Expat Money Woes: Philippines Financial Reality 

Good information Paul and Mae. Nice to see you both doing so well. It's always good to have a backup to your backup. My first trip there in 2003 the ATM ate my debit card. I had never seen that before. It's one thing to have the transaction denied but to actually not give the card back was pretty rude. Luckily I had a second card from another back. I used that very carefully the rest of my trip.

Paul, you are a kind-hearted genius. Your wife is blest to have found you. A lifetime of happiness to you both. ❤

Hey Guys. Good topic. Money does matter anywhere.

You guys are a great couple. Much love to you both.

VERY IMPORTANT information Paul. Many expats are dependent on social security to live. My social security was cancelled by the department, and correctly so, because of my apparent failure to send the required paperwork to the department, they assumes I was dead. What happened was, as usual, the mail I'd sent the relevant forms via the Philippine postal service. Was unable to send via courier service because only a PO Box is provided. when they eventually received the forms in America I was advised via email form social security in Manila all was well and my social security would be paid in February 2024 and past months also would be paid. Ah, no. That didn't happen. I advised social security in Manila and will hopefully hear back from them before I die. Fortunately, although Im far from being rich, I'm modestly comfortable financially and don't depend on social security . But, and this is a big one, what about the many other expats living here who, through no fault of theirs, find themselves broke and perhaps hungry due to not receiving their hard earned social security benefits?

great video thanks for sharing this very Informative video..

Paul your heart exceeds 99.99% of the population.

Tmobile is $70. Per month for the international plan. I will be moving to Cebu on the 29th, thanks to you and Mike hopefully I'm prepared. You 2 are the best!

Pretty Good Info Paul. What I did was file for Social Security in my local office. Easy. No problems. Direct to US bank account. My wife and I keep our US phones. Yes, our phone accounts cost $60. a month, but they work on Wifi, or even Globe. We can do business on our US phones. We can get calls just like at home, except when they call 3 in the morning! Wise has been the best. Sometimes, you have to re-do the ID info, which is a pain, but can be done.

Great video, Paul. Transferring money is still my main concern. Thanks for covering this subject again.

One more good idea…have multiple bank accounts and credit cards with expiration dates that overlap. Because if you only have one card and it expires then you’re screwed.

Great video and a lot of great information, thank you.

Paul, this is without a doubt one of the most valuable and useful videos anyone I know of has done for us expats. Thank you! Back in 2012 I opened an HSBC account near Ayala Mall in Cebu City and had a peso and a US dollar account with them. My trust in America wired the money into my dollar account once a month. I would get online at my apt. in Cebu and transfer whatever dollar amount into my peso account that I wanted to and then use my HSBC debit card locally at stores and restaurants. Never had a problem.

Hi Paul and Baby Mae,.. great 👍 informational video about money in the Philippines. Thanks and keep up the great work. God bless.

Both of you make such an incredible couple and it's obvious the love and trust you have for each other!

The funds receiving method described here was the norm in years past, but nowadays there's no need to bother with so many steps to move money from overseas. Just bank directly with Schwab or Fidelity, and/or set up a GCash or similar mobile banking account and transfer funds into it using the service of your choice. There's always a fee, either openly stated or hidden in the exchange rate difference, so it's not about saving a few bucks; it's about convenience and personal safety.

This is the best video I have ever seen you do. You and Mae did a great job explaining the nuts and bolts of personal finance between the USA and the Philippines. Thank You!

Thank you for sharing your experience.

Hey Paul. Been watching you and your mate for some time now and can only say: Well done. Your videos are always informative, entertaining with a bit of humor, often at your own expense, which is refreshing. Glad to see you two are still together doing well during your twilight years. What a way to go out! Congratulations.

Very inspiring couple even though I changed my mind on going over there when I watched this video. I'm inspired.

😇great to see you this morning Paul you are getting really close to a hundred thousand subscribers 😁😎🎯 it won’t be long!!

This video is a godsend. I am currently going through financial woes, for the second time. I was using Remitly, but they closed my account without warning, saying I violated a policy of theirs. I have not tried to use my Debit card. Because of the bank fees and I have been told you can only withdraw ten thousand pesos at a time. I will look into zoom and wise.

Just a suggestion. Do a video about reporting your foreign bank account to the US Government if you are a US Citizen and your balance exceeds $10,000 at any time during the year.

I do wire transfers from my bank in the USA to a Philippines bank. Pretty easy and no fees. The downside is it may take several working days to complete the transaction.

