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Does anyone have any ideas on sending money out of Philippines?

I see lots of information regarding transferring money into PH, but I want to send PHP1,000,000 to my bank in Australia.

Are there government requirements?
Where will give me best rates?
 

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You may have to change it to US$ before sending it. Sending money out of the country is a bit like sending boxes, a lot more expensive then sending them in.
 

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Does anyone have any ideas on sending money out of Philippines?

I see lots of information regarding transferring money into PH, but I want to send PHP1,000,000 to my bank in Australia.

Are there government requirements?
Where will give me best rates?
Hi Tiz,
Speak to a few brokers, they will give you the lay of the land, what and what you can't do, they do these transactions every day, reputable companies have live chat so you don't need to give all the gory initially.

Cheers, Steve.
 

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Unless the law has changed recently, its against the rules of the Central Bank of the Philippines (BSP) to wire pesos out of the country. I ran into this a few years ago and my bank (BDO) said they couldnt do it; I had to change my pesos to US dollars first before they could wire the money out. They wouldnt convert my PHP to USD either; they wanted me to withdraw all the money cash, change it outside and then deposit the USD into a US Dollar account there and THEN they would wire the money out.

I gave up and made a deal with a buddy of mine in the Philippines who needed pesos; he transferred USD from his US bank to my US bank and I gave him the PHP as cash. You may have to go look for another Australian to do the same.

Good luck!
 

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Come to think of it, back when I sent some funds to Japan, they had to change my Pesos to dollars and then send so it could be withdrawn in Japan as yen.

Fred
 
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