Money transfer/banking - Page 2

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Money transfer/banking - Page 2


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  #11 (permalink)  
Old 31st August 2019, 01:53 AM
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I established a dollar account with my wife when I moved here permanently from the US. I transfer dollars from the states to the dollar account every month. The cost is very reasonable 7.99 USD for ever 1000 dollars. Then my wife goes to the bank and transfers the USD into her operating pesos account. There are many exchange rates but the bank usually gives us above published rates which has a lot to do with my wife's charm. You also can send direct to a pesos account but XOOM uses a very low exchange rate and makes their money on that windfall. That same 1000 usd dollars will cost me 40 USD when the exchange rate is compared to what is really available in the Philippines. There is paperwork mandated in setting up the dollar account because of money laundering etc And there is a "FINCOM" report mandated for US folks every April 15th in which you have to report when any of your Philippine accounts went over 10,000 USD during the past year. Not sure what the British tax folks would require. For what it is worth I even use XOOM to send my daughter and granddaughter sterling in N Ireland for special occasions. XOOM is now owned by PayPal. Isn't that a british entity?
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  #12 (permalink)  
Old 31st August 2019, 01:07 PM
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Quote:
Originally Posted by Nickleback99 View Post
Tim, which bank do you use for the ATM refund fees? I know USAA used to do it, but they cut back the number of allowed transactions. The other bank I know refunds all of them, as I understand it, is Charles Schwab. Thanks in advance as we are setting up soon for our move back to the RP there.
USAA refunds $15 a month, per account. I only hit it 2 or 3 times a month, but can use savings & checking for 6 transactions if I need to.

The other day I pulled out my monthly allowance - the posted online exchange rate was 52.1, the bank was offering 52.0, the ATM gave me 52.2 Not a bad rate.

Today I got 52.09. Online rate 52.14
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Old 1st September 2019, 08:09 AM
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Vickb17,
The key on local banking is your visa status, if you hold a SRRV or 13a (maybe other types) you can open a local bank account. No visa no local account. Lived here 3 months before my SRRV was issued so got to know the ATMs. As Nickleback99 pointed out Charles Schwab is the best. You can go to any ATM, get 10K or at some 20K as many times as you've set your daily max cash withdrawal and no ATM fees charged. True, the statement lumps the withdrawal and a ATM fee together as a single transaction then shows another entry where the ATM fee has been refunded. Every time. Even better is you get bank rate exchange rate. I checked a couple times with xe.com, at the moment of withdrawal and the rate Schwab gave was a tiny fraction above the xe rate, hard to believe but true. So now I have BDO peso account and I withdraw pesos from the ATM in the bank lobby walk over to the banking counter and deposit them in my peso account, at a better exchange rate than any of the local street money changers. I think Schwab is available in the UK, not 100% sure but it is the best deal I've found. Also interesting is xe.com, they claim no transfer fees and bank rate exchange but I've not used them.
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Old 4th September 2019, 12:59 AM
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I have used transferwise to move money to the Philippines at a great exchange rate and very low fee. Works well for what I need it to do.

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Old 4th September 2019, 01:38 AM
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I have lived off of my VISA Debit card in 4 countries… with the same US bank account. I learned to notify my bank when I was heading to a "foreign"country… just so they did NOT STOP my card a "theft or fraud"!!! The ATM often gives better exchange rates than an "money exchange house' MAKE SURE you have a "normal" telephone number to call you bank as often "toll free" calls will NOT be processed in a "foreign country"... My bank in the USA is RABOBANK... a Dutch argribank… with limited offices outside of agricultural areas … They have even sent me a NEW card in China!... WHICH makes me say... GET A NEW CARD..good for 5 yers or more... BEFORE you go..

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  #16 (permalink)  
Old 4th September 2019, 05:15 AM
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Quote:
Originally Posted by Vickyb17 View Post
Hi there

Currently have a nationwide account in the uk. Can anyone give me any advice as to how they have managed money in the phillipines etc and transferring money.

