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Doctor X

[02] QUARANTINED
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  1. I live in the US but am now becoming more invested in the Philippines in preparation for my retirement. I am involved in one business (transportation) and will be starting up another biz, supplying some hardware goods from the US to factories in the Philippines.

     

    First question, is there a better way to transfer/send money (USD) to the Philippines from the US instead of wire transfers? For example, can I set up a US Account here in Los Angeles and my representative in the Philippines can write a check against it. We're talking amounts of 500K to 1 Million pesos transaction. W/c bank is preferrable? Citibank?

     

    Also, anybody experience in shipping/receiving items from the US to the Philippines? Anybody in the import/shipping biz here that can offer insights. The regular carriers, UPS, DHL and Fedex are prohibitively expensive.

     

    E

     

    Well what my wife and I do is get a cashiers check from our bank here in the U.S. made out to our bank in the Phil (MetroBank dollar account) then when we come on one of our visits deposit the money. It normally takes around 45 days to clear. The bad part is the waiting period for the check to clear and the monies to be deposited. You can also open an account at a bank like China Bank or HSBC that have branches in both the U.S. and the Philippines, heard that it is quite easy. We normally deposit between 800K to 1 million peso each year for our retirement.

     

    We shipped a container of household goods two years ago, it was a pain in the you know what. I would suggest contacting a shipping broker there in the Phil and go through them to make your importing easier fro you.

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