Should I Bring Cash To The Philippines

Should I Bring Cash To The Philippines: Overall, living in the Philippines is cost-effective, but a certain amount of cash will need to be spent when a traveler first arrives in the Philippines. This cash is often used to pay for deposits for rental accommodation, Internet, and other essential expenses needed when starting a new life in the Philippines.

Therefore one common question is should I bring cash to the Philippines? If so, how much cash should I bring to the Philippines, and what are the best ways to save money on international transfers? In today’s article, we will be exploring these very questions and more as we look into the topic of – should I bring cash into the Philippines?

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Should I Bring Cash To The Philippines

Legally speaking, a traveler can bring up to 50,000 pesos (which is just under $1000 USD) into the Philippines without prior authorization from the Bangko Sentral ng Pilipinas; however, if a traveler wishes to bring in more cash, they can do so as long as the currency is not Filipino pesos.

The law states that a traveler can travel and carry up to $10,000 USD (or its equivalent in other currency) in cash. This can include cheques, bonds, etc. If the traveler wishes to bring in more than $10,000 USD into the Philippines, a written statement must be submitted and approved by the Bangko Sentral ng Pilipinas.

So the question remains should I bring cash to the Philippines? A traveler should bring enough cash to support them for the first few weeks. Ideally, if you apply the saving method I will mention in a moment, then you will only need enough money for 5-7 days at most; nonetheless, budgeting a few weeks is often advisable to be on the safe side, financially speaking.

How Much Money To Bring To the Philippines

So now that we know that it’s recommended to budget at least two weeks’ living expenses when investigating – should I bring cash to the Philippines; therefore, we are now left with the question of how much money to bring to the Philippines as a foreigner?

On average, the living expenses in the Philippines total up to approximately $1000 USD per month for expats. Therefore two weeks’ living expenses would be $500. Hence, it is recommended to bring around $500 USD into the Philippines in cash.

However, as mentioned above, two weeks’ living expenses is an overestimate. If you already have your accommodation arranged and are confident that the majority of costs will be taken care of, you may be OK with budgeting only a few days or up to a week. The average weekly expense is estimated to be between $200 – $250.

Best Way To Bring Money To the Philippines

This brings us on to the final topic of what is the best way to bring money to the Philippines as a foreigner. At this point in your journey, you essentially have two different payment options.

When you live in the Philippines, you will need to pay in cash. This is the first payment option. Cash is paid for to purchase visas, for example. But there are many cash expenses when you first arrive in the Philippines. These expenses are why it’s important to bring a little bit of extra cash into the Philippines for additional costs that may crop up.

But when living in the Philippines, there are also other expenses, including accommodation rental, car rental, Internet, electricity bills, and so on. these are often expenses that can be paid online. But how do you pay online if you do not have a Philippines bank account?

The answer is a company called wise which was formerly known as TransferWise. I have written about this company many times as they have saved me thousands, and through my research and speaking to other expats, it is clear they are the best international transfer suppliers globally.

Wise allows you to send and receive money from anywhere in the world. A few countries are excluded, but most Southeast Asian countries are available on the Wise platform, and therefore many use Wise When living abroad.

In addition, the currency conversion is often excellent, and the fees are extremely low. Through each transfer, you will also be able to see how much money you will save. If you are looking for more information, take a look at this link to bring cash to the Philippines and find more information about Wise.

Should I Bring Cash To The Philippines: What’s The Plan?

So what’s the plan? The first stage is to apply for a Wise account. This will be extremely handy, and even on the rare occasion you decide not to use your Wise account, you still have a borderless bank account which can be very valuable in the future.

When deciding how much money to bring to the Philippines, the second stage is to convert your local currency into Filipino pesos. I would first suggest withdrawing a few hundred dollars and transferring this into Filipino pesos, ready for the first few days of living in the Philippines. This will help you pay for the cash expenses when you first arrive in the Philippines.

The third stage is to start to use your Wise account to pay for the high expenses. This includes paying for a rental deposit for your monthly Internet expenses. At this stage, you can then continue to pay for your expenses in cash and through Wise.

However, there is a fourth stage for those looking to live long-term in the Philippines, and that is to obtain a Philippines bank account. Previously, I have spoken about how foreigners can obtain a bank account in the Philippines. To summarise, foreigners will often need to have an ACR card (aliens certificates of registration) and meet the financial requirements.

But of course, it’s always essential to bring your emergency cards which can be used to access your money. But you may find that the fees and currency exchange are not the best, and therefore using Wise for online payments or using a local Philippines bank account is often the smartest choice.

Should I Bring Cash To The Philippines

Should I Bring Cash To The Philippines

How Much Money To Bring To the Philippines

Best Way To Bring Money To the Philippines

Should I Bring Cash To The Philippines: What’s The Plan?

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