Money Matters in the Philippines/Moving Money is Easy, Until it Isn't

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  • เผยแพร่เมื่อ 23 ธ.ค. 2024

ความคิดเห็น • 795

  • @jeh1333
    @jeh1333 2 ปีที่แล้ว +107

    Anyone from the USA would benefit from having a Charles Schwab account. ATM fees are refunded at the end of the month.

    • @rickylee6129
      @rickylee6129 2 ปีที่แล้ว +6

      That is who I am going too set up a account with for my Social Security when I get ready to move to the Philippines 🇵🇭. Hopefully soon.

    • @BpGregor
      @BpGregor 2 ปีที่แล้ว +10

      But you also need a US address to have the account. Some of us left the US, leaving nothing behind.

    • @doncastillo7813
      @doncastillo7813 2 ปีที่แล้ว +8

      @@BpGregor can you use a relative or friends address. I did that once with no problem.

    • @truckingbachelor2277
      @truckingbachelor2277 2 ปีที่แล้ว +3

      Excellent advice, I will be setting up a charles schwab soon, gonna invest and save for the next 10 + years, then move permanently. Good to know I can use a relatives address. great advice

    • @DougTreff
      @DougTreff 2 ปีที่แล้ว +8

      @@BpGregor You can use St. Brendan's Isle mail forwarding service in Florida. Gives you a Florida address and they can digitize and email you copies of any important mail that arrives.

  • @plantworks100
    @plantworks100 2 ปีที่แล้ว

    Great video my dear friend. Sending lots of love to you and the beautiful Baby Mae.😊 😊 😊 😊 😊 😊 😊 ❤️ ❤️ ❤️ ❤️ ❤️ ❤️ ❤️

  • @patrickserle3557
    @patrickserle3557 2 ปีที่แล้ว +1

    Thanks! I thought I was a subscriber but know I haven't paid you for anything before this. I have never had any problems with MoneyGram and can send/receive $2500./day.
    I have been watching you for 3 years now and Rekay on occasion...love you guys.
    I am still in the US but will be going over there in Feb. '23. I have a gf that I've never met in person but have known for 3 1/2 years and we video chat twice a day. I also talk to the kids and her sister and husband regularly also. Thank you Paul for all you do.
    How can we talk live?

  • @kendonahve924
    @kendonahve924 2 ปีที่แล้ว +1

    Thanks!

  • @k9companion231
    @k9companion231 2 ปีที่แล้ว +23

    Hey Paul and Gaylord! After watching a plethora of videos of various vloggers I have come to build quite the large list of to-do items. Already opened the Charles Schwab high yield checking but most recently by listening to Grandpa Vlogger I have added the retention of an American phone with an international plan. Yes I will also have a Philippine phone. My preflight list and guidance has built up to three pages of advice from bringing a couple of pens to fill out inbound documents to packing baby wipes on daily adventures, unlocking the phone to opening a traveling mailbox, getting Pacific Cross health insurance to obtaining an SRRV. Yes I can continue but I don’t want to water board you an further. And now I need to open up several transfer agencies as a back up to the back up. God love the vloggers, such as Paul, that try to help us newbies before the big day.

    • @jpny4750
      @jpny4750 2 ปีที่แล้ว +4

      It could be really useful to many to be able to download your list if you are willing to share it.

    • @k9companion231
      @k9companion231 2 ปีที่แล้ว +1

      @@jpny4750 if you want to email me let me know and I will see what I can do sir.

    • @78swats
      @78swats 2 ปีที่แล้ว +1

      @@k9companion231 What's your email id?

    • @78swats
      @78swats 2 ปีที่แล้ว +1

      @@k9companion231 I can really use that list for my prep. Appreciate your help. I will delete my email above, once you respond

    • @78swats
      @78swats 2 ปีที่แล้ว +1

      @@k9companion231 Weird. I posted my emailid 2 times but the message is getting deleted.

  • @chrisdillon2073
    @chrisdillon2073 2 ปีที่แล้ว

    Paul THANKS Super GREAT video today thank you

  • @gailpieters4227
    @gailpieters4227 ปีที่แล้ว

    What a beautiful story it made me cry 🤣🤣 Love you guys.God blessings

  • @bigjohnson7415
    @bigjohnson7415 2 ปีที่แล้ว +1

    WOW! This is amazing! Great info, as I've asked many vloggers how they handle Banking living abroad, and honestly got no real answers. This is like a master class!

  • @edwardchesser8133
    @edwardchesser8133 2 ปีที่แล้ว +5

    I am not planning on living in the Philippines, but I love your videos and what you do for expats. Keep up the great work!

  • @allen9129
    @allen9129 2 ปีที่แล้ว +4

    Smart move paul. My brother has a home in Switzerland and he does the samething. Once the money is moved, your holding that rate of exchange.

