rates in Manila airport are generally competitive, whereas Cebu airport is considered unfavorable. UnionPay and other international cards are unreliable for direct payments and ATM withdrawals. It is recommended to carry cash in multiple secure locations. Online services like Kwikpay can sometimes be used to transfer funds to local e-wallets like GCash.
When purchasing airline tickets for flights within the Philippines (e.g., Cebu Pacific, Philippine Airlines), third-party aggregators like Trip.com may offer significantly lower prices compared to the official airline websites. Direct payment on airline websites with Russian UnionPay cards is generally unsuccessful. Non-Russian Visa cards or using international aggregators are viable payment options.
Financial tips for Philippines travel: 1. ATMs are available, but withdrawing cash outside of major hubs (like Manila airport) usually incurs a 4-5% penalty due to less favorable exchange rates. 2. Some establishments accept QR code payments (like Sberbank/UnionPay where applicable). 3. Carrying large amounts of cash is generally discouraged due to security concerns; cards are widely used in developed areas.
In the Philippines, payment methods are evolving. While cash was king, Visa cards are increasingly accepted in larger cities and tourist areas. Kyrgyz bank Visa cards (e.g., BAKAI) are reported to work without issues for payments and ATM withdrawals. However, smaller establishments or remote locations may still require cash or GCash. QR code payments, common in Vietnam via apps like Bybit, are less prevalent and reliable in the Philippines, with acceptance rates estimated between 60-70% by some users, and lower by others. Therefore, a combination of cash, cards, and QR payments is recommended. Alipay is generally not functional outside mainland China, with rare exceptions in places like Hong Kong.
When traveling to the Philippines, it is advisable to carry US dollars in cash, as exchanging Russian rubles directly for Philippine Pesos is not widely available. While UnionPay cards may work for ATM withdrawals and sometimes for payments, acceptance is not universal, and there can be daily withdrawal limits or ATM cash shortages. Cash in USD is the most reliable option. Ensure you have enough cash, as reliance on card payments or ATM withdrawals can be inconsistent.
The QR Ph payment system is available in the Philippines, allowing payments via bank applications. It is widely accepted in places displaying the QR Ph code, particularly in shopping centers in Manila, and offers a good exchange rate. On islands, its acceptance is currently more limited, primarily found in malls and McDonald's. It's a convenient alternative to card and cash payments.
In the Philippines, QR code payments are widely available. For international transfers, some users report success with VTB bank. This offers convenient digital payment and transfer options.
For an itinerary covering Cebu, Boracay, and Bohol before flying to China, careful sequence planning is advised. For inter-island flights, Trip.com is a suggested platform, known for potentially accepting Russian payment cards. Regarding currency, it is generally better to use local currency (PHP), but USD can be useful for exchange.
Provide general information on currency exchange in the Philippines. Users are asking about the best places and times to exchange money, and the optimal strategy (e.g., exchanging all at once). Mention typical rates observed (e.g., above 61 PHP) and the benefit of maximizing exchange for potential savings like free transfers.
Hotel security deposits in the Philippines: Many hotels accept USD cash for deposits. If paying in USD, the reception will typically record the bill serial numbers, seal the cash in an envelope, and return it upon checkout. It is recommended to contact the hotel in advance to confirm currency acceptance, as some hotels may offer better exchange rates than local shops.
When trying to pay via GCash QR codes on the Philippines using an eSIM (e.g., Globe), payment might be unavailable due to regional restrictions. Payment via Wi-Fi works. Using a physical SIM card is recommended.
Sberbank transfers may be blocked for 24 hours if the transaction amount exceeds 20,000 PHP and is deemed suspicious by the bank. After the 24-hour period, transfers may resume normally. It is advisable to inform the bank about your travel plans and the purpose of large transactions to potentially avoid blocks. The exchange rate offered by Sberbank for these transactions can be favorable compared to local exchange offices.
Currency exchange in the Philippines varies significantly by location. Recommended exchange providers are Palawan Pawnshop, Cebuana Lhuillier, and M.Lhuillier. Digital payments via GCash are increasingly accepted and often offer better effective rates for travelers.
Individuals seeking foreign visas from the Philippines, especially those without relatives or overseas employment, can explore options through specific banks. For instance, 'Ayyl Bank' (likely a transliteration or specific local bank name) has a Moscow branch where cards can be issued. The process reportedly involves a card issuance fee of approximately 145 PHP, with 5 PHP remaining as a non-withdrawable balance. It's crucial to confirm the exact fee structure and process with the issuing institution.
Euro exchange rates in Cebu City can vary significantly by location and day. A user reported exchanging Euros at 65.75 PHP in Cebu city center, but found a better rate of 68.80 PHP at Robinson's mall on the same day. Rates at Robinson's were previously reported as 69.80 PHP (the day before) and 61.20/60.40 PHP (earlier in the month). It is advisable to check multiple exchange points for the best rates.
GCash mobile wallet accounts can be opened without verification but will remain heavily limited. Full verification to increase transaction limits requires a valid ID, such as an ACR-I Card (Alien Certificate of Registration) for tourists.