Has anyone wired large sums of money to Philippines? - Page 4

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Has anyone wired large sums of money to Philippines? - Page 4


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  #31 (permalink)  
Old 8th February 2019, 03:12 PM
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Originally Posted by gbb55434 View Post
You are right! I wasn't sure about how large the sum was. For us, large sums are a lot less than what you plan to do. Still with us, $100 for every $5K seems to be a lot. I have also wondered if one could set up a joint PNB account, one stateside, one in the Philippines, where $$$ could be deposited and then withdrawn as needed in the Phils.
PNB will still charge you for a remittance.
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Old 9th February 2019, 11:42 AM
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Originally Posted by hogrider View Post
I should have added that I'm transferring from UAE, not from the US. I get the XE rate. However, the point I was trying to make was that I think it's better to transfer a large sum when the rate is good, rather than have a $ account here and have to exchange locally when I'm shopping or whatever, when the rate won't necessarily be as good.
When we travel to USA (or other countries) we take dollars with us - no conversion from pesos to US dollars. When we arrived in 2012, the exchange rate was USD1 = PhP38. If we had our money in pesos, we could have incurred some losses.

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Old 9th February 2019, 12:24 PM
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When we travel to USA (or other countries) we take dollars with us - no conversion from pesos to US dollars. When we arrived in 2012, the exchange rate was USD1 = PhP38. If we had our money in pesos, we could have incurred some losses.
If you need $ for overseas travel, could not you just take it straight from your US account? Just asking. Hadn't realised that the $ had ever been that low, but again, hence the advantage of transferring a large sum when the rate is high.

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  #34 (permalink)  
Old 9th February 2019, 08:35 PM
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7 years is s long time to sit on you dollars waiting for a better rate. The difference in rates over that period of ime is meaningless, inflation would have more than erroded the difference.

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Old 11th February 2019, 10:13 AM
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7 years is s long time to sit on you dollars waiting for a better rate. The difference in rates over that period of ime is meaningless, inflation would have more than erroded the difference.
Sorry Gary, have to disagree. I'm not necessarily talking about waiting for the best rate in a 7 year period, but taking advantage of short period swings. I was watching the rate last year waiting for the optimum rate and transferred a large sum first week of October. The difference over just a 3-6 month period was significant. Inflation will be a factor regardless of when you make the transfer, so doesn't enter into the equation.

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Old 11th February 2019, 05:17 PM
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Sorry Gary, have to disagree. I'm not necessarily talking about waiting for the best rate in a 7 year period, but taking advantage of short period swings. I was watching the rate last year waiting for the optimum rate and transferred a large sum first week of October. The difference over just a 3-6 month period was significant. Inflation will be a factor regardless of when you make the transfer, so doesn't enter into the equation.
What I was trying to say is that you got more for your dollar when the rate was 38 than you do now with it being 51.

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