  • @bobl7489
    @bobl7489 2 ปีที่แล้ว

    interesting, good info. thanks Paul

  • @Sarge57
    @Sarge57 2 ปีที่แล้ว +6

    Hi. I had the same problem when I was back in the USA and needed to send money to build a home in the Philippines. I learned to contact the Bank (BDO) and the transfer service to let them know why I was sending the money. BDO wanted a copy of the contract for the home. I got it to them and transferred much more than the 10000 USD usual limit. I have 4 different ways to transfer money to the Philippines just in case. Great video. Informative.

    • @CarMaintenanceGuy
      @CarMaintenanceGuy 2 ปีที่แล้ว +1

      I buy Bitcoin and then send it over there and then cash out. No fees. No banks to mess with. If I send $100 over there, sometimes I can end up getting $110-120 when Bitcoin goes up.

    • @telcobilly
      @telcobilly 2 ปีที่แล้ว

      When we were building our home, I just transferred the money to the wife's BPI account and she paid whatever needed to be paid.. Every penny I sent was accounted for..

    • @CarMaintenanceGuy
      @CarMaintenanceGuy 2 ปีที่แล้ว +1

      @@telcobilly I send it to my woman and she sells the Bitcoin before it has a chance to go down and then transfer it right to GCash. She pays the electric, phone, water bill and all that with it. I'll try to send at least 40,000 pesos per month or so. She'll buy Jollibee for her parents and siblings.

  • @martinsmith6971
    @martinsmith6971 ปีที่แล้ว

    This video is quite valuable for me as I am building an interest in moving to the Philippines.

  • @josephstevano5905
    @josephstevano5905 2 ปีที่แล้ว

    That was fascinating! A very interesting video!

  • @lexlothar5383
    @lexlothar5383 2 ปีที่แล้ว +4

    Thanks again on your words of wisdom. i started watching your channel years ago. have used your experiences to benefit me and my LDR in the Ph. I ran into similar issues using Xoom, and Remittley. I too send money to both Brasil(Xoom)and PH(remittley).Like you i take advantage of the money with the exchange rate. This year 5.6real to $1 US in Brasil. Was 2 to 1 when I bought my beach condo. And yes Banking systems in both countries lack in their setup. Side note on sending money to LDR. We are both committed to the relationship, and sending money to her on BD and holidays and a little extra for her Eatery business is an investment for me. Hopefully it pays off, I know it has a positive effect on her life. Hope to be there once the required Vac. is no more. Love your channel.

  • @AllThings808
    @AllThings808 2 ปีที่แล้ว +1

    Great information, Paul. That's a valuable lesson for us all!

  • @OriginalviralGospelMusic
    @OriginalviralGospelMusic 2 ปีที่แล้ว

    great channel I also like you old video retire on Social Security at 62 which I just did ..you are a blessing God bless you

  • @caryrevels6584
    @caryrevels6584 2 ปีที่แล้ว +10

    Hello Paul, Once again your video was quite refreshing, And as usual your 100 pct on the money. The Philippines can really be stressful when it comes to extracting money from banks there using American credit or debit cards.First thing all foreigners must do before arriving in the Philippines notify your bank Chase or Bank Of America etc. If they dont know you are there they wont approve any withdrawals from ATM. Bring at least 500 cash to live on while you iron out problems In the Philippines expect the unexpected. Its way different then what you are use to. One additional caution If you are from California, They wont accept your Drivers License as ID. It might have changed now but BDO said no plenty of frauds etc.

    • @dosbaggos5575
      @dosbaggos5575 2 ปีที่แล้ว

      Real ID no good?

    • @caryrevels6584
      @caryrevels6584 2 ปีที่แล้ว

      @@dosbaggos5575 Sadly yes I was at that time there from Florida which they hooked me up right away. This gentlemen next to me was from California they said due to the high volume of fake IDs coming out of that state they cannot accept it. and BDO is a very big bank there. its not like USA its very slow on all levels. Just have to deal with it. But credit cards are good at all hotels. They discouraged Debit cards. So bring at least one credit card

    • @michaelbyrne5469
      @michaelbyrne5469 2 ปีที่แล้ว

      @@caryrevels6584 Credit cards in the lesser traveled spots are 50 50 on accepting credit cards , my last trip i ran into 6 hotels that did not accept credit cards. they would accept GCASH

    • @caryrevels6584
      @caryrevels6584 2 ปีที่แล้ว

      @@michaelbyrne5469 Im speaking mostly about Cebu City Ive never encountered a problem with credit cards. And i stayed at Water front Hotel which would be 5 star to The Diplomat which im guessing around 3 star hotel. But im sure your right when your out in the province. Also cash required for taxi cabs.

