money Foreign Exchange

[Guest buru_tus]

Dami ring mga cargo companies dyan doing door-to-door deliveries. Are they still strong in your area considering the on-line services now offered by local correspondent banks?

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they are trying to compete by offering a slightly higher exchange rate being used by the banks

 

but still, BANKS are more reliable, kapag nagkaroon ng problem sa transfer madaling mahabol!!!

Edited April 22, 2006 by buru_tus

[Mandrake]

they are trying to compete by offering a slightly higher exchange rate being used by the banks

 

but still, BANKS are more reliable, kapag nagkaroon ng problem sa transfer madaling mahabol!!!

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In Hawaii, Guam and Saipan the banking system is still the more popular way of sending money in PI. Pro lumalaban ng sabayan ang mga FX and cargo services by accepting local checks hindi pa cleared ina accomodate na depending on how well they know their clients. In effect, nagpapaluwal sila ng pera and comparably competitive din ang exchange rate and service fees vs. the local banks.

[bossing^vic]

In Hawaii, Guam and Saipan the banking system is still the more popular way of sending money in PI. Pro lumalaban ng sabayan ang mga FX and cargo services by accepting local checks hindi pa cleared ina accomodate na depending on how well they know their clients. In effect, nagpapaluwal sila ng pera and comparably competitive din ang exchange rate and service fees vs. the local banks.

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we just help them to launder illegal money mas ok pa din banks

or western union dude

[Mandrake]

we just help them to launder illegal money mas ok pa din banks

or western union dude

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True. I always encourage the use of the banking system. It's ironical however that many of these fx cos. also have banking tie-ups with Phil. banks which buy and deal their forex by the bulk or wholesale.

[diver_703]

sa states naman... FOREX is perhaps one of the biggest money remittance companies here... pwd sila door to door or they will deposit the money to any bank in the Phil where you're relative has an account... fee is from $10 and up... wala bang mas mura

[Mandrake]

sa states naman... FOREX is perhaps one of the biggest money remittance companies here... pwd sila door to door or they will deposit the money to any bank in the Phil where you're relative has an account... fee is from $10 and up... wala bang mas mura

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If you find a foreign branch of a Phil. bank in your area, probably you can find it cheaper to remit using their on-line facilities (if any), but it is advisable to have an account with a local branch of that bank in the Phils.

[doc.hopewell]

May OT question ako. How do you send medicines to the US? Pwede bang gumamit ng Fedex or DHL?

[Wyld]

May OT question ako. How do you send medicines to the US? Pwede bang gumamit ng Fedex or DHL?

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Pwede. You need to fill out a customs declaration form (available in DHL). Sometimes, it is required that you show a valid prescription for the meds.

 

Price is pretty steep thouugh - around 2K pesos. My family just sent me some meds from Pinas a few weeks ago and thats how much they paid.

 

[Wyld]

sa states naman... FOREX is perhaps one of the biggest money remittance companies here... pwd sila door to door or they will deposit the money to any bank in the Phil where you're relative has an account... fee is from $10 and up... wala bang mas mura

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Thats the going rate I guess. Not unless "on sale" ang services nila - they have the sales around Christmas. Actually mura ang ten bucks. Where im at its 15.

 

[willow_boy]

One time, my parents were here in the US on vacation. I signed a bunch of blank checks and sent it home with them so that whenever there is a need/financial obligation, they can just write the amount on a check and deposit it directly to their bank in the Philippines. With such, I avoid any wire transfer fees, etc.

[Mandrake]

One time, my parents were here in the US on vacation.  I signed a bunch of blank checks and sent it home with them so that whenever there is a need/financial obligation, they can just write the amount on a check and deposit it directly to their bank in the Philippines.  With such, I avoid any wire transfer fees, etc.

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This is true if your checks were drawn from your Peso CA maintained in your bank in the Phils. Thus, it is advisable to keep a peso checking account handy for this purpose.

 

But if those were USD checks (drawn from a US bank) were deposited by your beneficiary/payee to their local USD bank account in the Phils., applicable charges will be collected by the accepting bank and, in all probability by the drawee bank too, because the checks will have to be sent back to your US bank for collection before they are actually credited to your beneficiary's account. Usually, this process takes about 30-45 calendar days before the proceeds (less bank charges) are actually credited to the local account in the Phils.

[willow_boy]

But if those were USD checks (drawn from a US bank) were deposited by your beneficiary/payee to their local USD bank account in the Phils., applicable charges will be collected by the accepting bank and, in all probability by the drawee bank too, because the checks will have to be sent back to your US bank for collection before they are actually credited to your beneficiary's account. Usually, this process takes about 30-45 calendar days before the proceeds (less bank charges) are actually credited to the local account in the Phils.

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Mr. Mandrake,

 

This is the situation that applies to my case. My parents maintain a USD account with a bank in the Philippines and I know that the said bank does impose some charges. What bothers me about the entire process is that the money comes out of my US account within 2 to 3 days from the time my parents deposit my check in the Philippines and yet, you are right that it still takes about 30 to 45 calendar days for the money to get credited into my parents' USD account. Pardon my ignorance but is this (referring to the length of time) unique to the Philippines? Thanks and kind regards.

[Wyld]

Mr. Mandrake,

 

This is the situation that applies to my case.  My parents maintain a USD account with a bank in the Philippines and I know that the said bank does impose some charges.  What bothers me about the entire process is that the money comes out of my US account within 2 to 3 days from the time my parents deposit my check in the Philippines and yet, you are right that it still takes about 30 to 45 calendar days for the money to get credited into my parents' USD account.  Pardon my ignorance but is this (referring to the length of time) unique to the Philippines?  Thanks and kind regards.

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Here in the US, if you deposit a foreign bank check into a US CA/SA, it takes 7 days to clear.

 

I think its a country to country thing - the number of days to clear a foreign check, that is.

[Podweed]

I mailed my parents duplicate debit cards of two banks. They just give me the heads up so I can transfer funds and all they need to do is visit an ATM.

 

Before we had that arrangement, I relied on a local 'padala' system - $1,000 to your doorstep less $10 in fess. Whole thing takes 2 business days. Not bad. $40 if it's less, so it makes sense to send a thousand at a minimum.

 

I tried to sign up with PNB's online transfer. Hassle. Discontinued it.

[Mandrake]

Mr. Mandrake,

 

This is the situation that applies to my case.  My parents maintain a USD account with a bank in the Philippines and I know that the said bank does impose some charges.  What bothers me about the entire process is that the money comes out of my US account within 2 to 3 days from the time my parents deposit my check in the Philippines and yet, you are right that it still takes about 30 to 45 calendar days for the money to get credited into my parents' USD account.  Pardon my ignorance but is this (referring to the length of time) unique to the Philippines?  Thanks and kind regards.

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Yes, it is common among Phil. banks to impose the "collection period" of 30-45 days although your USD account in the Mainland can be debited in less than 5 banking days because the Phil. bank usually maintains a US correspondent bank (most of the time in NY), which handles the clearing of the checks with your US bank. For US banks maintaining Branches/Offshore Banking Units in Manila, the clearing is faster but again the proceeds of the checks gets credited following the standard collection period.

 

On a case-to-case basis or if your beneficiary is a valued client of the Phil. bank, the checks can be credited to their account on an "outright basis", that is on the day the check is presented. From the bank's perspective, this will constitute an accomodation usually accorded to prime clients.