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From Phil to US Php - USD - Page 2


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  #11 (permalink)  
Old 4th September 2015, 05:55 AM
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Isn't that something, we live in a country where money changers are main stream. My bank PNB doesn't carry to many dollars either, I have to let them know I need some or they sell it.
Ok I live in the Philippines but still bank with BOA in the states. Mcalleyboy I could not usually walk into a local branch of BOA and get foreign currency, so I see no difference between stateside and Philippine banks in that respect. This AM I called my local BDO branch manager and requested $1000 for next Wednesday, no problem it will be there, need to fill out some paperwork that day an receive the USD. I currently do not have a USD account with them which might have saved me the paperwork is probably for the Central Bank.
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Old 4th September 2015, 08:21 AM
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Ok I live in the Philippines but still bank with BOA in the states. Mcalleyboy I could not usually walk into a local branch of BOA and get foreign currency, so I see no difference between stateside and Philippine banks in that respect. This AM I called my local BDO branch manager and requested $1000 for next Wednesday, no problem it will be there, need to fill out some paperwork that day an receive the USD. I currently do not have a USD account with them which might have saved me the paperwork is probably for the Central Bank.
From my standpoint living here the issue is this. I have a US dollar bank account at a local Philippine bank. If I walk in the door and want to withdrawal MY money from that US DOLLAR ACCOUNT, I expect them to have dollars to give me and not some other currency. After all, when I opened that account I had to open it with dollars - not pesos.
So yea, if a person has a dollar account here, it is the responsibility of that bank to have the required amount in dollars to cover a dollar withdrawal.
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Last edited by Asian Spirit; 4th September 2015 at 12:45 PM.
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Old 4th September 2015, 08:46 AM
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From my standpoint living here the issue is this. I have a US dollar bank account at a local Philippine bank. If I walk in the door and want to withdrawal MY money from that US DOLLAR ACCOUNT, I expect them to have dollars to give me and not some other currency. After all, when I opened that account I had to open in with dollars - not pesos.
So yea, if a person has a dollar account here, it is the responsibility of that bank to have the required amount in dollars to cover a dollar withdrawal.
Sorry Jet but banks don't put your money into a draw awaiting you to ask for it. The way bidrod describes it is how it works, worldwide. Even if you went into a US bank and asked for a large sum they would expect you to give notice.
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Old 4th September 2015, 11:09 AM
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Ok I live in the Philippines but still bank with BOA in the states. Mcalleyboy I could not usually walk into a local branch of BOA and get foreign currency, so I see no difference between stateside and Philippine banks in that respect. This AM I called my local BDO branch manager and requested $1000 for next Wednesday, no problem it will be there, need to fill out some paperwork that day an receive the USD. I currently do not have a USD account with them which might have saved me the paperwork is probably for the Central Bank.
I previously had a Dollar account with the same BDO branch and could call today and get the dollars the next day. Have also gone in on any day and asked for $100 or $200 and told them I had called the previous day and got the dollars. They normally have some on hand but not enough for everybody to withdraw their entire accounts at one time.
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Old 4th September 2015, 11:24 AM
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Sorry Jet but banks don't put your money into a draw awaiting you to ask for it. The way bidrod describes it is how it works, worldwide. Even if you went into a US bank and asked for a large sum they would expect you to give notice.
Very well could be but seems if a bank offers US dollar accounts then they should have or be required to have XXX amount of dollars in their safe and available when needed or demanded by a dollar account holder.
Having millions of $$ on hand would be out of the question I'm sure. But to have a reasonable amount for account holding customers seems like a reasonable expectation.
At any rate, so far, the bank I use for the dollar accounts has always had enough when needed--which luckily is not very often. Come to think of it, that new look my country has for the dollars looks more like play money now. Better to just leave it in the bank and pray Obama doesn't do something stupid..
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Last edited by Asian Spirit; 5th September 2015 at 03:36 AM.
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  #16 (permalink)  
Old 4th September 2015, 11:30 AM
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Very well could be but seems if a bank offers US dollar accounts that they should have or be required to have XXX amount of dollars in their safe and available when needed or demanded by an account holder.
Having millions of $$ on hand would be out of the question I'm sure. But to have a reasonable amount for account holding customers seems like a reasonable expectation.
At any rate, so far, the bank I use for the dollar accounts has always had enough when needed--which luckily is not very often. Come to think of it, that new look my country has for the dollars looks more like play money now. Better to just leave it in the bank and pray Obama doesn't do something stupid..
Banks typically hold 10-20% of the deposited cash.
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Old 11th September 2015, 07:25 AM
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Thank you everyone. Heeding your advice,

SailingSailor, I consolidated our dollar accounts so that wire transfer fee of $29 was charged only once. This was all dollar transactions, no foreign exchange was involved.

jon1 Yes, BPI has been helpful in setting up this facility. I haven't used it yet.

Palawenio you are spot on. Banks would not convert your pesos to dollars - but dollars to pesos is fine.

HondaGuy. Like you, I withdrew and exchanged pesos into dollars with a foreign exchage dealer to get a better rate. But with the pesos I received for selling the car, I converted them into dollars at the bank. I could do this because the cash came from the buyers account.

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