  • @PAPACREDIT
    @PAPACREDIT 2 ปีที่แล้ว

    Checking in from Tampa, FL Great video

  • @koufax174
    @koufax174 ปีที่แล้ว

    Thank you very much Paul. I have one and will immediately get two more.

  • @gervaisbilodeau8465
    @gervaisbilodeau8465 2 ปีที่แล้ว +2

    Been using Wise for many years.
    No problem. Sometimes on weekdays it takes just a few minutes.l

  • @throughblindeyesmyphilippi2015
    @throughblindeyesmyphilippi2015 2 ปีที่แล้ว +4

    I have a Charles Schwab account that I can move money to and from my Fifth Third account. I have Wise, Remitley, and Xoom already set up but you are right I need to test them all first before I come. Good Lesson Paul 👍

  • @seashell4327
    @seashell4327 2 ปีที่แล้ว

    Good info. Thanks. I've run into similar problems in the past, with my bank. Helluva problem when trying to buy a flight. 😄

  • @dr.michaellittle5611
    @dr.michaellittle5611 2 ปีที่แล้ว +8

    I think the idea of maxing out funds transfer in order to take advantage of forex is a good idea.
    Just don’t forget that you have to file a FBAR document with IRS if your total foreign bank holdings exceed $10k at any one time in any one year. That’s an aggregate amount of all accounts, not just in a single bank account.

  • @darren5835
    @darren5835 2 ปีที่แล้ว

    Good advice, thanks Paul

  • @brentanderson5931
    @brentanderson5931 2 ปีที่แล้ว +1

    Paul, sorry to hear of your issues however I'm glad to hear that this was only a learning experience and not a real "pickle" of an issue. This is really good information. Thanks and take care.

  • @edic2619
    @edic2619 2 ปีที่แล้ว

    Hi Paul and Baby Mae. Great v logging.

  • @JamJells
    @JamJells 2 ปีที่แล้ว +1

    Just noticed how nice your T-shirt looks Paul. The stitching looks finer, and more dense. Have you made a video about the cloths and quality. I can't find a good 100% cotton Tee to save my life, but your shirt looks like very high quality.

  • @rev.charleswilson7084
    @rev.charleswilson7084 2 ปีที่แล้ว

    Glad you got it straightened out Paul or well have lol poor baby Mae probably feels terrible about her mix up, well I pray God blesses you both, love both of your channels. Peace be with you.

  • @lloydcordner6411
    @lloydcordner6411 2 ปีที่แล้ว +1

    Hey buddy! Like you I’ve had my challenges with Zoom where I was declined. To make a long story short, I now do business with Wise, which has worked well so far. I’ve also had some issues in the past with West Union. Good Luck!

  • @ninjaturtle6106
    @ninjaturtle6106 2 ปีที่แล้ว

    Good advise, Paul.

  • @jelizardi2000
    @jelizardi2000 2 ปีที่แล้ว

    Mischievous laughter spices up the videos. Savage and cool 😅

  • @Spamlure
    @Spamlure 2 ปีที่แล้ว

    What an educational story. Interestingly, my stateside banking follows the same reasoning. Don't keep all your eggs in one basket. Thank you, Paul.

  • @aidadelcastillo4266
    @aidadelcastillo4266 2 ปีที่แล้ว

    Thanks Paul for sharing! I am not even retiring there but coming to visit for a period of time and was wondering about the most simplified way to transfer money with minimum fees….

  • @jimriggs9621
    @jimriggs9621 2 ปีที่แล้ว +3

    Excellent video Paul.. When you set up your joint account with Mae.. You have ready funds Mae could access for medical needs.. So you have an emergency fund to cover this current issue. Having a 6 month of expenses fund in your new country would be a good idea for all expats. God bless

  • @josephrogers5531
    @josephrogers5531 ปีที่แล้ว

    Paul, Like your blog. One easy way we transfer money to the Philippines is we opened a dollar account with Metro Bank, but you can use other Filipino banks. We write a check from our American Wells Fargo bank account and deposit it into the Metro Bank account. Metro bank charges us $2.50 for the bank fee. Initially it took about 30 days to actually have access to the money, but eventually Metro bank cut it down to two to three weeks. It also helps that we keep a pretty good bank balance above the amount being transferred.

  • @barrypress3704
    @barrypress3704 2 ปีที่แล้ว

    Hi Paul and Baby Mae from Panorama City California. Great information

  • @johnwilliam1954
    @johnwilliam1954 2 ปีที่แล้ว

    Thank you Paul. Helpful video 👍

  • @erwinzado1515
    @erwinzado1515 2 ปีที่แล้ว

    Thank's so much for explain !!! Regards Erwin

  • @pmags1331
    @pmags1331 2 ปีที่แล้ว

    Hey Paul , Definitely good info and hope everything works out for ya .

