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-   -   Money transfer/banking (https://www.expatforum.com/expats/philippines-expat-forum/1486684-money-transfer-banking.html)

Vickyb17 28th August 2019 10:55 AM

Money transfer/banking
 
Hi there

Looking at moving over to the Philippines hopefully permanently. However unsure of the best way with regards to transferring money over to 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

bigpearl 28th August 2019 12:15 PM

Quote:

Originally Posted by Vickyb17 (Post 14938820)
Hi there

Looking at moving over to the Philippines hopefully permanently. However unsure of the best way with regards to transferring money over to 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

Welcome to the forum and hope you enjoy and also contribute. Please introduce yourself further to help with your OP. Please search here on this forum as there is plenty of info with regards to your question and asking/giving info will reveal all, plenty of UK expats here to help I'm sure.

Cheers, Steve.

M.C.A. 28th August 2019 12:25 PM

Hi Vickey and welcome to the forum so hopefully someone from the UK can give a better insight on your issue, we do have members from UK living here permanent.

Some immediate things to worry about would be your Immigration status that will be your main concern if you want to live her permanently so it's either going to be an SRRV or a 13a Visa unless you're employer is bringing you an setting up a work Visa, hopefully a UK employer if not I'd worry about any job offer from the Philippines. Without any of the Visa's it'll be tough to open a Philippine Bank Account, or other services.

So if you have a credit card I guess you could withdraw money from an ATM, living off plastic is difficult in some area's especially away from major cities as this is still a 3rd world and you'll be dealing with coins and paper money again. Steve has a good point we need more information on your marital status are you going to or are you married to a Philippine citizen or are you a returning Philippine citizen, what brings you here, that's the kind of stuff that will help us give you much more information.

Marky32 28th August 2019 02:20 PM

Here's a lnk to look at. In another forum, someone was using PayPal to transfer money.

https://www.quora.com/What-banks-sup...he-Philippines

Gary D 28th August 2019 05:37 PM

Quote:

Originally Posted by Marky32 (Post 14938914)
Here's a lnk to look at. In another forum, someone was using PayPal to transfer money.

https://www.quora.com/What-banks-sup...he-Philippines

Xoom, owned by paypal is quite effective.

Manitoba 29th August 2019 04:10 AM

Lots of options.

Quick cash, simply make a withdrawl at an ATM. I found it is the ceapest way to get peso in hand from your foriegn bank, limited funds available daily may be an issue.

You can use a remittance firm for on line transfer. I have used worldremit.com with success but there are others as well, some fees and not as good an exchange rate but it gets around the daily limit. I do my pick ups at a bank, I have found that picking up at LBC can be a problem since they ay not have a lot of cash on hand, expecially at small outlets in a mall for example. They can also transfer directly to a bank account and offer cash delivery but I have never used it.

If you have a long term visa and can get a local account then you can simply wire transer, some costs but still not much especially if you transfer sufficient funds for 6 months or a year at a time.

I bank at HSBC both at home and in Canada. I simply move money from my Canadian account to my Philippine account with no issues, it is as easy as moving between saving and chequing accounts at home. I don't know if other abanks offer simular services but worth looking into if you already bank at HSBC.

expatuk2016 29th August 2019 01:37 PM

Im from the UK orig been here since 2011 i have a nationwide account with a UK ATM card which one of my private pensions is paid into Every month its only 58 which = 3600 pesos i draw 5000 every 2 months from a BDO ATM
And it only costs me around 2.50 ! Nationwide send me a new card before the old one expires.
I can still login to my nationwide acct and transfer money to my sons and daughters accts for birthdays and Xmas
MY UK pension and my yearly private pension goes direct to my BDO bank.

Tukaram 29th August 2019 11:47 PM

I used to use Western Union and Xoom, but found the ATM gave better exchange rates. Also, my bank refunds the ATM fees. So I gave up on all local banking and just hit the ATM twice a month. Foreign cards can take p20,000 out at a time, on BPI machines.

Nickleback99 30th August 2019 11:01 PM

Quote:

Originally Posted by Tukaram (Post 14939850)
I used to use Western Union and Xoom, but found the ATM gave better exchange rates. Also, my bank refunds the ATM fees. So I gave up on all local banking and just hit the ATM twice a month. Foreign cards can take p20,000 out at a time, on BPI machines.

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.

M.C.A. 31st August 2019 01:47 AM

Philippine Bank Cards
 
Quote:

Originally Posted by Nickleback99 (Post 14940408)
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.

I don't think the charges are very high for Philippine Bank ATM cards and if I'm not mistaken the fee for using the card is 15 pesos so once you become a member with either the SRRV or 13a, and with a direct deposit pension or Dollar account you can utilize the local bank cards but still have that US bank card.

I'm getting ready switch from a checking to a direct deposit account so not the full pension amount deposited into my PNB bank but part of it because the other option is having to ask my sister to keep mailing me my checks and credit cards for help and so I'm trying to get my banking more centralized and closer this includes using cards for every day transactions.


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