Thanks
Hello Vickyb 17.
You donít say whether youíre in receipt of a pension.
I came here in 2014 on a tourist visa, and was able to open an account with the Bank of the Philippine Islands, without too much red tape, within a month. I had to prove my income by presenting three monthís Nationwide statements.
Thereafter I would use my Nationwide debit card in a local ATM, drawing ₱20,000 in a single transaction, for which Nationwide would charge me 2∑75% plus £1.
Later the local banks started charging ₱200 per transaction, and Nationwide charges applied also.
Later still the local banks raised the charge to ₱250, and reduced the maximum withdrawal amount to ₱10,000, so nowadays if you want to get ₱20,000 you have to make two ATM withdrawals. The last time I used my debit card in an ATM I withdrew ₱20,000, and at the then exchange rate I should have paid £316; with the charges levied by the local bank and Nationwide it actually cost me £335: the charges amounted to 5∑62% of the amount withdrawn!
In 2016 I decided to have my RAF pension paid into my BPI account, but the payer paid it via a US bank ó for which I had to pay a fee ó and the BPI charged me a fee for receiving the money! And it took a week to get here. Consequently, I had the pension paid into Nationwide again.
At about that time Nationwide changed their mailing policy; up until then they would never send cards, statements, etc, overseas.
Since leaving the UK in 2003 I have lived in Australia, Malta, Spain and now the Philippines, and my cards were sent to a relativeís home address. My relative then forwarded the card by registered post.
Nowadays they will send items overseas, but my cards ďgot lost in the postĒ, so I now have them sent to my relativeís address again, The postal service here is most Ė uhm Ė shall we say unreliable!?
For the last year or so I have been transferring my funds through World Remit. A transfer of £850 cost £5∑99 [as opposed to £19 for £335! at the ATM] and arrived in an hour; no charge by BPI for receiving it! Iíve heard that if one transfers to a BDO account it is almost instantaneous.
Manitoba suggests the HSBC, and thatís a great idea; if there was a branch here in Angeles I would switch to it. But there isnít. See https://www.about.hsbc.com.ph/ It depends on where you want to live.
And may I suggest that if you have only one Nationwide account, open another? Then if your card gets lost or stolen you can go on line and transfer your funds to the other account. [I hope Iím not teaching Granny to suck eggs!]
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  #17 (permalink)  
Old 4th September 2019, 06:10 AM
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Quote:
Originally Posted by Darby Allen View Post
.....
Manitoba suggests the HSBC, and thatís a great idea; if there was a branch here in Angeles I would switch to it. But there isnít. ....
HSBC has branches only in Manila, Cebu and Davao. However they pay the ATM fees for using other banks so it is like having a huge ATM network. If you have a HSBC account at home, you can link it to your HSBC Philippine account and transferring is as easy as moving from savings to chequing accounts at home.

I went to the Makati branch and transferred from my Philippine USD account to my Peso account, I checked through the HSBC Canadian web site and saw the transfer showing in about 30 seconds later. ( I have not gotten around to having the initial restriction on being able to transfer from USD to peso accounts on line. It was in effect for a year.)

I can also have a Philippine Canadian dollar account here so when I have to spend CDN instead of my USD I will set that up to make life easier.

At an HSBC ATM you can get 40 k p at a time and up to 100k a day.

There is also a easy transfer system for transferring peso from one bank to another, You could have HSBC at home, transfer to HSBC Philippine then to your local account. This would be less than the fees for a remittance company, especially when you factor in that they make a large part of their money on a bad exchange rate.

HSBC is the only bank I know of that has both Canadian and Philippine branches, depending on your home country their may be others, may have different names but may be somehow affiliated.
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  #18 (permalink)  
Old 4th September 2019, 06:40 AM
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PNB have a branch in London but it appears to be treated as any other foreign bank, any transfers between the UK PNB and your Philippines PNB account is treated like any other remittance.

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  #19 (permalink)  
Old 4th September 2019, 09:05 AM
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Quote:
Originally Posted by Manitoba View Post
HSBC has branches only in Manila, Cebu and Davao. However they pay the ATM fees for using other banks so it is like having a huge ATM network. If you have a HSBC account at home, you can link it to your HSBC Philippine account and transferring is as easy as moving from savings to chequing accounts at home.

I went to the Makati branch and transferred from my Philippine USD account to my Peso account, I checked through the HSBC Canadian web site and saw the transfer showing in about 30 seconds later. ( I have not gotten around to having the initial restriction on being able to transfer from USD to peso accounts on line. It was in effect for a year.)

I can also have a Philippine Canadian dollar account here so when I have to spend CDN instead of my USD I will set that up to make life easier.

At an HSBC ATM you can get 40 k p at a time and up to 100k a day.

There is also a easy transfer system for transferring peso from one bank to another, You could have HSBC at home, transfer to HSBC Philippine then to your local account. This would be less than the fees for a remittance company, especially when you factor in that they make a large part of their money on a bad exchange rate.

HSBC is the only bank I know of that has both Canadian and Philippine branches, depending on your home country their may be others, may have different names but may be somehow affiliated.
Agree Rick that HSBC was good to deal with in Manila and was worth the 15 minute trip or less to get there other thing to do and partake in local stuff, (always traffic dependent) 40K withdrawal cost 200 pesos and from memory the exchange rate was pretty good, other banks 10K limit with 200 pesos per transaction and the exchange rate was far less.
No HSBC in La Union so now transfer funds from our Westpac account/s in Oz to our BDO account/s in PH two still in Manila and the other local. They charge us 5 bucks, Westpac Oz, PHP 176 odd pesos no charge/fees from BDO and just checked that westpac are .18% lower than the inter bank rate offered by Worldfirst (broker) and they cost me .5% with no fees, going this way at the moment but if readers can point us in a better direction I'd be all ears, penny wise pound foolish etc.

Cheers, Steve.
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Old 4th September 2019, 10:10 AM
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Yes, Schwab bank refunds my ATM fees every month-end. That's how I get my money here, between that and use of a no-foreign-fee Visa credit card.
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