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Look into worldremit.com. I use them to transfer funds from my UK account to my BPI account every month. Not big money, true, but they may well be able to advise you.
The cash takes 1 to 2 hours to get to my BPI account, but I understand that if you have a BDO account the transfer is instantaneous!
 

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I wired AUD150k.
Use xe.com as get better exchange rate with no fees.
Notify PH bank that funds are coming in. I forward the xe confirmation.
No problems.
PH bank takes P150 fee.
 

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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.
I understand that the conversion process from dollars to pesos can be delayed by having a dollar account here, but eventually if you are going to spend the money here it will be in pesos, hence your $ will be converted to pesos and I suspect at not a very good exchange rate if you're using $ at a supermarket check out.
 

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I understand that the conversion process from dollars to pesos can be delayed by having a dollar account here, but eventually if you are going to spend the money here it will be in pesos, hence your $ will be converted to pesos and I suspect at not a very good exchange rate if you're using $ at a supermarket check out.
No, I don't spend dollars, i.e. by using my dollar BPI ATM card. (Although I did that by accident once or twice!)

I watch the exchange rates closely and try to pick good days / weeks / months to exchange. Sometimes we will take a smaller amount like $2000 to an outside changer to get a few centavos more than BPI. However, I usually like to exchange larger amounts less often at my BPI branch, so I will have pesos to spend for several months. I only do this if the rate is good compared to recent trends.

BPI actually has good exchange rates. For larger amounts I have them call the main office and usually get a few more centavos. I compare to the mid-market rates on XE and usually get 10-20 centavos less than XE.
 

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I understand that the conversion process from dollars to pesos can be delayed by having a dollar account here, but eventually if you are going to spend the money here it will be in pesos, hence your $ will be converted to pesos and I suspect at not a very good exchange rate if you're using $ at a supermarket check out.

at the supermarket, the exchange rate are on notice boards which are no different (I believe) from money changers rates. at check out i can choose to pay in dollars or in pesos.


i see your point. sooner or later i need pesos to spend. but i have the benefit of changing dollars to pesos when exchange rates are favorable to me.
 

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at the supermarket, the exchange rate are on notice boards which are no different (I believe) from money changers rates. at check out i can choose to pay in dollars or in pesos.


i see your point. sooner or later i need pesos to spend. but i have the benefit of changing dollars to pesos when exchange rates are favorable to me.
To me the SM rates seem on a par with the airport rates, only to be used if deparate.
 

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To me the SM rates seem on a par with the airport rates, only to be used if deparate.
Inclined to agree Gary.
In my case, I have sufficient funds in the bank here Fils, not to have to send money other than when it suits. I wait for the optimum moment exchange rate-wise, then advise my bank in UAE to transfer a fairly large amount, which will then keep me in funds for many months, including large expenses.
For example, I transferred a very large amount first week of October last year when the $ exchange rate was the highest it had been for more than 5 years. In my case the cost of the transfer is $5.
I'm afraid I really still don't get the advantage of having dollar account here, but then I never was much of a finance wizard, if I was I'd sure be a hell of a lot better off than I am now.:confused:
 

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In my case the cost of the transfer is $5.
You must have some options most of us don't have. Although your are transferring when the rate is high, are you taking a hit on the bank exchange rate, compared to market rate? If you were to transfer $100,000 at a bank rate of 53, compared to market rate of 54, that exchange cost you 100,000 pesos.
 

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You must have some options most of us don't have. Although your are transferring when the rate is high, are you taking a hit on the bank exchange rate, compared to market rate? If you were to transfer $100,000 at a bank rate of 53, compared to market rate of 54, that exchange cost you 100,000 pesos.
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.
 

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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.
 

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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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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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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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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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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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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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