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I am not a fan of paying fee. Kasi kung i-plus mo lahat, dami rin iyon.

So kung puwedeng mag-plan ahead, that's good.

I use iBank in Manila. We opened a dollar checking account.

I issue a check from my US bank account and deposit it to our Manila dollar checking account. No fee charged. Clearing is 30 days.

 

You must be a valued client of iBank to enjoy a waiver of bank fees from iBank or your US Bank. If the clearing period is 30 banking days, then the check must have been sent by iBank under COLLECTION BASIS. Normally, the US bank would deduct a fee from the proceeds of the check they have received for collection.

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If your accout with BPI is a USD Account, i would say you are fortunate to have been told by your US bank and BPI that they will charge a total of $25 only ($20 by the US bank and $5 by BPI).  Perhaps your US bank is a correspondent bank of BPI which tie-up is covered by a special arrangement with BPI. Normally, other US banks will charge a higher transfer fee for a $20,000 remittance.

 

I would assume as well that you maintain an account with your US bank where you will initiate the transfer in which case they may not require you to fill up a Cash Transfer Form (apart from the Application for Wire Transfer) for AMLA purposes.

 

You may want to verify with BPI if they collect any fee for withdrawing the money in greenbacks. Some Phil. banks charge a withdrawal fee of P0.05 for every $1.

 

tnx for the advice... my wife has taken money from her dollar acct in BPI... no fee... that's the account that i'll be transfering money to... just hoping that the BPI will not charge anything this time when she withdraws $20,000...

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  • 2 weeks later...

what if remittance from Italy to PI what's the best way to use? i inquire on BPI since i have an accnt with them, but problem is my uncle is asking for CAB and ABI code or IBAN(Intl Bank Code), but apparently thany dont have any of it, just a SWIFT Code, any advice?

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what if remittance from Italy to PI what's the best way to use? i inquire on BPI since i have an accnt with them, but problem is my uncle is asking for CAB and ABI code or IBAN(Intl Bank Code), but apparently thany dont have any of it, just a SWIFT Code, any advice?

 

There is a BPI Express Remittance Center is Rome, Italy which your uncle (whom I suppose is working also in Italy) can use in sending money directly to your account also with BPI. I understand that BPI Center in Italy uses a customized system in sending money to the Phils. which is faster vs. the SWIFT system which is expensive and may take 3-4 days before the money is credited to your BPI account because the money will still pass through a NY account of BPI.

Edited by Mandrake
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  • 5 weeks later...

I'm not sure if this is OT pero do they allow people to maintain dollar savings accounts in the Philippines? By this, I mean would a bank allow a person to walk in, buy dollars at prevailing exchange rates, and then open a savings account to hold those dollars? Given prevailing CB regulations, is this legal?

Edited by willow_boy
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I'm not sure if this is OT pero do they allow people to maintain dollar savings accounts in the Philippines? By this, I mean would a bank allow a person to walk in, buy dollars at prevailing exchange rates, and then open a savings account to hold those dollars? Given prevailing CB regulations, is this legal?

 

As a general policy among Phil. banks, one cannot just walk-in and buy US greenbacks let alone open a USD account using your pesos. BUT, if you are an existing client who has one or more peso accounts which are properly handled by your bank, your bank may allow you to buy foreign exchange but only to the extent of $5,000 only subject to certain conditions required by BSP. You may be allowed by your bank to use part of that money as initial deposit for an FCDU account you want to open. Hope this bit of info helps.

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  • 3 weeks later...

I think for SWIFT system (Swift Code = International Bank Code = Routing Number for usa i.e HSBCPHMN meaning HSBC Manila) you have a one time charge like 45$ but for some remittance they have fees like 15$ plus the exchange rate differential (in all the total transaction cost would average to 15% to 18% of the amount remitted).

 

If you are sending a chunk of money like 1,500usd and above I would suggest wire transfer that would normally require swift code and the account numbers.

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For wire-transaction it will be wise to set-up dollar account with BPI, MetroB,PNB, HSBC etc... Just a minimum amount would do. I prefer this method kasi dollar to dollar ang transaction.

 

You can send personal check but that would need at least 45 days to clear in Manila..

 

Online banking would be another thing...

 

MOney-remittance center should be available but their fee structure is expensive but very convenient.

 

- you can ask a Kababayan travelling back to manila to do you a favor by delivering your money.

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- you can ask a Kababayan travelling back to manila to do you a favor by delivering your money.

 

Quite more risky although this option may cost you less than using the banking or formal remittance channel.

The main concern arises if the money is stolen from or lost by the person whom you have entrusted to deliver the funds.

Nevertheless, this "padala system" remains a traditional form of sending money back home regardless of the inherent risk. :mtc:

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  • 9 months later...

Ano po bang inyong advise,

 

ako e nagpapadala (necessity) ng pera pa-pinas (USD), e sa ngayon malakas ang PISO, i-minimum ko muna padala o ganun pa rin (yung regular na padala)?

Ano bang magandang gawin, para di naman ako matalo sa palitan. Kasi nagkwenta ako, yung dati kong padala, e lumiit na value ngayon in peso. nakakapanghinayang...so naisip ko, bare minimum lang muna padala ko sa pamilya, at in dollars na muna ipunin, at antayin na lang bumagsak ang piso.

 

Tama ba ang move ko?

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Mga pards,, laking epekto talaga ang pagtaas ng piso contra dolyar lalo na sa mga katulad natin na OFW,, although dapat sign ng pagunland ang pagtaas ng piso,, ang problema para sa mga mediun and low class citizen,, ndi talaga nararamdaman to eh,, lalu pa nga tumaas ang pasahe , gas, tinapay,, etc,,, tapos lugi pa ang OFW,, malaki din talaga ang nawawala,, so tanong ko lang sa mga experts,, ano ba dapat ang gawin ko dito sa hard earned dollars ko,, papalitan ko na sa peso ,, o hold ko lang for future use??? TIA poe! :flowers: :flowers:

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  • 2 weeks later...
Ano po bang inyong advise,

 

ako e nagpapadala (necessity) ng pera pa-pinas (USD), e sa ngayon malakas ang PISO, i-minimum ko muna padala o ganun pa rin (yung regular na padala)?

Ano bang magandang gawin, para di naman ako matalo sa palitan. Kasi nagkwenta ako, yung dati kong padala, e lumiit na value ngayon in peso. nakakapanghinayang...so naisip ko, bare minimum lang muna padala ko sa pamilya, at in dollars na muna ipunin, at antayin na lang bumagsak ang piso.

 

Tama ba ang move ko?

 

ang general forecast lalakas pa ng piso until end of the year at maglalaro pa rin sa 43 level. mahirap mag antay ng pagbagsak ng piso sa short term lalo na magpapasko.

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hindi po lumalakas ang piso yung dollar ang binagsak ng amerikano. kasi dami ng foreigner na naka invest ng dollar sa mga bangko nila, pag pinahina nila ang dollar eh di lugi ang mga foreigner. kaya kung mag i ipon kayo ng dollar hindi po ngayon ang tama panahon hintayin nyo tumaas ang interest ng us t bills pag tumaas yun sigurado taas na dollar saka kayo mag ipon ng dollar.

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  • 3 weeks later...

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