Money Woes In The Philippines: No Laughing Matter!
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- čas přidán 20. 05. 2024
- He posted on Facebook he needed a loan and wanted to use his Passport as Collateral. Short Term loan in the Philippines. 6-5 loans. Money Matters. How much money you need in the Philippines. Can you afford the Philippines. • Video @mikesphilippineretirement @DumagueteRentals #philippines #moneytransferservice #retirement
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You are a good man Mike.🙂
Wow thank you
Shhh don’t do that too loud! Mike will raise the rates on the membership! 🤣
down to earth man
soon Mmikeyyy
100% Mike
I couldn't agree more.
Thanks
I think people should have at least 4-5 ways to send themselves money. In Thailand, I have a Thai bank account, I have Wise, I have a debit card, and two credit cards. That doesn't include Western Union which I've used in the past. There are also some other methods that come to mind. After getting to the required time in country, my first item to handle after I get an ACR card is to get a Philippines bank account.
This over-preparation is helpful in case one of my cards expires, I lose a card, my Wise account locks up, etc.
Smart moves. Be prepared safe travels
@EasternDreamer615
yep, this is what I plan to do & test before I head out overseas.
Now that's smart.
Excellent advice Mike, it wouldn’t be good to be in a foreign country with no money. Thanks for sharing and blessings to you, Janet and PJ.
Take care Troy and thank you
Right on Key, Mike, Be Safe, God Bless
Good advice and great I'm in training thumbnail.😂
Is that what it says on there tops? It is hard to read! 😁
@@Mikeyyyy_L ~ 😂😂😂
Great! hahaha you like that
@@mikesphilippineretirement ~ Of course!
Great information buddy.
Glad it was helpful!
Great point and podcast 👍🙏
@prancer4743 thank you
Mike makes sense love all your vids thank you.
Thank you
love your videos because it is very useful and informative
Great content Mike, love you from Philippines Antics
Thanks for watching! hard to tell if that you from Philippine antics or a fake. I think way more fake but what do I know
Mike, it's good to plan ahead, especially when it comes to handling your money.
good info thanks
Glad it was helpful!
Wise advice Mike, however protect it as well.
We love your videos
protect yourself at all times
Mike good topic! My niece asks me often about what she would have to do for my retirement account if I was to become incapacitated. Also like the guy that passed away, make sure your “family” knows and can access your accounts.
Thank God your niece is thinking about you. Lucky man
Hi Mike,
I’ve been a subscriber to your channel for a while and, I’ve got a channel too.
I plan on letting my bank know that I’m moving to Cebu in September and that I’ll be using my debit card there. They also transfer funds into my (future) bank account in the Philippines.
Great information on this video.
The ATM machines at Cebu airport will accept bank card from Canada / USA
Yes but you will get a poor exchange rate and probably fees from your own bank. Just transfer money with a company like remitly. Carry some cash in case of emergency in case of any problems
good info
@@sentinel80 that's not true. Your bank uses the international exchange rate. But if an ATM ever asks you if you want to use their rate, always say no. Like these Euronet ATM's do. That's how they make their money. Even some BPI banks in El Nido were trying to do that to me.
Hi Mike and Janet watching from cebu city
What’s happening Mike? Hope all is well. Always enjoy your content Brother.
I am very grateful for my status of having a retirement income come in to sustain my travels.
I have been here in the beautiful Philippines for over four weeks now and I’m going to extend my visa for a second time. Loving it 😍
When I get to the Dumaguete area, maybe I can meet you at the coffee shop. 😁🙌
of course. Enjoy your visit
Learn the banking system, know how to transfer money, and do not use your passport as collateral. - Got it thanks for the wisdom Mike
@GlobalandInternational thanks
When I lived over there, I would call them a poorpat, not an expat. I was actually surprised by that myself. Absolutely never give up your passport.
never heard the term poorpat
Here's a sidewinder for you. I asked my bank in the US to allow me to use my debt card on my American bank. No problem they said. 5 years ago. Apparently there were others (lady friends?) taking the money from the account months after the money train kicked the bucket! Uncle Sugar decided to change everything. My bank closed my account. I called them (not an easy task) and they said I needed to call the new bank handling the SS accounts. A Canadian bank.??? I called and they asked me three questions. One was my SS number, obviously. Unfortunately a hundred years ago some SS moron typoe'd my number wrong in my general information. Their solution was for me to fly back to the US to fix their screw up! At that point all my savings had been depleated on food and tent! It took three more months and Herclian efforts by my Congressnan to get my money coming to me! Then SS refused three months of back pay without explanation! News flash! You will not be the first veteran to be screwed by the nation you served!
