Could Not Spend Any Dollars
By Curlann
@annierose (21977)
United States
June 3, 2016 12:55am CST
My parents have kept many US Dollars because they know that I wanted so much to go abroad someday. We have a poultry business before and they got some customers sometimes that paid them in US Dollars. Sad to say when I was going out of the country, I found out that those money cannot be used anymore. I do not have any idea on how are we going to use the money.
If you were in our shoes, what are you going to do with those old money?
12 people like this
14 responses
@brokenbee (11937)
• Philippines
3 Jun 16
If those are already demonetized, maybe you can just keep them as collection or sell them to collectors.
Maybe they could still be changed if they are not that old yet.
5 people like this
@annierose (21977)
• United States
3 Jun 16
That was what we were thinking of but those are too many. They have a big value.
@brokenbee (11937)
• Philippines
3 Jun 16
@hereandthere yup, I think my relatives brought their old dollars in the US before to have it changed because it was no longer accepted here.
2 people like this
@sunrisefan (28524)
• Philippines
3 Jun 16
They should have not kept it but deposited it in a dollar account. That way, the dollars would have earned interest while being kept for future use.
4 people like this
@annierose (21977)
• United States
3 Jun 16
My parents were not aware of that. I haven't learned they were keeping their foreign money. I just learned about it when I was about to travel, that was last year.
1 person likes this
@annierose (21977)
• United States
3 Jun 16
@sunrisefan I will try to search for that. My mom has somehow forgotten it and just remember those money because of my travel.
1 person likes this
@sunrisefan (28524)
• Philippines
3 Jun 16
@annierose Is there a branch of Bangko Sentral in your place. Did you not try to seek help from them or your bank? That was a very costly lesson.
2 people like this
@annierose (21977)
• United States
3 Jun 16
I have exchanged peso to US dollars and I saw that they have a new different note. I will go to the bank to ask about our old notes.
1 person likes this
@annierose (21977)
• United States
3 Jun 16
@sishy7 I hope those dollars will still be acceptable.
1 person likes this
@sishy7 (27166)
• Australia
3 Jun 16
@annierose Yes, they have new notes but they should still accept any old notes. The $20 bill you have there looks like the new one.
1 person likes this
@Letranknight2015 (52665)
• Philippines
3 Jun 16
how old is that? I made a post about the money we found in a sympathy card and surprised me with a 50$ that was stuck in the card for eight years. Did you tried it with the money exchange kiosk? if it's even there? such a waste if it can't be exchange into peso.
3 people like this
@annierose (21977)
• United States
3 Jun 16
I haven't tried going to a money changer to exchange those dollars. But I visited BDO bank yesterday. They said they could not exchange it to pesos because it is too old. They just advised me to deposit it instead through a dollar account.
1 person likes this
@Letranknight2015 (52665)
• Philippines
4 Jun 16
@annierose wow, you can deposit it? but that would mean you have to maintain it every month
1 person likes this
@annierose (21977)
• United States
4 Jun 16
@Letranknight2015 Yes, it is possible. The maintaining balance is 500USD. If I am going to withdraw all and close my dollar account, I will be charged 5USD.
@annierose (21977)
• United States
3 Jun 16
Thanks Anna. I did not bring them last time as I was afraid I could not use it. But, you are right I can still use that money. The bank told me to deposit it through a dollar account. She said I can withdraw the money after 8 days.My trip will be tomorrow so I think I will not withdraw those money anytime soon.
1 person likes this
@annierose (21977)
• United States
4 Jun 16
@LadyDuck Yes. I am glad Mylot was able to enlighten me about this issue.
1 person likes this
@LadyDuck (502812)
• Italy
4 Jun 16
@annierose At least now you know that it's not lost.
1 person likes this
@sunrisefan (28524)
• Philippines
3 Jun 16
Why? Are the dollars your parents kept demonetized? That's very unfortunate!
1 person likes this
@annierose (21977)
• United States
3 Jun 16
I will go to the bank today and will ask them if there is a way for those dollars to be used again.
1 person likes this
@sunrisefan (28524)
• Philippines
3 Jun 16
@annierose That's a good thing to do but you should have done that last year when you knew that the dollars could not be used anymore.
1 person likes this
@sunrisefan (28524)
• Philippines
3 Jun 16
@annierose Can you tell me how many years have your parents kept the dollars?
1 person likes this
@youless (114117)
• Guangzhou, China
4 Jun 16
@annierose Really? I think the banks shall exchange the old banknotes without problems. After all, they are money
1 person likes this
@annierose (21977)
• United States
4 Jun 16
@youless I hope so they did that..Actually the teller that time gave me some erroneous information that made me stay long in the bank. I wonder what if other teller assisted me perhaps there will be no need for me to open a dollar account.
