Old Dog New Tricks, Show Me The Money March 26, 2020

Paul in the PH: Old Dog New Tricks

Video about my relationship with money living in the Philippines

Mae’s cooking channel https://www.youtube.com/channel/UCJ_5ACJdQRwThEHiWCZJX4w

133 comments

  4. Very timely info for me as I am retiring in the Phils “God Willing” in July. Thank you for sharing your experience, you have saved me a lot of trouble…..

  5. Great video I have a Schwab account and tell you it’s the best thing I did for myself and wife to be. I used it a lot while I was there and have my Social Security deposited in it. Any and all fees returned every month. The good thing is you get your money at current rate with no fees for money exchange

  7. Great video Paul…super informative for me, as I’m hoping to retire to the Philippines in 3 to 5 years…And I always prefer to learn from others mistakes. Not that you made some kind of boneheaded mistake, but because you are so open with the path you’ve taken, if I safe a hundred dollars here, a hundred pesos there, it all adds up for someone who is of similar financial means for the time being…keep up the good work, and stay healthy and safe! 👍…I’m already looking forward to rescheduling my trip back to the Philippines 🇵🇭

  8. View and manage your postal mail and packages remotely, 24/7 from anywhere, either online or an app!   iPostal1  Just saying! The answer to having a US address

  10. Hi Paul!! During your first 6 months there…..did you ever think “hey this sucks.. I’m going back to the states!”… if so… why ? Yup…. Schwab is the best deal !!

    1. @Paul in the Philippines Old Dog New Tricks Its an eye opener and that’s putting it mildly! When I went there in 95 I thought world war 2 was still happening! Culture shock is not even close.

    2. I thought it sucked sometime but I never considered going back to the states, I knew I had to adjust and I have with time

  11. My Credit Union reimburses all foreign transaction fees. Thank You for all of your insight and experiences. I use Remitly and it has many locations in the PH to pick up the money. I have a main checking account at my CU and also have set up 2 additional checking accounts with ATM cards as plan B and C in case one card is eaten or destroyed by a machine. Magicjack or Google voice does receive texts if you need a texting verification from your banking or money transfer facility. Yes, take screen shots of the transactions.

  14. First, the Charles Schwab ATM info is true. I have it and have used it in PHP and they refunded all the ATM fees. Transferwise is only bank to bank, but it has good exchange rates ( I currently use it) and get 51-53 consistently and their fees are reasonable. The birthday story is good, Filipino’s are kind and giving, they will help you if they know you. Ah, the gay scooter not being said, nice! Thanks for all the open information. It is appreciated. As soon as the China Virus stuff gets over, I will be headed to Leyte again.

  16. Thanks for all the info Paul, I had an account with Metro Bank, & PNB, in New York when I used to go to the Phil’s every year for vacation and bought some property on the water in DannBantanyan, I remitted money every month from the U.S account to the Phil’s to pay off the land in 7yrs. After not using it for so long they put in in remission and now it is a hassle to get it back so I’m like you don’t really need an account there.
    My Social Security money goes onto a Card called Direct Express- Master Card issued by the Govt. you should look into getting yours set up that way.

    1. Direct express cards don’t work here in the Philippines even if they say they will.
      I have been on the phone countless times with direct express to figure it out and finally just send myself the money out of that account. Threw remitly.
      Now my chime bank account that I get my VA pay in I don’t have any problems with and chime does not charge me any fees and I get paid early with it. Usually 2-5 days early.

  17. Paul, you are a real character! A good one at that. You answered ever financial question I have from here in the US. I am 100000% the same way you are on financial institutions no matter where. Even more so in a developing nation. I have a Schwab bank account and it works great here in the US and I got it mainly for when I come to the Philippines. Can I have your e-mail address so I can keep in touch with you? You and I are gonna hit it off well whenever I can meet you. You need to have a plan A,Band C when retiring in another country. I already lived in Angeles back in 2000 when I was 42 y/o. You answered everything concerning banking! My next question is medical care. I have tricare for life through the Air Force so I know I’m covered at select hospitals in the Philippines. By the way, I’m retired civil service, air force and SSDI. I have a nice nice pension but getting to it while living in the PI is another thing.

  19. Use Remitly. I’ve used it for years. Sending dollars is FREE … IF you chose the slow Transfer method. If you can wait 5 days to receive, it’s always FREE 🤣

  20. Great video Paul !! Lots of great info. I will be there soon. Leaving the USA in about 6 months. Very excited. If I can avoid the virus !! Take good care. Be safe always !!