I have no idea what you're talking about.
My wife on bank account states married. on k-1 the bank said she responsiable for account equal to me. She has her maden name on account that on her passport and s.s card . It will be recorded at PSA with my last name her renewal of passport will reflect my last name. Were waiting on new s.s card show my last name her social # dont change only last name hope it not a issue should i die in philippines
does anyone know what he is talking about
@@mikesphilippineretirement He's trying to say that He Lives In A Van Down By The River. The moral to his story whether you understand it or not is #JustSayNoToDrugs and to typing comments when you are tripping on them.
With the internet now it’s easy to spend some time watching videos like this. Have a few backups in case one way doesn’t work you have another to use. Like you always say Mike there are no safety nets in the Philippines.
Just your Filipina family and a few close friends
I did most stuff right Mike but still working on safety net some sales in US so getting set up in my rental was costly electric bill scared me too good video
Thanks Jerry
Some of the folks that say that you lecture are probably some of the same people who are asking for loans on Facebook. I absolutely hate when someone tells me “I told you so”. Therefore I like to plan out most things so that doesn’t happen. I might not follow your advice or someone else’s, but I will take it into consideration when I’m planning. The advice that almost every Philippines expat vlogger gives is to plan better….if they could go back they would have planned better.
thanks for sharing
My credit union does require me to tell them in advance when I'm going to a new country. If I don't tell them, my ATM card won't work
Yes Yes Yes talk with your bank or credit union.
Too many if's about loaning to anybody, don't do it
Exactly don’t trust anyone
Been to my bank twice sat down with Mt banker I deal with he took the Time to go over my account and insure me about the cost to send a new ATM card or the bank credit card. Guy's take the Time to sit with your banker and call your credit card people like I did. They their to help you and explain the fee's. Plus letting them know your going to be in the Philippines is like a must. Due to alot of transition will be showing up overseas. That sometimes get a card locked. So do like Mike says be prepared the old boy scout moto.
@JenGioPhilippineJourney thanks for sharing
As for me, I gave my son Power of Attorney for all my accounts in the USA. Also, I left a Last Will and Testament. This was all done several months before I left the USA. Oh, what a relief it is knowing I covered all of my bases before hand! If you don't do this, then suddenly life becomes 100X more complicated once you arrive in the Philippines!
thanks for sharing Robert
Another great video Mike.
When I opened up at dollar account at the bank they didn’t look over every bill the way money changers do.
yes if you have an account they take your cash maybe put a short hold on it
Have a will !! With 2 witnesses and get it notarized
Unfortunately it’s no better in most countries around the world. Has gotten very bad here in the USA
it is unfortunate
Mike, great topic and warning to people looking to travel or relocate long term. On your title though, did you mean “Money Woes” instead of Wows? 😊
thanks i will fix it
I have had my CIBC bank account for over 50 years. I can do a direct transfer from my bank in Canada to either my BPI account or my wife's or daughter's bank account at no cost except exchange rate. It may take one to 5 days to arrive but it is guaranteed. I have had no problems so far and no transfer company involved.
Great info thanks John
Even the wealthy of the world must budget! You can live great here If you Budget.
As a Brit we are used to free medical care for serious ailments such as medical procedures and accidents and also free education up to 16 years old. This obviously not true in the Philippines. Whilst a persons day to day expenses may be cheaper these are all things you have to factor in. It’s important, to have a safety net, for example, if you are involved with a phillipino you are expected to support her family and various other cousins. My advice is always if someone seems to good to be true than they probably are. Thank you Mike for the video.
❤
thank you Edgar
You are spot on about the guys who don't do there homework about getting more money from their banks, but I'm like you Mike I'm fairly sceptical about these guys, it's so easy to have recurring payment to your bank account from western union or remitly, or just tell the back to allow overseas transactions from the Philippines for the time your there
thanks for sharing
They probably came there with just a certain amount of savings and he ran out. As far as getting access to your money, I will be setting up a wise account and well as G cash and I'm also getting a Chime online account because I've heard of expats banks at home closing their accounts for not having a "home address/home telephone number", so for me I will be renewing everything before the trip Driver license , bank cards, travelling mailbox and keeping my telephone but switching to an international plan, I even have western union on my phone so I can send myself money as well as paypal, for me I can afford to live in the Philippines, it's just setting up a footprint at home and have different ways to access my money.
great info thanks for sharing
This is excellent and mirrors what I'm planning to do so I have multiple ways to access my money. Also, I'll be bringing my old phone (4G) with me for use with a local SIM and only use it locally keeping my "banking phone" secured at my condo.
