We all know that Philippine banks charge 200 Pesos on ATM withdrawals when using a foreign card. But are there any banks in the Philippines that don't levy that charge? I cannot use World Remit or Azimo as it is my fiancee's employee who collects the money and she has no ID. I just heard that Citibank may not charge the fee (yet) and I guess other foreign-owned banks may not do so either. Does anyone know for sure?
Correct, at least if you have a Citibank card. I use my Citibank (UK) debit card at Citibank ATM's in the Philippines and Thailand and there is no local ATM charge. The only cost is the small Citibank percentage taken on the interbank rate so for me this is an efficient method of getting cash. But no idea if there is a charge for using a non-Citibank card at a Citibank ATM.
We opened a PNB account last time we where out there so we just do a pnb transfer when we've got spare cash. Obviously you're charged for their transfer fee but I think its about £5 or so which is what I was charged every time I put my natwest card in the wall out there! Plus you can pick and chose when to transfer money depending on the exchange rate.
The second most efficient means I have found of avoiding ATM fees (after having a Citibank account) is CASH. Cash is King! I have found that the cut taken by money changers is about 2% on the interbank exchange rate, a lot better that the 6% you can be charged for making an ATM withdrawal using a foreign card. Good idea to stock up with a few thousand quid in £50's before leaving the UK...
HSBC allow free withdrawals with a foreign card. Hard to find though unless you're in or around Ortigas or Makati.
Yes, as others have said there are 'foreign issued' cards that do not incur that ATM P200 charge. One of the cards that I use is Caxton FX pre-paid. Now I'm not suggesting these are the best or that you must get one. But here's an interesting twist. I used my Caxton Global Traveller card in Davao just before going across to Samal Island. I withdrew P10,000. The ATM did state something about P200 charge. Indeed on checking my Caxton transactions there is only one charge, under Caxton FX mark-up of around £4.00 (P260) The transaction details states CMU - DAVAO /NCC MALL which really means nothing to me. Does anyone know this? On another occassion in Marikina City I withdrew P10,000 on the same Caxton card and got charged a Caxton FX mark-up of around £1.00 (P66) However, I don't remember a message about any charge but can't be sure to be honest. Anyway thats the only charge. The transaction detail states only 028,PHILIPPINES,PHL so I have no idea which bank. Does anyone think Caxton will know any additional detail? Well, for what it's worth that's my experience anyway. Sorry it's not much help
My Third most efficient means of getting Peso is Caxton FX. Caxton FX Global traveler cards charge a fixed FX markup of 2.75% on withdrawals where the currency withdrawn is different from the card currency. You are also charged the Philippine ATM withdrawal fee (usually 200 PHP). Caxton FX do not itemize the Philippine ATM fee separately, you are charged, but it is included in the bill amount. Hence for a withdrawal of 10,000 PHP (Philippine Peso) Caxton is billed 10,200 With an exchange rate of 66.00 the Caxton fee = (10,200 / 66) * 0.0275 = 4.25 GBP (British pounds) 200 peso is 2% of 10,000 Peso, Total charge is 2% + 2.75% = approximately 4.75%. Almost five quid to convert 100 quid into peso.