  23. Hi Paul, just a quick question. How does your PayPal payments in work, do they go into you US bank account or can you get the money out over there, I’m a bit ignorant on PayPal 🤔👍🏻🇨🇮

  28. My thought, use your kids address. New cards sent to kids and forwarded or just have a replacement sent before you or they visit. I have been using Charles Schwab since 2011 or 12, never a fee. Also if I’m planning a trip I have brought new cards over for friends. I’m sure you know guys that go home regularly and your kids could send them your new card. Not difficult but does require a little preplanning.

    1. @Paul in the Philippines Old Dog New Tricks you sold your condo are you using a relatives address? and what do you do when all your credit cards expire? you will have to travel home to get new ones since they dont send the new ones outside of the USA?

  30. That’s funny when you said, no more banking here bc its too goofy..hahaha…I get all huff and puff if I have to wait 5 or so minutes anywhere, so do you think I can survive there…Haha.. ah probably not! Salamat for sharing your bank accts, etc….that’s was quite generous of you.

  36. Much too complicated for me. I just keep my bank accounts in the U.S. and withdraw with my debit card when I need money. Only 2 or 3 bucks for each withdrawal. I don’t trust foreign banks after experience I had in Thailand with trying to withdraw all the money from the account. Not very easy believe me.

  38. Your stuff is always the shit Paul. Great job. No bullshit, just the facts.

    By the way, regarding that incredibly gay looking scooter, just call it the flamer mobile…. That should satisfy the pink panty boys.😉

  42. I opened up my Schwab account 3 years ago and never left the country. lol

    Ok, here’s my tellers suck story. I moved to Oregon and went to the DMV to get a new license. I had a motorcycle endorsement and wanted to get that transfered too. Ok, fine. I read the motorcycle safety book, took the test, paid my money and got my license. Well, a couple years later I moved back to my original home state and needed to get my new license. It turns out that Oregon didn’t put the motorcycle endorsement on my license. I called and asked about it, and they told me that because I didn’t notice it for so long that they aren’t going to do anything about it. So, I no longer have a motorcycle endorsement because I trusted them to give me what I paid for. Moral of the story: don’t trust anyone.

  45. Paul that was a very informative video. I had asked you a question about that prior a few days ago. Thank you so much for clarifying things and sharing your experience. This will definitely help me out soon when I make my move overseas. Again thank you Paul

  46. I use TransferWise to send money from my US account to my BDO account for years now and haven’t had one problem with it. TransferWise give you the current market exchange rate. I prefer getting pesos because TransferWise gives you the current market exchange rate so I don’t have to mess with trying to exchange it here. The other companies give you a lesser rate but like you said TransferWise is only bank to bank. Regarding the credit cards when mine are close to expiring I have a new one sent to my son’s address in the state and then he sends it to me. I use my son’s address as my US address. Haven’t had any problem so far.

  47. Hi Paul, good informative vlog. Just one point, i use Transferwise, yes it is bank to bank, however if you open an account with them they will supply you a debit card which you can transfer money into via your home bank account, into any currency you specify. No need to get involved with opening bank accounts in the Philippines, just use your Transferwise card to withdraw at any ATM. Drawback the banks charge 250 pesos per withdrawal transaction. On a positive note Transferwise will send your card to the Philippines. Simples!!! Stay safe!

  49. Been here 10yrs and used all the services and the best one by far is World Remit. Log in and make a transfer via debit card (Wells Fargo). When I hit the buy button on World Remit it is in my BDO account in 5 min. A couple of times 10 mins. World Remit sends me a txt that the transaction has been completed and is in my account. 10 mins later I get a txt from BDO that the deposit has be made. Cost: 1.99 per transaction plus they get between .004 to .005. Been doing this for 2 years and never had one problem.

  50. Thanks Paul this is a great video and very helpful mate appreciate it and keep the videos coming . Keep safe you and mam Mae , I’m also in the Philippines stuck in southern Mindanao luckily with my wife and kids at our home.

  55. All good info Paul—-I go to my bank in Australia and advise them and get them to advise Visa whenever I am going to be out of the country and where I will be—-I have a Visa credit card linked to its own account which I overload into credit before I travel—I have a Visa debit card linked to its own account which I load up and I have a Visa Plus eftpos card which is linked to my major transaction account. All 3 cards have been denied and not recognised at varios times by ATMs in the Philippines, but only BDO ATMs—all other banks have been fine. For the biggest bank in the Philippines, BDO is bloody hopeless. But having said that, I will be openning a BDO bank account in my wifes name because I want to buy some BDO shares which pay dividends quarterly and have consistently yielded better than 6% for the past 7 years.—–an investment that wont be taxed in Australia and the dividends can be our travel cash in the Philippines

    1. No they don’t pay 6% dividends, its 1%. Their current dividends are 30cents/quarter X 4 Quarters = P1.20/P98 per share – share price as of 11am 03/30/20 = 1% yield.

