Originally Posted by DonAndAbby
If I am following you correctly, you want to wire transfer Canadian dollars to your Philippine peso account?
First, why not open a Canadian dollar account here? The transfer is then straightforward bank to bank, I believe, and then you control what rate you will exchange at.
Secondly, why use wire transfer? Generally speaking, that is the most expensive way to move money.
USD to a USD account.
The amount is my salary from ADB job, they control the sending method.
Moving within my international bank is easy. I have global service and can move funds from Canada to Philippines to my expat account in the UK as easily as moving between my chequing and savings accounts within one country. If I change currencies I can simply move money from my USD account in Canada to my peso account here and the bank makes the exchange seamlessly.
No matter which site I log into I can see the balances in the other accounts, just need to be in that country site to see details of accounts or initiate transfers from those accounts..
I specifically chose my international bank because of this service.
To move to a different bank is a wire transfer. (Unless I am moving from $CDN from a Canadian bank to another but that is a whole different story.)
It is only the Philippine bank that has made a big secret about what the required codes are for making inbound USD wire transfers. Why I have no idea but for some reason what I could find out for about a dozen different banks, most of which I do not have accounts with, took several days to get from my Philippine bank and I was even told that in the entire world of SWIFT transfers the Philippines were unique.
I agreed, everyone else knows the rules and is more than willing to tell you the rules, the Philippine bank did not know the rules and lied about what they were.,