Foreign born wife married to USA XPAT with a Green Card takes card to Manila Embassy and in 10 minutes gets a monthly check equal to 70% of late husband’s payout. No Green Card and Good Luck collecting on long term benefit. New Card Expedite process done in 10 months not years. Processing cost in Philippines about $1000.00 and US Application fee. Cheap insurance policy for a “Love You Long Time Honey” feeling long after husbands in Heaven for kind actions.
Going with two U.S. banks or one Swiss/Singapore bank and you will be covered anyplace in the world. Don't use your main bank for anything other then moving money to a secondary bank for payments/rent etc your account number for main bank should not be known anyone other then the bank/banks your move money too for payments the secondary bank is what you link payment aps etc too. Also do not make it easy for a wife/GF to move your money if you passaway, just dont do it. Setup a trust instead its not just for rich people and the lawyer/trust manager will make sure nothing shady is going on but will ensure the wife/GF does not blow all the money and the kids end up with nothing, it also has massive tax benefits should you pass government wont take 40% of the money before handing it to kids.
thanks for sharing
As long as your heart is right and intentions are good, you owe nobody an explanation. I don't loan money to anyone for anything.
thanks for the comment
I would hate to find myself in that situation - It's rather a kind of fear of mine - Not being able to access or transfer money - Card expiration - Ecetera - Get and learn as much as you can while your still stateside - Thanks for putting this video out there Mike . . .
I just finished setting up wire transfers from my U.S. bank to my Philippine bank (for more than $10K USD), and my Filipina Wife has full access to everything, just in case... she already had Remitly and World Remit access, before I returned to the States to liquidate. I had to make sure, before I fly back to the Philippines, tomorrow! 🇺🇸✈️🇵🇭🌴
safe travels Jerry
Bank of America has branch in Manila
Make sure if you need a death certificate for a US citizen you go to the US Embassy to get one. You will have a hard time getting anything done as far as life insurance and so on without one.
If i was one of those men in this situation who have loved ones here and know one else. I would have a box at home locked up with all info like account numbers passcodes whatever she would need to get what my child deserves. Tell her if something happens to me then get my key and open the box. Only if ive passed
I told her best to contact the Embassy 1st
If one has to go to a 3rd world country to retire because it's "too" expensive to live in the US, then they did not plan for their retirement, and will never be good with money in a 3rd world country.
don't shoot yourself
Many people plan for retirement but not all plans come to fruition for one reason or another.
Loan often loses both itself and friend - Wm Shakespeare . . .
Wm Shakespeare . . hahaha this is you tube who is this guy does he have a channel..
Hi Mike can you share with me for example. I'm coming from Canada to the Philippines for 6 months.
Would bringing in a large amount of cash and setting up an account there work?
Out of the goodness of my heart, I would be willing to have anyone and preferably EVERYONE send me money to test your transfers 🙃
you bet
And you should specify if he's talking about pesos or dollars.
Peso of course
@@mikesphilippineretirement it seems strange someone would need to borrow 8,000 pesos. I had a close friend who wanted to borrow 2 to 3 thousand pesos from me for less than a week. I was still I little reluctant, because I knew he was fairly poor, and it's not really my job to be a bank. So I loaned him the money. When he saw how much i had in my wallet, he wanted to borrow more. I said no way. He did pay it back right when he said he would. But I wouldn't want to make a habit of it. He lives on an Australian old age pension of around $1,000 a month. But it's his own fault for not holding down a steady job when he was young.
That restaurant is expensive almost 🇺🇸 prices.
great food and not close to US prices.
Since Philippines women in general don’t handle money, what are the chances if they got an inheritance of a fair amount would just blow it not understanding the nuances of a budget?
I went to Jollibee one evening with my girlfriend and they said they were out of fries, no coke and no mango pies, lol. We had spaghetti and chicken. Always plan to have a plan and you can handle the surprises 😅
Hi Mike how are you guys doing?? You're not lecturing you're helping people.. if you can't even afford to live a month in another country on your retirement you should have never left home to start with... I've had the problem with exchanging USD, but by the third or fourth exchange place somebody would take it.. it is very sad that these guys work their entire live so they can pay bills and retire and yet they don't think having funds available is important?? A lot of guys I feel from my experience expect other expats to help them when it comes to learning how to send money once you're out of the country but that's probably the biggest mistake you can make... It's very sad when you're in another country it's nice to see another face from your country but you can't trust expats until you get to know them like anybody any place in the world of course there's going to be a very good people 9 out of 10 are going to be good people you got to do your due diligence.. have you got a minute I'd love to see the house now that things are settled down and see what it looks like again?? Seems like yesterday you were so green just starting out and look at your channel today... Congratulations but it's too much work for me in retirement I'll leave you tube up to you guys... You three stay healthy..