  • @edexter97
    @edexter97 2 ปีที่แล้ว

    The market sniper says they could break the Hong Kong dollar peg, Japan is down big and Korea currency could go down alot. Nobody mentions the Philippine peso though that often.

  • @ian-wu2bb
    @ian-wu2bb 2 ปีที่แล้ว +11

    "Wise" I found has the lowest fees and so easy to make transfers from my Australian bank to My bangkok bank acc. Transfers are instant and I can wathch the progress using the app. Sms authentication is required for each transfer but thats no issue. I also use the WISE visa debit card and keep some back up cash on that. Sorry to hear its so difficult to set up in the Philippines. Wise is the only service I use and has been good for the last 8 years. Goodluck.

    • @martin36959
      @martin36959 2 ปีที่แล้ว +2

      I bet that in comparison to the PH Thailand has a better reliance what concerns their major banks and in especially they have a much better internet or cell phone service.

    • @ian-wu2bb
      @ian-wu2bb 2 ปีที่แล้ว +1

      @@martin36959 Yes this is somthing I dont know about . All Banngkok bank do is accept the money so no issue there. With my Australian bank They know when I operate my account out of Thailand and will occassionaly for large sums send me an SMS requiring confirmation its me withdrawing the money. If I dont reply to that SMS they will call me. But yes Thailand has excellent mobile and internet coverage. It makes Australia look 3rd world by comparison.

  • @AidaJof
    @AidaJof 2 ปีที่แล้ว +1

    Good advice Paul. Nowadays banks usually send a text notification to your cell (if they have it on record) for you to verify and if it is indeed YOU who is conducting the transaction.

  • @JohnBrown-hl4cy
    @JohnBrown-hl4cy 2 ปีที่แล้ว

    I take my hat off to u and Mae! You both have never said anything bad about anybody . This is why.. we need more people like u both too fullfilled the unknowledge , unawareness , sadness in those who have not or not physically able to see the many beautiful places you both have been too. I have notice in general, many people likes you guys warmth and honesty . Please keep up the good work...stay safe and healthy... you have a job to do ... Good DEEDS ... awaits u both. Most honorable! you both are.. Vaya Con Dios! En El Nombre de Dios! John

  • @tryscience
    @tryscience 2 ปีที่แล้ว

    Glad you have enough money squirreled away while you iron out those issues! Now I have things to do a few months before I decide to make a move.

  • @ownedaway
    @ownedaway 2 ปีที่แล้ว

    I'm a bit late to the party but just saw your post about John and his problems and I've been binge watching your channel. Re the money issues, I used to use Xoom but eventually managed to get a debit card from my US bank - Origin in Houston (used to be Whitney bank). Now I use my card for nearly all my purchases as the exchange rate is a lot better than Xoom. I can also withdraw from an ATM - they charge you just under $5 but this is refunded and replaced by a small nominal charge which is still better than Xoom.
    I didn't know about Viber being free for 800 numbers but I'll give that a try. I use Globe's International call and text which is 199 pesos for 30 days - calls to US are 5 prsos/min I think.
    Once again, love your channel.

  • @07Kimo07
    @07Kimo07 2 ปีที่แล้ว

    Thank you for the great suggestion! I would setup and rotate 3 money transfer companies.... Jan - Xoom, Feb - Remitly, Mar - Western Union (and so on...) just to make sure all accounts are active and open. It might be better to open bank accounts on two or more local banks there. BDO, Bank of PI, PNB in case you have issues with one.

  • @thomasbeaupre7891
    @thomasbeaupre7891 2 ปีที่แล้ว

    Paul, clear and concise. Thanks. I've been happily tangoing with my filipina for 23 years..I've learned when things are unclear.
    It's a cultural thing. The key players in solving issues 'kind of disappear'..My sweetheart smiles at me everyday..
    But I gotta tell ya..Saw that smile on Manny P's face before he kicks a**...
    PS. The ol' girl for years says to me..."It takes two to tangle"..I like her take on the tango.
    Not tangled up in blue..with the wifey...But surprise surprise surprise...
    She's great...No kidding...

  • @garyburgmylifeandtimes6354
    @garyburgmylifeandtimes6354 2 ปีที่แล้ว

    Once again wise words! You are spot on!

  • @ronrockit3084
    @ronrockit3084 2 ปีที่แล้ว

    Good video I'm in Thailand I use Wise so far so good the internet is better here from what I've heard

  • @fishonaquabid
    @fishonaquabid 2 ปีที่แล้ว

    Well Paul, I saved this video in my likes because this is very important to be aware of and be ready for. Thanks for sharing the "Good, the Bad, and the Ugly."