1 person likes this
@annierose (21977)
• United States
4 Jun 16
It was because those money are too old already that was why we thought it could not be used. But we found out it cannot be exchanged here.
1 person likes this
@annierose (21977)
• United States
3 Jun 16
Thanks scheng! I use my credit card whenever I book for a hotel. I went to the bank yesterday and I was glad that those money can still be saved. I thought it will be wasted already since those are very old.
1 person likes this
@annierose (21977)
• United States
4 Jun 16
@scheng1 I think that depositing those old dollars to the bank is already good enough because the money was not wasted.
1 person likes this
@scheng1 (24649)
• Singapore
4 Jun 16
@annierose As long as they are legal tender, all banks will have to accept the notes.
You never know if a particular issue is very popular with collectors.
Too bad you never search online to see if anyone is willing to pay higher price for old notes.
1 person likes this
@allknowing (153529)
• India
4 Jun 16
Money is money old or new. A bank will guide you how to go about it.
1 person likes this
@annierose (21977)
• United States
4 Jun 16
Thanks. In fact, I have learned so much from this discussion. We still have old notes from other countries but my bank just accept US dollars.
1 person likes this
@annierose (21977)
• United States
4 Jun 16
@allknowing My mom has an old notes from India, Saudi, Korea and Australia.
@allknowing (153529)
• India
4 Jun 16
@annierose Since the introduction of Euro I doubt if you will be able to exchange those.
@toniganzon (77310)
• Philippines
3 Jun 16
That's terrible. You should have kept those money in the bank instead.
But the US dollars haven't changed their money for quite a long time. How long have they been keeping those money?
1 person likes this
@annierose (21977)
• United States
3 Jun 16
I have not been aware of it. They started their poultry business around 2002 or 2003 and that time I was still studying.
1 person likes this
@annierose (21977)
• United States
3 Jun 16
@toniganzon Hi Toni! Actually we also have a neighbor that has a husband working abroad and she thought she could not use her old dollars anymore so she just kept it. Anyway, my mom also have other foreign money from India, Australia, Korea and Saudi Arabia and those were quite old too.
@toniganzon (77310)
• Philippines
3 Jun 16
@annierose Who told you that those money can't be used anymore? As far as I know, US dollars do not demonetised the same way as the Peso bill does.
1 person likes this
@annierose (21977)
• United States
5 Jun 16
Thanks for sharing @skysnap! We do not have any plan to withdraw the money anytime soon. Your idea is great. We will just wait for a good conversion rate.
@annierose (21977)
• United States
5 Jun 16
@skysnap Thanks for sharing. I agree, that is another helpful and practical idea. It is really a good thing saving money in the bank than keeping it at home.
@skysnap (20152)
•
5 Jun 16
@annierose do you have CD or fixed deposits in your country? you can lock in that money in such deposits, this way it earns interest when kept idle.
1 person likes this
@annierose (21977)
• United States
3 Jun 16
Thanks Jabo! That was what I did yesterday. The teller said it cannot be exchanged. She then advised me just to open a dollar account and deposit it.
1 person likes this
@annierose (21977)
• United States
4 Jun 16
@jaboUK I agree. That was really a relief that my parents'hardworkd was not put to waste. My mom became glad upon learning that we can still use those old dollars .
1 person likes this
@jaboUK (64346)
• United Kingdom
3 Jun 16
@annierose That sounds like a good idea.
1 person likes this
@annierose (21977)
• United States
3 Jun 16
Thanks for sharing the information. That was what I thought yesterday too but I do not have enough idea on how those things are done.
1 person likes this
@annierose (21977)
• United States
4 Jun 16
@Lucky15 That is a good idea but I think it will be much better to know someone here in Mylot who have done that thing and is willing to share the experience.
1 person likes this
@annierose (21977)
• United States
4 Jun 16
Yes, I agree with that. My parents do not like savings in banks much because of low interest so they were not aware about this Dollar accounts.
1 person likes this
@annierose (21977)
• United States
4 Jun 16
@AkoPinay Yes. My daddy that time ( he is already in heaven now) has no intention to travel. My mom has fear of heights. But both of them know that they have an ambitious daughter, and that is me.
They wanted to help me with money so they kept those US dollars.
They wanted to help me with money so they kept those US dollars.1 person likes this
@AkoPinay (11496)
• Philippines
4 Jun 16
@annierose and they do not travel also that's why? We need financial proof when traveling as tourist right? I do not like saving money in the bank too but we need it if we want to travel around the world
1 person likes this
