Wire Transfer

Go Back   Expat Forum For People Moving Overseas And Living Abroad > Asia > Philippines Expat Forum


Philippines Expat Forum The Philippines Expats Forum is dedicated those individuals that have chosen to make Philippines their new home. This forum is an ideal place for Expats now living in Philippines to meet and discuss all aspects to their new way of life.

Like Tree13Likes

Wire Transfer


Reply
 
Thread Tools
  #1 (permalink)  
Old 9th January 2017, 09:01 PM
Member
 
Join Date: Jan 2011
Location: Philippines
Posts: 507
Rep Power: 139
Phil_expat is a jewel in the roughPhil_expat is a jewel in the roughPhil_expat is a jewel in the roughPhil_expat is a jewel in the rough
272 likes received
340 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default Wire Transfer

I just completed for the first time a wire transfer from my USA Citibank checking account to my Philippine China Bank dollar account. It was a very long process the first time. I hope next time it will be easier. China Bank does not have a routing number but they do have a swift address. China bank told me it takes 1 to 3 days to get the money but Citi bank said it takes 2 weeks for international transfer. I am sending $5,000 to my dollar account. Has anyone done this before and know how long it takes?

Tony
Nickleback99 likes this.

Reply With Quote Quick reply to this message
  #2 (permalink)  
Old 10th January 2017, 05:39 AM
Member
 
Join Date: Jan 2016
Location: Australia
Posts: 63
Rep Power: 0
bigpearl is on a distinguished road
23 likes received
25 likes given

Users Flag! Originally from australia. Users Flag! Expat in philippines.
Default

Hi Tony, have to apologise as I am an Aussie but I assume a wire transfer means sending money from one account to another electronically? Hope that's what you mean or I am a stray horse.
You have jumped the first hurdle by simply having an open bank account in the Philippines, well done and a task we went through 4 years ago, shunned by 3 banks even though I had an ACR1 and all the correct paper work,,,,,,,,,,,as a younger man I would wave told them where to get off but with age comes maturity and tolerance (to greater and lesser degrees, lol)
2 accounts open with BDO, debit cards and online banking, wow. We transfer funds easily in under 2 days to these accounts from Oz. We also transfer funds to the outlaws periodically and never a problem, last transfers from Westpac to the outlaws account, PNB only took 1 day,

Cheers, Steve.
Nickleback99 and M.C.A. like this.

Reply With Quote Quick reply to this message
  #3 (permalink)  
Old 10th January 2017, 10:49 PM
Member
 
Join Date: Jan 2011
Location: Philippines
Posts: 507
Rep Power: 139
Phil_expat is a jewel in the roughPhil_expat is a jewel in the roughPhil_expat is a jewel in the roughPhil_expat is a jewel in the rough
272 likes received
340 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default

I logged on to my china bank accounts this morning and the money is their available now. It took one day only. The lady on the phone (V0IP) at Citi Bank USA that helped me with my first wire transfer told me international takes 2 weeks (wrong).
Tony
Nickleback99 and esv1226 like this.

Reply With Quote Quick reply to this message
  #4 (permalink)  
Old 11th January 2017, 06:46 AM
Member
 
Join Date: Jan 2016
Location: Australia
Posts: 63
Rep Power: 0
bigpearl is on a distinguished road
23 likes received
25 likes given

Users Flag! Originally from australia. Users Flag! Expat in philippines.
Default

Well done Phil_expat, good news. Though our transfers are generally 2 days I have seen on one occasion 5 days but think that there was a weekend and a public holiday in Australia at that time.

Cheers, Steve.

Reply With Quote Quick reply to this message
  #5 (permalink)  
Old 11th January 2017, 02:06 PM
Member
 
Join Date: Jan 2013
Location: Philippines
Posts: 379
Rep Power: 103
DonAndAbby has much to be proud ofDonAndAbby has much to be proud ofDonAndAbby has much to be proud ofDonAndAbby has much to be proud ofDonAndAbby has much to be proud ofDonAndAbby has much to be proud ofDonAndAbby has much to be proud ofDonAndAbby has much to be proud ofDonAndAbby has much to be proud of
300 likes received
267 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default

Quote:
Originally Posted by Phil_expat View Post
I logged on to my china bank accounts this morning and the money is their available now. It took one day only. The lady on the phone (V0IP) at Citi Bank USA that helped me with my first wire transfer told me international takes 2 weeks (wrong).
Tony
The bigger question might be, how much did they charge you? Wire transfers can be very expensive. If you are in the Philippines, plan ahead and write yourself a Citibank check and deposit it in your China Bank account. Funds should be available in 20-25 days usually.