  • @jimbo3609
    @jimbo3609 2 ปีที่แล้ว +5

    Great video Paul as always. May I suggest next time to call your bank first. Let them know you want to send money through Remitly or so and so. This is the safer way. I have to alert my CC company whenever I'm travelling abroad so that no hassle will happen.

    • @paulinthephilippinesolddog9234
      @paulinthephilippinesolddog9234  2 ปีที่แล้ว +2

      Great idea

    • @dougparson4407
      @dougparson4407 2 ปีที่แล้ว +1

      I have to call my CC company when I am leaving my state and traveling to another state. When did we lose control of our money?

    • @chrism4008
      @chrism4008 2 ปีที่แล้ว +1

      @@dougparson4407 by definition credit is not your money. In 1971 money became pretty much 100% credit and people still don't get it. There wasn't inflation before 1971, it didn't exist because of the gold standard. I dont think they made things better at all

    • @dougparson4407
      @dougparson4407 2 ปีที่แล้ว

      @@chrism4008 You missed the point!!

    • @mylifethaidiy7045
      @mylifethaidiy7045 2 ปีที่แล้ว

      @@dougparson4407 I like keeping my CC company in the loop

  • @wazInoz7009
    @wazInoz7009 2 ปีที่แล้ว

    I have used Wise for 4 years... excellent.. organise before you come and get the debit card... use it constantly... get a confirmation for every transaction immediately on phone.. so feel secure... use at Starbucks, grab, supermarket, restaurant s...ATM fee a little high but ways around that...

  • @stevew3196
    @stevew3196 2 ปีที่แล้ว +2

    It shows
    1. Your bank is on the ball protecting your money.
    2. You have to account for the Philippine Factor.
    But as you point out it could have been far worse.
    Thanks for the heads up.

  • @momentswithmitch5053
    @momentswithmitch5053 2 ปีที่แล้ว

    I'm glad that worked out for you. Thank you for the good information

  • @RickyFuller-wq6os
    @RickyFuller-wq6os 2 ปีที่แล้ว

    Mr Paul Great information. I know Mr Steve blogger there said he uses Western Union

  • @bridgettbennett5719
    @bridgettbennett5719 2 ปีที่แล้ว

    Thanks for sharing your stories. 😊

  • @our_phi_life6635
    @our_phi_life6635 2 ปีที่แล้ว +1

    Very nice info here Paul. I’m in process of moving there soon. I have 3 banks set up. Charles Schwab, Ally bank and capital one. I’ll port my US number to Google voice before I leave. But only using PayPal….Your video gave me pause. Thank you. I now have world remit and Remitly set up as backups. Keep up the good work. Love to buy you a coffee when I get there in November. I’ll be in the saging saging apartments that you also reviewed a few months back 😎. Stay safe

    • @ActaNonVerba1961
      @ActaNonVerba1961 2 ปีที่แล้ว +1

      I heard google voice no longer works with texts. You might want to test that before you leave

    • @our_phi_life6635
      @our_phi_life6635 2 ปีที่แล้ว

      @@ActaNonVerba1961 I just tested Work cell to my voice number and it texted no problem. I’ll have my fiancée text me when she wakes up and I’ll send her one too to see if it works internationally

    • @ActaNonVerba1961
      @ActaNonVerba1961 2 ปีที่แล้ว

      Sorry, its when you forward your US phone to google voice. I cant get texts to forward.

  • @BruceCinader
    @BruceCinader 2 ปีที่แล้ว +1

    Glad your getting it straightened out and not having some emergency. Best to keep many months of cash on hand to get thru these type of things.

    • @paulinthephilippinesolddog9234
      @paulinthephilippinesolddog9234  2 ปีที่แล้ว +1

      That's the plan!

    • @samsilverman824
      @samsilverman824 2 ปีที่แล้ว

      @@steveaustin1984 Tell us where U put YOUR cash.

    • @samsilverman824
      @samsilverman824 2 ปีที่แล้ว

      @@steveaustin1984 "FRESH"? How old R U? 97? LOL! Y would U ask him HOW he stores his stash in front of THOUSANDS? Do U have a hole in your marble bag? LOL!!! Y not swallow the dough then just shit it out when needed?

  • @bratcafe5632
    @bratcafe5632 2 ปีที่แล้ว +1

    Have been using Remitley to receive money here in Phils for over 10 years now........maybe not very best rate, but 100% reliable.
    Over $6,000\month requires next level clearance...
    Am building house on Cebu...simply transfer funds electronically from US bank account to account on Cebu.