  56. Thanks for the video Paul (: I watched the whole 40 minutes. The information you provided is important to know especially during today’s ever ongoing financial heisting. I wont leave cash in the bank either. Big brother gov passed bail in regulations into law a couple years ago whereas upon a financial banking crisis instead of the banks being bailed out by the government with our tax dollars, like was done during the 2008 crisis for over a $trillion, this time they by law will just legally confiscate all monies held in personal bank accounts period. The end!

  57. Hi Paul – Interesting and great Info concerning possible problems dealing with money xfers etc. Have you ever used ” PayPal ” ?? – I think they are pretty much world wide ?? – Will have to look into that, because I believe they have a credit card account that you could have the SS Ck direct deposited too. Then use the card for purchasing, etc. ??? ………cul, VegasJim

  58. My wife and I are retiring April 30 and coming to Dumaguete from Oregon. Is it possible to get from Mactan to Dumaguete? Also looks like with the lock down it is difficult to get around Dumaguete. I don’t know if this would interest you to make a video about your life there with the latest restrictions?

  61. Lots of great info Paul. My wife and I have a BDO account here and I just transfer money using international transfer from my bank in Canada to our account at BDO and it has worked for us so far, knock on wood, haha.
    John

  64. I lost my bank card at Ayala mall. Skype the bank Wells Fargo sent 2 replacement cards via DHL. Oh, also a few thousand illegally withdrawn, thieves went to pawn shops no need for my pin number.

  65. Just a good advice, if you have to use an ATM , remember the fee is high so go for the maximum . In Philippines and Thailand it is not so high. They want you to do many withdrawals to get the fees. Like you Paul , I use ATM in last resort. Great source or information !

  66. Hi, see if you can open an ING bank account, when I travel there it’s the best to have.
    Living there should not be different, they do not charge any overseas fees and reimburse fees charged by Philippine banks.
    When you withdraw your given the current exchange rate, no need to carry any cash, all ATM’s there accept them.
    Only thing you have to do is make 6 transactions monthly.
    Look into it……best of luck

  72. Great video. Money and how to get it from America to the Philippines was my BIGGEST concern about long term residence in the Philippines. Charles Schwab was our lifeline for the 4 months my wife & daughter used during our stay. I had it linked to my bank accout so I could transfer back & forth.GREAT card! I used my credit card once for our first stay at a hotel in Cebu. It was my LAST use of a credit card there due to fees. I ALWAYS used Xoom and like you was reluctant to switch to Remitly but I did and haven’t looked back. You can get FREE delivery if you don’t mind waiting 3 days and their exchange rate beats Xoom by a TINY bit. I’d be VERY nervous to do a permanent stay like you as so many things can go wrong as you know. I did get my drivers license but only got the paper license as the real deal was taking some a YEAR to get! lol Anyway THANK YOU very very much for sharing your experience. Thumbs up! I use to eat at that little Bistro there in Valencia on the corner that a lot of expats hung out and I believe I saw you there but that was before I saw your Youtube videos. That was Nov-Mar 2017-2018. Don Jenny & Asia

  73. Everything you said about Charles Schwab is true. I’ve had their checking and brokerage account for years. All my ATM fees stateside and overseas have always been refunded.

  76. Hi Paul, I’m retired living in Dumaguete also, close to Sibulan, anyway. I too have my social security direct deposited into my USA Wells Fargo account, I use their Express Send feature. I use cash pickup. There are several banks and one pawn shop, Lmilhluer however it’s spelled, haha, to transfer to, I use Lmilhluer and send $1000 maximum USD for a $4 fee, or use PNB and send $3000 maximum for a $4 fee. there’s a minimum that can be sent $25, up to the maximum, it’s all a $4 fee. It has to be setup in the States, and your 1st transaction done at the bank in person, after that you can do online. Maybe you knew about that, but seemed to me it was cheapest. I have 2 other ways to send money if I need to use them. Last time I was in the States I set this up in my girlfriend’s name, I know it’s risky, she can’t do transfers. Since I can’t go out, senior citizen stuff, now with covid-19, I did a transfer today, she went picked it up and gave me the money. I’m glad I did it that way. Have a good day, be safe.