Reply With Quote Quick reply to this message
  #6 (permalink)  
Old 11th January 2017, 02:24 PM
Member
 
Join Date: Mar 2015
Location: North of Batangus
Posts: 93
Rep Power: 42
SierraMadreMe is just really niceSierraMadreMe is just really niceSierraMadreMe is just really niceSierraMadreMe is just really niceSierraMadreMe is just really nice
75 likes received
27 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default

As has been said,wire transfers are expensive.We did that for the first 2 years we were here.The first year wasn't too bad,only $25 a pop.but the next year went to $40,and I figured I had better work out a solution.We opened a dollar account at the local bank,and then just deposited checks to our account and waited the normal 21 days for the check to clear.

We then would simply withdraw Dollars as needed and go to the black market and exchange for pesos.

Works great so far,and the bank LOVES to see our deposits.

SMM
DonAndAbby likes this.

Reply With Quote Quick reply to this message
  #7 (permalink)  
Old 11th January 2017, 03:26 PM
hogrider's Avatar
Member
 
Join Date: May 2010
Location: Dubai
Posts: 166
Rep Power: 0
hogrider is on a distinguished road
69 likes received
124 likes given

Users Flag! Originally from england. Users Flag! Expat in uae.
Default

Quote:
Originally Posted by SierraMadreMe View Post
As has been said,wire transfers are expensive.We did that for the first 2 years we were here.The first year wasn't too bad,only $25 a pop.but the next year went to $40,and I figured I had better work out a solution.We opened a dollar account at the local bank,and then just deposited checks to our account and waited the normal 21 days for the check to clear.

We then would simply withdraw Dollars as needed and go to the black market and exchange for pesos.

Works great so far,and the bank LOVES to see our deposits.

SMM
$25, $40 for a wire transfer???? Your US banks are having a laugh!!
I transfer from Dubai for $5 and funds are in the account there in 2 working days.

Reply With Quote Quick reply to this message
  #8 (permalink)  
Old 12th January 2017, 12:33 AM
Member
 
Join Date: May 2011
Location: Mandurriao,Iloilo,Phils
Posts: 772
Rep Power: 142
fmartin_gila is on a distinguished road
742 likes received
540 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default

Geez!! I guess I'm somewhat out of date on some of these things. The last time I did a money transfer from my Bank to an Investment Account, it was $15 and I thought that was expensive since both parties were located in the US. Course that was several years ago so I spose it would be normal to escalate to some extent.

I am intending to do as SMM when I finally get my ACR card.

Fred

Reply With Quote Quick reply to this message
  #9 (permalink)  
Old 12th January 2017, 04:50 AM
New Member
 
Join Date: Apr 2009
Posts: 26
Rep Power: 0
pronse is on a distinguished road
19 likes received
5 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default

The easiest and free way would be to open a dollar account and a Peso account with BPI bank then do what SMM was doing except going to the black market.
BPI has online money exchange between its accounts.
Just sit home and exchange! Online!
I've been doing this for 3 years now.



Sent from my iPhone using Tapatalk
fmartin_gila and Nickleback99 like this.

Reply With Quote Quick reply to this message
  #10 (permalink)  
Old 12th January 2017, 05:54 AM
Member
 
Join Date: Apr 2015
Location: Philippines
Posts: 108
Rep Power: 38
JRB__NW is on a distinguished road
117 likes received
208 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default

I use Wells Fargo (US) Express Send to transfer funds to my gf's BPI account here, takes a couple of hours and there is a $5 fee. It is NOT a wire transfer using SWIFT codes, hence it is cheaper. You also take a slight hit on the exchange rate, like .5 peso, so instead of getting 49.5 per US dollar you might get 49. It works for me. They support several major Phils banks.
Nickleback99 likes this.


Last edited by JRB__NW; 12th January 2017 at 05:57 AM.
Reply With Quote Quick reply to this message
Reply


Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Expat Forum For People Moving Overseas And Living Abroad forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:
Location
Where you live
Expat From Country
Please select the country you originate from. This will appear as a flag when you make posts on the site.
Expat To Country
Please select the country you have either moved to or want to relocate to. This will be presented on the site when you make posts.

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



Thread Tools

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
BookMyForex for Wire Transfer PrabhaNarayan Australia Expat Forum for Expats Living in Australia 3 6th October 2016 04:27 AM
Wire Transfer to Mexico Help Rocket1009 Mexico Expat Forum for Expats Living in Mexico 5 22nd January 2016 01:31 PM
wire transfer US to UAE rahzaa Dubai Expat Forum for Expats Living in Dubai 12 28th April 2014 02:03 AM
Wire transfer limits Yoqueray Mexico Expat Forum for Expats Living in Mexico 12 6th April 2014 10:26 PM
Wire transfer money SWE_Geoff Australia Expat Forum for Expats Living in Australia 1 2nd June 2011 12:36 AM

FORUM PARTNERS

ExpatForum.com is owned and operated by VerticalScope Inc.

Retiring Overseas Guides | Moving Overseas Guides | Cost of Living | Health Care Guides


All times are GMT. The time now is 10:40 AM.


Powered by vBulletin®
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.
Back