Thanks Christopher
You can get cash advances from your credit cards at most ATM machines both here and In Thailand . For some reason, you can't get a cash advance from your credit card if you walk in a bank in the Philippines or Cambidia, even if you have proper ID. Pretty stupid, and I have no idea why. A couple guys in Angeles will cash checks for about a 3 to 5% commission.
Thanks for the info! But writing checks in the Philippines not a great idea unless it is to a bank to make a deposit
@@mikesphilippineretirement I don't think there's much risk in writing the check. The guy who accepts it is at risk if it bounces. Jerry told me he's gotten checks that bounced. Then he just has to eat the loss.
who is Jerry?
@@mikesphilippineretirement Jerry us the guy who was cashing checks at Brass Knob. I don't know if he still does it. He also did something else that makes him stand out, but I can't remember what it was. I'll ask a friend, and report back when I find out. Steve. I should of know other people wouldn't know who he was.
@@mikesphilippineretirement maybe I'll walk over to the Brass Knob today and see if he still does it.
Where do you get money? Last time I checked, there were called bank accounts, and ATM machines!
I transfer bank to bank
@@mikesphilippineretirement right so you're still using a bank. To me it's easier to keep my money in my American bank and just use my ATM card. If I withdraw 20,000, it's a 250 fee, a little over 1%.
@@mikesphilippineretirement so your bank transfer is free? And you're transferring to a dollar account? So you actually goto the bank, and withdraw the money in person, or do use an ATM card with that bank? If you use ATM card, what exchange rate do you get?
Why on Earth would anyone relocate from their home country to the Philippines, or anywhere, with insufficient cash, no savings, no property and no income? I came here having bought property, with cash in the bank and having established a business and a regular income. We have 'preferred customer' status with our bank. There is absolutely no way I would lend cash to someone who is clearly financially illiterate.
you never handed someone money hoping to be paid back
@@mikesphilippineretirement Nope. Anything given is genuinely a gift, such as at baptisms and weddings, where it is expected, and is accepted as such. Any 'handout' I provide is for the kids' education. We employ the family in our businesses. They work for their money.
Do not tell your US based bank that you are relocating overseas. They will shut down your account immediately due to US banking regulations. Just tell them you are traveling overseas and keep a permanent US address. An example is Charles Schwab. They will close your US account and make you open an international account.
Totally untrue. I tell my credit union all the time I'm in the Philippines, and they don't care at all. They even send all my bank statements, credit cards, and ATM card here.
@@shb7772000if You use a PMB or you have a permanent address in the US. Travelling overseas is not a problem. Tell them you are living overseas permanently and find out.
I checked into this regarding Schwab--opening up an International account won't help. That type of account is for adding the ability to trade in foreign currencies. It doesn't not exempt you from their rules of not being able to permanently reside in the Philippines.
@@napoleonmdusa8877 Thanks for confirming. So many Expats think their US bank don't care if they can live permanently in the PH.
@@napoleonmdusa8877 Schwab and a bank are two different things. Schwab is a broker. I have to hide the fact that I live in the Philippines from my broker too, Vanguard. They say they can't do business in the Philippines, for fear of violating local securities laws. But my credit union has no problem with me living in the Philippines.
Hi
Hello
Smart guys will have a couple of backup plans to get money in the Philippines.
thanks Gary
idont ever send money here i get my ssi direct deposited into my dollar account at land bank and my peso account has more than enough for a years worth of budget . when these pros tell you keep all your money at home are idiots . and if i need to move money here i can do chase bank in the states direct here to land bank ive never used wise or remittly
@jamesgilbert2181 Does Land Bank Philippines has international direct deposit ? Thanks
@@gratitudetouniverse777 all i know is yes ican send money from the U.S to land bank here.
scary no money in the Philippines,
very scary
Mike the Green Card provides 😮one major benefit to foreign born wife not known???
