First and foremost, inform your bank that you are traveling to the Philippines!!!  Banks have been known to suspend cards when being used in this country.

There are more than 20 banks in Butuan, but their banking practices are generally a bit antiquated, so be prepared for long lines and much more paperwork that one might find elsewhere.

Most Expats live off their ATM card sourced from an overseas bank.  It is important to communicate with your bank regarding withdrawal limits, currency conversion capability, and international fees and charges.  Wiring funds can be tedious and expensive.  It is also important to note that privacy in local banks is not as emphasized as in other climes.

Deposit insurance is limited to P500,000.00, roughly $10000usd, per depositor.  Due to the volatility of the Peso,  excessive interest rates for borrowers are the norm.  CD’s generally pay between 1-3%, dependant upon amount. Point of sale credit card purchasing opportunities are increasing, but this remains a cash economy.  Be sure to make copies of all your Credit Cards, Licenses and Passport, and keep in a separate place during your stay.

Very often ATM’s are not maintained on holidays and weekends, so it pays to have some cash around-I still get caught cashless at times because I can’t keep track of all the holidays!  I do not use hotel safes. It is not easy to transfer large sums out of this country-even though it is your money.  Most Expats do not carry wallets when out and about, preferring belt bags and the like.  I carry a small money clip with one credit card, and my proof of residency in a zipped pocket.  If any other ID’s happen to be required, the local Police are very accommodating.