Has anyone wired large sums of money to Philippines? - Page 2

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 Tree17Likes

Has anyone wired large sums of money to Philippines? - Page 2


Reply
 
Subscribe to this Thread Thread Tools
  #11 (permalink)  
Old 1st February 2019, 03:50 AM
Member
 
Join Date: Mar 2014
Location: Subic Bay
Posts: 279
Rep Power: 116
esv1226 has a spectacular aura aboutesv1226 has a spectacular aura aboutesv1226 has a spectacular aura about
208 likes received
166 likes given

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

i hate transfer fees. especially when the rate is related to the amount being transferred. for this reason, i would rather issue a check to the account in the Philippines. the charge is per check, you pay only $5 only if you issue one check. once it is cleared you have access to your dollars in the country.

there are drawbacks e.g. waiting period for check clearance, etc. we were fortunate. we issued checks directly to the seller to pay for our place and our $ checks were acceptable to them. no wire transfer fees. at that time there were no deposit fees and any fees (if any) associated with clearing checks were absorbed by the seller.

Reply With Quote Quick reply to this message
  #12 (permalink)  
Old 1st February 2019, 05:03 AM
hogrider's Avatar
Member
 
Join Date: May 2010
Location: Davao
Posts: 509
Rep Power: 196
hogrider will become famous soon enough
316 likes received
346 likes given

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

Quote:
Originally Posted by esv1226 View Post
i hate transfer fees. especially when the rate is related to the amount being transferred. for this reason, i would rather issue a check to the account in the Philippines. the charge is per check, you pay only $5 only if you issue one check. once it is cleared you have access to your dollars in the country.

there are drawbacks e.g. waiting period for check clearance, etc. we were fortunate. we issued checks directly to the seller to pay for our place and our $ checks were acceptable to them. no wire transfer fees. at that time there were no deposit fees and any fees (if any) associated with clearing checks were absorbed by the seller.
How do you avoid exchange rates? At some time or other you will be changing $ to P, or am I missing something.

Reply With Quote Quick reply to this message
  #13 (permalink)  
Old 1st February 2019, 08:41 AM
Member
 
Join Date: Jan 2013
Location: Philippines
Posts: 576
Rep Power: 175
DonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond repute
499 likes received
337 likes given

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

Quote:
Originally Posted by hogrider View Post
How do you avoid exchange rates? At some time or other you will be changing $ to P, or am I missing something.
What esv was referring to is banks and transfer services who make their money from the exchange rate. The market rate might be 55 but they only give you 54, thus making one peso on the exchange.

When you use checking writing, dollars to dollars, you choose when, where and what rate to exchange at.

Regarding the house purchase by check in dollars, it is not unusual here in Subic Bay Freeport for a seller to price in dollars, so esv was able to write a check directly to the seller, in dollars.

I paid for my house in dollars and the seller also banked at my bank, so I just transferred the money into his account. No exchange rate involved.
esv1226 likes this.

Reply With Quote Quick reply to this message
Sponsored Links
Advertisement
 
  #14 (permalink)  
Old 1st February 2019, 11:17 AM
Member
 
Join Date: Mar 2014
Location: Subic Bay
Posts: 279
Rep Power: 116
esv1226 has a spectacular aura aboutesv1226 has a spectacular aura aboutesv1226 has a spectacular aura about
208 likes received
166 likes given

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

Quote:
Originally Posted by hogrider View Post
How do you avoid exchange rates? At some time or other you will be changing $ to P, or am I missing something.

We have a dollar account. We issue a USA check for deposit into our dollar account. No wire transfer fees. It is a dollar to dollar transaction, so no exchange rate involved. We can withdraw dollars from the bank. I can use dollars to pay for groceries here. When I use the ATM I get pesos only. The bank dictates the exchange rate in this case.

Reply With Quote Quick reply to this message
  #15 (permalink)  
Old 1st February 2019, 11:19 AM
Member
 
Join Date: Mar 2014
Location: Subic Bay
Posts: 279
Rep Power: 116
esv1226 has a spectacular aura aboutesv1226 has a spectacular aura aboutesv1226 has a spectacular aura about
208 likes received
166 likes given

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

Quote:
Originally Posted by hogrider View Post
How do you avoid exchange rates? At some time or other you will be changing $ to P, or am I missing something.
Quote:
Originally Posted by DonAndAbby View Post
What esv was referring to is banks and transfer services who make their money from the exchange rate. The market rate might be 55 but they only give you 54, thus making one peso on the exchange.

When you use checking writing, dollars to dollars, you choose when, where and what rate to exchange at.

Regarding the house purchase by check in dollars, it is not unusual here in Subic Bay Freeport for a seller to price in dollars, so esv was able to write a check directly to the seller, in dollars.

I paid for my house in dollars and the seller also banked at my bank, so I just transferred the money into his account. No exchange rate involved.

Maraming Salamat Don.
DonAndAbby likes this.