and what would that be
BOO HOO HOO
Foreign wife with USA Green Card gets 70% of a late husband’s monthly earnings. No Green Card and foreign wife makes a R/T to USA every 6 months to get same check with other requirements designed as road blocks. Green Card Expedited process 10 months $900-1000 cost with Philippine Agent plus application costs. Also the Green Card spouse wife is eligible for Medicare if she needs that benefit for life threatening treatments in USA. Not what some XPAT husbands want to hear but sometimes you have step up to the Big Boy Club in life. SSA monthly check for a good woman and “ She’ll Love You Long Time”. Guaranteed. Not widely known that if foreign wifey books from a USA husband with Green Card; he gets American Divorce and wife can’t collect 70% survivor benefit at age 60 unless they were married for 10 years.
I need to check that
Does not bode well for this gentleman, he needs to sort his budget immediately.
Indians will loan
Interest rate when i was overseas and .my fiance was borrowing money from them i think it was 20% a week or something like that
450php for a Sandwich - over £6gbp what a rip off
Hmmm yes so good . Wish you could taste it
You get what you pay for. Corn beef sandwich at Abaca 625 very good. Maybe you came here on a meager amount of money. Some of us can afford to live well.
@@billyjohnson9166 That comment tells me everything I need to know about you, fyi I have plenty of money, but I won’t be ripped off, and £6+ for a sandwich in the Philippines is too much, sadly I feel guilty for making locals who have lived in these areas for many years and now they are priced out of property and eateries.
@@theone1750 I Guess you don’t eat out much, I do .quality costs money some have it and some don’t.
@@theone1750 by the way Mike recommended it and he thought it was fair and very good food. You have to get out of your cocoon and live a little.
Mike...that's my biggest fear.....I try to keep cash ahead,coz you never know about atm, cash pickups places etc......I have a good lock box....don't trust PI banks..change thier policies overnight
is discover card accepted in the ph just as much as visa
maybe someone can answer that but contact your credit card company for the correct answer
Never seen Discover Card accepted
@@JT-mf3dm it was kinda like that when I was in mexico last month
Visa and Mastercard are the preferred, some will take American Express…
No. Discover no good in PI. Not widely accepted. Stick to Visa, MC.
I'm convinced your audience is the age of about 18
then your not so smart if you think my audience is 18
OK, 10
62 actually
Mike tell her to contact a lawyer
Have you ever done a video and showing us how to do a bank to bank transfer? like transferring money from the bank in America to a Philippine bank..👍👍
i did show how to transfer using World remit
@@mikesphilippineretirement yes sir and thank you.. I already use Remitly and WesternUnion.. I need to learn how to transfer from my bank in America to my girls account in BDO in Cebu city.. thanks for all the great information that you provide in your videos👍👍
Never give your passport for anything
I agree unfortunately it means you can’t rent a bike when in the Phils 😩
here in Duma and Bohol I rented bike and did not leave my passport.
Just buy a bike because they are not that expensive.. then when you get through sell it or give it to some girl..😊@@sentinel80
I think you meant woes not wows.
thanks i will fix it
Expats should stay away from the Social, and stop smoking, that would probably save $500 a month,
Mike does your sweet wife have a Green Card. Wondering how many USA XPATS obtain first wife(s).
no she does not
I think your title is meant to be woes not wows
thank you
Facebook scam?
No Just someone looking for a short term loan. Not everything is a scam
Sounds like someone that ran out of money before their next check came in.
Been scammed by American 2 weeks ago dummagetye will out him later this week
Small loan and you don't know then bah Humbug
bah Humbug I do not understand your comment
Wen I got married to my finpno girlfriend and we had ours daughter who is 7 years old and we are expecting twins who are due in December and we built our dream home and open up 10 business plus i own 15 houses in England that i rent out so if anything happens to me she will be secure and financially better off i put in the will that the houses I rent out cannot be sold so our children can have money coming in every month for the rest of their lives
If somehow you can guarantee your children a great education that would be better than money.. knowledge is power and it can never be taken away from you😊
What is Janet's youtube channel name?
Philippine life with Janet
Lots of broke foreigners because there are lots of CZcamsrs selling the LIE of the cheap, easy life. An easy life isn't cheap and a cheap life isn't easy!
who is selling a lie?
@@mikesphilippineretirement The people putting out videos about living on $600/month and how they'll get here and the women of their dreams will be waiting for him. It's all BS to generate subscribers and views.
You guys need to budget so don’t need to borrow Phil.dont like old $100 bills bring crispy brand new$100 bills
yes bring new $100 bills