    • @siwalairatsamee3832
      @siwalairatsamee3832 4 หลายเดือนก่อน

      How to transfer from us while in Ph ? Please

  • @MrMike-tt3lg
    @MrMike-tt3lg 2 ปีที่แล้ว

    Thanks for the info.! I’m actually in Dumaguete now. I’m hear for another 4 weeks with my Filipina wife, visiting her family. We live in Canada but plane to be moving here in the next few years so I’ve really enjoyed your videos. I still want to check out that bar/restaurant on the water in Bacong. Let me know if your interested in grabbing a coffee.

  • @davem8898
    @davem8898 2 ปีที่แล้ว

    Good info Paul. I have to say there is an angelic vibe to this post. A lot of white going on. :)

  • @planABC
    @planABC 2 ปีที่แล้ว +2

    Always notify bank n credit cards Before u go so the card works. forgot once, had to call bank, got 1 witdrawal, next one declined. Always take enough cash incase ATMs dont work or Runs Out. My wife uses Zoom to send there!

  • @thecafezil
    @thecafezil 2 ปีที่แล้ว +1

    Great segment. Xoom, as you realize, is "expensive" because the exchange rate they offer is consistently much lower than the official rate. ATM cards offer exchange rates at or near the official rate. Charles Schwab, for instance, was mentioned in another comment. I also recommend Fidelity which, like Schwab, rebates ATM fees. Suggest applying online using a VPN that locates you in the U.S. If you still have a U.S. physical address, use it to apply, but contact the company to send your ATM card to the Philippines.

    • @todd7756
      @todd7756 2 ปีที่แล้ว +2

      I was just in Mindano for last 4 months, used fidelity, only had a couple times that it did not work at an ATM, just went to another with no problem . I believe they give you the exact exchange rate and reimburse all the ATM transaction fees. Also used remittly as a backup and would just send to my girlfriend that was with me, no issues there either, I never tried sending directly to myself, but is sounds like people do that. My only issue was could not receive texts on my phone, so some things could not use my credit cards, they worked fine for any regular purchaces in a store, but anything on line I would have an issue as could not receive the security message.

  • @Fire2Hot911
    @Fire2Hot911 2 ปีที่แล้ว

    Pail, thank you. I had not considered that problem.

  • @eddieslittlestack7919
    @eddieslittlestack7919 2 ปีที่แล้ว

    Great video Paul

  • @808pera6
    @808pera6 2 ปีที่แล้ว +2

    Remitly has been great for my transfers. I also had that problem with Remitly. I called them on Magic Jack and asked to be upgraded to tier 3. After I uploaded some bank account information showing my deposits, they set me up to tier 3. Now I am allowed to remit up to $120K a year and stay compliant with international banking regulations. I did the same as you, trying to use another remittance company, but they rejected me for no reason. I guess we are connected to all of them. "Big Brother is Still Watching."

  • @EasternAmerica
    @EasternAmerica 2 ปีที่แล้ว

    Great advice, thanks 👍

  • @tedebear9943
    @tedebear9943 2 ปีที่แล้ว

    Paul great topic.

  • @Kanointhejungle
    @Kanointhejungle 2 ปีที่แล้ว +1

    You can convert dollars to pesos in Wise (Wise will even alert you when your target rate has been reached) and transfer it as needed. This way can take advantage of the better conversion rate while your money stays protected in a US bank. Their rate and fees are some of the best around. I'm building a home in Bicol and need to transfer significant amounts fairly often, Best solution I have found. You can then send pesos directly into your bank savings account. Although there is a limit of approx $10,000 per transfer, you can do multiple transfers in a row. This is about 479,965P per transfer (depends on exact conversion rate). Each transfer will cost @ $38.00...regardless of amount.

  • @deadbugdoug
    @deadbugdoug 2 ปีที่แล้ว

    Good advice and your hair is looking terrific.

  • @phaedrus2633
    @phaedrus2633 2 ปีที่แล้ว

    You definitely gave me good food for thought. I have a Xoom account that has worked pretty well, and I tend to use that. My wife, Philippina, who I have trouble explaining money matter with, always wants to use a remittance service, which is really more for sending money to an individual, rather than transferring money from bank to bank. I am going to see if I can use my credit unions Money Mover service to transfer money. As soon as I set it up, I'll test it.

  • @jon15711
    @jon15711 2 ปีที่แล้ว

    Always entertaining and enjoyable content

  • @williamberry9407
    @williamberry9407 2 ปีที่แล้ว +8

    Paul, on Remitly u can send $16,000 every 6 months and $32,000 per year. When I sent deposit money for condo rental ran into 6 months limit. What I did was send wire transfer directly Philippine bank account (wife account). So that I can send condo funds via wire and household funds via Remitly. Check other transfer options and make sure they don't additively count toward yearly maximum.

    • @lolal2502
      @lolal2502 2 ปีที่แล้ว +1

      Wow, must be nice to be your wife.