Hi Paul Been subscribed for ages - love the videos. Recently had a month on holiday in the Philippines from the UK. Couldn't get over how cheap it was compared to Europe. All UK banks and credit cards say don't need to inform them if you go abroad. But they often send a text with a one time code to your phone - this worked well, just had to remember to use the UK SIM to receive the text. (dual sim phone was very useful)

Very informative, Paul.thanks for ur infos/researches .surely ,u are w meticulous guy ,honest .God bless u and family ❤🎉🙏🙏👍👍🙏

Wow! Paul is looking younger n younger than ever before👍

I have been to the Philippines 6 times and never had a money problem. I call my credit union letting them know where I am going. So I use cash machines and pay a few bucks to do that. Or go to a bank and get my cash and pay a small fee. I have done all my banking online for years so when I am there I just use my laptop to move money to checking and that account is the one I draw money out of. It is safe and my credit union is the best.

Hi Paul, Great video. Its my understanding that we can only bring $10K to the Philippines or any foreign company. You mentioned $14K. That amount maybe problematic but maybe doable if accepted at customs and immigrations at the entry airport. For the safety net currency it maybe a good idea to have no more than $10K while entering the Philippines are any foreign country for the emergency safety fun. Credit cards are doable but there maybe a daily limit on the amount of cash allowed for withdrawal per day. Thanks for sharing your experiences with fellow expats. Opening foreign bank accounts are doable but have to be reported on our annual tax return.

Thanks for the vlog Paul . This is a topic that cannot be covered enough. Whether your way or another way, it's a topic one should know inside and out. Many options are always good to have.

Mae is much more talkative on her channel. I'm a big fan of both you guys. Your advice about the phone was helpful last month when I went to Cebu. I used a credit card at SM seaside to buy a phone, but the bank had to text my U.S. number to allow the transaction. I wouldn't have known to set up an international phone plan if I hadn't seen you videos. The trip went so well after that. Also I hired Glenn from PRC LLC as a guide, which was worth more that 3x what I paid.

Great job Paul. It’s a lot of mechanics that well you don’t know until you know. I have bank accounts in Thailand and the Philippines. I have Wise which gives me a great exchange rate and a debit card that I can use as a backup plan. Been in Southeast Asia going on 4 years now and knock on wood no problema. Another thing I’d like to add is timing. Know your country’s bank holidays and where you are sending the money. You can then better deal with the delay. Also holidays here mean the atm will not have money. Plan accordingly. You can adapt. You can live the dream. Just remember everyone’s dreams are different. If you try to do everything like Paul but you are not Paul… you might fail. Take his advice as a starter. Work on your plan. Stay true to yourself. You will be happy. You got this.

Watching now Paul and Baby Mae, this is very informative video. The immigration business JRC could add the "PROOF OF LIFE" to their business. im entertaining ( spoiling) Ms Jo this week on her spring break.

First rule of personal finance 'pay yourself first!' Also for disabled vets receiving payment from the VA, once you are at 80% or more you can petition them to pay you at 100% for being unemployable. It is worth looking into.

Great video Paul, I find the information in this one so valuable I have downloaded it. Thank you for your clarity when it comes to planning a move to a distant land and all the matters to consider before doing so.

Good video, Paul, and very informative. Good job providing detailed information and expectations needed to move and live in the Phils.

Send the first Zoom, Remitly etc to yourself in the Philippines while you're still in the States for that confirmation call.

Hi Paul and Baby Mae! I just want to thank you both personally for doing what you do! I'm a 59 year old never married RN of 30 years, looking seriously at the total retirement plan that will hopefully end up in the Philipines! I've been watching all of your videos very carefully. Thank you both for your caring hearts for guys back home in the US who aspire to fufill the goal of retirement in the Philippines! I encourage you both and mega THANK YOU for being sincere caring people who care and want to encourage US guys to become Ex Pats in Philippines for retirement, you help sort it all out, (HUGE!) and do it right without reinventing the wheel. Please continue to do these practical How To videos like this! Paul, you are the GOAT! Phillipines You Tuber!!! I love your down to earth real world videos, God Bless You and Mae, I hope to be there doing the same thing in a few short years, daily you provide me with the encouragement that I can make this happen in a few short years. God Bless You Both, don't change, and keep your real world videos coming! You are positively changing lives. I pray I can be there in a few short years!

I looked and I’m pretty sure that Bank of America has banks in the Philippines so does Chase Bank so why not just use those Banks so that you still have access to your full banking with out the hassle ?

Google voice is great....use a VPN with it...act like your in usa. I had Google voice for 20 years and have traveled. around the world with it. I never paid for using it ever. Of course I set it up with T mobile us number to do this.

