| Philippine Banks in
Kabankalan, Bais, Dumaguete, and Bacolod Most major Philippine banks have branches in one or more of these cities close to Mountain Valley Guest Inn, Bais [45 minutes], Dumaguete [90-120 minutes], and Bacolod. At Equitable Bank [Dumaguete, Kabankalan, Binalbagan, and Bacolod branches], you can get cash advances [no fee charged] from your foreign debit card [if affiliated with Mastercard or Visa] or Visa or Mastercard credit cards. You can do the same at the Bank of the Philippine Islands in Bais, Dumaguete, and Bacolod. You can also exchange major foreign currencies such as the US dollar, Australian dollar, Hong Kong dollar, Singapore dollar, Japanese yen, German mark, and several other foreign currencies. Do your foreign exchange transactions ONLY at Philippine banks or licensed money exchange retail shops and not with street vendors hawking their exchange services if you don't want to be cheated, robbed, or given counterfeit pesos. There are licensed, bank-owned foreign exchange shops inside both the Manila International Airport and the Cebu City Airport [the two primary international airports in the Philippines]. There are NO restrictions or
regulations on foreigners depositing or withdrawing funds in US dollars and
Philippine pesos. You can maintain both a dollar savings account and a peso
checking or savings account. Banks are open only Monday-Friday, 9 a.m. to 3
p.m. The banks are also closed on many Philippine holidays [such as Good
Friday, and the immediate Thursday preceding it]. There is no restriction as to the
monetary total of foreign checks that you can deposit into your Philippines
bank account. Foreign checks take 30 to 60 days to clear. Similarly, there
is no restriction as to the monetary total of foreign bank transfers into
your Philippines bank account [bank wires provide immediate use of your
transferred funds]. |
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