    • @RonKris
      @RonKris 2 ปีที่แล้ว

      Xoom allows almost the same amounts, but one must fill out extra online paperwork. They want more information for the US IRS etc.

    • @williamberry9407
      @williamberry9407 2 ปีที่แล้ว

      @@lolal2502 it is! Lol actually, there are two kids, so it's not quite the normal situation. We live in Salcedo Village, mainly for the kids schools. So although we have fantastic deal on condo it required security deposit and advance rent.

    • @michaelbyrne5469
      @michaelbyrne5469 2 ปีที่แล้ว

      You are correct you must ask for a higher tier.

    • @samsilverman824
      @samsilverman824 2 ปีที่แล้ว

      @@williamberry9407 She wants to hook up. Do it.

  • @DannyB-cs9vx
    @DannyB-cs9vx 2 ปีที่แล้ว

    Experience is the best teacher, and it is full of mistakes.
    Recently I misplaced my wallet, ( fell off the top of the night stand and got stuck behind it and the wall).
    No money no ID is a problem. I went to the local bank and they identified me and I got a couple of hundred out for pocket money till I could get a new ID.
    What if the bank was not open I wonder? I need to stash some cash in the house. Having a back up and even a backup to a back up is the way to go.

  • @hermitbob7304
    @hermitbob7304 2 ปีที่แล้ว

    I use Wise to transfer monthly expenses to my wife's BDO account here in the PH. I use Xoom to send my pocket money and pick up at Cebuana. I use magic jack to call US numbers.

  • @dangbeaudry
    @dangbeaudry 2 ปีที่แล้ว +1

    Good point to have back up ways of getting money. When I lived in Thailand I banked with Bangkok bank. Now they had a federal routing number and a New York address and I could transfer into my account that way and it was the same fee as transferring money to any US bank. Now is there a Philippine bank that has a federal routing number and if so would that also be a way to transfer money to the Philippines?

  • @gibblespascack1418
    @gibblespascack1418 2 ปีที่แล้ว

    Big take away, Have a back up, for a back up. We live in the northeast where it can get cold in the winter, so we have a natural gas furnace in the basement, a wood stove in the living room, an electric heater on the lower floor of the house, and if everything is out, we have a round kerosene heater and 5 gal of kerosene in storage. Oh yes and 22 gal of gas for the small generator. Backups, for backups and yet I am still not a prepper.

  • @RL-nz8xr
    @RL-nz8xr 2 ปีที่แล้ว

    Good Morning Paul.

  • @MarkZ_1985
    @MarkZ_1985 2 ปีที่แล้ว

    Great advice! Gotta have patience indeed!

  • @SarasotaTim
    @SarasotaTim 2 ปีที่แล้ว +1

    Sounds like TH-cam has been very good to you the last few years. 😎

  • @davidpieczynski8019
    @davidpieczynski8019 2 ปีที่แล้ว +1

    I recommend World Remit. I transfer money each month when Social Security is deposited.

  • @erica8165
    @erica8165 2 ปีที่แล้ว

    You can also use Google Voice but you have to setup it up while you're in the states. There's no charge and as long as you have a wifi connection you can call any US number.

  • @davidaldrich2154
    @davidaldrich2154 2 ปีที่แล้ว +1

    Hi Paul, listened again. I am getting ready to retire to Cambodia, base of operations, lol. I mentioned Schwab and Bank of America because what I see from their website and what their representative have told me I will be making the transfer directly to my bank in Cambodia myself, I already have all the transfer information. I was also told by the Schwab representative about an app called VIP Access to be able to get the fraud checks and notifications. Have a great day

    • @siwalairatsamee3832
      @siwalairatsamee3832 4 หลายเดือนก่อน

      Can you elaborate how to tpransfer from Schwab to Cambodia bk please

  • @briandumont7272
    @briandumont7272 2 ปีที่แล้ว

    I already have a Schwab account set up. I will get Wise, Remitly and maybe Zoom set up before I move. For shorter term visits before I move, the Schwab ATM card works well. Good advice, Dog!

    • @RonKris
      @RonKris 2 ปีที่แล้ว +1

      On the Schwab brokerage account, do you make any transactions? I see it is required to open a brokerage account to open a checking account. Were you required to make a single transaction with the brokerage?

    • @briandumont7272
      @briandumont7272 2 ปีที่แล้ว +1

      @@RonKris no, I put 1000 dollars in it. You can just let that sit. No minimum. But be sure to actually open the checking account. I have transferred money from another account and from the brokerage account with no issues.

  • @fredgallaher3380
    @fredgallaher3380 ปีที่แล้ว

    I use Idd for social security. It comes like clockwork at the beginning of each month. I get best exchange rate with no transaction fees.