All very good and helpful info, Paul. Everyone needs to do some research and planning and always have a backup plan. BTW, I've been watching you for several years, and your looking even younger now. Your diet and lifestyle is working for you!

"something clicked in my head" ... YES! This happened to me a couple weeks ago, while I am madly selling all of my hard fought for possessions! "selling this will buy me a small bit land", "This give me 3 months of a humble life", "This will give me 10", etc... Now all I think about is how i can build that little Nest Egg of money before I leave in July! (I am SO excited to be leaving Canada!) Thanks again for your ex-pat thoughts and insight to the North American shift to Philippines way of life :) I am thinking of a little channel as well to document the Shift from a western Canadian to ex-pat in Philippines ! Amping! Salamat!!

I've had a Schwab account for 15+ years and have had only a few hundred dollars in there, I have not been cut off

Great content! So fun to follow your journey. Thank you.

Paul your absolutely correct. I have been going to the Philippines since 2008. And so many things have changed. I have not expensive SS asking for prove of life. But it got me thinking what if. Thank you Paul for bringing this up. I need to handle all this while I am I usa till end of the month

I’ve been following your channel for awhile and this video was so informative. Thank you so much for the different ways to get money there. Keep up the great work you two❤

Great info. Great to see how your subscriber base has grown.

Thank you Paul, great video. Nice to see a updated subject.

Thanks Paul and Mae for sharing, God’s blessings to the both of you.

I live in Lima Peru and use Western Union with no problems

Paul, Thank you so much for this excellent video, your advice should help other expats avoid a lot of painful mistakes. Much appreciated!

I would say have at least 3 ways to move money here and a paid off credit card as well. Back up to the back up. It’s just the way we live here. When the ATM is offline or out of money you already know where the next one is.

Hi Pual ! I love this video I met my Filipina (born and raised in Manila )in 1996 and we got married in 1999 here in the USA. I am 50 years old and she is 48. We we both have a 401(k). And we have silver and gold investments. And a Roth IRA . We are just waiting to save up for that magic number to bridge the gap to 60yrs old .. (draw off my 401k) hoping to retire within the next 3 to 5 years in the Philippines. We have made a few trips there over the years and absolutely love it. I’m looking forward to seeing more videos like this from you in the future.

Not my business, but very delighted to see Mae getting her dental bite adjusted. Of course, she was always pretty and smart. She will enjoy a better digestive process with a more even bite.

Very thorough. Though I’ve not experienced the same difficulty, I know many who have. Great advice Paul. In sum: you cannot over prepare. 👍🏼

Great folks, great channel.

Thankyou for the great info on bringing money to the philipines from your home bank.great video..thankyou. .

Good advice on the cash in the country you are living! Smart stuff. And God Luck with your wife and life! ;)

I alwys enjoy watching ur videos when u interview any foreigner .u r not only humorous but witty ,a joker. 😂😂❤.ur laughter is contagious too😂😂😂👍👍👍Cheers🎉🎉

Thanks Paul, and Ms. Mae. I’m retiring in less than 5 years, and y’all have been a fantastic resource. Take care 👍

Viber helps so much. It's good your explaining what really needs to be done to be successful in living there in the Philippines. You need to and it's a suggestion to only publish your plan that works so others can follow what you have done to be successful in not having situations or problems being in the Philippines. Kindest Regards. Joel Alm

good info, good video

Great info. Thanks

Love your yellow rubber duckie. I still have a purple Barney the dinasaur figure from when the kids (now 30ish) were little. Barney is coming with me as my touch of home.😊

Some people are beyond help when it comes to money, then again some manage to save even with a modest income. Good information was given here, but I feel those that are inclined to save already are, and those that spend as fast as they can, will continue to do so.

This the first detailed information on this important topic that I’ve seen. You and others have touched on it once in a while, but I still didn’t understand the whole thing. Thanks for explaining it more clearly.

I didn't read all the comments, but the law requires that you have an ACR-I card to open a bank account. I'm 99% positive

I'm a Schwab customer. Philippines is on the restricted list for expat living long term.. you can check at their website. if you are traveling and staying in various countries temporarily you can use the app to give notifications where you are so they don't do a security block on atm use.

You should have a family member or good friend whose address you can use in the states. Also they can send you bayak bayan boxes that they fill with stuff you order and send to them. It’s great for stuff you can’t get here. It can take 3 months to get here, but it’s like Christmas when it arrives .

HI PAUL and MAE , I am 1 of your TOP CRAZY FANS , that saidTY for all your important help you give us. HAPPY EASTER GOD BLESS CIAO

Old Dog Paul and the Lovely Mae, good useful info. Tks., much appreciative.