  77. My father-in-law worked
    for M Lhuillier (owned by
    French family.. it’s
    pronounced M the letter
    WHILL yer)
    When he retired they
    gave him a kit to build
    a jeep. He had to
    assemble a jeep 😆

  83. Direct Deposit mine to BPI, never had a problem. They grab 8 bucks a month but I think that is the cabbage forwarder in NY doing that. I believe Commerce Bank out there on North Road is very Expat friendly.

  84. Paul…Really enjoy your personal down home style videos…really down to Earth and they’re refreshing…A couple of points if I may…

    If someone is moving here its a good idea NOT to have monthly “Auto Payments” (not talking about cars here) billed to a credit card…i.e. storage units, monthly insurance premiums, car/boat storage, or whatever else could be set up as monthly charges to your credit card while overseas (and still maintaining somewhat of a presence back in the USA)…CC purchases get declined here in the PH all the time for whatever reason and “declined” usually means “Call the Bank”…If you forget to call the bank back home you get hung out to dry when the old card expires and the new card is issued ~ there’s a new expiration date and the “auto payment” info that you gave to the storage facility or whomever can not be processed (the exp date will be wrong ~ Sometimes the CC companies will still let those payments go thru for awhile but eventually those will be disallowed unless the new exp date is inputted by the retailer)…Happened to me (I forgot to call my CC company during an extreme illness with my GF’s family) and I lost all of my stored possessions from my locker…They just auctioned it off *(this is 100% my fault but sh%t does happen)…Put those auto payments on your online Bill Pay so that a check goes out of your account every month and you don’t get hung out like I did…

  86. Paul, if they are doing that with all of their customers, do you know how much interest they can make off of your money by sitting on it for 2-3 weeks. This has fraud written all over it.

  88. Wow, you moved to Philippines with that little bit of money ? Then thought you would travel to all these other countries ? What was your job most of your life ? You must not of been much of a saver.

  90. I found all this very interesting and I’m more convinced that everything that’s super easy to do here in US is a super problem there in Philippines.. I’m not willing to live life as foreigner in a developing country and be subject to their back woods ways of doing things…No country ppl are citizens of is perfect but I’m happy having great internet 24×7 and all the fast paced things I’m accustomed to…I can appreciate the beauty of Philippines and the pretty girls and thx to YouTube channels like yours I get to experience online what it’s like there..I’m 70 yrs old and if I was ever there you’d be kind of guy is enjoy being friends with…stay safe..thx

  91. Paul
    I have been using Remitly now since 2017,
    My wife now still living there I send her money to her for her budget.
    Anything less than $1000.00 is a $3.99 fee. Over $1000.00 free.
    Something for you to think of.
    Never once have I had a issue.
    I travel there with little money then send it Remitly. Free over $1000.00.
    Hope this helps you decide.

  93. In 2012 when I first arrived in the Philippines the dollar was at php 40.00 it went down as far as Php 39.00 . If I remember correctly .
    I used ATMs to get my money for a long time. And most banks limited each withdrawal to around $200.00 and charged about $5.00 per transaction . As I didn’t like the money transfer options at the time .
    A couple of years ago I finally got my Retirement direct deposited to RCBC here in Dumaguete. There are only a handful of Banks that the UIS govt will approve for Direct Deposit .
    Since My DD first began RCBC has streamlined the withdrawal and conversion process . So it is no loner a half day spent at the Bank to withdraw and convert $ to Php .
    Like you I do maintain a US address. and money in a Credit Union .

  96. If you had a Charles Schwab account, couldn’t you just have your social security check deposited into the Schwab account and pull out whatever you need at an ATM every month ? Thx !

  97. Eric in Phoenix. Great video, Paul. I agree on the advice thing. I also do that; not advice but here is my experience or what I would do…. take it or not, no worries.
    Good info on banking too. Live and learn. 🙂

  99. Xoom is awesome. It is more expensive then other money movers but they are very dependable and very secure. We have been using them for the past 4 or 5 years sending money from the US to my wife’s family in the Philippines to help out from time to time, we have never had any issues.

  100. I have found that the safest and cheapest way to get your money is to keep the transactions to a minimum.
    1. I have my SS and pensions deposited into a US bank. 2. Do an online wire transfer in USD into the local Bangkok bank I have established. 3. Then withdraw the cash in local currency required for the next month or two. I never use a debit card to obtain cash or buy anything. I have a credit card with a $25K limit which is only used for medical purposes or airline reservations and maintain a small balance because I use this as my primary insurance policy. I never carry my debit or credit cards with me unless traveling away from home. This has served me well for the 10 years I have been retired in Thailand. The wire transfer fee is $35 USD and I have transferred up to $40K. I suspect that I am getting less than the optimum exchange rate but have not had any problems for years.

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