Traveling with cash / alternatives?

[EllisAndRenz 196]

OK, my wife is leaving soon for Manila.  One of our goals is to fix (Practically rebuild) her grandmother's house.  She has the contractor lined up.  Overall, she is going to want to travel with about $15,000 to cover everything.

 

Initially I was going to tell her to utilize travelers  cheques, but it is my understanding that no banks will cash them now and the Amex office has horrific rates.  

I'm a bit uncomfortable with her carrying that kind of cash (not to mention the forms it will trigger at the border).  

 

Any suggestions?  (The contractor won't take credit cards).  

 

[Verrou 1,962]

transfer it to her PH saving / checking account if she still have it. use transfer wize

Edited August 24, 2022 by Misscloud

[EllisAndRenz 196]

1 minute ago, Misscloud said:

transfer it to her PH saving / checking account if she still have it. use transfer wize

 

Sadly, she does not have a PH bank account, and never had one.  For whatever reason she always lived on cash.

 

 

 

[Verrou 1,962]

i wouldnt dare to bring $15,000 cash to PH, but that's me. 

ask her family there probably to open a bank account

[EllisAndRenz 196]

6 minutes ago, Misscloud said:

i wouldnt dare to bring $15,000 cash to PH, but that's me. 

ask her family there probably to open a bank account

That's kind of where I'm at.  But you know how stubborn wives can be.  

[Palawan 131]

6 minutes ago, Misscloud said:

i wouldnt dare to bring $15,000 cash to PH, but that's me. 

ask her family there probably to open a bank account

Banks only insure up to $10,000 USD in Philippine, and banks do go out of business

 

I had my wife bring me $9,000 US Dollars last months in the Philippines, she exchanged 6K at the airport and kept 3K in US Dollars.

[Palawan 131]

19 minutes ago, EllisAndRenz said:

OK, my wife is leaving soon for Manila.  One of our goals is to fix (Practically rebuild) her grandmother's house.  She has the contractor lined up.  Overall, she is going to want to travel with about $15,000 to cover everything.

 

Initially I was going to tell her to utilize travelers  cheques, but it is my understanding that no banks will cash them now and the Amex office has horrific rates.  

I'm a bit uncomfortable with her carrying that kind of cash (not to mention the forms it will trigger at the border).  

 

Any suggestions?  (The contractor won't take credit cards).  

 

Set Up a Charles Schwabb Account.  You can do it online

 

Tranfer 15K into it, She will get a debit card

 

You can take $1,000 US Dollars per day at any ATM Machine in the Philippines and world wide and Charles Schwabb will give you back ATM fee at the end of the month.

[EllisAndRenz 196]

4 minutes ago, Palawan said:

Set Up a Charles Schwabb Account.  You can do it online

 

Tranfer 15K into it, She will get a debit card

 

You can take $1,000 US Dollars per day at any ATM Machine in the Philippines and world wide and Charles Schwabb will give you back ATM fee at the end of the month.

This sounds perfect.  Are you SURE any bank will allow her to take out $1,000 a day?

 

[EllisAndRenz 196]

7 minutes ago, Palawan said:

Set Up a Charles Schwabb Account.  You can do it online

 

Tranfer 15K into it, She will get a debit card

 

You can take $1,000 US Dollars per day at any ATM Machine in the Philippines and world wide and Charles Schwabb will give you back ATM fee at the end of the month.

Actually this won't work.  She leaves this weekend.   No way they can get her an ATM card before she goes.

[Palawan 131]

15 minutes ago, EllisAndRenz said:

This sounds perfect.  Are you SURE any bank will allow her to take out $1,000 a day?

 

The ATM will allow up to $1000 US Dollars per day.  Most ATM's only allow 10,000 peos or about $200 USD per transaction, so she will have to use it 5 times in  row. Remember there is a 250 peso transaction fee each time, but that is refunded at the end of the month, not same day.

 

I am 100% sure just got back a few weeks ago, we hit the ATM daily for the $1000 USD. 

 

You will set up a brokerage account and a checking account, the ATM uses the checking account.

 

Charles Schwab | A modern approach to investing & retirement

 

 

Edited August 24, 2022 by Palawan

[Palawan 131]

13 minutes ago, EllisAndRenz said:

Actually this won't work.  She leaves this weekend.   No way they can get her an ATM card before she goes.

Send as much cash as your secure with and western union, Remitly, Money Gram, etc the rest.

 

 

[EllisAndRenz 196]

5 minutes ago, Palawan said:

Send as much cash as your secure with and western union, Remitly, Money Gram, etc the rest.

 

 

Sounds like that may be the best option.  Western Union and Money Gram are a pain in the rear.  I've never used Remiitly.  How are they?

 

 

[Timona 4,208]

Use Sendwave.

Their rates are competitive..However, since it'll be your first time, you may have to either call them to increase the limit OR send your wife with ½ or ¼ to start, then wire the rest via Sendwave up until you hit the limit, then call them to increase it. They automatically increase it after you've been with them for a while but since you need it within a short time, you may have to call later for it to be increased. Money is remitted instantly as soon as you send and you don't have to deal with high transaction fees akin to Remitly, WU, Money gram etc.

 

I think sending her with ¼ is better for security as someone already pointed out, then once that's used, wire her another ¼ via Sendwave, wait till it's use then repeat. You don't want neighbors to target her knowing she has $15K in the house.

 

All you need in Sendwave is their phone number. Sendwave will then tell them where to cash out at a partner bank. Or if she has account at that bank, it's deposited directly BUT you said she doesn't have any. So you'll go with Philippine's phone number.

 

I use it to send money back home. Been using it for 7+ years... @EllisAndRenz

 

https://www.sendwave.com/

Edited August 24, 2022 by Timona

[Timona 4,208]

5 minutes ago, EllisAndRenz said:

Sounds like that may be the best option.  Western Union and Money Gram are a pain in the rear.  I've never used Remiitly.  How are they?

 

Remitly charges $3.99 per transaction and has low exchange rates. I would not touch it. Sendwave is free and gives near current exchange rates which are higher than the rest

[EllisAndRenz 196]

3 minutes ago, Timona said:

 

Remitly charges $3.99 per transaction and has low exchange rates. I would not touch it. Sendwave is free and gives near current exchange rates which are higher than the rest

Oh my this is getting complicated.

Thank you.