Paul! This Brilliant piece of information, just showed me that I was Unprepared to take the necessary steps needed to enjoy my retirement in the Philippines. Thanks to you & May I now have the right mind set regarding the things I need to do!

Paul and Mae...Great video with good information...Thanks Paul and Mae.

Wells Fargo and American bank you can send money to your BPI bank I think I was told 3.00 dollars to send . I have BDO and BPI

Good Evening Paul And Mae , Great Video ! Hope Both Of You Have A Wonderful Night ! 🥰🥰🥰🙏🙏🙏💯💯💯

Thank you two so much for getting this information out. I just got back from a three week vacation March 1-23 on Negros awesome time by myself getting on the motorbike and going up in the mountains. It was all I could do to not to reach out to you just come shake your hand. Thank you so much for getting me out of my comfort zone. I probably had one of the best time I’ve ever had all bye myself. Thank you.

I like to spend money too. To fix that personality trait, I started spending money by buying stocks. I get the same positive feelings from buying something and the stocks hold value. I like to say, I don't buy on Amazon, I buy Amazon.

Great stuff!

I just got a T mobile account in California and it is 70 USD a month. It is an over 55 account and usually works all around the world.

Your approach is the best in my opinion

Don’t forget if you ever exceed 10,000 USD in an overseas bank account at any point in a year you will have to do the FBAR with USA Dept of Treasury

Thanks, you Old Dog. This was very informative. Like your prior videos on a myriad of topics. Namaste

Great advice

Thanks Paul and Mae! Another great video!

Hey Paul and Mae,Thanks for the entertaining informative video.I was just wondering why you dont transfer funds instantly and free of charge yourself from your bank account in the US to your bank account in The Philippines using your US banks App on your phone ? Maybe you havent bothered to download your US banks App yet ? Its so easy to do on the Appstore App on Iphone or Playstore App on an Android Phone. Best Regards John

Did you know you spouse has to live in the US for 5 years for her to reduce your SS retirement after you are gone . Also as long as you file your US tax return they will not send you a proof of life form..

Congratulations on 91,000 subscribers!

you are right about all and dont forget to drink water

Thank you for another informative vlog. You know you will be doing this again somewhere down the road.

Hola I live in Mexico, I use Wise for my direct deposits Social Security and retirements. They pay 4.85 interest now on US dollars. Had Charles Schwab for 4 years and they canceled me. I carried a balance way above $25000. As of now Wise works very well.

Thanks!

Paul, several questions please. First, do you still maintain your US driver license? Second, do you have car/bike insurance in the PH? Third, how about house insurance? Fourth, when I do get dropped off in Dumaguete, and I need to pay for 2 months of rent, and security fees, my guess I need to provide all that in PH pesos, so how do expats handle that the first time?

Your system works for you-great! However, way too much unnecessary movements. Simply open an account in the US at any PNB: Philippine National Bank. They have two branches: New York and California. And NO, you do not need to physically step foot in either branch to open the account. Now you have the account: - Simply have your SSA or other annuities directly deposited. - Now you have an ATM card. - PNB has branches ALL over the PI. - You can go directly to x-branch or use the ATM. Can’t get any simpler than that! Enjoy!

Thank you paul and mae for this video.

Great video. Thank you sir.

good info rmation

I'm a federal pensioner alike SS because we are dependant on the Federal govt. 2024 elections in the USA will make or break our incomes.

They're always interesting topics Paul you always help somebody out by reiterating what you've already said the past to the new ones people watching your channel... When you say you sing cash is that actually USD you can actually walk away with? Or is it you have to change it into pesos when you pick it up I'm just curious?? You must sleep well at night knowing that you have all this taken care of because it was a rough ride for you when you first got there like most people it's all behind you now brother... Plus you're both earning well with RU-vid... How is your father doing Paul?? I know you don't remember but my father passed last year and I miss those phone calls!!!! StayWell brother, both of you.. and the dogs....

I have cash in a high yield citi bank account. I saw they have a branch in Cebu where I plan to move in 5 years. I wonder if I could just transfer that account to the Cebu branch? Maybe that would work for me

Hi Paul & Lovely Mae Great Vlog and great advice, I spend most my time in Thailand, home at the moment in Dublin sorting out a few things here. I’ve got similar situation and the same idea as you always have back up money for the rainy day. I had a incident a few months ago when I had a medical emergency had to go to a Private hospital for urgent treatment and I was traveling home two days later cost me $1000 lucky I had the back up account and cards if needed. I also had medical travel insurance on my credit card so was refunded nearly 2/3 of the outlay. As you say keep a bank account open in your home country and draw down on it. Keep up the great work Cheers Irish Paul