  • @buckeyeadventures1631
    @buckeyeadventures1631 2 ปีที่แล้ว

    It is my understanding that a Schwab account is the best method to handle your money while living in the Philippines. With Wells Fargo you can connect to a BDO account that will allow you to transfer money from USA to PI in USD so you can take advantage of the exchange rates.

  • @jamesrobert5339
    @jamesrobert5339 2 ปีที่แล้ว +1

    I had the same problem my last trip to Thailand. The trick is to get a VPN on your desktop computer. Once you get the VPN up and running, connect to a USA based node, then log in to Wise or Remitley. Hell, I was able to activate a debit card from Google Voice since Schwab thought I was in LA.

  • @jacksonrodrigues8732
    @jacksonrodrigues8732 2 ปีที่แล้ว +2

    Paul, you mentioned that you are on level 2 with Zoom... Try applying for level 3, I faced the same situation with Remitly , and solved it by applying for level 3.
    Good luck with your new money services my friend!

  • @tstimpert33
    @tstimpert33 2 ปีที่แล้ว +1

    If you use Google voice you can get SMS messages and call anywhere in us for free. But the only catch is you have to set it up in us and use a local number to verify you. But if you have a family member or friend in the states you can ask them to set it up for you. Very easy to set up you just verify using their number.

  • @up2u162
    @up2u162 2 ปีที่แล้ว +6

    Sage advice as always, Paul!
    Though, it can be a bit tricky to set up an account in a foreign land while in the states.

  • @timcoughlin5834
    @timcoughlin5834 2 ปีที่แล้ว

    Set I up a couple accounts in your home country. Thx for that info . Nice to know!

  • @DrDlane
    @DrDlane 2 ปีที่แล้ว

    Good "advice", Paul. Hehehe.

  • @normansimonsen1203
    @normansimonsen1203 2 ปีที่แล้ว +1

    Some of my friends think I'm nuts, because I have 2 cell phones and 3 tablets.
    I can be talking on one. Receive confirmation codes / texts on the other phone.
    I have one tablet for access to all my Financials (that tablet doesn't visit any other websites)
    I have another, rather high end large screen tablet for watching Old Dog Paul, and movies and such.
    The 3ed tablet is for anything and everything else. It's cheap. I can replace it if it goes south.
    If you have wifi in your house. Put your phones on wifi. They will work, for most things.
    Otherwise, I change money the Old Fashion way. I carry cash 💸.
    On my trips to the Philippines. To my camp, in the woods, on the southwest coast of Nova Scotia.
    It even works at my house in Louisiana.

  • @TWills-oe7hn
    @TWills-oe7hn 2 ปีที่แล้ว +1

    Hey Paul. This subject is really important. Can you please do a follow-up video? I am particularly interested on the resolution to the XOOM issue. It doesn’t seem you were over the limit. I hope you were not somehow scammed.

  • @carlschleicher5516
    @carlschleicher5516 2 ปีที่แล้ว

    Good information, 👍

  • @johnscheitlin3647
    @johnscheitlin3647 2 ปีที่แล้ว

    This is exactly the money issue I was needing to chat with you about, I have been having this same issue for months now. Thank you for touching on this subject, but I still need some advice and help trying to set up a new and better way to transfer. I a out of town for a few, down south, but will be back in Talay in a few days. I would really love to meet up with you to discuss this. Thank you and God bless

  • @rfbos
    @rfbos 2 ปีที่แล้ว

    BTW Paul, next time you are in the states, setup a Google voice number. Then just get a secondary sim in PH, put load on it and waaala, you can get calls, text and more to and from the states. I get all security texts notifications from banks and cc companies.

  • @BigWalley3putt
    @BigWalley3putt 2 ปีที่แล้ว +1

    I know this is probably water over the bridge, but . . . for large amounts of $$ (I would estimate around $5K and up) it is cheaper and probably more reliable to do an international wire transfer. It will cost approx $45 ($20 for the wire and $25 for Melon Bank which processes it). Do a $US to $US transfer (you'll need a $US acct at your Philippine bank) and then convert the funds separately at the best rate you can find. You'll need all the acct specifics before calling to set up the transfer (you generally can't do it online for security reasons).

    • @BigWalley3putt
      @BigWalley3putt 2 ปีที่แล้ว

      BTW, none of the other options are FREE. They make their margin by adjusting the rates and charging small fees. They are, however, cheaper for smaller amounts of $$. But for large amounts, consider doing a wire.

    • @siwalairatsamee3832
      @siwalairatsamee3832 4 หลายเดือนก่อน

      How to do transfer from us act while in Ph please

  • @davidaldrich2154
    @davidaldrich2154 2 ปีที่แล้ว +1

    Good information, curious though, have you thought about Schwab and Bank of America?