Reply With Quote Quick reply to this message
  #16 (permalink)  
Old 1st February 2019, 10:06 PM
Member
 
Join Date: May 2016
Location: Dasmarinas, Cavite
Posts: 147
Rep Power: 0
Rebaqshratz is on a distinguished road
135 likes received
120 likes given

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

Quote:
Originally Posted by fmartin_gila View Post
As long as you can provide the documentation, there should be no problem to transfer the funds, but please be aware of the fact that the Philippine banks do not insure accounts to the standards that we are used to. Just to be on the cautious side, I would recommend to keep the major portion in a US institution and transfer as necessary or keep it all there and use a debit card and withdraw as needed(which is how I and some others do here). There is a discussion about this just within the last week or so if you look back a bit.

I also had a house built here and they use a progressive method to pay for it. When an agreed upon percentage is completed, a certain amount is paid, then when another percentage is completed, another payment is made, until completion when the final payment is made.

Fred
I would be very careful about paying up front for the house. More than one expat never saw the builder after paying significant money "up front" I Xoomed the money over when I was building my house 2K USD at a time. I went thru some hassle with Xoom getting my monthly limit upped (per month limit). This money was put directly into a joint pesos account (Metrobank) and presently they charge is $0.00 USD for every transfer. They make their money on the exchange rate being a little lower than the actual exchange rate on that particular day. And the way to "beat" the low insurance coverage at the bank is to have numerous accounts that are just below the max allowed...a pain but some protection if the bank fails. Make sure that you get to pick the flooring and the bathroom fixtures...US parts are available and far superior to the Chinese knock offs...the price is tempting but in a year or two you will need to change out... US lamps will work in the PH with a plug adapter and using the PH light bulb. Good luck.
JRB__NW likes this.

Reply With Quote Quick reply to this message
  #17 (permalink)  
Old 2nd February 2019, 05:08 AM
Member
 
Join Date: Jan 2013
Location: Philippines
Posts: 576
Rep Power: 175
DonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond repute
499 likes received
337 likes given

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

Quote:
Originally Posted by Rebaqshratz View Post
I Xoomed the money over when I was building my house 2K USD at a time. I went thru some hassle with Xoom getting my monthly limit upped (per month limit). This money was put directly into a joint pesos account (Metrobank) and presently they charge is $0.00 USD for every transfer. They make their money on the exchange rate being a little lower than the actual exchange rate on that particular day.
That would be about the most expensive way possible to transfer a large amount over, which is the topic. Xoom was a good deal 5 years ago. Now they are owned by by Paypal and no longer a good option. My estimate tells me a $2000 transfer will have an exchange rate "fee" of around $54. If you need $50k, that is 25 X 54 = $1350 in fees!

If you have to use a money transfer service, I think Transferwise is the best these days. For $2000, they charge about $18.36 upfront and then give you the market rate on the balance. No exchange rate fee.

Wire transfer is more expensive but if you are doing a large dollar to dollar transfer, much cheaper than Xoom.

The cheapest way is dollar to dollar checking writing. Almost free.


Last edited by DonAndAbby; 2nd February 2019 at 05:10 AM.
Reply With Quote Quick reply to this message
  #18 (permalink)  
Old 2nd February 2019, 07:44 AM
Gary D's Avatar
Member
 
Join Date: Oct 2013
Location: Hermosa Bataan
Posts: 1,604
Rep Power: 200
Gary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud of
1408 likes received
296 likes given

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

multiple accounts are ok but must be at multiple banks, that's different banks not different branches. Make sure the banks aren't under the same umbrella company.

Reply With Quote Quick reply to this message
  #19 (permalink)  
Old 2nd February 2019, 05:04 PM
gbb55434's Avatar
New Member
 
Join Date: Feb 2019
Location: Blaine, MN
Posts: 17
Rep Power: 0
gbb55434 is on a distinguished road
9 likes received
11 likes given

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

We've sent over $$ thru Western Union. It's about $100 per every $5K. We send it to my wife's sister. My wife takes a picture of the receipt and sends it securely to my sister who then with the receipt information goes the next day to the local Western Union. Usually she has a brother or two with her.

Reply With Quote Quick reply to this message
  #20 (permalink)  
Old 2nd February 2019, 11:37 PM
Member
 
Join Date: Jan 2013
Location: Philippines
Posts: 576
Rep Power: 175
DonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond reputeDonAndAbby has a reputation beyond repute
499 likes received
337 likes given

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

Quote:
Originally Posted by gbb55434 View Post
We've sent over $$ thru Western Union. It's about $100 per every $5K. We send it to my wife's sister. My wife takes a picture of the receipt and sends it securely to my sister who then with the receipt information goes the next day to the local Western Union. Usually she has a brother or two with her.
The topic is about wiring large sums of money. Based on your rates, if one were to use WU to sent $100,000, you would pay 20 X $100 = $2000. Not a good choice.

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


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
Transfer money from USA to philippines Fin7ao Philippines Expat Forum 4 5th July 2018 10:51 AM
Thailand or Philippines samtheman32 Philippines Expat Forum 14 5th February 2015 04:04 AM
Car Hire & Getting Around the Philippines for 59 days pagbati Philippines Expat Forum 28 5th November 2014 10:13 PM
sending large amount of money to UK stevieboy1980 Dubai Expat Forum for Expats Living in Dubai 10 26th August 2011 07:48 PM
Withdrawing large sums eshroom France Expat Forum for Expats Living in France 8 10th June 2010 08:25 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 09:38 AM.


Powered by vBulletin®
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.